How Passion Java Made His Money
The Idea Trader is dedicated to spreading interesting ideas and current news to readers and interested parties. This blog contains opinions and insights for ideas and investment opportunities and is not intended as advice for investing.
As mentioned earlier, being passionate about what you do is important to make good money. If you’re not paying attention to your career, then it will seem like life just keeps getting in the way of you making progress.
With that said, how much passion you have for your job can make a big difference in the success of your career.
For example, if you love what you do and are invested in the success of your department or team, then people outside of work will notice this and give you higher responsibility.
If you enjoy talking with others and building relationships, then your group or department will hold bigger events so other people can attend them.
All these things add up and help you grow as a person and leader.
And while some of these may be obvious, we’ll discuss more under ‘Show Emotion For What You Care About’ later in this article.
This article will talk about one smart entrepreneur who made his fortune by putting in the effort into developing his professional skills. He even wrote an ebook about it!
His skill set includes running businesses in diverse industries (including teaching us something valuable about starting your own business). So let’s dive in and see what he did to succeed.
Starting a business
In 2008, Troy Collins started his career as an accountant with Ernst & Young in Sydney, Australia. He was also employed there for five years prior to that where he worked in auditing and tax compliance.
He had always been passionate about numbers and how they relate to money so when he left E&Y he decided to go into accounting but instead of doing general accounts, he would focus more on finance. This is what got him noticed by employers.
Troy didn’t really have any experience running his own company at this time so he made a decision to do something that most people don’t — he quit his job to start his own firm!
He reasoned that since he already knew about numbers then why not use those skills to make some extra cash? And who knows, maybe he’ll keep it up later anyway!
His first step was to find a field that he was very knowledgeable about and could easily turn into a profession. Since he knew lots about finances, he chose to open an accountancy practice focused exclusively on helping entrepreneurs and small businesses grow.
By offering such services as Business Plan Writing, Financial Statements, and Re-organization strategies, his clients can continue to rely on his expertise and help them reach their financial goals.
Now, over 10 years later he has helped hundreds of businesses get off the ground and succeed, and he does it all while still keeping himself busy with other projects.
Developing a business plan
As we mentioned before, creating your own business is not for novice entrepreneurs. Starting your business requires you to have some amount of capital, which can be financial or materialistic depending on what type of business you choose.
Having enough money comes down to two things: having an adequate supply of cash and knowing how to access the money you do have.
If you don’t know where to access the funds you need, then starting with a simple job until you find something that turns into a stable income stream isn’t a good idea.
Throwing yourself out there and asking people to give you money is never a good tactic, especially if you aren’t sure who those people are going to be. By being conscious about who you ask for help, you will at least feel more prepared.
Don’t expect everyone to like you so much that they’ll shower you with gifts and money, but by being aware of your weaknesses and developing relationships with individuals who share similar strengths, you’ll still achieve your goal.
Fund your business
A lot of people have a hard time making money online, but it’s simple to see that not everyone gives up easily.
Many fail because they don’t invest in their own business – they’re too busy thinking about how little effort they put into their product or service to make sure it works.
Or worse, they spend all their energy trying to get as many customers as possible, instead of focusing on producing quality content that attracts new followers.
Either way, they don’t take care of their own business, which is what really makes money.
This isn’t saying that getting lots of users is a bad thing, but investing in yourself by doing things like developing your skills, improving your marketing strategies, and establishing strong relationships are needed to reap the true benefits of the web.
It takes more than just putting in an hour or two of work every day to keep your site successful, you need to invest in your business.
These investments can be made in anything from your domain name to your website design to supporting systems (like WordPress) to creating engaging content…and so on.
They all add value to your site, help promote it, and bring in revenue, which makes them worthy investments.
Passion for programming can definitely start paying off, but only if you use it to strengthen your business.
Pick your business location
Location is one of the most important things to consider when starting your career in information technology (IT). Finding an area that fits your lifestyle is very important since you’ll be working long hours every day, especially during the busy season.
If possible, find an area close to home or where you are already located. This way, you don’t have to invest too much money in transportation costs and it will help you mitigate any job loss due to personal reasons.
Avoid high tax areas unless you need the extra income! Taxation laws vary by country and city, so do some research before investing large sums of money.
It’s also important to know what kind of IT services companies exist in your potential area. By having a general idea of how professionals conduct their jobs, you’ll know if this field is right for you.
Choose a business structure
Having the right business structure is important to how your company will grow. You want to make sure you are protecting yourself, your investors, and the employees that will be working for your company.
Many entrepreneurs choose to go into business as an individual owner of the business. This gives them control over all aspects of their company, but it can also lead to problems when things get tough.
As an individual owner, you are personally liable for any debts in the business. If anything bad happens, you could be held responsible!
This isn’t good if you don’t have enough money to pay off the debt or if someone else owns a piece of the company. An employee might sue you for unfair treatment, and an investor may take legal action if they feel like they were misled.
It is best to start a business with at least two other people who own a share of the company. This removes the risk from you as an entrepreneur.
A general practice is to form a partnership where each partner owns a percentage of the company. Then, each partner agrees to put in the same amount of capital (cash) to run the business.
Choose your business name
After you have determined what kind of business to start, choose your business name! This will stick with you for the rest of your career as an entrepreneur or employee.
A great way to make sure your business has strong branding is by choosing a fun, catchy, easily pronounceable name that reflects who you are and what you do. The name should also be unique so that people cannot just grab any word and use it as their own.
I would recommend using either your first or last initial and then adding the main parts of your business to the end. For example, if your name was Justin you could create “Justin Business” or “Justin's Body Shop”.
It is important to really think about how you want your business to be perceived before picking your final name.
Register your business
A few years ago, if you wanted to start an online shop that sold gadgets, then you needed to have a lot of money to buy all the equipment necessary for it to run. You need a domain name, web hosting, a computer running the Shopify software, and finally a seller account at Amazon or another major e-commerce site where you can list and sell your products.
All of these things cost money which most people do not have sitting around in their savings accounts. So, they don’t put up their own shop. Others who do invest their money in the initial stages of their business fail because they don’t continue investing in it.
PassionJava is one such person. He didn’t wait until he had saved lots of money before starting his website – he started building his site even when he was doing well financially already!
He began advertising on social media sites like Facebook and Twitter to find out more about buying websites with no revenue. This way, he was able to make an informed choice as to whether or not to spend his hard earned cash on something he would probably never use. It also gave him some tips on how to manage a website effectively.
After saving enough money for several months, he purchased his first website in 2011! Since then, he has been growing his internet marketing career rapidly due to his passion for technology.
Get federal and state tax IDs
Now that you have your business name, you will need to get some form of tax identification. This can be done through either filing as an individual or partnership, filing as a corporation, or even both!
As mentioned before, starting your career in software as a programmer is very lucrative if you are willing to put in the work. Almost every large company out there now requires you to have at least a bachelor’s degree and a professional developer position to hire you. Companies want to make sure they are paying enough for health benefits, so most offer paid medical insurance.
To keep up with the ever-changing field of technology, many companies also require their employees to undergo training courses or certification exams to prove that they know what products their department works on. These test questions and lessons are given free by other professionals who want to see people improve their skills.
Overall, being able to show off how educated you are will only help your career and income. And while it may cost a few hundred dollars to obtain all this information, it will more than pay itself back in opportunities.