by Michele Mccullough

Created on: January 21, 2010

Turning your passion into a full time job can be done with a lot of research and persistence. First off, know what you have. In my case, I have been making gift baskets and candy wrappers for the last 5 years and am fully aware of the public reaction to my product.

Having a product that is a pretty sure sell is the first step to knowing the potential is there to turn a profit on it. If your passion has been a hobby for any length of time, you already have a pretty good idea of what it might do as a business.

The first thing you want to do is write out a simple chart showing the cost for making the product, the price you would sell it for, and the profit you would make if it sold at that price. If you look good so far, you can decide how you would want to run the business. Will it be from your home or will you rent a place for it? Will you have any employees or will you be working alone?

If you desire to operate the business from home by yourself, here are a few key points. First, you must get a business license. This can be obtained through your local government offices and the cost is usually about $20.00, depending on where you live. If you will be working alone, you want a sole proprietorship.They should direct you on how to obtain a tax ID number so that you can buy wholesale products.

When working from home the biggest  problem is having the space to do so. If your product is a craft  you will need space. A separate room used only for your business is the best way to go. When you file your taxes you cannot use your business room as a deduction unless the room is used solely for the purpose of the business. Also, if your work space is used for anything other than work, it may be hard for you to develop a work attitude when you are in it.

Organization is the key to a well functioning work space. At the craft stores you can buy Simply Built/Jetmax brand organizing pieces. After tons of research and trying different things, I have found these pieces are well worth the money. You get many different sizes and pieces to choose from, making it very easy to set your room up according to the specific needs of your business and these are well built and easy to assemble.

Make sure to do your research on the competition. Both locally and online, check to see who is selling something similar to what you have and what their prices are. If it's local, you can check the amount of traffic they have and the variety of products they sell. Don't overcrowd your products

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