“I have things that I love to do, and things that I am good at, but how do I use them to build a profitable business? How do I monetize my passion?”
More than one client has approached me with some variation on this question. It is a question I am always happy to hear. Why? Because the fact that they are asking this question usually indicates that they have the thoughtfulness they need to take this leap.
When I created my first small business, it happened accidentally. I had just moved and become a stay-at-home-mom, and was busy with a toddler, a newborn, and all that went along with young motherhood. To fill my need for creativity and immediate gratification while spending time with my kids, I taught myself to sew, and began making most of my children’s wardrobes. It was a blast! It was also very gratifying—because the outfits I made were whimsical and unique, and everything tiny automatically becomes cuter, they received tons of complements. Very quickly, I had people all over the place asking whether I could make outfits for their children. As I saw how much demand there was, I decided to go all in and created my own children’s clothing brand.
It was a fun, profitable business while it lasted, but after a year or two, I decided to cease production. Why would I do that? I was exhausted. It wasn’t fun anymore. The systems I had set up had been slapped together out of necessity, rather than foresight, and I was spending way too much time putting out fires. To top it off, I was spending less time enjoying my kids or the creative process, which were my two motives for doing this in the first place!
So, what happened to derail me so much? I never took the time to think about why I wanted to create this business, what my business vision was, and what actions I should be taking to allow it to succeed in a way that aligned with my personal values. I was not INTENTIONAL in building my business.
5 Questions to Ask When You Are Considering Starting a Business:
1) What are your personal values?
Our values represent what truly matters to us, but so many of us never take the time to think about what they are. Without this, our sense of self remains less developed, which makes it difficult to envision how we want to construct our future. It also leaves us without a yardstick against which we can compare the goals and priorities we are developing to make sure we are working towards what matters to us. On the other hand, being aware of our values provides us with a compass to use in making decisions about our business that lead us in the right direction, and help us create a vision of our business to which we can aspire. It also helps us to notice the red flags that show up when are going in a direction that doesn’t align with our vision, and to set appropriate boundaries.
2) Why do you want to start your business?
Think of knowing your why as the fuel that will rocket you forward. If being aware of your values helps you decide where to go, understanding your why gives you motivation to get there. No matter how hard you try, it’s nearly impossible to keep yourself moving forward if you are creating something you don’t really want to begin with.
3) What is your ultimate vision for your business?
Where would you like it to be in 5 years? 10 years? Having this larger vision allows you to strategically build a bridge between where you are now and where you plan to end up, rather than letting your business happen to you in a random, inefficient, untargeted way. Although its still important to remain flexible so that you don’t squelch organic growth, planning your path forward helps you to sustain your momentum.
4) How does creating this business further your personal vision for your life?
You may have the best business idea in the world, but if you want to homeschool your kids and travel the world, and your business idea is a brick and mortar operation that requires your physical presence on site, it’s time to reconsider.
5) What systems can you put into place to make sure that your business remains both aligned and successful?
One of the hazards of building a business around your passion is the possibility of losing your passion as it becomes associated with stress and unwieldy tasks. Having a defined set of processes in place provides you the opportunity to automate common tasks and create shortcuts so you can focus your attention on making sure your business is fulfilling your vision, rather than taking on an overwhelming life of its own.
Thinking these things through as you build your business may take a little extra work, but I promise you, it is worth it in the end! Being intentional will not only save you effort and heartache in the long run, but will grant you the freedom to be more intuitive about how you approach your business. What you create will fit together so harmoniously that anything that is not aligned will stand out as a red flag. On the flip side, you’ll be more confident trusting your gut when it whispers your next steps to you.
Are you thinking about bringing your own business vision to life? Wondering what a good niche would be, and how to nail down your entrepreneurial superpower?
I help women with unfulfilled dreams find their purpose, build confidence in their power, and take action so they can achieve what they want in life and business and have a positive impact on the world! My superpower is seeing more in you than you can see in yourself and helping you lean into it!
If you’re ready to turn your ideas into action, click the link below and book a free 1-on-1 coaching session with me!