Finding something you love to do, especially when doing it makes other people’s lives easier, is a wonderful discovery in life. Maybe you love teaching Yoga or leading reading groups. Maybe you enjoy playing music or have developed some highly effective life-coaching skills. It is not surprising that you would want to take this passion and make it a business. Who wouldn’t want to spend their days doing something they love?
What makes your skills or passion enjoyable may not necessarily make it a great business venture. There are factors to consider before you take the leap into business ownership. If you do decide to transition your love of service into a money-making gig, here are some questions and tips for doing so successfully.
Should you turn your passion into a business?
Just because something may set your heart on fire does not mean it can be an effective business plan. Finding great joy in offering your skills is an important gift on its own and some activities are meant to stay just that; a personal enjoyment. Before turning your passion into your work, answer these three questions.
- What about it do I love the most?
Understanding what you love most about your passion will help you to shape what business you want to offer. Do you love talking with people? Do you love making something with your hands? Maybe you love the creative side of your passion. Distilling your ideas into its central skill will also allow you to mold your enterprise into the shape it needs to be to be both enjoyable and fiscally sustainable.
- Would I be able to do it on days I don’t want to?
When transitioning your passion from a hobby into a business you are taking something you do for enjoyment and opening it up to the public. This means you may have to offer your services on days you just don’t want to. Is this something you feel able to do or would it be best to keep your passion as something that is based on your own personal enjoyment?
- What do I know about starting, and running, a business?
You do not need to be a graduate of business school to start a successful small business, but you do need to learn some important skills about business ownership and management. Take stock of what you know before you get started. Look back at all your work experience and past entrepreneurial adventures, and you may be surprised at what business skills you already have.
Not all passions are meant to be businesses. If you are considering taking your love for service into self-employment here are 5 tips to do it successfully.
1. Write Your Big Dream Down
When considering turning your passion into a business, write down your biggest vision for this adventure. Who do you want to work with? How do you want to work? What would your life look like if this heart-driven endeavour took off? You might try creating a vision board, or a Pinterest board for your dream business. Remember what Elizabeth Marvel said, “if you can see it you can be it.”
2. Do it in Phases
Take your big vision and break it up into phases. If where you are now is phase 1 and your vision is Phase 4 what are the other phases in between? Once you have the mini-visions clarified, you can start backward-designing your business’s growth plan. Start with your end in mind and break it down into do-able steps working backward, until you arrive at your starting point. Remember this is just a plan to get you started, this is not a legal document that has to be adhered to no matter what. First lesson in business is to plan for success, but be willing to change to succeed.
3. Start Small
When starting the journey into business, begin where you are and start small. Though you may have a beautiful vision and a thoughtful plan, this journey is done one step at a time. Knowing you have a big dream is very motivating. Use your vision to help energize your journey, and focus your action on where you are right now. Dream big, start small, and allow your vision to change as you go.
4. Discover Your Ideal Clients’ Needs
One area that can trip up a new business owner is the need to start shaping their work less around their own wants and more around meeting the needs of their ideal clients. Transitioning a passion into a business is the act of shifting what shapes your work from strictly your own needs to that of your clients.
This is not to say that your needs are no longer part of the equation, simply that they are no longer the single most important driver. A service-based business is a relationship between you and your client base. Just like any healthy relationship everyone’s needs matter and some matter more than others at different times. Finding this balance is key to becoming a joyful entrepreneur.
5. Learn About Business
Turning a passion into a business is also choosing to take on learning a whole new set of skills. You do not need to become a corporate tycoon but learning some basic small business theory and skills will support you in building a successful venture. A great way to start your journey as a business owner is to find a mentor. Mentorship is a wonderful way to develop your entrepreneurial skills one-on-one with someone who has been there before.
6. Don’t Quit Your Day Job Just Yet
Unless you have a significant nest egg saved that you want to pour into your new business venture it is advisable that you don’t cut off your current income stream before your new business is able to generate some money.
When you decide to turn your passion into a business you are essentially taking something that was valuable to you for what it offered in experience or feelings of achievement and joy. Now your favourite pastime will need to generate funds. This can put a lot of pressure on your heart’s desire. Keeping the financial demands on your new venture low will give you the freedom to evolve your work into what fits your lifestyle and your ideal clients’ needs.
7. Define Success for Yourself
A small business can take many different forms and what a successful small business means is only something you can define for yourself. Look at other businesses offering similar services. How many employees do they have? How large is their client or student base? Start having conversations with other small business owners about their lifestyle. How do they spend most of their time? What would they do differently if they started over? Take all this information and create a definition of success for yourself and your business. Understanding what success means for you and your business will support you in making decisions that drive you toward a fulfilling entrepreneurial experience.
8. Build a Community Around You
Even in a service-based, people-centered business, being a small business owner can be lonely. You must be active in making connections with other like-minded people in your industry. Not only will this give you a structure of support but could also lead to referrals and partnerships.
Participate in industry events, network with community members, and grow relationships with others doing what you do to help you start off in your new adventure. While we may think of others as competition they can truly become comrades.
Conclusion
Turning your passion into a business can be highly fulfilling and allow you to increase your income doing something you love. Not all passions are meant to become an income source, but if you have decided that what you love to do is something others need and would pay for then entrepreneurship may be in your future. Knowing your direction, where to start, and who you are serving will help you to mould your heart’s desire into a successful and sustainable venture. Start where you are and build slowly from there.
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