If you've got a hobby, or even just a vision, it doesn't take much to turn your dream into an online business that can provide extra income or even a backup plan in the event of a job loss.
In fact, LegalZoom.com, the nation's leading online legal document and filing service, saw a 19 percent jump in customers forming limited liability companies (LLCs) in the fourth quarter of 2008 (compared to the year before), even while the economy as a whole shrank 3.8 percent. Celebrities are even joining the trend.
When Kim Kardashian, one of the most stylish celebrities in Hollywood, started ShoeDazzle.com, she turned to LegalZoom.com to help her take her passion for fashion and turn it into a thriving online business.
According to Kardashian, some of the most important steps to turning your own passion into starting your business include:
- Find your passion first.
Needless to say, passion is not the only thing you need to be successful in starting a business. You will also need lots of motivation and patience. But passion is essential as it will help you stay focused and keep moving without giving up easily.
- Make sure there is a demand for the business.
Do research to determine the demand for products or services from comparable businesses. You will find it helpful to see how quickly related businesses have been able to grow.
- Learn from others.
Check with similar companies and speak to other professionals who have experience in the industry. Most entrepreneurs are open to sharing their experiences and advice with those who won't directly compete with them. This is a crucial initial step in determining your own likelihood of success.
"LegalZoom.com makes it easy and affordable for entrepreneurs like Kim to start a business," says Brian Liu, co-founder and chairman of LegalZoom. "Whether it's forming a corporation, LLC, or even filing a DBA, LegalZoom.com offers entrepreneurs the best online resource for learning about different business structures and then starting the business online."
For more information and to find the necessary legal forms to start your business, visit LegalZoom.com.