The first step toward a dream can be the hardest. Blogger Julie Morris is also a career and life coach. Here’s her advice for turning a passion into profit…
Whether you want to start a side gig to earn extra money or want to start a full-fledged business, you need to know that not everyone is cut out to be their own boss. While it sounds like a great idea to set your hours, work for yourself and not answer to anyone else, starting a business is quite an undertaking. You need to be sure that you have the right characteristics for owning a business and that your products or services are marketable and can turn a profit.
1. Ensure You Have What It Takes to Start a Business
Running your own business is anything but easy. You’ll face financial and professional challenges, make decisions at a moment’s notice, handle customer complaints and poor reviews and manage your taxes and expenses. To determine whether you’re cut out to start a business, Plexus has identified the several signs that you were born to be the boss. If you don’t have all those qualities, never fear. You just need to know where there may be gaps in what you’re capable of so that you can hire others to help fill them.
3. Understand Your Tax Responsibilities
It can be so exhilarating to start your own business that you can forget your tax responsibilities. Plus, the government needs to see that your hobby counts as a legitimate business in order for it to be classified as such. The difference between a hobby and a business affects your taxes quite significantly, so make sure when you leap into business ownership that you have solid records and are doing all you can to fit the business mold.
It’s take a lot to turn your hobby into a livelihood, but with the right planning and strategy it really is possible. With a little extra elbow grease and tenacity, you could change your life.
About the author of this post: Julie Morris is a life and career coach. She thrives on helping others live their best lives. It’s easy for her to relate to clients who feel run over by life because she’s been there. After years in a successful (but unfulfilling) career in finance, Julie busted out of the corner office that had become her prison. Today, she is fulfilled by helping busy professionals like her past self get the clarity they need in order to live inspired lives that fill more than just their bank accounts.