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Begin with small
There are several reasons to start earning money with your hobby before you attempt to make it into a career, but let’s begin with the most obvious: money. In case to get started, you will require at least a few months of expenses saved up, independent of the startup costs linked with your business, to make certain that you will have something to live on while you are getting things rolling.
Starting your business while you are still working at your old job will also give you a better notion of whether there is an actual need for your product or service, and how much work goes into producing it, which will give you the information you require to work out the particulars of your finances down the road.
Finally, however working 2 jobs can be exhausting and a juggling act, it is a good way to make sure that you’ll still love your new career when you’re doing your hobby for money, not love alone.
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Make Links
Social media has made it simpler than ever to make connections with like-minded
people, which is an incredible boon to a small businessperson. LinkedIn, Facebook, Google+, Twitter, Tumblr, Pinterest, etc., can help you virtually meet other people in your industry.
Just remember to proceed with caution: some individuals will be less than willing to offer business advice to a potential competitor. The best approach is to forge connections before you start asking specific questions. Now is not the time for a blanker form letter, asking strangers if you can pick their brains. The goal is to become part of a community, not strip-mine the competition for ideas and run.
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Seek out what the market will bear
Through your newfound online communities and real-life connections, get a rough idea of how much other businesses charge for the product or services you offer. Sometimes, this is as simple as searching at online marketplaces and seeing what individuals charge.
Get a sense of what the landscape is such as, and how your business will fit into it. What do your competitors offer? What needs does your business fulfill that theirs doesn’t? How do you differentiate yourself from your competition?
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Make a plan
A business plan is the least glamorous part of initiating a new venture, but it can be necessary, specifically if you are considering about searching for funding from outside sources. Even if you plan to run your business on your own savings, a business plan can assist organize your thinking about your new adventure and expose any so-far unforeseen issues.
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Plan your finances
As part of your business plan, calculate your monthly expenses, projected income, and total startup costs, involving any new equipment you might need, and professional costs like membership fees for professional associations, online marketplaces, or accountants or tax preparers.
You will also require planning on paying quarterly estimated taxes, and self-employment tax.
Eventually, you will have to decide whether to remain a sole proprietor or to select some other form of business organization for career, involving limited liability company, S-corporation, and so on.
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Get the word out
The internet makes it simpler than ever to let individuals know that you are hanging out your shingle. In the olden days, you might have had to allocate an important part of your budget to advertising and lead generation, but now you can get initiated generally by posting on your favorite networks and letting individuals know you are open for business.
Just remember that if you are still working at your day job, you might require being discrete. Make certain your company does not have a policy against freelancing or working part-time, and that your business does not depend on any trade secrets you have picked up from your job. If all those conditions are satisfied, think of a one-line description for what your business does, and share it with the world.
Work Hard for Career
Working for yourself is difficult, but if you do your research, plan ahead, and think critically about the potential pitfalls, you will have a much better possibility of doing what you love and loving what you do.
At the very least, you are bound to love the boss.