We all have our passions. But what if you could turn what you love doing most into your livelihood? What if it could actually make you money?
There are many benefits to setting up a company around your hobbies and interests. Starting any business is likely to take you through a rollercoaster of emotions – excitement, frustration, happiness. Anyone can set up a new company – but only a few individuals have the key formula of attributes needed to stick to it and make it a success. When you love your business, this becomes a lot easier.
In this post, we’ll teach you how to access your entrepreneurial side and start turning your passion into a business model.
1Do Your Research
You may be passionate about certain things but how much do you know about the industry and commercial landscape? Any successful business is built upon extensive research and know-how. Gathering this information will alert you to any gaps in the market, the big names to look out for, and the sales strategies that have and haven’t worked in the past.
Networking at any stage of the business is a useful tool, so if you can, speak to the success stories in your area and find out how they started. Think of this as your own personal “advisory board.” The more varied opinions and information you can gather, the better.
For example, if you’re setting up a new clothing line, speak to other apparel brands, consumers, designers and buyers. Knowing as much as possible before entering the game will place you ahead of the curve and give your business the best chance of succeeding.
2Just Get Going
“I don’t have the time right now,” or “Next year will work better.”
It’s easy to put off doing things until a later date especially if those things are as big, important and unfamiliar as starting your own business. But if you keep putting it off again and again, realistically, when are you going to get around to doing it?
There’s no time like the present. Start off with step one, above, which will make you feel more informed and comfortable with what you’re doing. After that, there’s nothing left to do but jump in and start making history.
Of course, it’s likely that at some point, you’re going to use what you’ve learned along the way to make some changes to your business model but this is inevitable and shouldn’t discourage you. Herein lies the most important benefit of starting a business around something you love – you’ll always have the enthusiasm and passion to keep going when the going gets tough.
3Choose The Right Team
Make sure that the people you bring on board to share in your business journey are not only as excited about your product or service as you are, but that they also share the same vision. Pioneering a start-up is not always a glamorous business, particularly in the early days, when it involves mainly long hours and little money. You need people who are as determined as you are to make your business a success, to ensure that they stick beside you through thick and thin.
It’s also a good idea to use your team to strategically fill in any skills gaps you have. Big picture person? Choose a business partner who’s into the details. If you’re good with numbers and sales figures, look for someone with a creative background who can effectively market your small business.
The more skills you apply to your idea at the outset, the more you’ll see it flourish. This will also allow you to delegate the tasks which aren’t exactly your strengths, freeing up your time to work at what you love.
4Don’t Be Afraid To Break The Mold
Studied theater at school, but now thinking of setting up a floristry shop? Don’t worry. It’s no big deal to change your career path at a later date. In fact, it’s healthy to objectively evaluate your life and make positive changes where things aren’t working.
Similarly, acknowledge at the outset that there will be some naysayers. The more unique and innovative your business idea, 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 this discourage you. People’s intentions may be good, but in the end, you’re the only one with the power to make your business thrive. Letting doubt and negativity cloud your judgment will do more harm than good. Surround yourself with people who support and believe in your project.
5It’s Time To Talk Funding
We’ll be honest. It can be an expensive gamble to set up your own business. If you don’t have significant capital to begin with, you’re going to need to look for ways to raise some cash, and at this stage in the process, it’s necessary to get creative with money.
When pitching to investors, you’ll need to produce all of the hard work you’ve put in so far: your research, your business plan, your expert team. You’ll be forced to cheerlead your company and justify your choices – which can really help you to solidify and refine your business idea.
To raise funding, piggyback on the conversations already happening out there in the industry. Look for Facebook groups and forums which might already be looking for a solution just like yours and gather information on the funding opportunities out there. Consider initiatives like Kickstarter to rally support and raise interest.
To save money in the beginning, start small. Call in favors when you can. Work from your home. Look for creative solutions to financial obstacles.
It may feel tricky now, but earning a living from doing something you love? That’s priceless.
Like this Article? Subscribe to Our Feed!
6Author: Arash Asli
Arash Asli is honored to have been named the Business in Vancouver’s Top Forty under 40 business executive. https://business.yocale.com