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Why do I love this hobby and why is it important to me? - Identifying, clarifying, and acknowledging your ‘why’ will help you create a mission-centric company that not only appeals to potential consumers of your service or product, but will be a guiding force for you during those inevitable tough times that frequently accompany new ventures.

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What type of community currently exists that also enjoys or values this hobby or similar ones? - Dig deep on this question and get creative. Are there other people who enjoy your favorite pastime also? Are there formal or informal groups where these people can meet, whether online or in person, to discuss the hobby?

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Is there competition in your market? -

Assessing the potential commercial landscape is key. Are there direct or indirect competitors currently? Who is also contending for your consumers' share of mind and money?

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How well is the competition performing? -

If competition in your industry does exist, after identifying the players involved, assess if what they offer differs from what you do. Are some or all needs being met? What niche does or could your service/product address?

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What are the start-up costs? - What are they and why do they matter? When considering developing a passion into a business, one must consider the overhead, or potential costs and thus initial investment, that will be needed.

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Example costs -

Does what you offer need a production facility, or is it something you make from home? If it’s a service, do you need a Wi-Fi connection or a full office? Are there supplies or marketing materials that you will need?

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How will you make money? - Will you offer subscriptions? One-off purchases? A hybrid model? Carefully evaluating a pricing structure that will likely work best for your clients and be profitable for you is an important step.

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Am I ready to wear many hats? -

Entrepreneurship means on any given day you could be working on developing marketing materials or hand-crafting your product or even putting on your best salesperson’s cap and pitching to potential clients. To optimize a tight budget and limited resources, you will need to be flexible to pivot on tasks.

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Where will you sell your product or service? -

Having your offering easily accessible in locations where your target market typically is or has access to means empowering them to make an easy choice. And that choice? To buy from you!

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Online or in-stores? - The medium in which your passion can be purchased can include sources such as an online store, in a physical store of your own, in someone else’s store whether online or in a physical location, or even a combination of some or all of the above.

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Have I done a SWOT analysis lately? -

Utilizing a model known as SWOT (strengths, weaknesses, opportunities, and threats) is extremely helpful in identifying areas in which you should pay close attention. Whether it’s a strategic opportunity to capitalize on, or something in the world or in a particular country that can make your business more challenging to start or run, this insightful analysis will help prepare you.

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What is your level of risk? - What are you able and willing to lose financially in order to hopefully gain in the long run? Additionally, how much time and effort are you committed to exhausting before considering this a success or failure?

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What matters to you? -

Risk can be measured in numerous ways; take time to evaluate what’s on the line for you, and how open or adverse you are to challenging it.

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What legal matters are important to address? -

Does your hobby-turned-entrepreneurial endeavor warrant patents or copyrights? Should you form a corporation or register as an LLC? Perhaps having liability insurance would help set you, and potentially your clients’ minds, at ease. What legal steps are necessary to keep you and the company protected?

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How do you hedge the learning curve and earn certifications? -

What new skills, certifications, or information might you need or would make you and/or your product or service more valuable, more widely known, or possess more credibility?

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How do you define success? - Defining success is different for every person. Ask yourself: when will I know I’m successful? Is my dream for my new venture to be profitable? If so, by how much? Or is it to help the world or further an important mission or cause? Perhaps it’s to have more flexibility in your life. The possible reasons are endless.

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Resources -

The following five resources will aid you in your entrepreneurial journey. While this is definitely not an exhaustive list, it's somewhere to start.

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SCORE - Service Corps of Retired Executives, or SCORE, is an American nonprofit organization that connects new business owners with retired executive and business owner mentors who volunteer their time.

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SBA -

The United States Small Business Administration, or SBA, is a government agency that offers tons of free and low-cost resources.

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Industry associations -

Usually there are associations dedicated to specific industries. These organizations offer resources, networking opportunities, and educational programs.

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Online learning platforms -

Platforms like Udemy, Coursera, and LinkedIn Learning offer affordable courses on a wide range of business topics, from marketing and finance to leadership and sales.

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Business networking groups - Local chambers of commerce, business networking groups, and entrepreneur meetups provide fantastic opportunities to connect with other business owners.

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Key takeaways -

These takeaways are what will take you from just an idea to that first step in the direction of success (however you define it).

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Craft your narrative and share it with the world -

It’s your story, so be proud! Let people know what fuels your fire and why this drove you to pursue it further and build a business out of it. A reminder to always keep in mind, and even explicitly answer, the following question: why should people care?

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Strive for progress, not perfection -

It’s so easy to get carried away trying to make sure all risks are mitigated and everything makes complete sense and there are no hesitations. This mindset, though, can be paralyzing to taking your passion from an idea to actual fruition.

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Utilize your resources, including community -

There's a lot you will have to do on your own, but when opportunities to connect with others present themselves, challenge yourself to do so.

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Just start! -

There won’t ever be one moment or any sign painted in the sky that tells us now is the time to start. There will always be more we can do to prepare or other things to consider, but you have to take that leap of faith at some point.

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Passion and success -

At the end of the day, it’s about putting your passion out into the world and letting it stand on its own (with the disclaimer that being nimble and adaptable to change going forward is often crucial to success).

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Make it happen -

Hobby, side hustle, or lifelong passion: whatever you call it pales in comparison to how you execute it. If turning your dream into a profitable reality is what will bring you joy, then use your natural intuition plus this guide to get everything started.

Sources: (SCORE) (SBA)

See also: Tips to find your perfect career match

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