She's Just Getting Started ® - Tips for Starting a Business, Starting a Podcast, Strategies for Online Business

Ep 288: Think twice before starting a business based on a passion.

• Kimberly Brock: Business Coach, Podcast Coach, Strategist

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In today's episode I discuss why following your passion might be a huge mistake when starting a business and offer 3 critical questions to consider before turning a passion into a business doing what you love. READ MORE HERE

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Speaker 1:

Well, hello. This is Kimberly Brock, and for over 20 years I've been running my own businesses that have not only been profitable but personally fulfilling to me. So now I'm on a mission to help other new business owners, just like you, make money doing what you love to. Now we're gonna have some fun, so let's get started.

Speaker 3:

Well, hello, this is Kimberly. It's episode 288, and I am so glad that you're here today because we're talking about why starting a business based on a passion might be a huge mistake. I don't want this to happen to you. I want you to love what you do, but you have to realize, people, that passion can't be the only reason why you're starting this business. I know it's hard because I actually talk about this a lot, so I'm going to delve into that and we're going to have a good conversation today to make sure that you're starting a business that will actually be a business and not a hobby. If you're new here, welcome. I'm so glad that you found this podcast. There's no doubt that this journey is going to be amazing for you, whether you're starting, growing or maybe even starting a podcast. Whatever it is, you're in the right place and I'm so happy to help you. What you're going to want to do right now is get your hands on the party favors. Oh, yes, I have party favors for you if you scroll down in the show notes, so, like if you're on apple podcast, for example, scroll down in the show notes you'll see the link to get my free resources and you can pick and choose what you want, like I've got a whole master spreadsheet of all my apps and tools that I recommend. I've got a brand new masterclass that's called Stop Flailing and Start Growing, and it's great. It's like 30 minutes y'all. So sit down and pay attention because I'm going to share with you the five-step strategy for how you can confidently start showing up and consistently generating sales. Okay, if you've got a new business, so make sure you check out that new free training. Also, if you're in the starting stage of your business, I've got a 16-step checklist and some other things. So y'all go check those out right now, get plugged in, and I have a Facebook group a free Facebook group called Women Starting Businesses and Podcasts Doing what we Love. You're welcome to come in there.

Speaker 3:

And then, if you've been listening a while, thank you so much to all my loyal listeners. Y'all are awesome, amazing, grateful, wonderful human beings. Thank you so much for the kind notes and for the, the thankfulness that you share with me for this podcast, and it just means so much to me. And thank you for the reviews. And, speaking of that, if you have been listening a while and you've never taken the time to give it a five-star rating. Would you be so kind to do that as a big favor to me.

Speaker 3:

All you have to do is hit five stars, like if you're an Apple podcast. Just hit the five stars, or you can even write a written review. And those warm my soul. They mean so much to me and I can't help but think that it tells Apple and Spotify and all the players out there that this podcast is valuable, and to show it to more people like you who just want to build a fulfilling career with a business doing what they love. So, anyways, if you can leave a review, that would just mean the world to me. So that's it. Okay, on to the episode.

Speaker 2:

Well, hello friends. How are you? How's everything going with your business? I'm so excited for you. I'm so happy that you're being courageous enough and proactive enough to pursue your business dream.

Speaker 3:

I think it's so wonderful. I know our topic today is about turning your passion into a business, because it could actually be a mistake, and some of you may be here going well, I already have my business open and I've already turned my passion into a business. Well, this is still going to apply to you because it's going to make you think about the products and services and programs or coaching, consulting, whatever it is that you offer. It's going to make you think hard about that. I don't want you starting a business to ever be something you regret or to be a mistake, and so that's why I'm trying to prepare you the most cost-effective way. I don't want you overspending. I don't want you taking away time from the things that you love in your life right, whether it's your family, your friends, your activities, your volunteering, whatever it is right. But today we've got to have this hard conversation because I have been thinking about this a lot lately, y'all know, since I've started my business, I talk about turning your passion into a business. I talk about it all the time, but I've kind of had a change of heart, and I think it's because number one, I've worked with a lot of you Now. Now we're five years in and I'm like seeing a trend that you'll say you have a passion and then you turn it into a business, but sometimes what you don't realize is that passion itself for the one thing wasn't really worthy of a business, meaning it may be really hard to monetize, and that breaks my heart. But what I usually do with clients like that is we look at what ways can you make money with this and can you become passionate about offering it in that form, about offering it in that form? So I think it's just kind of a mental shift and it gets you more in a business mindset versus a hobby mindset, right? So today we're going to talk about these three things, or three questions I want you to ask yourself and just kind of think through so that you can make sure this isn't just based on a passion, that you are actually creating something really cool and different and something that people want to pay their hard-earned money for and that you're actually good at. I think that's a key. So let's talk through these, okay, so the first thing to think through is how passionate really am I about this, like, how passionate really am I? Could this wane? Is this something that I might be temporarily passionate about?

