Turning Your Passion Into a Business
Passion is the easy part. Here is the real playbook for turning something you love into a business that works, from finding the problem to landing your first paying customer.
Imagine getting paid loadssss of money just for doing something you enjoy. Sounds like the dream life right? But passion isn't the only thing you need to start a successful business.
Step 1: Identify the problem.
This is the most important, yet most ignored step of beginning an effective startup. You may be great at baking cupcakes, but you need to give customers a reason why you are the one to buy from.
Ever heard of Baked By Melissa? Today, her bakery has a line circling the mall in NYC. This isn't only because of her superior baking skills, but because she targeted an underemphasized issue in America: portion sizes. Instead of huge cupcakes or baked goods that nobody can ever finish, she made bite sized cupcakes attracting customers all over the bustling NYC and even folks from New Jersey (I am living proof!).
Anyways, moving away from cupcakes, the moral of the story is FIND THE UNADDRESSED PROBLEM and be the solution that everyone is waiting for. Trust me, you will be super successful.
Step 2: Build credibility.
Now that you have found the problem you want to solve, pause for a second. If you are thinking of building an elaborate website or chasing after the non-profit or firm title or deciding who is the CEO and CFO, stop right there. This is another extremely common mistake made by young founders.
Always start small. Start by baking those small-sized cupcakes and selling them in your community. Wait till the profit comes in and you have evidence of your success. If you skip the trial phase, you will have wasted valuable time to spread awareness and make sure that your business is truly effective.
Once those cupcakes thrive and people find them as a better alternative, only then you are ready to brainstorm your expansion. EVIDENCE OF SUCCESS is key in order to expand your reach.
Step 3: Expand.
My personal recommendation is that before you expand, build a team. Make sure you have reliable people on your side. Teamwork will allow for an efficient expansion of your business. The best step to expand is to reach larger populations. Add some specialty flavors. Figure out how to manage your profits effectively. Think about retention, which is how to build loyalty with customers. In my opinion, this stage allows for a lot of creativity. Expand the way that fits your business best!
Focus on SOLVING THE PROBLEM first. If you use what you already know to do so, you will have your first paying customer in 48 hours. So don't spend all of your time creating a complex app or website and JUST GET STARTED! Expansion comes with time and evidence of success.
Don't wait now. Don't overthink. Be confident and start your own business. Remember, the best businesses experience failure, but learn and keep climbing.