You're About to Unlock the 7 Advantages of Defining Your Business and How You Can Make Full Use Of Knowing Them.
Use this article to challenge yourself and see the advantages of understanding and defining your business.
The seven steps are:
- Understanding if Your Passion is a Business or a Hobby
- Taking the Time to Define Your Business
- Learning to Start Today … NO Procrastination Allowed
- Discovering Why You Should Plan for Success
- Recognize Your Brand / Vision & Share It
- Knowing Yourself, Strengths & Weaknesses & Making Them Work for You
- Why You Need to Find the Connection with your Audience.
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1. Understanding if Your Passion is a Business or a Hobby
Are you passionate about something that makes you want to take action, but not completely sure if it’s going to be able to become a business?
Deciding if your Passion can become a business or just something that you love, doesn’t devalue your Passion.
It just puts it into your life where it is meant to be.
Only you can decide where it should go.
Together, we can define whether it can be a Business or simply keep it as a hobby. You have the choice to choose what is best for you.
Let’s look first at the Passion that is a part of your life. Is it something you love to do? Does it make you smile? Does it help you to be happy, and make others be happy as well? If so could it be something that you possibly could see yourself not only enjoying but doing day in and day out?
Let me tell you about one of my passions that could have become a business. I did look at it and assess if it met the criteria for a business and it did, except for one thing. I thought I could become a professional artist to paint and sell my paintings. I did sell some over the years, but creating a business would mean that I would have had to dedicate time to painting regularly even if I were not in the mood.
I would have to market the paintings and find an audience that liked them, etc. and this to me didn’t work with how I saw my passion. It was something that I got into at the moment and enjoyed. So by making it a business and having to paint for money didn’t work for me.
Whereas a passion that can become a business must hold your attention; must be easy to talk about and you must want to do it even on days when it’s hard.
Can you answer these questions?
If Yes, write down some details. If No, go to the next question.
- When you get up in the morning is your passion/hobby the first thing you think about? If yes, what parts do you think about?
- Do you spend each day moving towards the goal and vision you have for your future?
- Is your passion something that can be defined and been shared with others? For example, coaching, physical or virtual products, or services.
If you answered mainly YES to these questions, excellent, it might mean your Passion may become your business. You are on your way!
If you answered, mainly NO to these questions, you might need to consider that your passion will stay an enjoyable hobby.
Today more and more people are becoming aware of their passions and trying to make them fit into their everyday life. They are driven to do more, help more, and be more. They aspire to use their passion for others or embrace it for themselves and give others the benefits of them leading a life filled with passion.
If your passion doesn’t relate to something that can be a business, it still allows you to engage every day knowing that you are doing something worthwhile so you can spend your downtime doing the things you love.
Wonderful, so you answered yes to all or some questions above! Now you are on the way to having a business because being passionate or even enthusiastic about something definitely helps keep moving things forward.
Getting up every day doing something you hate is hard enough as an employee, but as a small business owner it will simply become a non-event, and you won't do it.
You will procrastinate, surf the web, check out Facebook and any other excuse you can find, and trust me you will find something.
The good news is if you love what you are doing, the excitement of living your dream will engulf you and even when doing tasks that are tedious and repetitious that passion will keep you going.
The hard work will seem just to be part of the package, not an obstacle, and you will be happy to keep going, because, why not? You are doing something you love.
2. Taking the Time to Define Your Business
So, you have now decided that your passion can be a business or are looking at something you’d like to become business. Brilliant! You are taking action!
Defining Your Business means creating a Business Plan, but don’t say oh no! We are not talking about a 20-50 Page Business Plan that the Bank would want, we are talking about an online business plan.
This plan (it should be no more than 1-2 Pages in length) defines your business, so when you take action you can check back and say “Does this task work within my business or take me away from my core business plan, values and beliefs?”
If the answer is YES then go go go…. If NO, then how can you adjust it or just remove it to continue your plan.
Fill out these questions as a start to creating your Plan. It should inspire you to work towards achieving your goal every day, and it should be simple enough that you can define what actions and tasks will work.
What is your Business About?
Try making it under a paragraph. Do you sell products or services – list them and give details.
Why do you want to do this?
What will motivate you to do the hard work to achieve the success you want – what is your end goal?
Are you going to work on this Full-time or Part-time?
There is no right or wrong answer, everyone’s situation is right, only you can decide. What hours are you going to dedicate to working on your business per day/week? Are these fixed hours?
How are you going to monetize it?
In order to stay in business, you need to create an income and make a profit, correct? Yes, you can help people and you should, but if you don’t get paid for at least part of your work, how are you going to pay the bills and the costs associated with having an online presence such as domain name, hosting, etc.
You may have someone who is helping you out with the expenses while you get up and going and that’s wonderful, but if all you do is work for free then that really isn’t a business, it’s a charity. (That’s something entirely different, and even charity needs to earn an income to help people).
How can you scale your business to reach more people if you don’t invest in it?
Instead of following your big dream, passion, or idea, you are just stuck helping only a few people.
Making a part of your business financially viable will allow you to do more and if you want a charitable component, you will need the money to fund it. So, how are you going to monetize it?
Examples: Coaching Clients, Retreats, Courses, Books, Seminars, Webinars to name a few ways.
3. Learning To Start Today …NO Procrastination Allowed
Yes, the title says it all. Don’t wait for the perfect day, don’t wait until you are less busy… start now!
Even if you have done nothing else but fill out this workbook (or write the answers down in a notebook) and then create your Business Plan, you have still started today. Well Done!
Don’t make answering these questions and creating the start of your business plan all you do and then go back to dreaming or just talking about.
