There are many reasons you might be looking to start a business from something that you are passionate about. It could be that you are bored with the job you are already in, you might be looking to do something new, or perhaps it has always been your dream to own your own business. No matter the reason you are looking to do so when creating a business from your passion, there are many things you need to consider. While it’s something you already love to do, it can be much more challenging than you expect to turn it into a reality.
Here we have some top tips on how to create a business from your passion;
1. Decide how you will turn your passion into a business
So, you know what you love to do, but do you know how to turn it into a business from your passion? This can often be a tricky thing to figure out. For example, if you love to cook, do you want to open a cafe, a restaurant or a bar? You might need to research different types of eateries, such as a bistro versus restaurant, finding out the difference between them and what will suit you best.
If you are a writer or photographer, will you start your own blog or site, or do you want to create content for other people? These are all important things to consider. Take some time to think about what you envisage yourself doing and what will hopefully have the best return on investment for you and your money.
2. Work out how much capital you are going to need and what your overheads will be
Once you have your idea of what you want to do, you need to consider just how you are going to execute it financially. Think about all the money you will need to start up, from whether you need a physical premises to finance, to if you are going to employ staff and if you need to create a product. You will need a budget for your marketing, to cover yourselves while you get established and more.
Think about the costs you will need to initially fund your business as well as what you might need to pay for further down the line. It’s also a good idea to have a backup pot of cash just in case you run low one month so you don’t need to immediately close down or panic that your funds are becoming too low.
3. Come up with a strong name and branding
The next big step to turning business from your passion is coming up with a strong name and branding. This is going to stick with you for the long run, and therefore it’s important you get it right and don’t rush it. Think about the name and what you want it to convey. You want something that nods towards what your business is about, as this can help to advertise and promote your services.
Of course, some people decide to go rogue (such as Apple!) and opt for something totally unique, but this is up to you. You also need to think of your branding, and it can help to get a professional to do this for you if it isn’t your strong point. Your branding is essentially your shop front and is what will either entice people to your company or turn them away.
Think carefully about who your target audience is and what will appeal to them. It could be that you are targeting a younger, cooler aesthetic, so you go for more vibrant colours and a playful logo. If you are opting for a corporate crowd, you want it to be more single-toned, serious colours and not have too much going on. These are all important things to think about before deciding on what you want your branding to look like.
4. Focus on your website
Your website is one of the most important aspects of your business and is often the first point of call for many of your customers. If you have a shop, this is an extension of that, and if you don’t have a physical base, this is in lieu of that. You want your website to fit with your branding and the tone of your company, whether this be corporate, fun or a mix of the two.
You want it to convey what your business is about and match the aesthetic of what you’re looking to provide. It also needs to be practical and easy to use. If it’s slow and clunky or difficult to navigate, people won’t be able to find what they are looking for and likely won’t be repeat customers. Do plenty of tests before putting your site live to ensure those that use it find it easy to navigate and that their needs are met.
5. Have a good marketing strategy
Marketing is the business of getting your company seen by those that matter most. There are many things to think about in your marketing strategy to create a business from your passion, from exhibiting at events and shows to creating flyers and business cards as well as your digital marketing strategy. With your digital strategy, you need to focus on SEO and how your website shows up on Google. You need to focus on keywords that you are looking to target and aim to reach new and existing audiences this way.
It involves writing optimised content and having a website with images that aren’t too big and have a good loading speed. Whether you are a wine bar, a furniture business, a restaurant, or an accountancy firm, these are all things you need to think about and ensure they are working to get your business in front of the audience you are looking to target.
6. Give yourself a deadline and set goals to get up and running
It can be difficult to get up and running if you don’t have a goal. With no end in sight, you could either rush to get it done very quickly and it not be the way you want, or you could go too slowly and lose momentum along the way. To combat this, set goals and stick to them.
If you find that when your launch date comes around you aren’t quite ready, don’t be afraid to delay it. You want it to be properly ready as providing a disappointing experience to customers can mean they never come back and makes your success a lot harder. Just ensure you keep setting yourself deadlines that you try your hardest to stick to creating a business from your passion. Things can unexpectedly get in the way but keep persevering and you will get started and it’s sure to be a success.
These are just a few top tips for creating a business from your passion. While you might love something in your life, this doesn’t necessarily mean it will translate well into a business so you need to consider all aspects before giving it a go. Remember that the first year always tends to be the hardest for businesses and to look at it in the long run rather than just the short term and this should make it a little easier. What are some tips you have for creating a business from your passion? Let us know in the comments below, we would love to hear from you.