Many people are starting to move away from the traditional 9-to-5 job, chasing passions and following dreams instead, with a goal to earn a living by doing what they love. The Harvard Business Review revealed in 2018 that over 90 percent of employees were willing to trade a percentage of their lifetime earnings to get more meaning out of their work. It doesn’t have to be working for someone else, it can be your very own venture.
While some still don’t believe it’s possible to turn what you love into a successful enterprise, the best businesses were built on passion. While it will take a lot of time and effort, these steps can help you take your own passion and turn it into a profitable business.
Fill a Void
Starting a business that copies other successful businesses isn’t going to cut it. How can you use yours to fill a void? Observe what others are doing and figure out what’s missing. Or, how can you do it better? Success rarely if ever comes instantly, but by defining what works and what doesn’t, you’ll be more likely to turn your dream project into a business model that delivers profitable results.
Get It Started Now While Enjoying the Security of Your Day Job
Optimally, you’ll keep the security of your day job as you start your business. It’s usually not the best idea to leave a full-time position until you have at least enough savings to cover your expenses for six months. You’ll also want your passion to be generating enough cash flow that’s equal to a minimum of 75 percent of your current salary.
Aim Towards Small, Attainable Goals
While it’s important to have one big goal you’re trying to reach, break it down into small, actionable goals, thinking about what you might be able to achieve immediately. When planning the smaller steps, create a schedule around them, developing healthy habits such as starting work in your home office every morning at 7 a.m. By focusing on the process rather than the outcome, you’ll increase the odds of achieving an overarching goal in a shorter amount of time.
Disorganization can cause your entire efforts to get off track and artists are notoriously labeled as disorganized as they’d rather be using their creative skills. It makes sense, but when running a full-fledged business as an artist, it’s not all about the creating. There are invoices, sales records, inventory to manage, and so on.
Technology can be a big help, for example, if you have a sign or print shop, sign software can make getting organized infinitely easier, so take advantage of it. In the long run, it will not only keep you more organized, but you’ll save valuable time that allows you to spend more of it on creating than keeping the business afloat.
Price Your Work For Maximum Profit
Pricing is often one of the most difficult aspects to determine for artists and creatives of all types. How do you actually make a living from your art? If you aren’t properly compensated for your skills and talent, you won’t. Your success all depends on your business strategy, including pricing that includes all of your costs like materials, shipping, and your time.