Slow economies bring about new opportunities. Perhaps now is the best time to escape from unemployment lines or unsatisfactory jobs and turn your passion into a rewarding business opportunity.

It has been almost fourteen years since I took the leap of self-employment, and I am glad I did it. I have no particular passion, but in love with taking an idea and making it work. I worked with my husband in creating and running four separate small businesses: sign making, a restaurant, an import company, and a custom picture framing. My latest passion is Social Video Buzz, and I am taking it as a solo entrepreneur out of my home office. This is what I have always wanted.

The uncertainty of today’s job market is a good enough reason to take the risk of being our own boss. Yes, it is not easy, but it is highly rewarding. Paul Reddick, CEO of the Smoking Pig BBQ, took this risk and made it work for him. When he was laid off from his corporate job as a semiconductor sales manager, Paul put his experience to work and developed a business plan for his passion, South Eastern BBQ. His supportive wife and his motivation to work for himself are the two main reasons to his business success today. Customer reviews are raving about Smoking Pig BBQ joint in San Jose, California. The secret is keeping his promise for serving fresh, slow cooked and authentic recipes.

Besides his pearl of wisdom on how to take risks, Paul offers these tips from his personal experience to help us make better decisions in starting our own business ideas:

• Run the numbers & avoid debt – Make sure to make a profit from the beginning; this is possible if there is no debt involved.
• Dive into it –No amount of planning will prepare you for the details that you will eventually be faced with.
• Get help – Hire passionate employees as soon as you can afford to work with you, not for you.
• Keep consistency with your offering – Offer the best service and product consistently. You will not be able to please everyone 100%, but you will gain respect for what you do. It will pay off.

These are very practical tips. It is normal to be nervous and be challenged with new obstacles every day. For me, it is the risk worth taking to grow as an individual and fulfill my goal of meeting people and sharing stories for inspiration.

If you are not yet ready or need more support, I found these articles very helpful:

• Convert your Passion into a Business
• Turning Your Passion into a Profession
• How to Become Your Own Boss
• 6 Reasons Why You Should Be Your Own Boss

Check Amazon’s books for reading suggestions on how to Turn Your Passion Into Profit.

Lets learn from each other. Email me your insights and challenges as a small business owner.