Transforming your passion into a second income stream

Introducing a new column:

All of us have the ability to become successful. It requires dedication and hard work, which is contained in each and every one of us.

Do you have a passion or perhaps a hobby or something that you enjoy? Do you have a talent, training or skill? Are you ready for an additional stream of income or are you ready to launch a new business? If you answered yes to the above questions, then we can go on the journey together down the pathway of starting your own successful business.

I am a business attorney who has been representing businesses, business owners and forming and establishing start-up businesses for over 25 years. I dedicate my practice to helping individuals start and grow their own businesses.

The first question that everyone always asks is, “How much money do I need?” We will talk about why that is not the most important question to get started and how to start a business with the financial resources that you have available.

I have helped individuals start businesses with just skill, dedication, hard work, and with a very small amount of money. I will tell you about those stories as we journey together to our path of having our own businesses.

If you are currently employed, we will examine why it’s necessary for every individual to have a second stream of income in addition to their current employment. Of course, you must give 100 percent effort when you are working, but there is enough time in a day to start and build a second stream of income for everyone.

This column will guide you through the steps to financially organize your life, help you decide on what type of business you should start, and how to properly establish and grow your business. We will examine what type of business best fits your personality, work ethic and skills and how hard work and dedication to that business will bring you positive results. We will all agree as we take this journey together that the world revolves around small and large business, and there is no reason why you can’t have a successful business of your own.

As we take our journey, it’s important to read each article, because I will present your pathway to establishing and growing your business in a very systematic method. Each step will build on the one that precedes it, and I encourage you to keep copies of the column for future reference.

There are hundreds of books that tell us to go to the bank and borrow money to start a business. We all know that generally banks are tight with their lending and not willing to take a risk on each and every new business. We will examine and discuss ways to overcome the hurdles of having no money to get started and starting with whatever finances you have available.

I will make recommendations on when to talk to banks after your business is established and how to present your business plan to banks and business investors. We will address marketing your business on a very low budget and examine marketing tools that are essential to business growth and development.

If you have a passion, a talent, or just a desire to have your own business or a second stream of income, this column is for you. I look forward to our journey together on the pathways to your financial success.

Kimberly Slay Holmes is an attorney who has been practicing law for over 25 years and has represented businesses and their owners throughout her legal career. She has her own law firm in Maple Grove, Minnesota and Baton Rouge, Louisiana. She is delighted to receive your responses to kholmes@holmeslawfirm.org or 763-553-2000. You can follow her on twitter@ks_legal or view her website at holmeslawfirm.org.