Do what you love, and you will never have to work a day in your life, according to the old adage. Inevitably, once you have been out in the working world for a few years, it becomes clear that doing what you love and earning a living from it is more challenging than simply following your dreams.

If you want to quit your present 9-to-5 job and start a business based on your passion, you must first come up with a plan. And that can be more difficult than many people think.

Here, we look at some tips to get you started.

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Start off small

Aside from the obvious financial motivation for starting to make money from your interest before attempting to turn it into a job, there are a variety of other factors to consider. When it comes to getting started, you will need to have at least a few months’ worths of expenses saved up, separate from any starting fees linked with your business, to ensure that you will have enough money to live on while things are getting started.

Starting your business while you are still employed at your previous job will also provide you with a better understanding of whether or not there is a genuine demand for your product or service, as well as how much work goes into producing it, which will provide you with the information you need to figure out the specifics of your financial situation later on. It also gives you time to get any qualifications that you need in place, such as online fitness certifications. 

Despite the fact that doing two jobs might be demanding and a juggling act, it is a fantastic strategy to ensure that you will still enjoy your new career when you are doing your pastime for money rather than out of pure passion.

Network

Social media has made it simpler than ever before to interact with like-minded people, which is a tremendous advantage for small business owners who are just starting out. Social media platforms such as LinkedIn, Facebook and Twitter, and others can assist you in remotely meeting other individuals in your business field.

Just keep in mind that some people will be less than willing to provide business advice to a possible competitor, so proceed with caution. Prior to asking specific inquiries, it is preferable to establish relationships with other people. This is not the moment to send out a generic form letter to complete strangers, asking them if you can pick their brains. A community should be formed, rather than simply mining the competitors for ideas and running away.

Carry out market research

Get a general notion of how much other businesses are charging for the goods or services you are offering through your newly discovered online communities and real-life relationships. This can sometimes be as simple as looking at internet marketplaces and seeing what individuals are charging for their products.

Get a sense of what the landscape looks like and how your company will fit within it before you start. What services and products do your rivals provide? Are there any requirements that your company meets that theirs does not? The question is, how do you set yourself out from the competition?