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How to start a business doing what you love and keep loving it

How to start a business doing what you love and keep loving it

When she was 22, Sophia Amoruso began selling clothes on EBay under the name Nasty Gal Vintage. At the age of 28, she had amassed $250 million. How did she do it?

Simply put, she took a culture that she loved–vintage, hip, girl culture–and made a business out of it. She continued being fresh and relevant to her audience of Millennials. She did this by staying true to herself as an empowered Millennial woman–a #GIRLBOSS.

Like Amoruso, you can take what you love and make it a business without sacrificing your love for it. But beware. The journey isn’t easy. It takes vision, courage, smarts, persistence, and organization. You may have to sacrifice some of your idiosyncrasies to appeal to a broader audience.

At first, you may feel a twinge about making money from a purely passionate activity. But ultimately, if you truly love what you’re doing, you’re giving something valuable to people, something worth more than money. You’ll keep adapting to make it fresh. The world, and you, will be better because you’re doing this.

Examine yourself

Do you really want to do this? Have no doubt. The reality is you’ll be embroiling yourself in the world of business; you’ll be taking what you love and attaching numbers to it. You need to make money to live. Are you doing it because you love it, or because you want to make money?

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Do what you love because you love it. The money will come because you’ve taken the right steps to make it a business. Making what you love into a business is just required for you to be able to do it all the time. The real question is: do you want to do what you love all the time? Of course you do.

Set your expectations

This won’t be easy and you won’t even necessarily make money. You can expect to take what you love to the next level. Your art will get better. Your writing will improve. Your people skills will flourish. Expect to excel at what you love. If you don’t find yourself excelling, keep at it. If you find yourself excelling, keep at it. This is what you love and you know it. You can expect to excel when other people know it, too. They’ll see what you love for what it is, like when people are immersed in a painting. You’re just a conduit for something truly independent of you.

Get down to the nitty-gritty

You knew this was coming: there are practicalities to making this a business so you can do it all the time. These things aren’t what you got into it for. They’re the necessarily evils of the system. Keep your eyes on what you love–but get the practical stuff right.

The Small Business Administration (SBA) has a gateway to the logistics of starting a business. You can use this as your push-off point. Here you’ll find advice and links on everything from how to start a business to hiring and retaining employees.

Determine your business structure. If you’re not going to have any partners—say you’re a visual artist—you’ll want to register as a sole proprietor. This simply means that what you do as an individual is your business in the eyes of the law.

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But say you’re in a band. Then consider registering as an LLC (Limited Liability Company). The LLC means each partner, or member, shares tax responsibilities. But any debts accrued won’t rest on your shoulders. Instead, they’re on the business as an entity.

Once you’re officially setup as a business, head over to the IRs site and get your Employer Identification Number (EIN) for tax purposes. You’ll also need to register your business with your state.

Prepare to accept payment

As a small business owner and an entrepreneur, it’s important to be able to monetize your work. If you’re selling your art, an EMV (Europay Mastercard Visa) card reader allows you to do so from anywhere. With a credit card reader, you’ll be able to take payment from the many people who don’t have cash and prefer a card. EMV is the evolution of the card readers you see on seller’s phones at farmer’s markets and concerts. EMV is now mandated by banks, because it reduces fraud. If you don’t have it, you may be liable for fraudulent card transactions.

Find funding

There are multiple ways to get funding for your business:

  • Crowdfunding—Kickstarter, Indiegogo, PledgeMusic, Sellaband, etc.
  • Competitions and grants—colleges, government organizations, trade organizations
  • Venture capital—MicroVentures, VCapital, FundersClub, etc for online; and see Wikipedia’s list of traditional firms
  • Microfinancing— Kiva, Accion, Opportunity Fund, etc.
  • Angel investors—angel groups, e.g. AngelList, Gust
  • Venture debt investors—firms such as Trinity Capital Investment and Kauffman Fellows provide financing even if you don’t have positive cash flows or assets.
  • Bank loans—most local banks have funding for their account holders

The type of funding you pursue will depend on the nature of your business. There’s all sorts of crowdfunding available for any sort of venture, but a site such as Kickstarter is best for artists who have a physical product to promise investors. If you’re going to take on venture debt, have a clear view on paying it back, or you’ll have to liquidate or declare bankruptcy.

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The SBA also may provide financial assistance to you if you:

  • Operate for profit
  • Are doing business in the US
  • Have some owner equity to invest

Try out the other options, including using your own assets, first

Overall, there will be funding for you if you’re willing to buckle down, do the research, fill out the forms, and go for it. Just make sure your business plan is in place before gunning for funds.

