January: the perfect time for fresh starts and new adventures. For 2018, there’s no better adventure than turning your passion into a small business. 

Not sure where to begin? We have five tips to help you get started… 

Five tips to help you turn your passion into a small business

1. Ask yourself the hard questions

Before launching any business – let alone one built around your passion – it is important to answer the tough questions… not for anyone else, but for yourself. 

These questions include: 

  • Do you really want to turn your passion into a money-making endeavour?
  • Will you be able to maintain your love of your passion once it is your work?
  • Are you ready to commit the time needed to start and run your business? 
  • Do you have the money needed to start and run your business? Or can you procure enough external funding, such as a loan?
  • Do you have the necessary skills for your business? If not, can you acquire these skills or bring in someone else who has them? 

Ensure you are satisfied with your answers to these and other tough questions before starting to turn your passion into a small business.  

2. Figure out the financing 

One of the most difficult parts of starting a small business is figuring out where your financing will be coming from. 

Some options include: 

Even if you know where your money is coming from, you still need to lay out how much you will need to start, then to continue the business every month until it becomes profitable. Do not forget to factor in how you will cover your own expenses, including a salary, while building the business. 

3. Create a plan 

You want as detailed a plan as possible for the road ahead. This is not only beneficial for potential investors, if you have them, but also so you know how you will go about building and running your business. Consider things like: timelines, your expectations for your business, finances, hiring employees, how you will reach out to potential clients, etc. The more you can plan in advance, the better you are able to execute that plan once your business is up and running. 

4. Build your brand 

This is your way of telling the world you have arrived. You want to let people know about your company, as well as establish what your expertise is. Make sure you are position yourself as THE expert in your field. 

5. Schedule re-assessment check-ins 

Once you have turned your passion into a small business, it can be easy to get absorbed by your day-to-day responsibilities, losing track of your plans. Therefore, it is important to schedule regular check-ins with yourself to make sure you are staying on track.

A Vancouver small business lawyer can assist you as you turn your passion into a small business. 

Make sure to consult a lawyer about any legal paperwork required to start your business. With years of experience working with small businesses, a lawyer can be the ideal expert to advise you. 

If you want to speak to a lawyer about turning your passion into a small business, contact us today about booking a consultation