Turn what you love into a successful business, and quit your 9-5 job!! This is the new dream which we are being sold. It’s everywhere we look from magazine articles to social media. Is it really possible, or just too good to be true? I am not about to try and find fault with this proposition, but rather urge caution. So yes, I do think it’s possible, but you need to be smart about it.
We read and hear of plenty of success stories in which people have turned a hobby or passion into a very successful and profitable business. They subsequently quit their jobs and are now wealthy entrepreneurs. On the other hand, there are plenty of people who gave up everything to pursue their dream only to be brought back to Earth with a vicious bump. Countless people are staking everything on their passion project and losing badly. This begs the question, as to why there are such extremes.
Having helped a number of people launch small business over the years, I would like to share a few pointers on what I have learned. I’ve said it before, the world needs more beauty and positivity, so we should create art and music, or launch businesses which will bring value to people and brighten their lives. However, too many people are rushing in to their new ventures blindly and leaving too much to chance, and it is this which. I would urge against
Your passion must be mixed with practicality. You must also be realistic about your expectations. Yes, you dream that you will take what you love and turn it into a very successful business. You can envision it. You can reach out and touch it. You can taste it and smell it BUT in order for it to go from dream to reality, there will be a lot of hard work involved. Your passion needs to be mixed with a strong work ethic, a well thought-out plan, a strategy of how you it will unfold, resilience and an incredible amount of hard work.
If you are serious about profiting from your passion and turning it into a viable business, there are a few things to bear in mind;
- Research and Plan. You need a well-researched plan. Look at the market and who you might be competing with. Look at consumer trends and research the forecasts for the future within your chosen market or industry. Use this information to plan wisely for the future.
- Be financially savvy. Save enough money, or secure enough funding before you take your first step. It is a hard fact that many business run at a loss in their first year. This is because it takes time to establish yourself and build a customer base. Naturally, there are exceptions, but I would strongly recommend that you plan for this outcome. Plan for the best and work to make it happen, but have enough money in the bank to support yourself if it takes longer than expected for success to come. The last thing you want is to have to abandon your business and take a full-time job to pay the mortgage and bills. Worse still, you might keep your business only to be maintained by funding from an investor who pushes you to compromise your values. Give yourself a financial safety net, and remove one of the big pressures when starting a business.
- Determine your strategy. You have a plan, a financial safety net and the drive to succeed. Next step? Work out how you will go about launching your business. Who is your audience? How will you grab their attention? What is your story? What value will you offer them? What is your marketing plan? How will you promote your business?
- Hard work. You are now clear on what you want to do and how you will go about it. Now, just put the work in. Give it your full focus and attention and put in the relentless work. Take advantage of any networking opportunities and use social media to raise awareness of your brand. As you work, though, you must also reflect on your journey. Learn from the positives and negatives and use this knowledge to adapt and grow. This is a fluid process, and as you work towards making your business a success you need to keep learning and adapting. You need to have a plan and execute on it, but you also need to be able to respond quickly to any challenges or expand on what is working well.
- Perseverance and resilience. There will be bumps in the road, challenges and rejections. This is unavoidable. The key is to keep going. When disaster strikes, reflect on it and see what you can learn from the experience. Learn from it and then get yourself back on track, stronger and more determined than before.
Having witnessed the struggles of people as they launched their new ventures, I would ask you to please reflect on the above so that you can avoid the same challenges. Research thoroughly, plan well, develop an effective strategy and go for it. Give it your full focus and attention, but don’t forget to take advantage of any learning opportunities on your journey and use them to adapt and grow. If the entrepreneurial route is the one for you, I wish you the very best and pray for your success.