If you are thinking of starting a business your approach determines whether the idea will succeed or fail. If you are looking to start a business, a few proven steps are essential to your business start-up.
Find your Passion
The first step to start a successful passion-based venture is to determine what you are good at, what drives you and what your passion is. I always say this to my family, friends and clients – “passion will keep you going for longer.” You need to love something enough to be able to dedicate time and effort to it. You can use your life experiences, education and skills to create effective solutions that people need. Just imagine doing what you love every working day of your life – it stops being a chore and become a lifestyle. Some of us have unusual gifts, which will yield great fulfilment if developed and enhanced the right way.
What Do You Want From Your Passion?
Once you have been able to explore and discover your passion, you need to determine what you want from it. You must remember that not every idea or passion is viable and not all lead to profit. Some people just want to help others achieve their dreams or live better lives. Some love to impart skills or build systems that make things work better. There are millions of ideas you can explore if you are true to your passion and strengths.
Non-Profit Making Passion
Money makes the world go round, and we need money to pay the bills. So if your passion is not a profit-making business, do not despair – just do not quit your day job. There are many ways you can find fulfilment doing what you love and keep your regular job. You just need to find the right balance and synchronise the two to work together efficiently. If you need to dedicate a few hours in the evening twice a week towards your passion, then so be it, as long as other parts of your life do not suffer for it. I believe that if we love something enough, we will make time for it in our lives.
Profit -making Passion
On the other hand, if you want to earn an income from your passion, you will need to go down a different route. You should first settle in your mind that you have the skills and knowledge to set up and run a profit-making venture. Running a business is not a leisure activity, and you must prepare for the journey ahead. Ask your family and friends to help evaluate your strengths and weaknesses. Make a list of the skills and entrepreneurial traits your business requires. Then create a list of the ones you already have, the ones you can develop and where you need someone else’s input to compliment your weaknesses.
What Do You Have?
Now you know you enjoy making hair accessories or providing answers to life’s questions. The next thing you need to do is to think of how to package that passion into a product or service. What is out there and how can you make your product or service stand out from others? Your answers can unlock the key to your uniqueness and a niche market. Sometimes the difference in your products can be your customer service, packaging, added value or the additional accessory that creates an entirely new market. You need to explore the possibilities of your products and services through research and by talking to people to find out what needs are not met. The best way to start is to use your competitors as a guideline to discovering the missing pieces or gap in the market.
We all seek fulfilment one way or another but what better way to find fulfilment than by doing what you love and helping others too.
Enjoy the process, and I wish you success.
The Idea Catalyst helps you package and amplify your passion into income streams.