Entrepreneurship

How to transform your passion into a successful business

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Written by Felix Yim

Starting a business can be an emotional roller coaster, but it’s worth it if you’re turning your passion into a success. Anyone can indeed start their own business, but not everyone is capable of growing it, sustaining it, and succeeding. All companies fall on hard times, and when that happens, it will be your passion that will carry you through to the other side. Keep reading for tips on transforming your passion into a successful business.

Identify potential problems

The first step is identifying things that could go wrong . This might seem a little pessimistic, but it will serve you well in the future. You can problem-solve potential obstacles and challenges before they have a chance to wreak havoc on your business.

Grant Cardone, bestselling author and widely considered one of the best sales trainers in the industry has this to say on finding a problem to solve – “If you want to be great, seek out other people’s problems. They are opportunities for you to shine, separate yourself from the rest, and solve their issue.”

Is your passion a potential money-maker? That’s an important question to ask yourself. It might not be an obvious yes or no, you might have to get creative with how you can best leverage your passion to turn a profit. For example, if you are passionate about history, this could be a challenging bridge to cross. However, if you use your love of the subject to tutor students, you can earn an income.

Once you have worked through any possible issues, you can create a strong business plan.

Be an expert

You have to know what you’re doing and what you’re talking about. If you want to be considered an expert in your industry, you must be able to back yourself up. For example, you might be passionate about home renovations, but you can’t simply open a business and expect it to succeed.

Stefan Kaczmarczyk, sales director of Crystal Bathrooms discusses how he built authority within his industry; “in the early days, it was quite important for us to show that we were leaders in the renovation industry. Sure, we had the top talent and craftsmanship onboard, but it was essential to have that reflected in our overall brand and messaging. Once we established that, we were able to elevate above our competitors and get compensated for our premium service”.

There are maintenance issues to consider as well: the marketing side of the business, an office, insurance, finances and the day to day running of a business Clearly, starting your own business isn’t as simple as being passionate about your favourite subject. You need to have the expertise to back it all up.

Full-time commitment

This is perhaps the most challenging part of transforming your passion into a successful business. You need to commit. This is a business. Your business might start off as a side hustle, but as soon as it starts to take off, you will have to drop everything and commit your time to ensuring its success. Entrepreneurs don’t work 9-5, they balance a day job while hustling in their free time.

Leverage contacts

According to Adrian Tucci, CEO of MrPaint, “Professional networking is an important part of running a successful business and the more contacts you add, the more contacts you can leverage when the time is right.” You might dislike the idea, but successful entrepreneurs know how to leverage connections to get the best deals and create new opportunities. Don’t be afraid to reach out to professional contacts if you think they can be useful in helping you build your business.

Seek support

NSW offers assistance in the form of grants, how-to guides, as well as training and workshops. If you need information or financial support, then check with the NSW government to determine what help is available.

Don’t be afraid to rely on your friends and contacts to build your business. Who knows what advice or expertise they have to offer? Additionally, you should focus on your strengths and outsource the work that highlights your weaknesses. There is no room for ego when you are transforming your passion into a successful business.

Final thoughts

Dream big! But start small. You have a long road to walk to transform your passion into a successful business. As important as hard work is, it’s still important that you keep your family and friends on board. They can provide support when the going gets tough.

“The opinions expressed by BizWitty Contributors are their own, not those of BizCover and should not be relied upon in place of appropriate professional advice. Please read our full disclaimer."

About the author

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Felix Yim

Felix is a young aspiring design student. Having recently graduated from university with a finance degree, Felix actually found his calling in interior design and aspires to have a career in the industry. In his spare time, he likes to write for his supercar blog.