However, determining whether your passion can be transformed into a business can be difficult. Sometimes, this might mean relegating your idea to a side project or hobby. That’s fine. But if you ask yourself some difficult questions upfront, there might be a hidden opportunity that will transform your passion into a viable, powerful business.
Here are three the things to consider when you’re ready to convert your passion into a business.
Can you create a revenue model?
Look where money is currently being exchanged for value (i.e. commerce, fees, advertising, services, etc.). Is your idea economical for consumers or businesses, and is there room for you in the market? You must be able to offer a way to meet a need better than others already in existence. This can also mean filling gaps. Ideas born out of thoughts like, “I wish someone would …” is a good indicator that there’s a need waiting to be filled.
Is your passion unique?
Do you and your team have unique knowledge or skills that give you an edge over the competition? The potential for a successful business lies in having a unique perspective that can solve a problem or create value for customers. Your passion may give you unique insights or perspective that make solving a problem easier. In my case, my passion is how people can truly, authentically be themselves and self-express (online and in the real world) so they can feel good about themselves and lift, heal, and inspire others to be happier and have richer connections with each other.
Will you still enjoy your passion if you turn it into a business?
This is essential for your personal fulfillment and the longevity of your endeavor. Just because you love books doesn’t mean you should open a bookstore. Make sure that your passion will only increase as a result of your business pursuit. Try to understand how your experience with your passion may shift if you convert it into a business. If the changes stop you from loving your work, you’ll find yourself drenched in apathy — the enemy of passion and success.
German writer Johann Wolfgang von Goethe said, “Whatever you can do, or dream you can, begin it. Boldness has genius, power, and magic in it. Begin it now.” Use your passion to form the foundation of your business. You’ll begin to see a different type of success — one that gets us excited about the challenges ahead and one that creates ROI and profits as an outcome, not as its goal.
Paresh Shah is an experienced entrepreneur, executive, and innovation consultant. He is currently the founder and CEO of Glimpulse, creating products, services, and platforms for well-being via self-expression. Prior to Glimpulse, he co-founded a wireless multimedia company and raised $130 MM. He has served as an adjunct professor in strategy and entrepreneurship and earned an MBA at Harvard University.