Passion Can Be Profitable
From this "re:invention blog - for women entrepreneurs" post:
Passion IS contagious....and it CAN be profitable. But turning a lifelong passion or hobby into a career still requires you to ask some hard questions.
A short checklist:
- Is it marketable (and how will you promote it)?
- What are your true costs?
- What are your income and long term growth expectations?
- What specific resources do you need to progressively turn passion into tangible success?
- Who will embrace your product, service or idea...why will they buy it? and what exactly are they buying (peace of mind, freedom, confidence, validation)?
- How are you different than the competition?
- Who do you know who can provide practical business advice, business leads, and critical feedback - and how can you convince them to connect you with additional resources?
- How will you prioritize business opportunities?
- Where will you sell your product or service (what's your best bet distribution channel)?
- How will you price your product - and how do you justify your price point?
- How will you keep score (i.e., measure success and return on your investment)?
- What valuable aspects of your business (an invention, expression or literary creation, unique name, business method, industrial process, chemical formula, computer program process, or presentation) will you need to protect (also known as intellectual property)?
Passion is good, but it isn't enough. Women entrepreneurs who want to build a serious business need to be sophisticated in their approach. You need to be as smart and savvy as you are about buying Spring shoes, planning your child's education, and investing for your future."
