Is it truly possible to turn your passion into a business? Starting your own business can sometimes be likened to riding a rollercoaster of highs and lows while hoping it won’t ever come to a sudden halt. Almost anyone has the ability to start a business; but can they build it, grow it, and weather the tougher times? When a business experiences more lows than highs, it’s the owner’s true passion and commitment that helps to weather the storm. Keeping a focus on your mission will allow you to make smart decisions and survive the rollercoaster ride.
Before you jump into starting a business, there are a number of crucial factors to consider. These will help to ensure your passion for what you do can survive the sometimes-challenging process of getting a business off the ground and turning a profit.
Do you have the know-how to turn your passion into a business? Ask questions and do your research.
Do you know enough about the industry? What is your competition doing that is working and what’s not? What government regulations may stand in your way? Are your producers the best or cheapest in the business? With the right background and knowledge, you’ll be ahead of the curve and well positioned to hit the ground running. Before you know it, you will be producing products, providing services, building a customer base and realising your company vision.
How do you monetise your hobby?
You’re enthusiastic about your hobby and the business idea that flows from it. It means you’ll have lots of energy to pour into your new venture. But don’t assume your market will be as excited by your product or service as you are. When you turn your passion into a business, it can be difficult to keep perspective. We recommend testing ideas with your market to help determine what works and what doesn’t, what they like and don’t like and so on.
Does my passion help solve my customers’ problems; does my expertise bring added value to them? If the answer is no, consider how you could modify or tweak your business idea to generate revenue. At the end of the day, if your business isn’t profitable, it won’t last – no matter how passionate you are.
There’s no better place to start than to dive in head-first.
In the beginning, you may not have your exact plan mapped out and you’re likely to make significant changes to your model. However, the benefit of starting a business built on a passion is that you’re driven by the love for what you do and can more easily overcome challenges that may pop up on the journey. It’s this deep-rooted drive and enthusiasm that will keep you motivated and engaged with the product or service you’re selling.
Surround yourself with others who share your vision.
You’re likely to be putting in the hard yards when you start your business, so sharing motivation and similar values with your staff will help guide you through this time. This drive translates to a positive customer experience and that’s what will grow your business.
Be prepared to lose some love.
Once you turn your passion into a business, it’s possible you won’t feel the same way about your interest again. The idealism of doing what you love for a living will collide with the reality of:
- tracking sales and cash flow
- hitting targets
- paying bills
- managing stock and producers
- watching competitors
- submitting your taxes
- finding and keeping the right staff.
When turning your passion into a business, be sure to separate your personal and professional goals.
Often it can be easy to lose track of time. Both the passion and the business soak up a lot of energy – making it hard to get your work-life balance right. If you have personal goals outside the business, try to plan accordingly:
- Hire people who can take work off your plate
- Give up control and delegate tasks to your staff
- Don’t feel obliged to pursue every business opportunity – turn some down.
Optimise your time and focus on what you love.
Your passion is the backbone of your business, but being an entrepreneur means dealing with the not-so-fun tasks as well. If bookkeeping isn’t your favourite thing, let someone else do it. If storing and categorising receipts isn’t how you like to spend your weekends, get the right tools and support and spend as little time as you can doing it.
Do whatever you can to save time and energy so you can focus on what really matters – your passion and your customers!
Arabon loves working with entrepreneurs and our staff can help to support you through the stages of starting and growing your business. Call us on 1300 ARABON to discuss the first steps to getting your business idea off the ground.