Here’s a business concept: a completely independent, client-centric, woman-owned, woman-run investment advisor: the anti-Wall Street, Wall Street firm. Oh, you mean you weren’t about to jump right on that? What’s your idea of turning a hobby into a business? (Investing might be my personal passion, but we all have our areas of interest and expertise!)
Have you ever wondered about turning a favorite pasttime into your regular job? Here’s how to assess whether your idea could be a successful business.
- The make or break criteria: profitability and sustainability. Passion alone is not enough. You might really love your idea, but you have to be objective. Is there realistic demand?
- Find something you love to do, but that other people hate to do. If you can take this point of pain and solve it, make it painless or at least easier, that’s a great start.
- Plan to scale or plan to fail. Always think in terms of strategic growth.
If your idea is indeed marketable, sustainable, and scalable, you’ll need a well-thought out business plan, but you don’t need to wait until every single thing lines up perfectly. Go for it!
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