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How to Turn Your Passion into a Profitable Business Opportunity

 

Turning your passion into a business opportunity is one way to ensure that you'll put in the blood, sweat and tears needed to make a business survive and thrive.  Be one of the many moms that have done just that, by following these steps:

Step 1: Determine Your Options

The first thing you have to do is determine your options based on your passions. List all the business ideas you can think of that align with what you love to do. Conduct research on the Internet using the main keywords that describe your passions and see what businesses come up. Write down your list, but don't edit it yet.

Step 2:  Assess Your Skills

The skills you've acquired over the years can help you focus on what business opportunity to pursue. List your academic, management, business, people and organization skills on another list. Refer to your resume, and think of the tasks you've had to accomplish while working for others, or volunteering to help you assess your skills. 

Step 3: Match Your Options to Your Skills

Once you've listed your skills, you may see a pattern begin to emerge. For example, all of your skills may point to a business that has to do with creating. The skills you've listed may point to a business that involves counseling individuals. Try to categorize or label what most of your skills show, and see which of the business ideas you've listed best match those skills.

Step 4:  Choose a Business Idea

Deciding on one business opportunity is the most difficult step of all. You don't have enough time or money in the world to pursue them all at once, and it's better to get started with one and gain some success, before launching another. Figure out which business idea you love the most, and start with that. If you outgrow that business, or if it doesn't work out, you can pursue the next one on the list.

Step 5: Do Market Research

Never start a business without first doing market research. Here's what you need to find out:

  • Who your competitors are, what services or products they offer, and what they charge
  • What your customers want
  • Trends in your industry and how those trends may impact your business
  • Financial data on your business idea, including average income and profit margins
  • Sample business plans for your business idea, if any are available

You don't want to start any business opportunity, without knowing what to expect. Market research helps you to understand what you're getting into.

Step 6: Write a Business Plan

A business plan is not just a tool for obtaining financing. It's your road map for how to succeed in business. Buy a business plan software program and write a plan for the business opportunity you choose. You can modify it as you go along, and it can help you to avoid costly mistakes.

Step 7: Start Your Business

Launch your business and focus on making it profitable. You'll need to do the following on a regular basis if you want good results:

  • Develop a marketing plan and market consistently using free or low cost methods
  • Start small, and reinvest in the business to allow it to grow
  • Set fair rates, and manage your customer or client relationships well

Don't wait to acquire all the business knowledge first, because you'll never get started.

Tell everyone you know once you've started a business opportunity, so that the people you know can help to spread the word. Even in a technologically driven age, nothing beats word of mouth marketing.

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Daphne Mallory, Esq. is the co-owner of Mallory Writing Services and has written more than 100 articles helping home based business owners and entrepreneurs start and market their business. You can learn more about her here.

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