Speaker 3:

It's kind of funny, because I was thinking about when I started my first business with a friend and we had both bought new homes, and so when we started it, we were passionate about finding home accessories that were unique but also priced reasonably okay, not like a high-end furniture store. And this was in 20, no, I'm not gonna say 2020. Year 2000, okay, no, I'm not gonna say 2020. You're 2000,. Okay, you're 2000 is when we started it.

Speaker 3:

But we were like we wish there was just cuter homestuff and Target wasn't known like for cute homestuff. We didn't have home goods. There was TJ Maxx and Ross, but there were or maybe it was just Ross, I can't remember, but I know it was Ross, but I can't remember if there was really good home decor. I don't think there was. I think that's why we saw a gap. We were all young professionals and we were, you know, buying our first homes and we're like trying to decorate them Right, and so that's what we did was we were passionate about that. Well then we, we open our business, we start doing home shows, and then I had my first child. I had actually had her months before a couple of months before we officially started our business. But what happened was after like that first year, whatever we're like, oh my gosh, we want like baby stuff because I had my first child.

Speaker 3:

So our business then evolved to adding baby goods and we had like blankets and cute little burp cloths and bibs and little booties and all the cute stuff right, and so we were passionate about all the baby stuff. So it started evolving to like home stuff. Then it started kind of having this mix of baby stuff and then monogramming was becoming very, very popular and so by the time I took the business online in 2003, it was like everything was personalized. So it had evolved from like home accessories that obviously were not personalized they were lamps and and wall art and and all kinds of stuff, candles and then we had all this baby stuff and now it's all monogrammed and I'm passionate about it because I have a baby and then I have another child Right, and so then I have two and I'm like selling everything that's baby-oriented. And then I opened up my second boutique, which was collegiate and NFL baby fan gear, so like onesies, blankets, crib bedding, drapes, all the stuff in different teams, the college teams, so Texas, longhorn, michigan, florida, everything Right. So I'm thinking about that evolution Right, and we started our business with home accessories.

Speaker 3:

Now you could argue that we were passionate as time went on and our business kind of pivoted right and I was just meeting the market demand where it was, and that's great. But you have to realize if you do want to go all in on a certain type of business, you can pivot, but are you going to get sick of it? I think that's really the question. Is it so timely that you're going to get sick of it? Like you go all in, you spend money, you open a business, you create a website for all this stuff and then you realize in a year you want to take it a whole different direction. That can happen.

Speaker 3:

But I want you to think about it now because I don't want this to be a mistake where you get locked in to a certain thing. Because imagine if I had gotten locked in to home you know home accessories and decor, which I still love to this day, and I'm probably now back around to that at this age right, where I love that kind of stuff, because I don't have a baby or a grandbaby in my life, so I'm not really around or privy to all the new baby stuff, right? So you have to think about it. Can your business fluctuate or can it not? It's like if you opened let's say you opened a car wash or something, right, you're locked into a car wash. It's not going to change into a gift shop. I mean, I guess you could add a gift shop, but y'all know what I'm talking about.

Speaker 3:

Like you're locked in and so you have to say am I passionate about making money for this, versus just for the products that I'm selling? Is this making sense at all? Can I be passionate about this and really be more passionate about the money that I need to make for it? Because I know a lot of you tell me that your business is about more than the money, and mine has been too. But there is a point where it has to be about the money, or it's just a hobby. Right, it's just a hobby, and that's fine. We all can have hobbies. There's no shame in the game. But the fact is you're starting a business.

Speaker 3:

So my point for this number one question is to ask yourself will my passion completely change? And I just don't want you to make a mistake. Where you wouldn't be passionate about. Is there a chance that you could not be passionate about that at all? Or is there a chance that you know, maybe it could evolve and it could change? But I just want to make sure that you're not going to decide in a year that you don't really like this. You've moved on to something else, right? I don't want you to invest your time, energy and money and then just move on to something else.

Speaker 3:

So you have to ask yourself could my passion for this actually change or am I more passionate about the money that could be made? So I want you to be passionate about the money that can be made and to be looking at it from a business standpoint of how can I make money from this business doing something that I do really like. It doesn't have to be your biggest passion. I mean, there's a lot of things in my life that I'm passionate about Fitness, all kinds of things, right. But I'm not doing that because I know, like when I was starting this business, I was, like you know, I love fitness and eating healthy. I already think about it enough.

