latest

Turning a Passion into a Business

You may wonder why a blog about business is even concerned about having a passion. The simple truth is if you aren’t passionate about what you are doing in business, you are more likely to fail.

When it comes to discovering your passion there are two lines of thought. The first is that your passion will find you someday. It’s like you are at the doctor's office just trying to patiently sit there as your name is going to be called. The second line of thought is that you can create a passion. That’s what I wanted to focus on.

How to create your passion.

Have you ever noticed someone who is pretty good at something naturally. They don’t have to be the best; I just mean they do pretty well at something. Maybe it’s being great at fixing cars, or sales, or making people feel comfortable. Over time through positive feedback, these same people become great and love what they do. The principle is that sometimes what we naturally are good at may become what we call our passion.

If people around you tell you that you are very good with fixing things, you begin to take pride in fixing things. All of a sudden you crave that feedback. Now you are reading books, learning, and you do everything to make sure you are the best. Your passion has been born.

Turning a passion into a business opportunity

When you realize that there is nothing on earth you would rather do than follow your passion, you reach a point of exhilaration and excitement. Think of all the possibilities and what your life could look like. Although you may become great at something, there are certainly other things you might not be so great at.

At some point you need to make money and pay bills. Monetizing a passion can lead to great excitement and hopefully success in business. The greatest asset you own is your mind. This is where you should map out a plan of attack. Using a business plan is crucial for anyone who is starting out. I would say it’s even more so for anyone that is jumping into the business world for the first time.

If you want to run a business and monetize something you are passionate about, you will need to figure out how to become a passionate entrepreneur. This requires hours of learning, planning, research, and speaking to potential clients or customers. In the end, if you do go into business you may find yourself spending much of your time running a business and not just doing what you are great at.

This is many times the reason a business fails. Many businesses are started because the CEO loves doing what they do but eventually realize they have to become great managers and entrepreneurs to survive. A business plan helps you become a better manager and entrepreneur.

Business planing

Eventually when others hear you are starting a business, you will begin to get a ton of questions. How will you acquire customers? Do you really think you can do it? How much do you think you will actually make on this? Creating a business plan is really the first step in any business endeavor. Whether you are knitting socks with your grandma or developing a social media app, you need to have a plan. When you have a business plan and can answer these types of questions, respect will come your way.

All of us can become passionate at many different things. Look at the opportunities around you and start learning. The more work you put into something, the greater you will cherish the wisdom, knowledge, and skills that have resulted from your efforts.

Don’t wait for a magical opportunity, create one.

Business planning is all about taking what you love and are passionate about and then making it a reality. Whether you are an artist, chef, or just great at sales, you need to have a business plan in place. Sometimes in life emotions get the best of us. We can easily lose focus on the end goal and make decisions just because of the moment. Creating a business plan will help with those tough times. It will keep you on course and allow you to always ask yourself if a decision is in line with your end goal.

Author image
Chief Financial Officer