Turning Passion Into Profit: An Entrepreneur's Guide. Owned by Amalthea Nominees (M) Sdn Bhd 401558-D

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Turning Passion Into Profit: An Entrepreneur's Guide

Dec 2012 | Servcorp

In today's uncertain economic times, more people than ever are considering entrepreneurship as a way to make ends meet. Hoping for more than only enough to pay the bills, many people dream of turning their passion into a way to make a comfortable living. If you have dreams of being your own boss and spending your life doing what you love, here is a brief guide to follow:

What Will You Do?

The first thing to decide when starting your own business is what you will actually do. Will you make crafts and sell them? Will you offer lessons, sharing your knowledge with others that want to learn? Maybe you'll offer a service to the general public. No matter what you're passionate about, there are a variety of ways that you can turn your passion into a business.

A Solid Business Plan

Neglecting to construct a solid business plan is often the first mistake that entrepreneurs make. While you can undoubtedly hit the ground running, you'll quickly find that your business fizzles out. By authoring a business plan, you'll have guidelines to follow and detailed information on how you'll turn your business into a success. Additionally, if you hope to secure a loan to get your business started, no bank will consider your application without such a plan.

Where Will You Work?

You'll need a base of operations for your new business. Have you thought about where you will work? You may want to work from the comfort of your home office, or you may want to lease a space to use as a home for your new company. For many people, starting off with a virtual office is also a good idea as it can save money as the company begins to build a profit.

The Internet is Your Best Tool

When you start your business, how will you attract customers or clients? One of the easiest ways to get your name out there is to create a web site. You can do this for free or you can pay a professional. You should also utilize social networking sites like Twitter, Facebook and even YouTube to promote your business. If you've never created a web site, paying a professional to set one up will be an excellent expenditure.

Reinvesting

While there are a handful of entrepreneurs who have made millions their first year in operation, this is extremely rare. Most entrepreneurs find that they are reinvesting profits into their business for at least the first year. If you have realistic expectations, you're far less likely to be disappointed and throw in the towel before your company has a chance to be successful.

You can find many resources for burgeoning entrepreneurs both online and at your local libraries and bookshops. Research your new venture before you begin to be sure that you are following all of the necessary steps. While it may seem like a lot of leg work, you stand a much better chance of success if you take the time to set up your business properly.