Passion, Purpose, Problems, People – Starting a Part-Time Business

With the 2008 recession and it’s effects, self-employment, home-based businesses and an entrepreneurial spirit have emerging as an economic trend. This trend is not new, but it has accelerated in recent years with statistics now showing that 61% of all Americans want to start their own business (Parkinomics, 2010).

If you are in this 61%, how do you make the transition from employee to being your own boss? Websites, books, e-books, and magazines may be helpful or they may leave you absolutely confused. Is it as simple as find your purpose and the money will follow? Do you really need to talk to your lawyer, your accountant, the volunteers at SCORE and then develop a business plan, decide on the legal form your business will take, and choose a domain name before getting started?

It is NOT as simple as just find your passion and the money will follow, but with the Internet, businesses are easier to start than ever before. Of course, if you are buying a business or a franchise then your lawyer and accountant definitely should be involved!

“Businesses are easier to start than ever before!” What if you want your own business but you don’t know what you want to do or where to begin? Get started by considering the FIVE Ps: Passion, Purpose, Problems, People, and Part-Time. For many individuals Passion and Purpose go together. Although they are different issues, the Problems you will solve and the People you will target are related. Your business is YOUR business, and it is your choice as to whether to pursue it on a full-time or part-time basis. If you are just starting out, there are good reasons to begin Part-time.

Passion: Yes, you do need to discover your passions or passions. If you feel that you have no passions or that this word seems too strong, what about your interests, skills, abilities or talents? If you won a lottery that would pay you for life with just one stipulation that you had to “work” at something until you were at least 65, what would you do? Dream a little – If you had your own business what would you be doing? If you can’t envision what you would be doing, ask yourself – would I be working by myself or with others? Where would I be working – from my home? In an office? On a stage? Would I be writing, talking, painting, walking dogs, arranging flowers, designing solar homes? Start off dreaming and brainstorming. Don’t be concerned yet as to how this passion will make money. Figuring out how to monetize your passion is a later step.

Purpose: Do your feel that you have a mission in life? A calling? A purpose? Some career coaches and counselors believe that having a purpose is essential, but it may be that a purpose is only discovered after one has had some life experiences. At this point, maybe you just want to make money, and there are plenty of young wealthy Internet marketers who know that they don’t want to work 40 hours per week. Knowing your purpose may make it easier to discover your passion. Purpose is related to the sense that your life is fulfilling and abundant, but a stool can stand very well on three legs or four legs. You can start a business without knowing your purpose or mission in life.

Problems: Businesses exist because they solve problems. Fixing cars, computers, plumbing… providing food, toys, and electronics from other areas of the world… assisting people to heal from sickness, find jobs, train their dog… Successful business continue to exist because they solve problems better than others do. These businesses or individuals make promises and then they over deliver. The solutions they provide are bigger than the promise that they offer so customers repeatedly return. What problem or problems will you solve? What can you offer that no one else is offering? Try dreaming or brainstorming again or look around your community and to see if there are any problems that no one is trying to solve. Do you have the passion or expertise to solve it?

People: Who, what niche or market, has the problems that you will solve? Do they have a common interest or need such as they need to lose weight or they’re technophobic? Are they members of a particular demographic group – working parents, baby boomers, etc. How will you market to this target group? An important aspect of monetizing a passion is to know who needs or wants what you have. This means your target may not be individuals; rather it maybe small or large businesses who need what you are offering.

Part-time: If you still have a job, build your new career on the side. When it is established, you can jump into it full time, or sell it, or keep it part-time. It’s your business! Starting part-time allows you to figure out whether this business really is for you, test the market for demand, master any web based technologies that you need, attend trainings and conferences that will improve your knowledge base.

Originally published by the author of this blog on June 14, 2010.  Article Source: http://EzineArticles.com/?expert=Mary_Ann_Nalbandian

Profiting From Your Passions Coaching is available through http://www.career-development-services.com and this blog http://www.halfpreneur.com/services/

 

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