Author: Jessica Kane, Guest Blogger
Many people, from all walks of life, dream about starting their own businesses. Indeed, these women and men oftentimes wish they could turn what they are truly passionate about in life into a profitable venture.
You may be one of the individuals who is serious about turning your passion into a profitable business. Here are some strategies, tactics, and tips you will want to contemplate utilizing as you move on down the road to create a business from your passion.
Do Not Rely on Your Passion Alone
Something which you are passionate about can be the inspiration to start and the motivation to run and grow a startup business enterprise. However, passion alone is not enough to get a business on a path to survive, let alone thrive. You cannot rely on passion alone.
Enthusiasm for a project, including the launch of a new business, is vital. Nonetheless, before you take what truly is a fateful step to launch a startup, you need to do an honest, thorough assessment. This pre-launch assessment needs to include a number of considerations.
First, you need to make sure that there really is a market for the product or service that you are passionate about. You might be sincerely enthusiastic about something or another. You need to make certain there is a segment or niche in the marketplace that will share at least some level of your enthusiasm.
Second, you need to be willing to devote the time necessary to work consistently and tirelessly to get a new venture up and running. This is an absolute requirement whether you embark on an enterprise that is based on your passions or whether you start a venture that you become passionate about.
Finally, you must seriously consider whether you will be able to aggregate the finances necessary to launch a new venture successfully. There are viable businesses that are started with very little in the way of an upfront capital investment. However, that is not always the case and you must be realistic about this fundamental issue.
Bring Other Passionate People Onboard
Some businesses do not require many hands on deck to get up and running. However, rarely is it just the entrepreneur that’s the only person actually involved in getting a startup off and running.
A key to increasing the odds that your business concept will launch and take off is bringing other passionate people into the process. This does not mean that these individuals need to be passionate specifically about your business concept. However, they need to be passionate about the skillsets that they can bring to the process of creating, launching, and developing your new venture.
Passionate team members do not just include employees. Indeed, your business may not hire workers during its early time in existence. Your team members need to include professionals with whom you contract to address different aspects of the operation and the management of your business.
Keep the Passion Alive
One of the biggest failings of more than a few business owners is found in a loss of passion. This can occur either when a person turns his or her passion into a business or is sincerely passionate about a business he or she launches.
Raymond Magno, an entrepreneur who turned his own passion for crime scene cleaning into a thriving business, once remarked “In running your business, always stay involved in what you love.” What Mango means by this admonition is that you shouldn’t get totally mired down in the mechanics of running a business. By delegating and making better use of your unique time and talent, you can remain involved in the aspects of your business you enjoy. You can keep doing those things associated with your business that you were passionate about even before you launched your venture.
Expand Your Passion and Remain Open to Change
Some individuals who establish a business based on something they are passionate about make an error that you must avoid. Some entrepreneurs put blinders on, perhaps not consciously, when they launch a new venture based on a passion. Taking this approach can close an entrepreneur off to valuable new ideas and concepts that in the end can make the difference between the success and failure of a new venture.
From the first moment you make the decision to start a business based on your passion, you need to open your mind and your ears to thoughts, suggestions, strategies, and criticisms from other individuals you trust. You need to be willing to critically analyze suggestions that come from others. You must keep yourself open to change even when launching a business for which you have a clear and present passion.
Develop a Comprehensive Business Plan
There were popular movies in the 1940s starring Judy Garland and Mickey Rooney. These two legendary actors routinely portrayed characters in their films who would act on impulse. These characters would get some sort of idea and off they would go. Of course, these movies oftentimes were entertaining romps about how their schemes fell apart.
Passion alone is not enough to organize a business. Therefore, once you make the decision to turn your passion into a business you need to start the process of developing a meaningful, comprehensive business plan. In the grand scheme of things, a business plan provides you with the roadmap to get you from concept development, to startup launch, to keeping the enterprise running into the future.
Our Guest Blogger, Jessica, is a professional blogger who writes for Faxage, a leading company that provide Internet fax services for individuals and businesses.