Turning Your Hobby Into A Business Opportunity
Learn how to invest your IRA or 401k into a franchise penalty-free. ($50k min)
Now that you've moved your hobby into business status, here are some things to keep in mind as your company builds:
Be resourceful. This is especially important if you don't have a lot of start-up cash. Look for economical alternatives to get what you need. For example, Key Lime Inc.'s Kenny Burts couldn't afford to build a commercial kitchen (required by health codes), so he worked out a deal to use a friend's delicatessen kitchen during that company's off hours.
Keep up with technology. You may think you've bought all your equipment and now you're on Easy Street. Then six months later, your equipment is outdated and your clients are calling for new services that are all technology-based. From the day you buy a piece of equipment, have a plan in mind for its eventual upgrade or replacement.
Listen to your customers. With a hobby, you only need to satisfy yourself; with a business, you need to satisfy your customers. And your customers will tell you what you need to do to grow.
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