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A few years ago, my friend Sabah turned her passion for cooking into a chef-on-demand business. She started off serving her local Cleveland area, quickly growing to cover other major Ohio cities and plans to expand even further. She is just one of the many people I know who have turned their passion project into a successful business.
We all have our passion projects. We do them because they’re fun, or we like the challenge, or they’re our way of doing some good in the world. From time to time, though, our niche interests and hobbies lead us to marketable ideas. For many, that’s as far as it goes; they don’t know how to take the next step.
Sabah had a shortcut — she’s married to my friend and business partner, who knew not only the next step to take but all the steps after that. If you’re not lucky enough to have a spouse or friend who can help, here’s how to turn your passion project into a successful business.
Related: Ten Tips To Turn Your Passion Project Into A Business
1. Run it by friends
When we have that eureka moment, it sometimes blinds us to flaws in our logic. Get a quick check. Run your idea by a few trusted friends. They may be able to point out roadblocks you didn’t think of. Or they may know a way to help bring your idea to life.
2. Analyze the market
Chances are, others have had your idea. Sabah wasn’t the first to think of a chef-on-demand service, but when she analyzed the market, she realized her idea could still work. Market analysis requires thoroughly researching consumer trends and expectations, market size and the demand for your offering.
To truly excel, you must conduct a thorough analysis of your rivals. While they may offer a comparable product, you must surpass them. By pinpointing what they lack, you can capitalize on it. Keep in mind their customer feedback is crucial in identifying gaps.
When you look hard at similar businesses, you might find opportunities to fill the gaps they’re leaving.
3. Network
Networking with others who have launched their business or product can be invaluable. They’re ahead of you on the journey and can help you avoid costly missteps.
If you’re lucky, you may find someone with similar experience and a willingness to mentor you. A good mentor can help you find the path forward when you hit a roadblock.
Keep the lines of communication open with your network and your mentor. They know the twists and turns and can save you a lot of headaches and expenses.
4. Build an MVP
In the software development world, a minimum viable product (MVP) is a way to test your idea with a small group of early adopters. It’s essentially an early product version with just a few core features.
For Sabah, the MVP was a limited menu with a select set of chefs — and she was one of them. Once she proved her idea would work, she hired more chefs and added more meals to the menu based on the feedback she got from her customers.
The early and genuine feedback is the goal of an MVP. The lessons you learn fuel product improvements at the beginning of the development cycle when it’s easier and less expensive to make changes.
It also gives you evidence that either supports or exposes the flaws in your assumptions about the idea.
Related: 5 Tips for Solidifying MVP, and Why It’s the Most Important Aspect of Building a Startup
5. Get help
Sabah didn’t build her business alone. She knew she needed help to build the web applications her fledgling company needed and outsourced that work. Trying to do everything leads to stress, burnout and costly mistakes. It also takes you longer to get to market, allowing competitors to beat you to the finish line.
Don’t try to go it alone. Engage freelance help or outsource product development to a team with the knowledge and bandwidth to quickly build a high-quality product.
Knowing when to get help involves recognizing your strengths and weaknesses. Maybe you can build the product but need help with market analysis. Or building a brand identity and marketing the product.
Outsourcing some of the work also frees you up to focus on what you’re good at and can take a lot of stress off your shoulders.
Related: Asking For Help Is Good For You and Your Business
6. Keep your finger on the pulse
Markets and trends can shift rapidly. Ensure you’re monitoring customer needs and what your competitors are doing. Otherwise, your product may be outdated by the time you get launched.
It’s been a joy to watch the growth of my friend’s business. She’s met challenges with grace and never let setbacks slow her down. And that, too, is key to turning your passion project into a successful business: believing in your vision enough to stick with it, no matter what.
This article is from Entrepreneur.com
