In thermodynamics we have a “zeroth” law. That’s the one that comes before the first. So here I propose a zeroth law of turning your passion into a business.
Be certain that your passion can support you when you turn it into a business. Because you can make good cookies does not mean you will reap riches making cookies. You may just as likely lose your life’s savings and end up pleading for a job at Sears. After making a realistic (sorry, but that word just smashes the hell out of passion) financial plan, you must ask yourself if after your passion becomes your work, will it remain your passion?
I’ve tried to salvage financial lives for many people whose passion, say boating, became a boat anchor.
Be realistic. We’re not on Fantasy Island. The bankruptcy courts are booked solid with people of passion and no business sense. More fail than succeed.