If you’re thinking of starting your own business, the best thing you could do is build it around your passion. Running your own business can be a rollercoaster ride of thrilling highs and depressing lows. Building your business around your passion will help you power through the lows, just like Bill Busbice did when he turned his passion for hunting into a highly successful business.
Not only will your passion sustain you during the difficult times, but others you associate with in the business context will feed off it, including your team, customers, investors, and advisors. To be able to turn your business into a success, it’s critical to define your mission. This will be the guiding light at the end of the tunnel or in the storm, and you’ll always be able to make the right decisions if you’re guided by the principles contained in your mission statement.
Here are a number of steps that will help you transform your passion into a successful business:
It’s a continuous learning process. When you have a passion that you want to turn into a business, there are many new things that you’ll have to learn. You need to know the industry inside and out so you can get ahead of the curve and hit the ground running – forging your company vision, building a customer base, and producing products.
Merely having a great idea is not good enough on its own – to get started you need to become familiar with the field by using your network and speaking with people who have already started a business in the industry. Doing so will help you get up to speed quickly and enable you to build an informal advisory board of individuals who have already made the journey.
Whatever your passion is, the chances are that you won’t know much about running a business in that specific industry. If you start networking and discussing your ideas with seasoned industry experts, you will gather insights and learn tips, tricks, and strategies for running a company successfully. Sooner or later you are bound to hit a significant breakthrough. You could facilitate these efforts by attending tradeshows or meeting suppliers who are willing to work with you.
Get Started. The only way to get going is to dive in head-first. You may not have your exact plan mapped out in the beginning, and it is highly likely that you will make significant changes to your model later on. If you start a business around your passions, you’ll know why you’re doing it and will be able to overcome barriers that come up along the way more easily. Enthusiasm and a deep-rooted drive will keep you engaged with the product you’re selling and motivated.
You might still have a full-time job when you start building your company and its website. Do things at low cost like taking product photos on your cell phone and test whether there is a specific market for what you’re aiming to deliver. Sooner or later, you’ll spot a particular opportunity when a good number of people indicate that they would be willing to pay for your product or service. That’s the stage that you need to take the plunge. Starting your own business always has a certain amount of risk, but if you don’t get going, you’ll never know if it will work or not.
Surround yourself with like-minded individuals. When you start hiring employees, always try to hire based on shared experiences and similar interests and values. This will help shape the business in the direction you want it to go.
In the beginning, you will work long hours and hard days. Your drive and sharing similar values with colleagues will see you through these difficult times. This enthusiasm by all parties will ultimately translate to a positive customer experience that will build your business.
Turning your passion into a business will allow you to make money while doing something you love. This formula has a good chance of setting you up for lasting success. Your passion should be central to any decisions you make that are in the long-term interest of the customer and the company. This will establish sustainability and longevity of your brand.