How to determine the difference when embracing entreprenurship
You’ve likely heard the expression “Love what you do and you’ll never work a day in your life.” Now depending on your interpretation of this, we think you can either be right on target or sorely mislead. Let’s dig into this a bit further!
Particularly since the Pandemic, the working world has certainly shifted - and it’s gotten a lot of people thinking about working for themselves because they want and value the flexibility they see it might bring, the pride in doing something you love, potentially a bigger take-home pay, etc. If you’re considering this path, we encourage you to do some ‘soul searching’ and make sure this is the right move for you!
Being business owners ourselves, we absolutely love what we do and are thrilled to help our clients, but unfortunately, a lot of businesses don’t see long-term success. Business Insider cites that “20% of new businesses fail in the first two years of being open, 45% during the first five years and 65% during the first 10 years.” These are intimidating statistics, but the flip side of those numbers are successes!
When going through your 'Passion vs. Profession' soul searching experience to figuring out how your entrepreneurial skills might align with a certain business, it’s natural to want to gravitate towards something you already love. If you know anything about Karen, you know she’s an avid golfer! Now does that mean she wants to open a pro shop, build out the store, hire staff, order apparel and equipment weekly, do payroll and more? Heck, no! It sort of loses its luster when it becomes your JOB to be around golf all day in this capacity. So if you are still on board with wanting to start your own business, here are some tips for navigating how to find what it will be:
Hobbies ≠ Business
Instead, find something that provides some opportunity for overlap! Maybe you look into purchasing a franchise of a local gym or opening up your own smoothie and sandwich shop that services a community of golfers. Or maybe its some other type of business that might allow you to take clients out on the green. Once you start thinking in this way, you’ll see the options will really start multiplying in your head!
Passion for the Business Opportunity > Passion for the Exact Business
You might say to yourself that you don’t really have a ‘passion’ for blending smoothies or crafting mile high-turkey club’s, but if you see that’s a profitable and paramount business opportunity right next to the golf course, then seize that opportunity. In other words, you don’t have to be over the moon passionate about what you sell, but you should be passionate about the opportunity to have more autonomy, flexibility and hopefully financial freedom, as a business owner.
Make Sure it’s Not a Flash in the Pan
Especially in today’s fast-paced world, it seems something is ‘viral’ one minute and essentially forgotten about the next. So when brainstorming what sort of market you want to tap into, consider making a list of things you or friends and family would describe as a recurring need. What do and will people always want? A haircut, a dry cleaner, a gym membership; these are things that more or less will stay present in our world!
To circle back to the example of Golf being a hobby, hobbies are a great place to start your brainstorming, and once you start branching out and thinking about the related industries, you’re sure to have a wonderful starting point to your entrepreneurship journey.
To discuss your financial goals, be sure to book a time on our calendar below!