Business, Accounting and Tax Advice

6 Steps to finally turn what you love into a business

November 17, 2017

A forty-hour week not for you?

After eight and a half hours in the day job, you spend all evening, every evening working on your passion. And you’re probably too tired to enjoy it.

The solution? Turn what you love into a business

Are you ready to take the leap?

The benefits of turning what you love doing into a full-time business can be huge. You’re able to pick and choose who you work with, the hours that you work, the way you work – and no more dreading Monday mornings and back to the grindstone.

Being your own boss can be a big leap for many - but you needn’t leap into the unknown. You can learn from those who have been there and done that.

Running your own business is not without its risks and it’s not for everyone. It’s very important to follow the steps of those who have succeeded. Are you ready?

How to turn what you love into a business

  1. Get focused on sales

What specifically are you selling, who are your target customers, and where will you find them? 

You can't rely on your own passion and the interest from a few people close to you to generate sales. Get clear from the start on these key fundamentals and it will help you down the track. The first section of our start-up business plan template is a good starting place.

  1. Do the numbers

How much do you need to make to live? How much money do you have set aside before you start?  Next, consider how many customers you need to start making a profit; what is their average purchase?  What will change if you go from, say 8-10 hours a week doing what you love to 40 hours per week?

  1. Set targets

This is important. I've always been a fan of setting big goals, with intermediate goals in place to monitor how well you’re progressing. 

  1. Monitor your progress

Devise a mix of financial and non-financial KPIs. For financial measures, you need your revenue targets but don’t forget to also measure the cost of customer acquisition, the lifetime value of a customer, average invoice size, and number of sales.  There are a million KPIs to choose from - pick the right ones for your business. 

Tip: If you need help with this, our team includes professionals who have worked as financial managers in small to medium sized businesses and have an understanding of exactly what you’ll need to know.

  1. Protect yourself

Going into business full-time is risky but that doesn't mean you don't do it. It just means you understand the risks and mitigate against them.

Make sure you devise the right business structure and get the right insurance policies and legal arrangements such as HR agreements in place.

  1. Go forth and multiply (your customer base) 

Michael Port, who wrote Book Yourself Solid, says that there are six core self-promotion strategies. Three of these are essential: networking, direct outreach, and referrals; and three are optional: speaking, web, and writing. 

Once you’re clear on who your customers are and what they need (for more information on this see here), simply find out where they are and hunt them down!

These six steps to turn what you love into a business form the core of the Tempo Accelerator Program.

This 12-month program is aimed at new or growing businesses that haven't yet seen the rewards for their efforts. It's broken into four sections, one per quarter, with a different focus in each, and requires specific actions each month.

This intensive but incredibly valuable process has the power to give your business the lift-off it’s looking for.  It's being launched in early 2018 – so stay tuned for more details. 

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