Hello Future Entrepreneurs! I’m this post i will share with you some helpful tips to you define your passion in order to turn it into a profitable business.
First off what is a Passion?
A passion is something you love doing, and having a passion is the driven force needed to inspire future business owners to start their own businesses. Think about it , wouldn’t you love to make your money doing the things you enjoy doing? Having a passion for what you do in business can take you much further in life then just working and making good money doing something that grinds your gears each day. What is that you love that you’d like to do or what is it that you would love to do more of for a living? So many people know what their passion is, but get stressed in the process of trying to flip their passion into a profit. Whether you are considering starting your own business, building a new project, offering a new service, or becoming a brand I have a few questions for you to think about that will help you increase the financial potential of doing what you love:
Question #1 What is your passion and why?
– What is that “idea” or “thing you are so passionate about that your considering turning it into a profitable business? Why do you want turn it into a business? You will need to understand this more than anything because knowing exactly what you want to do and why will help you define your business mission and culture.
Question #2 How can you turn this into a business?
-Now that you know your what and why, it’s time to focus on How. How will you turn this into a business. What would the setup cost be for you to turn this passion you have into a profitable business? How much capital do you need? How and where will you sell your product,service or brand? Will you need a storefront or will you operate completely offline? How would you promote this business? How will you connect to with your customers?
Question #3 Does this passion fill a void?
– Is there a need for this business, project, service, product or brand? If there is a need you need to know what it is and who it serves. You will need to have a clear picture of your customers before you go into business. Defining what kind of business you want to establish is only the beginning. It’s equally important to pinpoint your business’s target audience or target market. Like it or not you will constantly be in competition with businesses, this will make it harder to stand out if your being all things to all people. In order to win it is crucial that you identify a specific market that has enough profit potential for you to succeed. Take time and think about future customers/clients, Who are they (Ex. Age,Location, Gender,Income,Education,Occupation,Ethnicity,Marital Status,# of Children)? What do they need? What and How can your business service that need?
Question #4 Are you ready for the business world?
– It will never be an acceptable decision to just jump into having a business without ever taking the time actually working on establishing a business. There a few things you will need to know that you are ready for. Are you ready to be tested? Your passion is just a passion if your not ready to be critiqued. Your customer will be your biggest critic, people want to know whether or your not your business is worth their hard earned money, So prepare yourself tested by making sure you have smooth out each and lump and bump that your product service has before you hit the market.
To many Questions? Wow, I know but each one are important to have a answer for each of these questions before you begin setting up a business and searching for customers. This will make it so much easier for you to know and understand your purpose in business. Hopefully i triggered your inspiration to take action and if so i have something awesome for you that will help you jump on the Road To Discovery and begin mapping out your plan to turn your passion into a profit!