Do research and networking

As you’re preparing to start your business, and once you do start your business, talk to anyone you can find who has done something similar:

  • Access internet forums
  • Research local entrepreneurs and reach out to them on LinkedIn
  • Find Facebook groups
  • Look at their websites and physical locations
  • Send emails, introduce yourself, ask for advice
  • See about sitting down with them for coffee

Anything you can do to find a mentor will help you immensely. Mashable has a list of entrepreneur social networks for just this purpose. Ask about every stage of starting, maintaining, and excelling.

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Understand your brand and audience

The branding process is ongoing. Your brand strategy is essentially a roadmap for how you plan on adapting to an uncertain and volatile marketplace.

Your name is a big part of your brand. Like Sophia Amoruso, make your DBA (Doing Business As) name a reflection of what inspires you. In Amoruso’s case, it was funk singer Betty Davis’ 1975 album, Nasty Gal.

If what you love is art, you have a set of ideals. Your ideals are related to who you are, they’re related to your views, and they determine your aesthetic. Understanding your brand is a matter of identifying your aesthetic. Write it down in pencil so you can go back and change it. That’s because your aesthetic can, and should, change as you and your audience evolve.

Evolving with your audience is important. It shows you’re paying attention to what’s happening around you. It will also help you keep loving what you do, because evolution keeps things fresh and exciting.

Featured photo credit: Wikipedia( via en.wikipedia.org

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Daniel Matthews, CPRP

Daniel Matthews is a Certified Psychosocial Rehabilitation Practitioner and freelance writer with an extensive background working with clients on community-based rehabilitation.

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Last Updated on October 16, 2018

How to Quit Your Job That You Hate and Start Doing What You Love

How to Quit Your Job That You Hate and Start Doing What You Love

Everyone of us has a plan in our head that was taken over by family responsibilities, social pressure or sheep mentality. This made us a slave to instant gratification and started killing our plan and dreams.

There is a way to revive your plans and dreams and live a happier life. No amount of salary can exceed your desire to do something that you are really passionate about.

If you hate your job and have thought about leaving your job, here’s how to quit your job and start doing what you love:

1. Identify if you really want to quit to follow your passion

There could be many possible reasons to figure out why you are discouraged to go to work and start thinking about how to quitting your job. Figure out the reasons or signs that make you feel that you should really quit your job.

If these reasons are not related to your office environment or your ultimate goal is to pay your bills from your job, you should consider getting a new job in the same field. It’s better to be an experienced receptionist than to live a dream that is not yours.

2. Start with the side hustle and keep it going

Work after you get back home and build up your product or service enough to gain confidence to quit your job.

Build the website, write down the business plan, design your product, make marketing collaterals or do whatever it takes for you to start working full time on your new venture before quitting your current job.

You could also consider part-time working opportunities if your current job sucks a lot of your energy. This way you could save your energy and dedicate more time to your side hustle.

Ensure that you don’t quit until your new venture really demands your full time dedication. You might lose interest in your new venture if you fall short of survival money.

3. Save enough to pay your bills

If you need to pursue your passion, you need your monthly bills to be taken care of, without any worries. You must cut down on unnecessary expenses and squeeze in those extra bucks on your savings while you are at your current job. You should forget those weekend parties and social outings unless they’re meant for networking.

It makes no sense to quit your job without having any savings. Your new venture will not start paying you immediately. Starting a recurring deposit account is a good idea to start off with. Put aside a considerable amount every month as soon as you get your paycheque and forget about that money until you quit your job.

4. Write down your goals

It is important to have visual proof and a daily reminder of why you quit your job and started a new hustle.

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Write down your goals and read them at least once a week. If you are a forgetful person, create cell phone or desktop wallpapers of your goals and set them until you achieve them. Visual proof keeps you on track.

These goals are the bigger picture of what you wish to achieve in your pursuit to doing what you love.

For example, if you are wish to design the best dresses in the whole state, write it down. If you wish to fly to Mars, write it down. If you really wish to give up your career for something, it better be worth remembering everyday. Show it to yourself daily.

5. Make a plan

Write down a plan of action for the next 12 months. It’s like writing down an elaborate execution plan in your calendar. This could be a daily, weekly or monthly to-do list of your tasks to achieve your goals.

Learn how to make a plan if that’s not your area of expertise. Ensure that you know what you’re going to do next and not run like a headless chicken after two months of working for yourself.

Review the plan time and again to track your progress. This will give you a clear picture of your performance and your shortcomings.

Also, have a backup plan. Even great planners and strategists fail before achieving success. Ensure that you have a second plan if your first one does not work out as you predicted.

