How do you start a business based on your passion? In this article, I’ll tell you all about how you can turn your idea into a profitable business in just 5 steps. As of right now, you might have ideas but have no clue where to start. How much can you invest? What kind of capital do you need? And how do you sell it?
I won’t waste too much time on chitchat, instead I suggest we just dive into those 5 steps you can take to turn the idea you’re passionate about into a profitable business.
1. Define your vision and goals
This is something you shouldn’t get too stuck on. Defining your goals and vision should simply be an answer to the question: what do you want to accomplish?
For me, my business is all about helping people achieve financial independence while they’re doing something that makes their hearts soar. I want entrepreneurs to be happy with what they’re spending their time and energy (and money) on.
Take a moment, sit down and write down answers to questions such as:
- Why are you here?
- What do you want to accomplish?
- What is your goal, besides making money, with your business?
2. Develop your first product
I’d like to start by saying: you need to have a certain baseline of knowledge to actually be able to help people. Besides having the necessary knowledge, it’s then time to create your first viable product.
Don’t feel like you have to start with an insane product because starting small really is all you need to do. Don’t expect your product to go off like a rocket from the very start. Give your product and your business a chance to grow and to accumulate more attention.
So create your first minimum viable product that does the minimum of what it needs to do, see if it's working, and then improve and improve and optimize.
Entrepreneurship truly isn’t about perfection, it’s about creating progress and you do so by constantly improving your existing products.
3. Make it accessible
To get people through the door it needs to be easy to find the door and it needs to be even easier to go through it. When you’re new on the scene, you can’t afford to make it too hard for people to find you and buy from you.
You’re almost supposed to be handing your product or service out, so people don’t have to look too hard.
What is another way for you to make it easy? Offer multiple payment methods, because if you limit yourself to the ones that are free for you, people will not go through with their purchase.
Making those first few sales to your hot audience is the key to success, because they will buy and they will leave reviews and that in turn will bring you social proof. Something you can utilize on your social media channels to show people that you’re trustworthy. But then we’re entering another territory, namely: marketing.
Marketing is key, because people will not just crawl out of a hole and ask you ‘Hey, what can I buy from you?’. In the very beginning, sales don’t come on their own.
First order of business? Start talking about it and don’t be afraid to start talking about it when you’re still in the phase of dreaming or developing because if there’s anything people really love — it’s a good story.
At the start all you have at your disposal is your passion and your enthusiasm so let that come through when you’re talking about your product or your service. Enthusiasm is contagious and you should put that to use in your marketing strategy.
Let me start by saying: don’t get lost in creating a huge offer because having a handful of half-assed products won’t get you as far as one fully developed product.
As an entrepreneur ‘finishing what you started’ doesn’t come after the first round. You have to do it over and over and over and over again. Because that’s what optimization is.
This is where the true trick to creating a profitable business lies, because a lot of people don’t want to repeat the same cycle over and over again. But at the end of that repetition lies success so surrender to repeating your actions and optimizing them along the way because that’s the only way for you to reach your success.
Recap of the 5 steps to create a profitable business
- Define your vision and goals
- Create your first viable product
- Make it accessible
- Start the marketing engine
- Optimize your product
If you need to remember anything from this article it should be to always be enthused about your product or service, because if you don’t love what you sell, you’ll sell nothing. And also focus on optimizing your first product and making that amazing instead of constantly switching up your offer, because in the end that will bring you nowhere.