Two of the focuses of my blog are Financial Literacy/Money and Business/Entrepreneurship. One of the best businesses you can start is a business built on your passion. You have to be smart about it though. The following contributed post is entitled, Building A Business From Your Passion.
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There is a saying that if you love what you do, then you will never work another day in your life. Those that say that, probably haven’t ever run their own business, the truth is, if you love what you do, you will work harder, lose all your boundaries and take everything quite personally. You will, however, enjoy every part of it.
Starting a business is simple; anyone can do it. You don’t even need to have a particularly good idea. Sustaining a company and making it work is different. This is much harder to achieve but, if what you do is what you love then you’ll make it happen. If you don’t love what you do, then all of your stakeholders will feel that. When you are genuinely passionate about your work, everyone will see it and your enthusiasm will become infectious.
You must know enough about the industry you love before you embark on starting a business. If you are a jewellery maker, then you need to know what is the material that everyone wants to buy right now. You might be creating stunning pieces that are gold plated, but if the market prefers 925 sterling silver, you might need to adapt your work. You also need to know all of the best places to source equipment and materials. If you don’t have any experience, you might make some simple mistakes. This could lead to overspending or under budgeting.
Talk to other people in the industry. Check on LinkedIn or Facebook to see if there are any networking events in your area. This is a great place to pick up vital tips from people who have shared a similar journey to the one you are about to start.
Don’t sit still. You haven’t got to throw the towel in at your current job and go head first into business. Take some time to create a strong business plan and an economic forecast. You need to understand what money and time you need to make this work. It’s a good idea to speak to a financial advisor to help you work through all the figures and make sure you haven’t missed anything. This will also help you understand any tax obligations that you may not have known about.
When you do take the plunge, you need to surround yourself with positive people. However, you also need at least one friend to help keep you grounded. If no one in your circle challenges your decisions, then you might not make the right decisions. We need people to cheer us on but guide us too, as sometimes we can be blinded by our passion.
Whatever you choose to do, if you have the passion, then you will find the dedication, and this will help lead you to success. Prepare to work harder than you have in your life and understand you will need to make sacrifices, the journey is a long one, but you will have a future enjoying every moment of what you do.