Speaker 3:

This would be so draining if I did a business on that Like and I'm actually an expert in a lot of health and fitness stuff, right. I'm no doctor Not like that but I know enough where I could help people get fit, clean up their food, find an eating plan that works for them. I literally could do that right now for someone, but I'm not passionate enough for it. Where the money would over that, even just trying to make money on it, I don't think I would totally be happy. So I think it's a balance, right. I think it's a balance between finding something that you really enjoy and you're good at it, but that you're passionate about making money doing that. Because I can honestly say I'm not going to be passionate about making money creating diet plans or eating plans or fitness plans for someone. I'm just not. But it is a passion of mine, it's a part of who I am, but I would not want to be paid for it, and so what would happen is, if I started a business like that, I would be very resentful, I wouldn't want to be doing it and I wouldn't be happy. So just ask yourself is this something that that I do like and is it something that I might get sick of and I don't want to do anymore? Because that would make this a huge mistake to start a business with that, okay. Okay. So number two am I actually good at this? Am I actually good at this? Is this more than just a passion? Am I actually skilled at it? And you have to ask yourself that right now. Otherwise this could be a massive mistake. You could be starting a business just based on something you're passionate about and you're not actually good at it. Right, it's not something that's your skill.

Speaker 3:

I've had new business owners come to me with different ideas of things. They're like oh, I have a passion for art, but their art I mean, obviously art is subjective, but they're not actually that good at it. Right, it's just something that they like to do, and they like to doodle, and it's cathartic for them and it's drawing, but are they really that good at it? Or they may be good at it, but they're not good at teaching it, and that's what they wanted to do was do teaching classes, and they're not really a good teacher at all. These are just examples, y'all.

Speaker 3:

I'm just trying to make you think. I'm just trying to make you think, and I was not saying that art can't be successful. I know plenty of artists that do very well. Their art is perceived, as you know, respected and loved and adored, and really draws out a feeling in people when they see it. So that's not what I'm saying. If you thought that's what I was saying, you missed the point. The point was ask yourself and assess am I actually good at this? So I want you to think about the things that you're passionate about. What are you actually really good at that? People come to you for that. They ask you for that. They want to know more about that. They maybe respect you for that. They identify you as right.

Speaker 3:

A passion, though, doesn't mean you're actually really good at doing that and offering that in a business. That could be a huge mistake, huge mistake. You're like, well, I am passionate about XYZ, so I'm going to open this business, and then you start trying to do it and you don't give good results to the people. Okay, you just don't. It doesn't give them the transformation or the joy that you hoped that it would. So having a passion for something does not mean you're actually good at it.

Speaker 3:

You need to assess your skills. By the way, if you're listening, I have an iKiGuy guide. I don't know if y'all have heard of this. It's a Japanese term that means reason for being and it's like it gives you a guide. And then there's like a Venn diagram of matching up your skills and your expertise and all that and need in the market. Make sure you get that. It's a free download. You can scroll down in the show notes and get it, because this is what you need to do.

Speaker 3:

You need to be smart about this intersection of what your skills are and what you're actually passionate about, right? Like I love the thought of people like you gaining the courage and the skills needed to actually build a business, doing something that you love, that you love to do, but actually building a business and not a hobby, right? But if I wasn't good at this, if I didn't actually have a plan, a strategy, know how to deal with people, didn't know how to motivate people, wasn't encouraging, didn't actually listen to y'all and I just spewed information in your face, I would not be good at it and this business would not succeed. Y'all are here. Y'all may feel that I'm good at something. I don't know what you may feel. That is from your perspective. Some people say I'm encouraging, motivating, right? I'm not saying any of this to brag. I'm just trying to tell you to look out for your skills and what people tell you that you're good at, and you can take skills assessments online. There's all kinds of things and, by the way, if you're trying to figure out your best business idea, I walk you through all how to do that. I have a workshop for that so you can scroll down to and ways to work with me and I go through all that with you and help you narrow down and figure out your business idea.

Speaker 3:

But you've got to make sure that you are actually good at the thing you want to start a business on, or it could be a huge mistake, okay, okay. So number one was could your passion change? Like you got to look at your passion and actually look at it and say is this something that long-term okay, I'm not saying you're locked into this business forever. That long term Okay, I'm not saying you're locked into this business forever. But the general idea of your business are you excited about it and do you think you will be for years to come? And if maybe there's an area of it that you may not love forever, could it evolve into something that could?

