Turn Dreams Into Money - Jean Chatzky

Do you ever wish that you could turn your favorite pastime into a full-time job — one that earns you enough money to pay the rent, eat well, maybe even hit J. Crew from time to time? Even though I love what I do, part of me would also love to open a bakery ... or a wine store.

Back when she sat in the cubicle next to mine at “Working Woman” magazine (we were both assistants, answering phones, hoping to land a story in each issue), Laurel Touby simply wanted to throw parties. Fabulous parties for all of her friends in the media industry who — like her — were looking for that next great contact or that next great job. She couldn't afford to buy drinks for all involved, so she told guests to buy their own. Nobody minded. Because that wasn't fabulous enough, she threw on a big pink feather boa.

The venture became mediabistro.com, a popular website where media professionals can find jobs, classes and industry news. Touby just sold the company to Jupitermedia for a whopping $23 million. We caught up recently when I asked her to share a couple of tips to help you forge your own way and turn your interests, whether baking or dancing, into a successful business venture.



Be Confident

Maybe you've never owned a business before and have a lot to learn about foreign concepts like capital and marketing, but the process will be a lot easier because the focus is something you're passionate about.
 

“The big mistake a lot of people make is psyching themselves out and thinking they need more education to get somewhere. Just fake it till you make it. I've seen so many successful entrepreneurs who did a really great job because they winged it, not because they were the most knowledgeable person,” Touby says.

Now that's not to say you don't need a strong, well-thought-out business plan, because you do, but having the confidence to follow your instincts and take a few risks is almost as important. 



Make Like a Sponge

The concept here is pretty simple: Your business is going to be supported by customers, so it makes sense to listen to what they want. Touby says some of the most popular features of mediabistro.com, like the jobs and classes, were spawned from requests made early on by the site's users. As the owner, it's hard to look at your business — your baby — objectively, so suggestions from outside parties are priceless. Soak them up. You can't make everyone happy, but you can sure try. 



Get Some Help

You can launch your business in your bedroom, solo, like Touby did, but once it starts to grow, do yourself a favor and bring in some reinforcements.
 

“There is sometimes a real reluctance to reach out for help, and people tend to wait too long — often until there is a crisis,” explains Mark LeBlanc, author of “Growing Your Business!” 

Face up to the fact that you're not going to be good at everything, and even if you are, you won't have time to do it all well once success sets in. The sooner you surround yourself with a team that can tackle things like the bookkeeping and legal issues, the better off you'll be. 

Consider it an investment instead of just another expense.



Jean Chatzky serves as AOL's official Money Coach. She is the personal finance editor for NBC's “Today Show” and the author of four books. With reporting by Arielle McGowen.