We all have our passions. But what if you could turn what you love most into your livelihood? What if it could actually make you money?
SummaryDo your researchGo aheadChoose the right teamDon't be afraid to break the moldTime to talk fundingThere are many benefits to building a business around your hobbies and interests. Starting a business is likely to send you through a roller coaster of emotions – excitement, frustration, happiness. Anyone can start a new business, but only a few individuals have the key formula of attributes needed to stick with it and make it a success. When you love your business, it becomes much easier.
In this article, we'll teach you how to tap into your entrepreneurial side and start turning your passion into a business model.
You may be passionate about certain things, but what do you know about the industry and the business landscape? Any successful business relies on extensive research and know-how. Collecting this information will alert you to gaps in the market, big names to watch, and selling strategies that have and have not worked in the past.
Networking at any stage of the business is a useful tool, so if you can, talk about success stories in your area and find out how they started. Think of it as your own "advisory board." The more varied opinions and information you can gather, the better.
For example, if you are creating a new clothing line, talk to other clothing brands, consumers, designers and buyers. Knowing as much as possible before entering the game will put you ahead of the curve and give your business the best chance of success.
See also:From Startup Idea to Business Success:7 Questions to Ask Before Pursuing That Business
"I don't have time right now" or "Next year will work out better." »
It's easy to put things off, especially if those things are as big, important, and unfamiliar as starting your own business. But if you keep putting it back on again and again, realistically, when are you going to get on it?
There is no other moment than the present. Start with the first step, above, which will make you feel more informed and comfortable with what you are doing. After that, all that's left to do is jump in and start writing the story.
Of course, it's likely that at some point you'll use what you've learned along the way to make changes to your business model, but that's inevitable and shouldn't discourage you. Herein lies the most important benefit of starting a business around something you love:you will always have the enthusiasm and passion to keep going when the going gets tough.
Make sure the people you bring on your career path are not only as excited about your product or service as you are, but also share the same vision. Pioneering a start-up isn't always a glamorous endeavor, especially in the early days when it mostly involves long hours and little money. You need people as determined as you are to make your business a success, to make sure they stay by your side.
It's also a good idea to use your team to strategically fill any skill gaps you have. Nobody in a big picture? Choose a business partner who cares about the details. If you're good with numbers and sales figures, look for someone with creative experience who can effectively market your small business.
The more skills you apply to your idea initially, the more you will see it blossom. It will also allow you to delegate tasks that aren't exactly your strengths, freeing up time to work on what you love.
See also:How to save your startup by hiring the right people
You studied theater in school, but now you are thinking of starting a floristry? Do not worry. It’s okay to change your career path at a later date. In fact, it's healthy to objectively assess your life and make positive changes where things aren't working.
Likewise, recognize up front that there will be opponents. The more unique and innovative your business idea is, unfortunately, the more people there will be to tell you it won't work.
If you've done your research and are passionate about your idea, don't let that put you off. People's intentions may be good, but in the end, only you have the power to make your business successful. Letting doubt and negativity cloud your judgment will do more harm than good. Surround yourself with people who support and believe in your project.
We will be honest. Starting your own business can be an expensive gamble. If you don't have a lot of capital to start with, you'll need to look for ways to raise cash, and at this point in the process it's necessary to get creative with the money.
When pitching to investors, you'll need to produce all the hard work you've done so far:your research, your business plan, your team of experts. You will be forced to support your business and justify your choices – which can really help solidify and refine your business idea.
To raise funds, leverage the conversations that are already happening in the industry. Look for Facebook groups and forums that may already be looking for a solution like yours and gather information on available funding opportunities. Consider initiatives like Kickstarter to rally support and generate interest.
To save money in the beginning, start small. Call for favors when you can. Work from home. Look for creative solutions to financial obstacles.
It may seem tricky now, but make a living doing something you love? It is priceless.
