Most people desire to start their own business because they feel passion for something. And they want to build a business around that passion. There is nothing more exciting and meaningful in life than having a business that involves doing something that you love!
But passion alone is not enough to succeed at entrepreneurship. In fact, an overwhelming majority of passion-based businesses fail within their first year . . . this is despite having a passionate and persistent entrepreneur behind them.
The secret sauce for turning passions into a reliable and profitable business is to evolve your passion based business desire into one that “uniquely” serves and adds value to your customers’ needs and desires.
In other words, by focusing less on your own passions and more on your customers’ needs and desires, you avoid the trap of creating a hobby business – one that is fun, but doesn’t generate enough profits to make a living off of.
If you want to create and grow a real business: one that can generate profits, your primary goal must be to provide real value to a marketplace.
If you are just starting a business or if your current business is struggling to be profitable, you need to be sure you have this secret sauce as a fundamental foundation for your business.
Here is a three-step formula you can follow to incorporate this secret sauce into your passion business.
Step One: Passion Identification
First, start with your passions, skills and interests to identify industries, fields and areas you would like to build a business around.
But you cannot stop there. You see, it is not you and your passions that determine the success of your business. In fact, it is your customers and your marketplace that will drive your profitability.
Step Two: Need Identification
As a next step, really focus on identifying specific needs of that industry or marketplace. In any area of life and business, there are and will always be needs and desires that you can help others with.
And, new needs and desires are always developing so there will always be an opportunity for passion-based entrepreneurs to enter into a market and become successful by serving the developing needs of their customer base.
Start out by brainstorming and listing out every need or desire that you can think of. Be very specific and separate out each and every need you can think of. Then, narrow down these needs and choose one or two of them that resonate with you – needs and desires that you can see yourself helping to satisfy.
Step Three: Value Identification
Once you have identified a need or desire that your business will satisfy, come up with the best product or service you can offer to meet that need or satisfy that desire.
The key here is to identify how your business will be adding value to your customer’s lives with your product or service.
In this step, this is really where you can differentiate yourself from your competitors. Look at other businesses that are also serving your customer base and study what they are providing and how much value they are giving to their customers.
Then come up with your product or service and make it so that it offers something a little different than the others. It could be a totally new product that offers value that currently no one is offering. But it does not have to be. You can create a thriving business by offering something that adds even just a little bit more in value than others.
If you have passion but are missing the secret sauce of customer value, you will not succeed over the long run. On the other hand, if you have identified a need to fill but you have absolutely no interest or passion for your business, you will never be able to dedicate the time and have the persistent that is needed for successful entrepreneurship.
By going through this three-step process, you will arrive at a business that not only involves your passions but also is one that is based on providing unique value and service to your market. When you become selfless and create a business based on service to others, you end up winning in the end- with a viable, profitable and stable business!
Amyli McDaniel is the Founder of Parent Entrepreneurs, a community dedicated to supporting and teaching parents how to build lifestyle supportive businesses as a means to have more financial security and time freedom so that they and their families can live life on their own terms. Amyli offers a FREE Parent Opportunity Guide which reveals the Top 5 practical business strategies parents are using today to create an additional $500-5,000 of monthly income to support their families: Get the Parent Entrepreneur Opportunity Guide Now.