From Passion To Profit: The Ideal Time To Start Your Business!

If you have a passion, or hobby, and have been wondering when you might make it work commercially for you, the simplest answer is: When it FEELS like the right thing to do, especially when you yearn to stop working for someone else. However, don’t expect plain sailing with your idea. Some key statistics from FundSquire.co.uk reveal that around 20% of new businesses fail each year in the UK, one fifth of about 600,000 start-ups, which is close to the global average.

However, though 20% of business might crash, it is clear that 80% of them survive at least beyond the first year, so there is potential for having a very successful start-up with the right mindset, resources, product or service. For example, the most successful start-ups tend to be in e-commerce and mobile apps for the technology field, and for couriers, coffeeshops, and car washes, in the other sectors.

In the light of that, if you are keen to branch out on your own, you should follow your instincts, that gut feeling you might have, because our instincts are seldom wrong.

However, if you lack the confidence to really commit yourself to a risky business, there are some key steps to follow to gain success, once you have identified the following:

1. A feeling that something different is needed (a feeling perhaps of anxiety about your current position); that you definitely need a new CHALLENGE. This is the surest indicator that something in your life isn't right and needs changing fast.
2. A feeling that you KNOW more than many people in your field and have the answers or service others might seek.
3. The CONFIDENCE to do something about it. Confidence can move mountains, and it is your biggest asset. It will keep that detrmination going when other elements are lacking.

In essence, unless it feels right, the knowledge and expertise are there, the confidence to make that change is obvious, and you have the time to nurture it and maintain your idea, becoming an entrepreneur would not really work because those are the drivers of change in one's career - the factors that will sustain you when the funds and energy get low and the going gets tough.

I haven't mentioned resources like money, deliberately - or even a business plan - as many others might suggest, simply because, if those first three important elements are in alignment, the money and other needed resources will gradually materialise to match them. So long as you have the essential resources - like the time to dedicate to organising and developing your idea - you would be ready, because no amount of money will help a new business if those first three elements are absent. Sadly, too often a lack of confidence prevents many able and knowledgeable people from fulfilling their dreams because they are usually focused on fear of the consequences, and of any perceived 'failure,’ instead of focusing on the possible positive and successful outcomes.

Once those feelings are obvious, it's time to move on to the next stage: preparing for the start-up practicalities and making your idea a reality. Assuming that you have that passion already, one you really enjoy doing, even without payment for it, these next steps are crucial:

• Do some research to see if there is a demand for what you have to offer. It doesn't matter if others are providing the same thing. The key question is: Can you offer something with a different edge, a different emphasis, or to a neglected client group? Find a niche market that you can serve, then build a strong brand identity.

For example, when I decided to start my business, I noticed that though there were lots of career training courses, there was none that addressed the under-qualifications of minority women, in particular, or how they could deal with hidden racial biases against them. I determined to use my training skills to focus on that niche market: boosting minority motivation and training through specific workshops, which led to many more successful achievements, and even some unexpected surprises in my own knowledge and development.

• Start small: You don't need to quit your day job and invest all your savings into your business immediately. Start small and test your idea out on a part-time basis. This will allow you to see what will work and what doesn, to learn from your mistakes and to make sure your business can be before you go all in, while still ensuring an income from something else in the meantime. Be patient: Building a successful business takes time and effort. Don't get discouraged if you don't see results overnight. Keep working hard and eventually, you will achieve your goals.
• Be patient and persistent: Building a successful business takes time and painstaking effort. Don't get discouraged if you don't see results overnight. Just keep working hard, adjusting where necessary. There will also be ups and downs along the way, but don't give up. If you're persistent, you are likely to eventually achieve your goals.

• Above all, BELIEVE IN YOURSELF! You have the skills and abilities to succeed. Belief is the bedrock of success. If you do not believe you can, you simply won't. Why? Because everything you do, the way you perceive, the way you approach situations, and the way you act, will confirm your belief that you will fail.

For example, if you need a loan to launch your business, but you don't believe the bank manager will give you the loan, or you won't get enough money from an investor either, that belief will prevent you from appearing prepared, capable and professional to impress the bank or investor. You might sound convincing to them to some degree, but you won't sound passionate about your capabilities because you truly don't believe it yourself. And if you don't believe your own aspiration, why should anyone else believe its potential? Believe in yourself and your dreams and your actions will reflect that belief. You will then be unstoppable.

•• To help you test that belief in becoming an entrepreneur, give the four key elements mentioned earlier (the Challenge, Knowledge, Confidence and Self-Belief) 5 points each (20 points altogether). Then rate yourself for each one, according to the degree to which you believe you possess that requirement - especially the confidence one.

Fifteen to 20 points, and you are flying!! If you get a total of less than 14, creating a new startup might not be such a good idea for you. Above all, unless you have 8 or more for Confidence and Self-belief combined, that could be a pretty shaky venture, as you would lack sufficient faith in, and commitment to, its success, being too fearful to visualise its possibilities!

In the end there is no set point to become self employed because it depends on the level of maturity people feel and the aspirations they have. For example, an older person can be far more fearful than a younger one and vice versa, though experience tends to improve confidence. So being an entrepreneur is purely a matter of instinct, faith, and the confidence to go for it, especially when the opportunity arises, the moment feels right, and you have the belief in your own success.

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