Saturday, March 16, 2019

Could You Turn Your Passion Into a Business?


*collaborative post

If you have time on your hands, need or want to boost your income, and have the willpower to start and stick with a business, then your answer might be a resounding yes! After all, if you already have a hobby or passion that you really enjoy, then why not make some money from what you already love doing? 

If we have triggered an interest in you thus far, then take the following steps to turn your passion into a business.

Step 1: Work out what your passion is, and think about money-making possibilities. So, if you enjoy writing, you could become a freelance writer. If you create your own fashion, you might want to start your own clothing brand. If you have craft skills, you could sell your produce online. Do your research into business ideas associated with your passion, and consider the options available to you.

Step 2: Create a business plan. You will need this to secure funding if you plan on approaching a bank or an investor for a business loan, but it's also useful to you, as it will give you clear targets to aim for. Use the template provided by Gov.uk and start to put something together. By getting something down on paper, you will be in a better position to move your business idea into a reality.

Step 3: Consider where you are going to secure funding. You might not need any money at all to set up your business, but chances are, you will need equipment, be that something specific to your passion, or office furniture and computer tech. You might also need money to see you through the first few months of your business, as you are unlikely to turn a profit straight away. Banks offer business loans, so shop around for the best interest rates. If you get turned down because of a bad credit score, don't despair. Companies such as Buddy Loans might still accept a loan application, so use the Buddy Loans guarantor calculator to see how much you could borrow. And consider asking friends and family members for financial support, perhaps with the promise to pay them back once you start making a profit.

Step 4: When you have money in place, you can start to turn your passion into a reality. If you are still working 'for the man,' start small, and do what you can around your main job. Market your business, perhaps using these cheap marketing ideas if your budget is low. When money comes in, put some of it into a savings fund for any future needs or emergencies. And remember to sign up for self-assessment with the HMRC, as by working for yourself, you will need to pay your own taxes.

Step 5: Finally, have fun! This is your passion, after all, so while running a business can be stressful, you should still enjoy what you are doing. If it ever becomes less fun, perhaps because you are bogged down with the pressures of running a business, consider hiring other people to help you, be that on a voluntary or a paid basis. You can outsource certain tasks too, so if your finances bog you down, for example, hire an accountant, and if you don't have the time or ability to work on your business website, consider hiring a web designer to put something together for you.

So, could you turn your passion into a business? If the above steps haven't put you off the idea, and you think you might be up for the challenge, then consider doing so. It could be the best thing you do this year, so start to research the steps we suggested, and start to get the ball rolling on your business.

We wish you every success with your plans!

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