Passion and Money Key to Starting One's Own Business

June 11, 2007 — -- Even the most dedicated employees can find themselves disillusioned with corporate America. If you're one of them, it may be time for you to bid your cubicle goodbye and make the jump into the rich green pastures of your own business.

But before you pack up your snowglobe collection and tell your boss how you really feel about him, take some time to consider the bigger picture.

You may have the ambition and passion to be your own boss, but that isn't always enough to make the transition from employee to entrepreneur.

Can You Afford It?

Working from home doesn't necessarily have to mean working for yourself. You may simply want to talk to your boss about working out an arrangement that lets you keep your job but conduct business from home.

"If it's not [possible] or your employer's not interested in having you do it, then starting your own business is definitely a possibility," explained Tory Johnson, workplace contributor for "Good Morning America" and CEO of WomenForHire.com.

According to Johnson, one of the most important things you can do to prepare to leave your current job and work from home is to thoroughly explore your financial resources.

Ask yourself a few questions:

Can I afford to stop what I'm doing now to start my own business?

Do I understand what it's going to cost?

What are all of the costs associated with getting my business off the ground?

Are there any supplies that I'm going to need to get my business up and running?

Do I have money for advertising and promotion?

"Really work on a budget," she said. "Not necessarily an in depth business plan ... but just figuring out how much money it's going to cost."

Passion + Skill = Success

So you've got the money, but do you have the know-how?

"Many times we have a great idea but we don't necessarily have the skills, knowledge or abilities to execute it," Johnson explained. "Think about any additional education or training that you might need."

Johnson advises taking advantage of the many available books and classes that can help you get the skills you need to get your business up and running.

"Go to Score.org," she recommended. "It's a free service, an arm of the Small Business Administration where you can get free phone, in person or online counseling that is all confidential and which can help you start your business by giving you all the nitty-gritty that you need to know."

"Whether it's licensing or technology issues, whatever it might be to get you up and running, that's one of the best resources."

Above all, Johnson said, passion is the key to success regardless of what kind of business you want to start.

"You have to have passion for something," she said. "You don't have to necessarily be reinventing the wheel, you can start a business that already exists in your community, you could start one where there's 10 of them that exist. But if you have great passion, that can often be something that differentiates you from your competition."