Could it be that the way young entrepreneurs think about starting a business is changing?
According to a recent Fast Company article entitled “From Passion to Profit: How to Make Money Doing What You Love,” people no longer think of business as the antithesis of art, but as an opportunity to express their vision.
The fellow who made this statement, Derek Fagerstrom is a 39-year-old entrepreneur whose businesses are based on the passions and hobbies he shares with his wife. This is something that many of today’s young entrepreneurs are figuring out. Their business owners get creative with the ways they run their business and the services options that they offer.
What’s enabling such a paradigm shift?
The shift is absolutely tied to the fact that online platforms and software have enabled people to reach niche markets much more easily and put the details out there for those who may be looking for the niched solution to find – and do business with – them.
While you cannot deliver your services online, you can do business with your customers online. And because of this, you can reach and serve people that you would have been impossible for you to serve using traditional, non-electronic means.
What does this have to do with turning your passion into profit? Well, quite a bit actually.
Cost effective marketing vehicles are at your fingertips.
The simple fact that you can market yourself in much more efficient and effective ways gives you great opportunity at a lower barrier to entry. Your marketing can be very effective by simply putting up a website and a Facebook page.
With software, your business almost runs itself.
This isn’t totally accurate because you do still have to manage the controlling details of your business processes but the reduction in the time it takes from you to run it, your business will literally release you to do the things about your business that you love: teach, pursue growth, talk to parents, bond with students and watch them develop their own passion for [gymnastics].
Why is being immersed in your passion important?
- Your quality of life. You’re probably planning to spend the majority of your lifetime in your business. If you’re spending most of your time running the business side of your business, you ARE NOT really enjoying your business for the reasons that you started it for. The fact is that you may be doing none of the activities that inspire you, because you’ve had to hire teachers and put your energy into making sure operations run. It can be relentless each month brings a new round of the same activities. You aren’t going to find that you’re ahead one month so you can get back to what you enjoy.
This can be frustrating for you and that frustration will eventually be detrimental to your well-being.
- Your business’ growth. If you’re stuck in this type of cycle, you’re never going to be able to break free and do what you need to do to grow your business. And if by chance your business DOES grow, you will be even more frustrated by your inability to handle the increased management activity that comes with growth.
By leveraging online platforms and software, you can do more with less and get better results more quickly. You can then reacquaint yourself with your passion and that will benefit you and your [gym/studio].
Read about some interesting business owners who have gone from passion to profit.