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The Facts About Turning Your Passion Into Profit

by Jonathan R Taylor

Last week I posted a free e-book entitled Shoestring Startups: 50 Businesses You Can Start for Under $500. In it, I listed 50 business ideas that almost anyone can put to work with very little money. Of course, ideas always need a plan of action or they won't turn into reality. With that said, it's surprising to find out how many people actually go into business without doing their homework first. Part of this homework is finding out who is in a similar business to the one you are considering. If I'm considering a mobile car detailing business, I want to find out as much as I can from someone who has experience. Here are a few steps you can use to go about doing this:

First, using the internet, search the yellow pages online for the same type of business in towns that are 50-70 miles away. Once you have identified at least three that are similar or identical to the business you'll be starting, call and arrange to take the owner to lunch in exchange for an hour of their time.

Second, when you talk to them, explain that you are exploring the possibility of starting a similar business (make it clear that you will be starting it 50-70 miles away.) Ask if they would mind giving you some feedback on how they got started, what kinds of skills are most important, what kinds of difficulties they encountered, and what they would do differently in their business knowing what they know today. Some may not want to take their time out to meet with you, but most people are willing to help, if they understand that you will not be in competition with them.

Third, take the information from this interview and compare it with your own skills, knowledge, and personality. You should be able to determine at this point, whether moving forward in this business is the right call.

Also, take the time to browse websites to see what others are offering in terms of service. Find out what their unique selling proposition is and how they sell their products or service online. Once you have done this work and you are convinced that this is the right business for you, create a workable business plan. Use the information from your interviews and other research to help determine your market, expense budget, and ownership structure.
For more information on turning your creative business ideas into income, check out Turning Passions into Profits by Dan Miller.

To access the links in this article, visit www.careercalling.com/Archives.htm and read the April 8, 2005 edition.

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