6. Get professional advice

Talk to experienced people in the field you want to venture out. Go to networking events and connect with people in your industry. Most people will help you out with good advice and good contacts.

Get professional courses in part time colleges. It could be great to network and the teachers can be of great help to understand more about the industry. They will help you analyse your plan and connect you to influential people.

7. Prepare yourself to put a resignation

Prepare yourself mentally to quit your job after you’ve realized the potential and prepared yourself to take a deep dive into your new profession.

Leave on a friendly note. Don’t make enemies with your bosses. These connections could help you further in your profession.

Don’t burn the bridges. It’s better to have a face-to-face conversation with your boss or reporting manager than sending a surprise mail.

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Tell them sincerely about your new venture and why it is important for you. Serve the notice period completely and work till the last day. Complete all your tasks as you would on a regular day. This will maintain your respect and keep your relationships intact.

8. Be prepared to get your hands dirty

As an entrepreneur, you have to do everything that’s needed to keep your work going.

You have to perform all the tasks needed to keep your new venture going. You have to be a janitor, an administrator, an accountant, a designer or a salesperson all at once.

There would be a point of time where you will have to perform tasks that aren’t your favourite. Be ready to perform such tasks without cringing.

9. Have no baggage

Don’t have a debt! Clear all your loans, debts and pending commitments before starting off. You want to fully concentrate on your new activity and not be bent down by loading your shoulders with any burden.

You would want to enjoy your freedom to work incessantly. No distractions whatsoever are allowed to come close to you when you are fully involved in the rhythm of development. Shun away materialism!

10. Don’t be in two minds

It’s good to analyze the best and the worst possibilities in your head, but it’s not at all good to doubt yourself.

Move ahead with confidence. It’s your life, your plan and your rules. Nothing and nobody can stop you from doing what you wish to do.

The more you start getting noticed, the more people will point fingers at you. Don’t let them affect you and create doubts in your head. As William Shakespeare said,

“Our doubts are traitors, and make us lose the good we oft might win, by fearing to attempt.”

11. Learn to handle failure

You are going to be a loser and it’s a good thing! If you fail and lose, you will learn to not repeat your mistakes and make yourself stronger with every punch you throw out.

It takes time till you start losing. The key is to not be demotivated by failure. The more the failure, the more closer you are to success.

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12. Try your hands at investing in stock market or cryptocurrency

It’s a good way to keep your side income rolling in. While you are busy building your dream project, you could invest your money in the stock market or cryptocurrency and let it grow while you sleep.

As Warren Buffet famously quoted,

“If you don’t find a way to make money while you sleep, you will work until you die.”

Find a good stock broker who has enough experience to not lose your money. Stop immediately if you are losing a lot of money. Don’t burn away your money.

13. Keep a healthy routine

It’s easy to forget about your health when you are working on something that you’re really passionate about. Set reminders about your health routine.

Exercise! Most successful people start their day early and take time out to exercise at least thrice a week. It helps you give more energy and time to your work.

Always remember that you started your new venture to be happier. Bad health will not let you enjoy your success.

Join yoga classes or learn meditation from youtube. Avoid sitting too long at one place for more than 15 minutes at a stretch, take breaks. take a walk, especially up-down the staircase as much as you can to skip age related joint pains and muscle atrophies.[1]

14. Enjoy your days off

Taking a break helps your creativity and clears your mind from clutter. You need your days off to come back afresh and take on your tasks. You can’t be working 24/7.

Remember that being able to take your days off is one of the beneficial quirks of an entrepreneurial journey. You can have a routine designed by yourself, for yourself.

Take your days off when you are too stressed and can’t think straight. Self-discipline might sound simple but practice takes ages. Schedule down time for yourself.

15. Take these steps to quit your job without burning bridges

Resume.io has this infographic about the steps you should take after you’ve decided to quit your job:[2]

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    16. Remember why you quit your job

    Lastly, remember why you quit your job and started doing what you love. There would be bad days that will make you regret your decision, but don’t let them dominate the reason why you took the plunge.

    Your soul wasn’t happy with what you were doing. Your new venture is what you always wanted to do.

    Never forget that.

    If nothing works out, you could still go back to any job you want, but at least, you’d be spared from regrets and constantly arriving “What if?” question in your head.

    So, start now and live without any regrets.

    Execution matters more than thought. Turn your dream into a reality starting today. Start small and grow big.

    Besides, it’s never too late to do what you want to do. Here’s the proof:

    How to Start Over and Reboot Your Life When It Seems Too Late

    Featured photo credit: Pexels via pexels.com

    Reference

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