12 Simple Steps to turn your Passion into a Profitable Business in 2020

Many successful businesses, well known brands started with one person’s vision to create their dream into a reality.

If you can dream it, you can do it -Walt Disney-

Did you know your hobby can create you the life you always wanted? Read further to learn how you can turn your passion into a successful business

1. Understand your passion

We are starting from the most difficult and the crucial step where this will make or break your dream. Do you believe most people do not realise what they really love to do before they die? But that’s the reality.

If you have already identified your passion, go to No: 3, or else I will tell you how to do this.

2. Carry out a brainstorming session

Refer this blog post if you want to learn further about Brainstorming, but the idea is simple. You have to stay in a calm place with no distractions and think.

A girl staring. An individual brainstorming
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Brainstorming is simple. However, finding your passion may not be that simple

Imagine you are stuck at the place you love the most and nobody forces you to do anything (By the time I write this, I know most people are stuck in their homes due to COVID-19). Further, think you have no financial obligations whatsoever which would affect your thinking.

So what would you start to do? You will take a break obviously for weeks, because you are tired of the work you do. After that you would want to start something you like. That thing you want to start is what you should start!

you may need few days or even a week to identify what you really like doing. Remember, I told you. This is the hardest phase of the whole process.

3. Establish your purpose properly

Here, you are not doing this for money. So you need a clear purpose. If you do what you love and other people like it, you will start earning. Do not place money in first place.

For example, someone whose passion is cooking would set a clear picture of what he/she needs to achieve.

A girl with a plate of burger/ food
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My passion is cooking

4. Find your niche

A niche is a specialised segment of the market. You have to clear out which market segment you are going to serve. The golden rule here is ‘do not try to serve everyone’.

Take a photographer for example. There are so many areas where one can specialise and master such as wedding, event, model, child, food and so much more. Do not make your decision based on monitory expectations. Yes, it is true that some niches are more profitable than others. But here, you are not gonna caught up in another job. You are gonna do what you love to do each and every day. Later on, you can always add products for other niches. Just start with what you really like doing.

A Food photographer
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A Food photographer

5. Carryout a Competitor Analysis

There may be already established businesses similar to your idea. You can search them in local business directories, in the web or in social media.

Study those businesses and see how they do it. Analyse information like their business names, logos, colour schemes, product or service types, pricing, marketing channels.

If your idea is a brand new one, still you can find some businesses in the same industry and see how they operate. Especially these information are important for you in pricing.

6. Establish your USP

Find your USP, The Unique Selling Point. This is the reason how you differentiate your business from the rest of your competitors.

You need to have at least one to stand out in the market if there are so many competitors.

For example, if you are making cup cakes and you make it with zero sugar in it, you are way ahead in the business. So you can use that one selling point to attract a niche to your business in no time.

7. Create a brand name and a logo

Rule of thumb for selecting a brand name is that it has to be simple. If you are starting up a clothing line, you can have your brand name as ‘Mandarine’ for instance, and it doesn’t always have to be something with the word ‘clothing’ or ‘fashion’.

If you search Apple in Google, the first result you get and the other six and half billion results are not about the apple you eat 🍎, and most of the results are about Apple computers.

Apple search in google
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Apple search in google

I have seen in many startups, founders spend too much time finalising their brand name or the business name. Therefore, I have created this Ultimate Guide for you to come up with the Perfect Brand Name for your Startup, Youtube channel, Blog or any business online or offline

Try canva.com to create a logo for free. It’s easy and you can use so many options they have given free of charge to create a logo. If you want to learn more about how to use canva to create these, watch-out this video.

8. Create your first marketing plan

Marketing is not just about advertising or promoting your brand. There are so many aspects you have to consider when developing a marketing plan. I will brief out few important steps to follow.

  • Identify your product (which you have already done) and finalise its specifications
  • Set a price for your product
  • Plan where you are going to sell your product/ service and how you are going to find your customer
  • How you are going to promote your product/ service and which media you are considering to use

I will make an in depth post for this area only, because otherwise this is gonna be too long. Make sure you subscribe to our newsletter in which we send you email updates on the new posts.

9. Learn digital marketing

Whatever the business you start in 2020 need to be on internet. Either you have to create a website or you have to use social media. I recommend using both.

Learn social media marketing
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Learn social media marketing

Choosing the right social media platforms for your business is important. it solely depend on the type of business and you can choose between Facebook, Instagram, twitter, LinkedIn and there are more.

Creating a website and carrying out the required Search Engine Optimisation (SEO) to rank in top results of Google is another important thing for your startup.

There are so many things to learn in this subject area and we will learn step by step.

10. Get your first customer

Now this is a challenging part of your whole business. ‘The first customer!’.

If finding a customer for your product or service is difficult, try talking to your family, friends, or a relatives or use your already established corporate links if any.

This is a disappointing step for most startups. So if you ever feel like quitting here, remember why you started at the first place.

11. Keep a source of income until your business takeoff

The business you started on your passion would not start generating profit as soon as you start it. So do not quit your job to pursue your business. Give it some time.

12. Make your business legal

When your business is serving some customers, its time to register your business in your country and start a tax file. This way it is easy to work with corporate clients and your brand become more trustworthy.

After you register your business, start an account in your bank and start maintaining a strong credit history from the beginning.

Wrap up

Now you have turned what you really love to do into a profitable business. It’s important to develop the business mindset from the beginning of your business so that you can think of brand-new ways to make profits and new investment opportunities.

Tastag team is available to help you clarify any doubt if you wish to start your business. Send us a message.

Develop your business into a phase where it will make profit without your direct involvement. Because, life is not even about caught up in a single dream!

Thanuj Gunawardana

Marketer and Business Analyst. Say Hi on Twitter

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