As the saying goes; do what you love and you won’t work in your life.
Certainly, since you have been in the employment world for some years, you are aware that in doing what you enjoy – and earning a living through it – is a lot more complex than simply following your heart.
When you want to change your present-day 9-to-5 career for a business founded on your preferred hobby, the ideal thing for you to do is to carefully think about the specifics and come up with a plan, ahead of drafting your letter of resignation.
Connect With Like Minded People
Nowadays it is easier for you to make connections through the Social media. This way you are able to meet like-minded people. This is an incredible blessing to any small business owner.
Twitter, LinkedIn, Tumblr, Facebook, Pinterest, Google+,etc., will help you meet other people virtually from your industry. But keep in mind to go forward with caution: there are some individuals who may be less inclined to give any business advice to potential competitors.
The most recommended approach, in this case, is to make connections ahead of starting to ask specific questions. At this point, you do not need to use the blank letter from, asking strangers whether you could pick their brains. In the and aim at becoming part of a community, and not get ideas from the competition and run.
Determine What The Market Will Accommodate
Through your real-life connections and newly found online communities, make a point to get an idea of what other businesses are charging for services and products you intend to offer. At times this can be as simple as looking at the online marketplaces. This way you will get to see what other people in your industry charge.
Be sure to get a feel of what the industry is like as well as how your new business will blend into it. Do consider what your competitors are offering. Do look at the needs that your business will be fulfilling that their business does not and importantly look at how you distinguish yourself from the competition.
Start Out Small
It is a good idea to start earning money through your hobby and this is before you attempt to make a career out of it. For this, there are many reasons for this.
Certainly the most apparent reason: money.
For you to start off, you will need to have at least several months of daily expenses saved up. This needs to be outside the start-up expenditure associated with the business. This will ensure that you have some amount to live on as you are establishing your business.
Starting your company while you are still at your old workplace can also offer you a better view of if there’s a real need for your services and product. You will get to know the amount of work needed for production. This will provide you with the information you require to calculate the specifics of your finances in future.
In the end, even though working two jobs could be draining through the juggling act. It’s a good system to ensure that you still enjoy your new line of work as you are pursuing your hobby to make money from it, and not for love alone.
Budget Your Finances
In your business plan, work out your monthly expenditures, full start-up costs, and projected income. It should include all new equipment you will need, as well as professional costs such as membership charges for professional associations, accountants, tax preparers or online marketplaces.
You’ll have to budget on paying self-employment and quarterly estimated taxes. Finally, you’ll need to decide if to remain the sole proprietor, or you opt for some other type of business organization. This includes S-corporation, limited liability company, etc..
Come Up With a Plan
It is important to have a business plan even though its the least exciting part of a new venture. Particularly when you’re considering to source funds from other sources.
Even though you intend to run your company using your savings, having a business plan will help in organizing your thinking as regards the new adventure and also expose any unforeseen issues.
Let People Know What You Are Offering
The net has made it easier to get the word out of what you are offering. In the past, you will have needed to apportion a significant part of the budget to advertising and generation of leads. But today will get started only by advertising on your preferred networks. This way you get to let people know that you are open for business.
But keep in mind that if you are still employed at your day occupation, you may have to be discrete. Ensure that your business doesn’t hold any policy against working part-time or freelancing and that the business does not depend on any business secrets you have learned from your job.
Any good advice from passionate readers to share with those wants to break free from doing what they dislike? Please do share your thoughts with us in the comments below.
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