Do you want to be an entrepreneur? Having your own business affords you the luxury of a flexible schedule, being able to choose your projects, and doing work that is truly fulfilling. Many women decide to turn hobbies into businesses—and many start something new, following their passions.

There are certain things you must take into consideration before taking the plunge into your own business.

First, know the difference between having a hobby and a business. A hobby is something you do in your spare time. For example, you may be a master at crochet and think it’s the perfect thing to do as a business. Realize that you will be crocheting a great deal more, and really think about whether it’s something you can do enough of to make a decent living.

If you decide to make a beloved hobby a business, you need to get serious about it. Yes, you will be doing something you love, but you also need to do all of the business things like tracking results, marketing, planning, and bookkeeping. If you continue to be casual, and run things as a hobby, that’s all you’ll ever have.

When deciding whether to go from hobby to business, do some research. Find out what other successful business owners have done to take their hobby to the next level and follow their lead.

The second thing that is imperative to your business is a business plan. Yes, you do need one. Creating a business plan is important. By going through the process of planning, you’ll learn a great deal about your potential business. You’ll learn everything that will be involved to make your business a success.

By creating a business plan, you’ll also be giving yourself a guide that will tell you where you are right now, where you want to be in a year to 5 years, and how you’re going to get to that end result.

Take your time with your business plan. This is not something to be rushed. Plan to work on it for a minimum of two weeks. Really think about each section, and don’t be afraid to refine your plan as you work through it. Nothing is set in stone. As you gain more information, you should modify your plan.

The third consideration is money. You gotta spend it to make it, as the saying goes, and in business it’s true. Make a list of all the things you need to start your business and how much they cost. This will tell you how much money you need for start-up.

The next thing you’ll want to calculate are your operating expenses. What equipment, tools and supplies will you need on a day-to-day basis to run your business?

Once you get those numbers, you can figure out the quantity of product you’ll need to sell in order to break even—and how much to make a worthwhile profit.

You’ll also need to determine how much you want to contribute to your household income through your business. You may need to hold down a job until your business brings in enough cash-flow to cover your living expenses.

Another thing you need to know about starting your business is that it won’t be an instant success. It takes time to build a business. Keep this in mind when you’re anxious to leave your current job. Have patience and enjoy the process!

Figure out how you are going to market yourself and realize that one marketing technique or one marketing campaign isn’t going to bring you instant fame and fortune. It may take up to 6 months or longer to acquire your first customer.

Finally, know that you can do this. Make your plan and take action. Action is the key. You can have the biggest dream and make all the plans in the world, but without action, your business will not become a reality.

Having your own business is exciting. Take a good look at everything that goes into running a business before taking the plunge. Don’t rush into it full steam ahead and expect instant results. Your business can and will be a success if you take the time to plan and follow it up with good, solid action.

Jenn Givler is a Business Empowerment Coach who specializes in teaching her clients how to get out of start-up phase and into
growth phase.

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