How to turn your passion into a business without killing it
We’ve all heard this expression: find a job you enjoy doing, and you will never have to work a day in your life. So, for some people, it makes sense that they would head out to make a career of their own doing what they love.
If you’re starting a business, it makes sense to centre it around something you’re passionate about. Be it a hobby or a certain cause, the love you have for it will make all the startup struggles worth it. But there’s a certain danger to it. How do you turn your passion into a business without killing it? Here are our three tips to keep your head in the game and turn this passion into a winner.
Tip #1 – Don’t forget that it’s a business
Your passion will only carry you so far. You might know everything there is to know about the subject, but you’re still aiming to run a business. This means you need a solid business plan, how you will monetise your passion, and any surrounding knowledge about taxes, employees, and business laws.
It takes two to three years for a new business to make a profit, on average. Can you survive that long? Do you know how you will? You need to mix your creativity with a logical approach to business.
Tip #2 – Prepare to fall out of love
The expression at the start isn’t always true. When your hobby becomes your job, it becomes less fun. So be prepared to fall out of love with your passion as it starts to take over your life and it becomes a game of making money from it however you can. The early morning and late nights might make you resent it. You’ll have to make compromises, meaning some of your idealistic ideas might have to sit on the back-burner.
The key here is to keep a healthy work-life balance. If your passion was a hobby, make sure you have another hobby that you can unwind with. Always have something fun in your life. If baking is now your job, maybe you can take up exercise? Or painting? Whatever it is, make sure you have that escape from your business.
Tip #3 – Lean on others
Being passionate about the subject, you might think you know all there is to know. But the odds are there is still plenty to learn. This starts early: you want to turn your passion into a business, but do you know where there’s a gap in the market?
This is where you should lean on others. Don’t be scared to ask for advice from family, friends, and others in the industry. Meet up with other like-minded entrepreneurs and share tips about business. Don’t feel you have to do it alone and isolate yourself; connect with others and build up a trustworthy network.
Your love for the subject will change over time, but that doesn’t mean you can’t make an amazing business out of it. You need to avoid killing all your passion for it, and these tips can make that easier. There will be days where it’s a struggle, but if you keep your head on your shoulders, you can make it work.
At Big Hand, we can help you bring your passion to life. With our advice and accountancy service, you can set yourself up for success. To find out more, visit our website or call us on 0161 327 2911.