Turning your passion into a 6 figure business
With many people out on work, a large number of people are starting a side hustle in order to pay the short term bills in the hope of it getting converted into something sustainable. Starting your own business sure requires a lot of sacrifices, savvy insights and solid execution, but once you know the key to success, everything falls into place and becomes smooth. A Business owner has to stay grounded so they can see reality for what it really is, and not listen to outside noise that could threaten a venture’s survival.
When you have a hobby, you enjoy it because it is just something that you do for your passion, or something you are good at. But when you want to change it to a business, you have to understand the implications. ‘Inspiration’ plays a vital role here. You must feel inspired to serve the client and you would not even realize that you will start to enjoy it. Once you start to enjoy taking care of your business, your venture, it once again becomes your passion , and this feeling altogether builds the road to success ahead.
Now after you are ready to accept and deal with it, the first step would be to find the buyers first. Glenn Stearns, billionaire founder of Kind Lending and star of the reality show Undercover Billionaire, advises entrepreneurs to find buyers first. He says startup owners make a risky move when they spend capital to first build a product or service only to realize there’s no demand for it, which is a common way of going bankrupt. Knowing a willing buyer makes it easier to sell well. All you do is meet their requirements and deliver the order.
You must also understand what satisfies a customer. You must get good feedback and rating from the customers, to get the orders again and build a good reputation in the market. It is very important that your clients spread good words about you. But on the other hand, all your confidence must not rely on your clients validation. Your confidence has to come from within you, because that is what it’s going to take to get up each day and do the work that needs to be done.
One of the most important steps in this process is to charge enough to make sure that you are in profit. We are usually scared to charge more than our competitors even though when we know that we might end up incurring losses. That is a big mistake. There are way too many small businesses where the owner makes no salary. You have to go into it knowing that it’s unsustainable to run your business in that way and you absolutely need a plan for how you will make money in the long term.
To sum it all up, you should have a registered business, with enough fixed fees to the customers that can give you some profit, enough and satisfied customers. Once you get to 6-figures you realize that it’s just the beginning. You’re now playing on a different level, but there are still so many more exciting and challenging things up ahead.