We all have things that we’re passionate about. Have you ever stopped to wonder what it would be like to walk away from your 9-to-5 and earn a living doing what you love? Whether it’s photography, healthy eating, running, or art, it’s possible to turn your favorite pastimes into a lucrative business opportunity.
While launching a business isn’t always easy, financial advisor and entrepreneur Bevan Wilde, has seen many successful business entities spur from a founder’s passion. In 2007 Sally Bergesen leveraged her love of running into a line of women’s apparel called Oiselle. Business partners Gautam Gupta and Ken Chen turned their food obsession into a full time endeavor after launching healthy food snack delivery service, NatureBox.
“These people made it happen, so why not you?,” says Bevan Wilde, who provides his tips on following your passion to create your dream job below.
Brainstorm on what the market needs: Sally Bergesen parlayed her love of running into a full time job by dissecting the needs of the market. As a runner herself, she noticed that most woman’s running clothes were ill-fitting and un-flattering. She found a way to remedy the situation by creating a line of trendy and functional running apparel. Bevan Wilde points out that the first step towards launching a business based upon your passion is to find an angle that can benefit people that are also fans of what you love. “Ask yourself what people that share your passion can benefit from,” he explains. “Then come up with a way in which you can cater to them.”
Start asking questions: According to Bevan Wilde, in order to turn your passion into a business idea, you need to become an expert on your industry. He recommends reading industry trades and keeping up to date on the latest happenings within the field of your passion. “Ask questions, network with others, and find out what people are looking for,” he says. The NatureBox founders hit their big break through when they attended a food tradeshow and met with several suppliers that expressed interest in partnering with them. You can never underestimate the power of networking.
Surround yourself with people who support your passion: One of the greatest ways to get started with turning your passion into a business is to team up with people who support your dreams. By doing this, you’ll attract people who are just as passionate about your ideas as you. These people may be investors, potential business partners, or key players who can help you make the connections needed to jump over hurdles along the way. The more passionate people you connect with, the closer you’ll be towards surrounding yourself with a team who can help you carry out your career dreams.
Attract Investors: As the saying goes, “it takes money to make money.” In order to build your business, you’ll need a certain amount of capital to get things off the ground. Aside from creating and distributing products, you’ll incur additional costs when creating your business. A certain amount of money will need to be allocated for business travel, promotional materials, payment for employees, rent for an office to work out of, product samples, and more. The more funds you are able to raise before launching, the better off you’ll be when you are diving into the launch of your company. You’ll also need to factor in things like paying taxes, hiring an accountant, and obtaining a business license.
Get as much feedback as you can: You may think you have the greatest idea in the world, but it’s what others thing that really matters in the long run. Pick the brains of successful business owners that you know. Ask friends and family members for feedback on your idea and have them weigh in on things you haven’t thought of. Have people in your industry offer suggestions on things they’d like to see in your business plan. Talk with people who follow your passion to gather their thoughts. This is especially crucial as these people are the potential customers for your new business.
There is no greater joy than in doing what you love. Turning your passion into a business can not only pay your bills, but will allow you to be profitable while doing something that excites you. According to Bevan Wilde, starting a business isn’t easy but there is an opportunity out there and you just have to find it.
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