Gone are the days when the measure of success is joining the corporate workforce and climbing up the ladder. Nowadays, becoming your own boss is often the goal, and it has become easier than ever. The idea of a workplace has changed as well. Thanks to the internet, you no longer need to be chained to a desk in an office. All you need is a stable internet connection and a reliable laptop to turn any space into an office. Imagine having control of your own time, loving the work that you do and choosing the people you work with. Hence, many people are asking – how do you turn your passion into a business?
Identify your passion
Begin first with sitting down and identifying what you really want to do. What gets you up in the morning? What motivates and excites you? Steve Jobs, founder of Apple, told others that he looked in the mirror every morning and asked himself “If today were the last day of your life, would you want to do what you are about to do today?” If you answered yes; well done you can skip this step but if you answered no then you need to search for a way to turn your passion into profit. Creative professions abound in much greater numbers today: writing (blogging, content writing), photography, video editing, social media influencers and event management are just a few ways to earn a living while enjoying what you do. Take some time to really think about what your strengths are. How can you monetize those attributes?
Manage your finances
Being your own boss isn’t always easy. The buck stops with you – for everything. Bills need to be paid; BAS (business activity) statements need submitting to the ATO (Australian Tax Office). How much is your time worth? Are you working for free and merely covering your expenses? When your business grows you may need to employ people. How much are you paying them? Are you taking a salary or reinvesting it into your business? Managing your finances is a crucial part of owning your own business. You can find short courses available on this subject and Google is a helpful resource for templates and learning basic accounting principles.
Discipline with money is essential and learning to separate genuine business expenses from personal ones. A laptop may be a business expense, but it may not be the most expensive model available. Eating lunch out every day isn’t a business expense. Learning to economise is important, particularly in the beginning. These habits will serve you well long-term when hopefully your business grows and expands.
Research and study
Read, read, read as much as you can. A smart business owner recognises they never stop learning. You may not have a degree in Marketing or Business, however it’s never too late to gain a qualification. This doesn’t have to mean going to university. In a diploma level business course, you’ll learn real-life and current applications of business theories. According to MySkills, students who complete the BSB50215 Diploma of Business have a better earning potential and find higher number of job openings than those without this qualification. This course can equip you with the information and skills necessary to turn your passion into a profit. It’s quicker and cheaper than a business degree. If you decide to extend your knowledge and pursue a degree later, you will gain an advantage over your classmates plus you may get subject credits.
Have courage and do it!
The most important ingredients required to turn your passion into a profitable business are courage, grit and resilience. We understand you may be afraid to take the plunge, but there’s no better time to start than today. You may want to test the waters with your product, skills or idea first and start it as a side hustle. What’s important is that you begin.