Messages on every Facebook wall about ‘following your passion’ make people feel warm and gooey – but do nothing to turn business ideas into reality.
Consider how the fitness industry has boomed over the past decade, with a lot of fitness-lovers wanting to monetize their passion. At one end of the spectrum, a personal trainer sets up at the local park to service a handful of clients. At the other end, there is Michelle Bridges. Now listed on the BRW Rich Women list in 2015.
As a business consultant who helps turn amazing ideas into action, one of the very first questions I ask my clients is “is it a business… or a hobby?”
In his book The Five Parts of Every Business, Josh Kaufman defines a business as a repeatable process that:
1. Creates and delivers something of value
2. That other people want or need
3. At a price they’re willing to pay
4. In a way that satisfies the customer’s needs and expectations
5. So that the business brings in enough profit to make it worthwhile for the owners to continue operation
In only 5 steps Kaufman has considered value creation, marketing, sales, value delivery, and finance. That’s a lot of planning before a business even launches! And with a good ally and advisor, you’ll keep you on track to make more money. Michelle Bridges is an inspiration to thousands, but I doubt very much she got where she is now without expert advice.
Between passion and reality there’s a gap. In that gap there’s a cost. Are you willing to sit down with a trusted advisor and figure out if your business idea is worth it?
Ideas Accelerator is a clear and accountable process that helps people rapidly act on their ideas, help get concepts to market faster, engage customers, and be more profitable. Contact Paul Wilson here to turn your ideas into action.