Are you done with the 9 – 5 grind? Do you have the burning desire to build something? Are you tired of not walking the talk about doing what you love? Do you have an enthusiasm that you might want to impart to the world? Believe it or not, if you’ve answered yes to all these questions, you can start a business around your passion, no experience or CV required.
The only three things you need to know for sure when building a business are
- What’s my passion?
- Who is willing to pay for it?
- How can I reach those customers?
Let’s dive right into how to transform your enthusiasm into a beneficial business.
Define your passion
People say, “I don’t know what my passion is,” and that’s not entirely true. People know what they like and how they love to spend their time. If you love running, why not start organizing marathons? If you love art, start an art center, or start giving art classes. The possibilities are endless, but you must make a choice and commit to it.
People retaliate next with, “I don’t know how to do any of that.” Ask any entrepreneur whether they knew what they were doing when they started their business. They will laugh and tell you they had no idea. This leads us to the next step.
Learn as you go
A lot of entrepreneurs commit the folly of mistaking information gathering for action. They mire themselves in lots of books and lots of conversations, without taking the steps required to build their business. You’ll never know all you require to know to begin a business. Rather than wait for the perfect time, start with what you know.
Jump right in
Are you waiting for the perfect time? When you have enough money, when you hit a certain age, when you are retired, and other sundry reasons are all just excuses. There is no better way than to go for it wholeheartedly. Starting an Etsy store? Take product photos on your smartphone. Want to start a personal training business? Inquire a friend or family member if they’d like a free trial with you.
Get good at finding the shortest route to a solution. Entrepreneurs are great at finding the quickest and cheapest way to solve a problem. Fortunately, you can construct this expertise.
Many people who consider starting a business are put off by the sales aspect, especially if they consider themselves introverted or shy. But selling does not have to be about duping the customer. If you believe that your product or service is going to help someone, the customer ends up better off because of your business.
Marketing is a fundamental piece of any business. As an employee, you may not see it, but your employer knows that and is focused on it. Different forms of marketing will give you different results, but it will be important that you get familiar with them. Facebook Ads and Google Ads are two of the most well-known types of advertising. You may choose to organically build up traffic as well. Your business will need customers, and you will need to reach out to them.
Once you begin to gain customers, and your business is generating some revenue, you will need systems. This is so you don’t fall into a period trap with your business. A time trap means that your business does not function without you physically present.
Systems will help you avoid this trap and run a successful enterprise with less time spent. You will need to look at what functions you can automate. The functions you should automate first are support functions that suck time away that could be spent by you in growing the business. Accounting is a good example. While it is an essential function of the business, it may be better to hire an accountant rather than do it all yourself.
Enjoy the journey and learn from everything
As a new business, you will have to work harder than everyone else. You will have to prove your worth to customers and the world. Customers do not know you, and it will take time for you to earn their trust. The beginning is the hardest for many reasons: you do not know a lot, you have to prove yourself, and you have to work through a lot of your shortcomings.
However, that will help you earn your place and reach a position where you put in less time for higher profits. Entrepreneurs will tell you that they cherish the early days of working on their business because of what an intensive learning experience it was. Meet every challenge with a smile and learn from each of them. You’ll before long transform your enthusiasm into a productive business.
Once you are ready to set your business up, you should consider insurance – to protect you and your business. Some of the insurances that new businesses look at include professional indemnity and public liability insurance. Professional Indemnity insurance* is designed to help professionals who give professional advice or provide a professional service. This covers you for losses claimed by a third party and defense costs due to alleged or actual negligence in your professional service or advice, including defense costs cover. Public Liability insurance* is generally taken out by all types of businesses as it designed to provide protection for you and your business in the event a customer or a member of the public brings a claim against you due to their being injured or sustained property damage as a result of your negligent business activities. Professional indemnity and public liability insurances can be lifesavers in the case of a claim. Check out BizCover for more information about different insurance options for your business.
*As with any insurance, the cover will be subject to the terms, conditions, and exclusions contained in the policy wording. The information contained on this web page is general only and should not be relied upon as advice.