Do you have an idea that you just cannot seem to get out of your head? Do you feel this idea could have the potential to turn into a profitable business? Does this idea fill some kind of void in the current market or solve a problem/need for you or someone you know? If the answer is yes to one or more of these questions it might be time to turn your passion into a business. How do you do this you may ask, no worries we’ve got you covered.
You’ll want to start by building your network. This doesn’t mean approaching randoms on Linkedin and asking them to join your network. What it does mean is finding people who are similar to you, talking to them, and sharing the common bond of entrepreneurship. Many people don’t understand entrepreneurs, mainly because a lot of people don’t understand that level of ambition or in some cases, risk. Think of your network like the foundation of your house, start strong and build up. Find people that you admire and that you trust and it will help you out more than you can imagine.
Chances are, if it’s something you’re truly passionate about, you’re already doing it. Whether it’s baking, programming, photography, the list goes on. But there is a stark contrast in a business and a hobby. Businesses solve problems and they make money for doing so. A lot of people when trying to transition their hobby into a business don’t consider all of the factors. For instance, if you want to do your hobby/passion project full time, how much time does it take you do produce your product/service? If you want to do it full time, it has to pay the bills. You’ll also need to sell enough ie, the market has to be big enough, to support you.
To find out some of those details, you’ll need to start looking at the beginnings of a business plan. Business plans freak people out. What do I have to include? What does it look like? How long does it have to be? But fear not. This isn’t a grade school paper. All business plans are different and the value isn’t in the document, it’s in the process. There are hundreds of templates of business plans available online, simple put, they can be a page long if you want and they all look different. The process of a creating a business plan helps you decide if your idea is worth pursuing as a business. Can you produce the product? Can you sell the product? and Can you sell enough of it to make enough money to live? There are also many people who can help you with this part of your research and guide you through it. We’ll get to that later.
Once you’ve decided that your idea can work, it all comes down to execution. This is why passion is so important, because execution in the long term, isn’t easy. A lot of people can keep up with the grind for a short period, but passion and belief in your idea is what gets you through the long term. Business success isn’t always quick and it’s not always easy, but if you truly believe in what you’re doing and have a strong network around you, anything you’ve dreamed about can be achieved.
One of the main benefits to starting your own business is that you are in charge. Don’t be afraid to dive in and make waves. Doing something you are truly passionate about should be fun and exciting. Never be afraid to take risks with your business and don’t let failure discourage you. Figuring out what doesn’t work with your business is just as important as figuring out what does work.
In Newfoundland and Labrador, there are countless resources to help you turn your passion into a business. Whether it’s the Youth Ventures Program, CBDCs, or other supports, we’re here to help you make it happen.
If you want to learn how our Coordinators can help you turn your passion into a business, click here.
Interested in more? Click here to read Are You Meant To Be An Entrepreneur?