Do you want to be an entrepreneur? Having your own business affords you the luxury of a flexible schedule, the ability to choose your own projects, and the chance to do truly fulfilling work. By following their passions, many women have turned hobbies into successful businesses and started entirely new enterprises. Here are five things to consider before taking the plunge.

1. Know the difference between a hobby and a business.

A hobby is something you do in your spare time. For example, you may be a crochet master and think that crocheting is 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 at which you can make a decent living.

If you decide to make your 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, such as tracking results, marketing, planning, and bookkeeping. If you continue to approach it casually and run things as a hobby, that’s all you will 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 hobbies to the next level. Follow their lead.

2. Write 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 and many of the things needed to make it a success. You’ll also be giving yourself a guide from where you are right now to where you want to be in five years.

Take your time with the 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 the plan.

3. Consider funding needs.

You gotta spend money 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 startup. Next, calculate 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 to make a worthwhile profit.

You’ll also need to decide how much of your business income to contribute to household expenses. You may need to hold onto your current job until the business brings in enough cash to cover living expenses.

4. Don’t expect instant success.

It takes time to build a business. Keep this in mind when you feel 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 six months or longer to acquire your first customer.

5. Believe in yourself.

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.

In summary: 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 plan carefully and follow it up with good, solid action.

About the Author

Jenn Givler is a business empowerment coach who specializes in teaching her clients how to get out of the startup phase and into the growth phase of business. She is also a fitness coach and yoga instructor. You may contact her through her website, J. Givler Fitness & Wellness.