6 Things You Have to Consider Before Turning Your Passion into a Business

Not necessarily. In fact, building and maintaining a business that’s based on your passion can be just as hard or even harder than working in a business you’re not ecstatic about. There are a number of things you have to consider before pursuing your passion as a career, and before you decide to rush into it, it’s smart to step back and think about these things objectively and rationally – to make sure you aren’t stepping into something you’ll someday regret.<?p>

• Is it a passion, or a hobby?

  Let’s get this straight: both of those things are okay. There’s no right or wrong answer. But the critical implication of this question is that you can’t really form a business based on just a hobby. If it’s something you can pick up and drop as easily as putting a shirt on in the morning, it’s probably a hobby – and thus, it’s not enough of a foundation for sustainable business.

• Why do you do it?

  In line with the previous point, many people use hobbies as stress-relievers, or as a way to shift their mindset from work to “play”. How is this going to work for you when the “play” and work are one and the same? Understand that your passion itself might bring you stress in the form of physical strain, a lack of inspiration, or a perfectionist mindset that’s being tested. You’ll need to find the bright side in all these struggles, and be steadfast in your commitment to quality.

• Are you good at it?

  This time you have to look outside of just how you feel. Businesses only thrive if they’re appreciated by their market – which means it’s not up to you, but up to them. Get honest feedback from people who aren’t related to you or biased in some way, and get an objective assessment of your product or service – only then can you decide if the business is worth starting.

• Are you financially stable?

  This is where you need to be the most realistic and honest – this is the ultimate yes or no that will determine if you should start your passion-based business or not. If you’re thinking of starting any business, regardless of what it’s about, you need to be financially stable. It can mean poking into your savings, sacrificing some luxuries, or even sticking to your current job for a while until you can afford to start up. Just remember that all sacrifices pay off in the end.

• How can I add purpose to my passion?

  They may seem synonymous, but they’re not. Passion is directed toward you – what you want, what you enjoy doing – but purpose is directed outward. To the most that you can, try to incorporate a sense of purpose in your business. Who are you empowering? Whose life are you changing? What are you offering that will help someone in need? These are the questions you should be asking besides What do I want?

• Do I have a backup plan?

  Some people might call it negative thinking, but really, it’s good sense. For every entrepreneur who wants to start a business, the backup plan is important – because no matter how much you work, money doesn’t fall from trees. If your business idea fails, or doesn’t meet your market’s standard, or simply doesn’t work out, what then? You need to have something to sustain you and your dependents.

When you’re turning your passion into a business, it’s so much more than just making money off something you love. Like every business venture, it’s a real challenge – but the best thing about it is that if you keep going until you reach success, the reward will be so much sweeter.

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