Turning Your Passion Into a Business
As a potential entrepreneur, one common piece of advice you must have heard a zillion times is to do what you love; to follow your passion; to make a career out of or build a business around something you are already passionate about; that when you work at your passion and become amazingly good at it, the money will follow. That’s very true but does that always guarantee business success and wealth? Can you not do what you truly care about and very well go broke? Let’s find out;
Fact 1. Some passions don’t have a well-paying market in Nigeria. Let’s say you are passionate about salsa dancing or poetry or creative writing or homemaking – these are lovely passions to have but you are going to find out that there is very limited job market built around these interests. Hence your passion will not support you financially.
Fact 2. No one cares how passionate you are about what you do. They want to know what’s in it for them. They will not be bothered to pay for what you are offering without a clear and tangible value communicated to them.
Fact 3. Your business needs not just to be satisfying but profitable as well. Will enough people buy your product or service?” Will customers keep coming over time? Are customers willing to pay enough to cover for your expenses and you can earn a profit? If your hobby becomes your business, will it lose its appeal? Will deadlines, monotonous repetition, and conforming to customer constraints kill the fun from your hobby?
For example, just because you love cooking doesn’t necessarily mean you should open a catering business. It is one thing to prepare a delicious meal for a few friends; it is another to cater a wedding party for four hundred demanding guests.
Fact 4. Do you have the business skills? That you enjoy cooking doesn’t mean you have all the skills required to run a restaurant or catering business. You could find out that when you start your business, you will be doing more of selling your product or service than actually pursuing your interest. After all, it doesn’t matter that you make the best Egusi soup in Nigeria if you never sell a plate of it. However, other business tasks such as bookkeeping, management, personnel, etc will take most of your time too. Hence, you may find out that you have less time to pursue your interest than you expected.
Are you getting discouraged already? Relax.. Don’t give up on your passion just yet. You can enjoy your passion and still make buckets of cash while doing so. Here are some other factors that when combined with your passion can set you on the path to success.
- Work part- time in your field of interest before committing to start a business. This insider’s perspective will help you learn first- hand what is involved in running the type of business you are interested in. it is also a great way of getting experience that can only improve your chances for success.
- Partner with someone who is passionate about the business end of your passion. That way, you will be able to spend more time doing what you love while your partner handles all the other intricacies of the business. Choose your partner carefully and define the terms and expectations from the beginning.
- Find a mentor who is working in your field of passion. Ask them about the pros and cons of the business. Direct competitors may be reluctant to answer your questions. I advise you find seek the opinions of business owners in other geographical areas.
- Take the time to research your field of interest.
Use these pointers to make sure that you will spend your time not only doing what you love, but making money at it.
Passion and business sense together are an unbeatable combination. A one-time punch when smartly delivered that allows you to achieve and start living your dreams.
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