Today, the Third slow challenging step to become a millionnaire is:
Instead of creating a business solely to make money, create a business to fuel your passion
I know that we all start a business on the side to make money. We all dream that this business will allow us to quit our job one day and have the freedom to do whatever we want to do.
That’s the dream….
The reality is…
If you are only starting a busines for the money, you will not survive long. Why do I predict failure?
OK. Let’s start with this simple question:
“Why are you starting a business to quit your regular job?” Because you don’t like your job and you want something more satisfying, no? So it’s not about the money most of the time. It’s about the type of job you are doing.
So let me ask again: “Do you think that you will have a business for long if you’re only doing it for the money?”
I’m sure you know the answer is NO!
So why do we start a business?
Most entrepreneurs I know start a business because they love what they are doing. They have a hobby, a passion, that they found they can monetarize by transforming it to a business.
For example, I know a hairdresser who just love her business. She is always going to new training to get the new hair style techniques. She even do national events where she demonstrates her new techniques. She knows all the aspects of her business and, when she needs expert advice about her business, such as an accountant, or a lawyer, she has experts she consults. She’s not alone. She surrounds herself with experts who help her succeed.
She is fully into her business and has short, medium and long term plans to ensure that her business grows and is successful for a long time.
If we start a business, like my friend, we also want to have it for a long time. And the best way to have a business for long, is to do something that we like.
How to find your passion
Your passion is what you love to do on a daily basis. It is what you are thinking about mostly during the day. Something that you can hardly not think about during the day. For some people, it is sailing, for others, like my son, it’s Formula 1. For me, my mind is always planning, thinking of projects. I love it. I even try to cook the most efficient way by finding the best order to prepare and cook the meat, vegetables and rice, for example, so that everything will be ready at the same time! I know it’s a bit much but I like being efficient.
How to monetize your passion
When you found what you like most, search for a way to monetize it. For example, let’s say you love pets. Do you want to become a veterinarian? Do you want to have a “Salon” for pets where you would do cat and dog grooming? Do you want to have a pet shop? or an animal shelter?
When you find the niche where you would like to start a business, you have then to look at what is already being done, locally, regionally, nationally, even in other countries. That will give you a picture of what is already available in the niche market you want to access.
Knowing what is already available, can give you ideas for something new. Let’s say that there are pet hotels in Los Angeles that could be transposed into your regional market, let’s say, Cincinnati. You then have to make some research to find out if there would be an interest big enough in Cincinnati that you could have a viable business. This can be done with a market study.
Think about it
As you can see, monetizing your passion is not something you do overnight but if you do a good market study and have a good business plan for your business, you will have much more success than if you just jump into any opportunity that makes attractive promises.
Talk to you tomorrow!