It’s Your Passion — How Do You Turn It into a Business?

For most of us, a passion is what we pursue outside of work — something fulfilling that we do just because we love doing it. It's only natural to want to turn yours into a money-making venture. But to build a successful business, you need more than just passion and skills — you need a lot of planning, dedication and an entrepreneurial attitude.

First, it is important to understand that there is a large difference between a hobby and a passion. While a hobby is something you do when you have extra time or when you’re bored, a passion is something you can’t do without. And starting any business — whether it’s based on a passion or a hobby — comes with significant risks. Consider these five tips if you're hoping to convert your passion into an entrepreneurial venture.

1. Study the Current Demand and Your Competition

To begin with, you must ascertain the level of demand for your skills and your chosen field. Plunging into a field with a very low demand can be quite risky.

Apart from the demand, you must also assess your competition to evaluate the presence of other businesses offering the same product or service as you. The chances of generating revenue increases when you have something unique to offer.

However, to deal with a large number of competitors, you must establish what sets you apart from them. If you have faith in your skills, you should have no problem setting yourself apart, as long as you have a strong marketing plan in place.

2. Develop Your Skills

To make a successful career out of your passion, you must be an expert at it — only then will people pay for your product or service. Simply having a special skill may not be enough to consider you a professional, so obtain some sort of training in order to become marketable. You can start with enrolling in an online class or getting an internship.

Carry out a detailed search on what it would take to launch your career in your chosen field. For example, is earning a certification or degree a mandatory requirement?

Also, talk to business leaders from the industry you are considering venturing into. Study their career trajectories to learn what they have done to succeed.

3. Create a Business Plan

A business plan helps you evaluate the market for your business and establish whether it’s a viable idea. It includes details like how much money you will need to get started, how you will introduce and market your business to your customers, how you will build a website and an active social media presence and so on. Develop a detailed plan with proper steps that you will need to take to convert your passion into a practical career opportunity.

4. Keep an Open Mind

Starting a business is never easy, and you are bound to make many mistakes, but the trick is to keep an open mind and learn from those mistakes. Don’t let initial failure stop you from trying to make a living from your passion.

Also, be open to criticism and advice. Surround yourself with individuals you can learn from, or form an advisory board to help you make the right decisions. Remember that such factors as demand and location play a role in the success or failure of your business.

While it’s human nature to avoid change, don’t expect your business to turn out exactly the way you envision it. A successful business should be flexible enough to pivot. This mantra has worked for some of the largest organizations in the world, including Twitter and Starbucks. Change is inevitable, and sometimes the real growth comes after a significant shift.

5. Be Patient

While passion and determination may help you launch your business, patience is key in making it successful. There might be setbacks or slow results. Impatience can cloud your judgement, damage relationships, detract from credibility or quickly spiral into frustration.

To practice patience, establish realistic expectations to help avoid disappointment when slower-than-expected growth happens.

Know When to Pull Back

Following your dreams and turning your passion into a business can be quite tempting. But sometimes spending a considerable amount of time on day-to-day business activities like marketing, dealing with employees and taxes can take all the fun out of it for some entrepreneurs. Therefore, you should gauge everything that it will take to create your business and make a determination of whether it's the right move for you before plunging into the decision.

Interests, passions and hobbies can change with time, and you might not be passionate about the same things as you are now, say, five years down the line. One way to mitigate this risk is to start small, test the waters and see where it takes you. If the topic still excites you once you start working through the details, then it's a good sign that you're on the right path.