Turning Passion Projects Into Businesses

Passion.  It’s the noun that just won’t go away and everywhere you look of late you’ll hear it in advertising, see it in publications and hear captains of industry wax lyrical on how they got to where they arrived at because of it.

Overused or not, it is, however – entirely true and without it, you’re not going to get very far and these days finding ways of creating wealth outside of salaried work has been proven to be more important than ever before.  Certainly, in the United States, the creation and preservation of wealth have become of critical importance to ensuring the revival of the American economy – and it’s working.

Top Tips for Turning Your Passion Into a Business

As always, first things first.  If you think you’re onto a good idea, you’ll need to be able to defend it.  This means that you have to be able to convince not just yourself on its validity – but potential investors and of course  – customers.

  1. It’s a good idea to keep your day job while building your “side hustle” if this is at all possible to do.
  2. If your passion is “service” related to something like writing business plans or interior design, trial it out by taking on a few friends or personal contacts as clients and charging them “mates rates” for the privilege.  You’ll get valuable real-world experience with relatively limited exposure if it doesn’t go exactly to plan.
  3. You’ve probably been waiting to hear this, but…think outside the box. There are many great examples of how smart entrepreneurs have taken existing products and built profitable industries around customization.       Learn more about just one example, with this company that provides truck and vehicle customization.
  4. Act “as if”.  From the very beginning act as if it’s your business before it even becomes your business.  You can’t expect anyone else to take you seriously if you don’t take yourself seriously first.
  5. Shout it from the rooftops. Tell absolutely everyone who will listen about what you’re doing.  Referrals and networking account for a massive amount of new business and leads and virtually no business can do without it.

Some Important Considerations (Don’t Miss Out on These)

It might seem like a no-brainer but many aspiring business owners have fallen short when it comes to this one ultra-important concept:   Do you REALLY know what you’re doing?

Practising a craft as a “hobby” no matter who well you’re doing it, won’t always translate into a successful business.  Sure, Johnny may like his new haircut but Vidal Sasson that doth not you make, ergo invest the time in crafting your skill to perfection, or as close to perfection as you can get it.

Be prepared to take harsh criticism when it’s valid.  There is very little room for over-inflatedego when it comes to establishing your business and if you want to make a success out of it, learn to treasure the negative criticism that your clients can give you.  This data is often more important than positive feedback as this is where you learn how to grow.

Be excited, always and enjoy these foundational moments of your business as they’ll set the tone and culture for your future success and never, ever give up.

Perseverance, turns passion, into profits.

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