5 Keys To Turn Your Passion Into A Viable Business
I consider myself incredibly fortunate for a number of reasons. One of those reasons is that, I get to wake up each day and spend my time doing something I am passionate about. I get to immerse myself in the work that I love and simultaneously build a business that adds value to the lives of others.
If you’re not quite in that same position, don’t feel bad. It took me years of trial and error to finally get to this place; I know how difficult it is to get here. Discovering your passion is a challenge in itself and taking that passion and creating a viable business around it is a difficult task.
Before you start a business, I suggest you ask yourself the following questions. These questions will you in turning your specific passion into a business.
1. What are you Passion about?
The first step to turning your passion into a viable business is to figure out, what you are passionate about. Make a list of everything you can think of. If you’re having a difficult time coming up with something, think about what excites you. What could you talk about for hours and never get sick of?
2. What are your Strengths?
Once you have a list, the next step is to determine which of those passions align with your existing strengths. Make a separate list, and outline all of the things that you naturally excel at or have invested a significant amount of time learning to excel at.
If you have a difficult time identifying your strengths, ask the people who know you well to tell you, what they think you are good at. What have you been complimented for doing? What have you been asked for help with several times?
3. In what industry do your Passions and Strengths intersect?
Once you have the list of your strengths, start drawing parallels between your passions and your strengths. These parallels will identify specific industries that may be suitable for you to build a business.
Complete this exercise as many times as possible, until you identify several different industries that represent a specific parallel between one of your passions and one of your strengths.
Allow me to use my own business as an example. I am good at writing. I am passionate about entrepreneurship and lifestyle design. As the Publisher of Lifestyle Business Magazine (a digital magazine about lifestyle entrepreneurship), I created a business in an industry where some of my passions and skills intersect (digital publishing).
4. What Problem in that Industry can you Solve?
Now that you’ve got a list of potential industries to build your business in, the next step is to identify some of the specific problems that exist in the marketplace that can be solved by a product or service in that industry. If there isn’t a problem that can be solved or a void that can be filled, then there is no sense building a business.
Don’t waste your time, energy, and money creating a solution to a problem that does not exist. Talk to people in your chosen industry (existing product or service providers and end-users). Find out what they struggle with. Find out what they are actively looking for.
5. Are people willing to Pay you for a Solution?
The last, and perhaps most important, question you need to ask yourself before you start a business is whether or not people are actually willing to pay you for what you offer. If no one is willing to pay you for the solution you provide, you cannot build a business.
It may seem obvious, but a business needs customers. Paying customers provide revenue, and revenue is the lifeblood of any business.
Are people already spending money to solve the problem you identified? If they are, that is a good sign. If no one else is selling a similar product or service to your market as the one you intend to sell, that may be an indication of a lack of market demand.
In the rare circumstance, where you are the first to enter a market, enter it quickly and with a MVP (minimum viable product) to validate whether or not there is a real opportunity there. If there is, use the money you make from your first few customers to scale up your business and improve your products or services.
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