Plan and work on it whenever you are scheduled to work on your business.
4. Discovering Why You Should Plan for Success
Sounds logical, doesn’t it! Nobody plans to fail, but there are a few simple things you can do to make sure you are always working toward a successful business.
What is Success for you?
Have a think about this one and dig deep, because everyone’s perception of success is different and amazingly in most cases, it isn’t money or fame. They are just the by-products of success.
For example, your definition of success may be coaching two people a day as a Fitness Coach or success to you may be selling 2000 of your product each day. Your Success could be reaching out to 10,000 people on a TV show. Once again you need to decide!
What would you give up to achieve your success?
If you had to give up something to get the work done, would you? What about watching TV or playing online games? What about playing sports or going out?
Also, decide what you wouldn’t give up and why. You may say I wouldn’t give up sports and exercise helps me stay fit and healthy, and that allows me to be more productive.
There are no right or wrong answers to this, just your honest thoughts on what you would truly give up if you need more time to work on your business.
When do you want to achieve your Success by?
This can be as short as a date or be when a particular thing happens, you can have several milestones that may be needed to create your success.
How and when are you going to start?
Can you start right now or do you need something from someone else? Things such as products, property, building, creating your online presence, etc.
Important factors to take into consideration!
What are some other things holding you back from starting?
Are you waiting on someone else for something, have you not finished learning the skills you need, are you not feeling confident, do you need practical help or not sure where to start?
5. Recognize Your Brand / Vision & Sharing It
Sometimes you might not need brand recognition to the extent of the big labels such as Coca Cola, but you do need a basic look and continuity wherever possible.
You also need to share your look and vision with as many people, platforms and places as possible, because they won’t come to you, you have to find and engage with them.
When you think of a Brand, you may think of the big ones such as Coca Cola, Nike, or McDonald’s, but a brand can also be created for a small business. Here are some of the things you need to create a brand.
Who is the audience you are talking to and what do you want to convey?
If your audience is 20-30-year-old Males, then your look would be different if they were 50-60-year-old females. Understand what image you want them to think of when they think of your business – for example, it is fun, serious, or thought-provoking?
What colours are you using and why?
Do your colours compliment each other (Colour Palettes) and do they portray the image you want to be known for (Colour Psychology)?
Do You have a logo?
Make sure to get/create a logo that will be relatable to your audience and with your colour scheme. It is important as it is an instant way for your business to be recognised. It also adds credibility to your brand.
Are you Portraying Your Business or Yourself consistently?
Is the message you are giving out the same all the time? Think of some of the bigger brands or business celebrities. They have a known ‘look’ that works for them, for example, Oprah is known to be compassionate, caring and determined. You would never see her out partying and rolling around drunk. Why, because they understand that it would damage their brand.
So, how are you portraying your business?
6. Knowing Yourself, Your Strengths & Weaknesses and Making Them Work For You
This can be very confronting because sometimes you think you have it all together.
In fact, the opposite may be the case, and after you acknowledge your strengths and weaknesses, you can find solutions to make them work for you. Make sure you do this regularly as it is important to the success of your business, instead of just pretending they are not there otherwise they may become an issue now or in the future.
One of my traits is being Enthusiastic as I am 100% in whatever I am doing. This is a great strength and I can get very deep into what I am doing and will take the extra time to work things out.
However, the downside of being too Enthusiastic means that I tend to neglect other parts of my business or burnout over that one task instead of finding balance. By being aware of this trait, I make sure I schedule my time appropriately.
Another example is that your strength could be that you are very knowledgeable on a subject so your strength is that your client is going to get value for money. But, as a weakness, you must be aware of not giving them more information than they are ready for.
Otherwise, they may be overwhelmed and probably not come back to you. This could mean the value you have given them is lost, and for you, a client is lost. Now, decide what you can do to make the most of your strengths and counteract your weaknesses.
How to Make the Most of It
Very focused and willing to spend the time to go deep into a subject
How to Counteract
Get Tunnel Vision (totally focused) tends to neglect other important things.
Try to find a couple of strengths and weaknesses for how you are and how you act when working on your business.
7. Why You Need to Find the Connection with your Audience
Finding your audience, the people who connect with your brand and/or vision is what helps you to take your action to reach your goal.
As the saying goes nobody is an Island and what that means is you can’t do this alone, you need to connect either to your customers, people that will help your vision grow, and to people that are like-minded so you can work together to achieve more.
The next step is simply finding out where your target audience can be found and to engage them by answering questions, comments, and generally becoming part of the community.
Becoming part of communities respectfully and engaging without an agenda allows you to be more genuine and valued in the eyes of your audience. Isn’t this the Goal!
Online find the right audience and connect there, look at the different platforms, and see if your audience is hanging out on them. Don't get all of them and start a simple posting for the sake of posting. Learn your audience and the best platforms.
- Do the research and find out which platforms are my potential customers on and what do they do there?
Then decide which is the most valuable for you to connect on first so that once you do it well, then move to the next and so on.
- Are there communities offline that I can connect also?
- What value can I give in these communities?
So, now you understand the seven advantages of defining your business. I hope it has given you some action to take and some things to think about.
That allows you to see your business in a new light, and you will have the focus to move it forward.
If it ended up being that your business was not your Passion or that your Passion was staying a hobby, make sure you embrace that and take the time to enjoy your passion and still find work that is satisfying and valued in your life.
And you can still love your business because it will now make you happy to do it, without the feeling that you are not doing something important. Instead, it is a valuable service or product that you enjoy giving and connecting with people over.