Running a business that you’re passionate about can be a formula for spectacular success.
As a customer and consumer, you will already have experience of a whole range of businesses.
It’s never hard, however, to pick out the ones run by true enthusiasts – perhaps a love of style and fashion which drives a hair salon, retail shop or a passion for IT and marketing which has spawned a consultancy.
Though passion can be a truly inspiring foundation for a business idea, your passion must be harnessed and channelled just like any successful business. Here are some things you need to consider to turn your passion into a business:
Research your dream
Knowing where your passion lies is a great start, but to be successful you must also find a productive niche.
Research anything and everything to do with your sector until you are able to see where the gaps in the market lie, or until you are certain you have found the solution to one or more problems in the field that your business could solve.
Master the knowledge and develop your skills
The best way to stand out in your field is to become an acknowledged authority.
This means developing a deep understanding, as well as finding ways to demonstrate your expertise: perhaps by writing articles, gaining additional qualifications or joining expert panels affiliated to associations in your field.
This will also help you to develop some fruitful business connections within your sector.
Most importantly, you must also acquire sound business and marketing skills. Not only will these offer practical help as you build your business, they will also provide you with a fresh
perspective on your enterprise.
For instance, it may be the case that the parts of your business which you find the most absorbing may not necessarily be the most profitable.
If you a hotel owner for example, you may be fascinated by events and conventions, but your main opportunities for growth may lie in the seasonal holiday trade.
If you can analyse and track the growth of your business in a commercial sense, you will always be in a better position to ensure it remains both profitable and sustainable over the long term.
Emotional involvement and success
When your passion is also your business, be prepared to experience far greater levels of effort and commitment than you might encounter with an average ‘day job’.
This is why it’s important to ensure that anyone you hire also shares your passion and can help to shape and add further character to your enterprise.
And last but not least, be sure that your family and friends hopefully share, but at least understand and support, your passion – you may need them if the going occasionally gets
New owners who start a ‘business with charisma’ soon realise that passion alone is never enough. But those who are prepared to work really hard to realise their dream enterprise will usually find that the effort can bring a whole range of rewards to fulfil those aspirations which once seemed so far off.
By Matthew Hernon, UK Account Manager at BusinessesForSale.com