When you’re trying to decide if a passion is worth trying to turn it into a profitable online or offline business, you may be confused by all hype around ‘having to follow your passion’ and so on. The reality is that passion is great, but it is not enough. Here are 3 practical tips.
Following your passion is hot.
When you’re trying to decide if a passion is worth trying to turn into a business, you may be confused by all the information you are bombarded with by this expert and by this expert and so on. The information can get quite confusing. Should you or should you not start an online and/or offline business based on the passion you have for a certain topic or certain activity?
When it comes to your passion and business, you should absolutely combine the two. You also need to know what to watch out for when trying to determine if a passion you have is actually worth to start your own business or to grow and scale your existing business.
Use Your Passion For A Business
Passions are usually based on things someone has a love for or a real interest in. It’s the kind of activity that gets us all excited about the prospect of getting to do as gardening, writing, camping, hunting, etc. In many cases, a passion is something a person has significant knowledge about or experience in. And, even if there is already any knowledge or experience, it’s not considered a chore to learn about it. You just love doing and want to turn that energy into a business
Of course, you’re not guaranteed sales just because you invest in a passion for your business. Passion is not enough! There are other considerations at play that will help you to achieve success. What considerations?
3 Things To Keep In Mind When Choosing Your Business and Passion
1) Does The Passion Already Have A Large Customer Base Already
Your online and/or offline business is only successful if you have an audience already for it. Are there people who share the interest you have in your passion? For example, you enjoy the working out and eating right or having a positive impact on the World around us, the so-called ‘impact startups’. There are tons of people who are in the same boat as you – people who enjoy it just as much as you do or have the same dream to contribute to a better world. You can focus on a sub-niche for instance around people in your own town or even your own neighbourhood.
Sub-niches often have a smaller customer base and are regarded as less competitive. However, this could also be a bad thing. Many people won’t be exposed to people who offer them the answers for a fee, which means you face a battle already.
2) Do your customers have disposable income to spend?
One of the biggest mistakes many people that have a passion make is that to forget to do their homework. And one of the most important subjects is to be able to answer the question ‘who is going to pay for this, really?’. You should not ‘think’ a certain group of people will want to pay, but you have to be sure! While it’s great to have a customer base, it’s only good if they have the money to spend or if they don’t mind paying for what you have to say.
3) How competitive is the market or niche?
Competition is a good thing, as it tends to mean the market is ripe for you to make money. And, a decent amount of competition is also a good thing. Still, the more competition you have, the tougher it’ll be for you to make money and stand out. You need to make yourself different from them to capture people’s attention. So my personal tip is: do a good competitor analysis and define how you can reaaly be different from existing competitors offline and or online.
Ok. This were my personal tips about how to decide if your passion is going bring you success in your online and/or offline business activities or not.
Bookmark this category of blogs if you want to get more tips and tricks on how you can make money online and offline following your passion. Or if you should do something else.
Tony de Bree