Question: Why Did You Start Your Micro or Side Hustle Business?
It seems like some people are destined to become entrepreneurs. They’ve always been hungry to start their own business – whatever that may be – and they’ll do anything to make it happen.
Others find it scary and are intimidated by taking the plunge. They will only strike out on their own if they’ve got an idea they’ve fallen head-over-heels in love with.
Whichever camp you fall into, here are two essential questions to ask yourself before you start work on that amazing business idea.
- Why this business?
- Why you?
Don’t worry, you don’t have to want to change the world
But if you do want to turn your business passion into profit you do need to understand your own reasons for starting this business.
Those reasons might seem very clear at first. After all, who doesn’t want more freedom and flexibility? Who doesn’t want to swap the dull nine-to-five for the rush of excitement you can get from calling all the shots? Who doesn’t want to make a difference?
While these are all clear and valid reasons for starting a business, they probably won’t happen immediately. They are certainly wonderful benefits to aim for, but they tend to come only after you’ve worked extremely hard to get your idea off the ground.
Running a micro or side hustle business will almost never be plain sailing all the way through. Often, you’ll find yourself putting in many more hours than your old nine-to-five job ever took up.
On top of that, you will probably have to cope with some financial insecurity, at least in the beginning. Your audience might need some time to get used to your amazing idea, while you might need to get used to being in sole charge of absolutely everything it takes to run a business.
Passion Equals Purpose
If you know exactly WHY you started, or want to start, your business, then you’ll have something real to carry you through those tough times ahead.
This is one of many reasons why I talk about the importance of PASSION . If you have no passion or genuine enthusiasm for your business idea, how are you going to deal with all the obstacles that will be thrown in your way?
Passion provides a natural sense of purpose for you to fall back on. It will give you the motivation you need to tackle those daunting business tasks you might not have expected when you started out.
To help define your passion, ask yourself what you love most about your business. How do you see it growing in the future? How will you persuade potential customers to fall in love with your idea? There’s the beginning of a solid business plan that can turn that passion into profit.
Sometimes, It Really IS All About the Money
Not everybody’s business idea is a burning passion project – that’s not to say they don’t want to be highly successful; maybe just not to change the world.
If this is you, your business may have come about because you noticed a huge gap in the market that you are able to fill with your skills and knowledge.
And, believe me, there are some people out there with incredibly successful businesses that are simply in it for the money.
There is nothing wrong with being in business for the money!
Lots of people enjoy starting businesses just because they love business itself, and some of them are hugely successful.
Again, it’s all about understanding the real reasons why you started out. Being completely honest with yourself means you can be better prepared for any pitfalls.
Beware of Business Trends if It’s Not Your Passion
If you’ve thought about starting a business because you’ve spotted a rising new trend, make sure you do your research thoroughly, that you develop any necessary skills and that you know what to expect.
I met someone recently who had an idea to start a gluten-free, vegan bakery. Great idea. It’s a growing market. In the right area this could be a really successful business.
But what seemed like a fabulous idea at first turned a little sour when the person realised how early they had to get up in the morning (every morning!), that they would have to learn to bake (!) and the amount of time it would take to perfect recipes and conduct exhausting negotiations with potential suppliers.
Bear in mind that if you don’t love your industry or your idea, you will be competing in a crowded market with other people who do. You will need to think carefully about how you can stand out over others who are willing to give their heart and soul to turn their passion into profit.
In other words: why are you the right person to start this business?
I’d love to hear your unique business reasons, so please post them below and let’s start a conversation!
Have you got a business idea you’d love to explore further, or maybe your business isn’t growing in the way you expected?BOOK A DISCOVERY CALL