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10 Steps to Making Your Passion Your Business
10 Steps to Making Your Passion Your Business
by Linda Rendleman
A study of 15 women who left positions at Fortune 500 companies to go into business for themselves  found that it was not status or money that motivated them in their daily work. It was getting zest and energy from the work they did, the reward of satisfying work and the opportunity to work collaboratively.
In the year 2000, 28% of the businesses were independently owned and by the year 2010 this percentage will increase to 41% (Women in Business Research Statistics).
Whether you are already in business for yourself or are considering joining the ranks of the thousands of women who are finding a way to make their passion their business the ten steps below can get you on your way.
- Take Stock: Ask yourself the questions and listen for the answers. What activities give you that zest and energy? How can you turn those into a business?
- Weigh Your Options: What’s the fit? From offering your services as a contract employee, hanging out your own shingle, purchasing an existing business or a franchise…the opportunities are available on many levels. Find what suits you.
- Research the Need: Investigate trends; find out what is needed and what people are willing to pay for it.
- Make Your Plan: “A goal without a time frame is just a dream” so a written business plan with time frames is critical to your success. It should include your vision statement and benchmarks to measure your achievements.
- Get the Tools: Any venture I have ever started began me in the library. So gain the knowledge you need to make prudent decisions about your business. When I started BWC I learned everything I could about a web-based business before I even designed the website.
- Line Out Your $$$: Let’s face it, you will need funds to get started. There are options out there from bank loans to family investors. Learn what they are and what works for you.
- Find a Mentor: People you admire who are successful are a great resource. Don’t overlook group mentoring as a great way to gain knowledge and resources from other entrepreneurs.
- Act on Your Plan: Take that first step. It’s ok if it’s a baby step. “If you want to walk on water you’ve got to get out of the boat.”
- Have the Courage to Change Directions: Be in tune to what’s working and what’s not. Be flexible.
- R E T It: This is my own personal mantra: I learned it in grad school. The letters stand for Rational Emotive Therapy and the bottom line is this: what’s the worst that can happen? If you can handle that: Go for it!
Do you have what it takes to be in business for yourself?
Look at these other resources for starting your own business:
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