Bizeinstein

Turning A Hobby Into A Business

Do you love to fish, play golf, paint, snow ski, write poetry, or do woodworking?  Ever wish you could make a living at what you do for pleasure?  Who says you can’t?  Here’s some points to consider:

1.  Decide that you want to turn what you do for pleasure into a business.

2.  Determine if there is a need in the marketplace for your product or service.

3.  Identify if anyone else (competition) is doing what you want to do. 

4.  Evaluate your personal experience and expertise in starting and making the business viable.

5.  Determine your risk tolerance for starting a business.

6.  Estimate the profitability and growth potential of your business idea.

7.  Prepare a comprehensive written business plan.

8.  Seek and find a business mentor/coach who can assist you in your business venture.

9.  GO FOR IT!!

source

Posted in General Business, entrepreneurship | No Comments »

How Important is Your Business Idea?

To be frank, in my opinion, not very.  What is important is the execution of that business idea.  That is, taking it from the dreaming stage and making it a reality.  This takes a lot of work, resourcefulness, determination and drive.

There have been many individuals who have come up with good business ideas only to see them fail, or be capitalized on by someone else. Just because you have a good idea, doesn’t necessarily mean it will be a successful idea unless you develop a sound strategy to “make it happen.”

So, if you’re really excited about your idea, take the appropiate steps to make that idea become a reality.

source

Posted in 50+, General Business, entrepreneurship | No Comments »