Many would argue that the secret to success lies in doing what you love. But can you really turn your passion into profits? Whether starting from scratch all on your own or purchasing one of the thousands of already existing and proven successful business or licensee opportunities, distributorships or franchises available in today’s marketplace, it can be done.
But before you jump into anything too quickly, it’s important to understand that owning and operating a home-based or other small business isn’t just about having fun. In fact, it’s anything but. Making it in business is a whole different ball game than simply filling your spare time doing something that makes you happy, which should lead you to think long and hard about what you might be sacrificing when you decide to mix business with pleasure.
To be more specific, when you turn something you love to do into something you have to do, there is a chance you might eventually learn to despise the very thing that you enjoy doing the most. Then again, it could be the best move you ever make. Is it worth the gamble? Only you can make that call.
If the answer is a resounding “yes” and your goal is to make a living doing what you love, then you’re on to the next round of self-exploration and objective analysis that’s required before you take a firm step toward business ownership, and it might look something like this:
Do I have what it takes to be an entrepreneur? Amazingly, far too few hopeful prospective business owners don’t really take the time to ask themselves this question and to answer it honestly. Business is complicated and messy. Starting and growing one requires patience, fortitude, resources and a lot of hard work. Not everyone is cut out to be an entrepreneur, so read up and be realistic.
Is there a demand for the products and services I will be offering? Who is your competition? Are you in the right place, at the right time and in the right industry? Will enough consumers love what you do as much as you do? Do your homework.
Do I have the necessary resources? Starting a business takes time and money. Do you have enough of both to get your business going? Can you start part-time and not give up your day job? Do you have the required startup funds and enough to stay afloat for at least six months? If not, can you get the financing you need?
What set-up do I need to run my business? Depending on the products and services you are offering, can you work from a home office? Do you need retail/storage space or special equipment? Are there any laws, regulations, local covenants that preclude you from starting a business out of your current residence?
Can I sell my products and services at a reasonable price that will yield profits? To set the right price for what it is you’re offering you need to include your expenses as well as the more intangible expenditures such as your time and labor. Accounting for all those factors, is your price point competitive?
Are you prepared to put your plans in writing? No business, no matter how large or small, should ever operate without a business plan, one that includes your marketing and distribution goals and strategies. It doesn’t necessarily need to be elaborate, but crafting a plan is crucial, especially if you need to obtain startup funding or have any hope of being successful over the long run.
Are your earnings goals realistic? Have you sat down and really thought about what it is you need to earn after expenses over a given period of time. Is that amount realistic? If it isn’t, then you may be taking on more than you can handle and afford.
So much to choose from, so many options…
The list of so-called hobbies that lend themselves to new business startup are practically endless―anything from personal fitness training, arts and crafts of various kinds and computer consulting to home improvement, caregiving services and lawn care…and everything in between. In fact, there’s so much in the way of possibility that it can all be overwhelming.
Here’s the good news: Depending on what your passions are, you may not have to go it all alone. Someone may have already laid the groundwork for you. It’s certainly worth exploring, right?
You can start by taking a look at the many home-based and other small business opportunities, franchises, licensee opportunities and distributorships currently available on BusinessOpportunity.com. Just click here to get started! Who knows? Maybe doing what you love most and making great money won’t be as hard as you think.