Speaker 3:

Because, kind of like my online boutiques, it was still finding unique, cute things. It's a boutique and it still worked because we were passionate about that, even though my life stage changed. My season of life changed, so the product must change. But it still was kind of the same genre, right? A stylish boutique. It had a certain look to it, right? A stylish boutique. It had a certain look to it, right.

Speaker 3:

But if I was totally disenchanted with home decor or gifts or anything like that, that business would not have worked because I would have been bored later. I would have been bored, bored. So I had to make sure it was something that was long-term, that I felt good about long-term, okay. Number two ask yourself am I actually good at this? If I think I have a passion for this, I need to take it a step further. Am I actually skilled at it? Do I have an expertise? Okay, number three ask yourself if your passion is actually clouding your judgment on what you should be doing to make more money in your business. Is it clouding your judgment? And this can totally, totally happen. Okay, we all know this.

Speaker 3:

You know we've dated people. You've probably dated people before you found your husband or wife or a long-term partner, right, and you know how you might get enamored with someone and you're like, oh, he or she's really cute, they have a good job, they're pretty amazing. Maybe they had some money or they wooed you somehow who knows, who knows something about them and did that cloud your judgment over the kind of person he or she really was? Like I want you to think about it. Can you think of an example in your past? Like I'm thinking of someone right now. Right, you dated them and you were maybe enamored with them at first and it clouded your judgment and you went on a few dates and then you're like what am I doing? This is not right for me. I know this is not long-term Right, I know it.

Speaker 3:

And sometimes we can do that with our businesses, especially when we start, because we get enamored with the thought of being our own boss, creating something all our own, doing something really cool, you know, building even a part-time, fulfilling career where we can make a difference. We're enamored with that idea and there's a lot of marketing being thrown at you. I always talk about this, but it talks about the awesomeness of entrepreneurship and I agree. But sometimes I see stuff and I'm like this is a little extra, like this is extra. I don't know if you feel this way. But it's become so popular to talk about being your own boss and y'all.

Speaker 3:

It is not for everyone and for most people you have to start kind of on the side and make sure you like it and test it. Do all that before you can jump in. But they, especially to young men, I think they market a lot about entrepreneurship and there's been a shift in their thinking that, oh, I can for sure be an entrepreneur. And I'm seeing a lot that are having a hard time when they could have had a stable career and then build a business on the side. Now we could go into the whole topic of going all in believing in yourself, going for it and I agree with all of that.

Speaker 3:

But I'm just saying you can't get enamored with the idea so much that it clouds your judgment on the kind of business you should start, what you should be purchasing for your business in the beginning, the smart you know strategic decisions that you're making. It can't cloud your discernment on, again, what you should and shouldn't be buying, what you should and shouldn't be selling, what coaches to use, what courses to buy, how much inventory to buy, what services you should offer. I think we get very enamored with this idea of what could be, which is great. We should. That's what we're doing, but it's going so far that it's clouding your judgment on what you should actually be selling, and you have to think about that.

Speaker 3:

You have to keep it simple, right? I talk about this a lot. I talk about this in my Just Getting Started Bootcamp about having a simple offer and selling it in the most simple way and marketing it in the most simple way. But I've seen it cloud people's judgment where they're like no, I'm going to do Facebook ads right now, I'm going to do this and this, and really their product or service isn't that great.

Speaker 3:

If people don't really need what you offer, it's going to be very hard to get them to buy it. If they don't already love the genre of what you're selling, the niche of what you're selling, if they don't already love it, it's going to be hard in the beginning to just convert somebody. Your job is to find the people that already want and love what you offer, even if they don't know about it yet, but they would. If they knew about it, they would love it. You have to find those people. Where are they? You have to find those people, but you can't get enamored. I mean, I've seen even business owners that have been in business a while that they just love it so much that they hang on to this business and it's not making the money they need and they're not doing the things to put themselves out there in a business-minded way, in a strategic way. They're just kind of sitting back because they love it like a hobby. They're not really doing the things that turn it into a business Is this making sense.

Speaker 3:

So you have to ask yourself today is it clouding my judgment on any of the decisions that I'm making in my business? Okay, this is when it can be dangerous. It can be very dangerous if it's clouding your judgment and you're not able to see or discern that this has to be a business and not a hobby. So let's review these again. I want you to think through. If you have said before this is my passion or I'm following my passion, or you heard me say it, I want you to stop and ask yourself could my passion for this change right? Could it change? Could it wane, because I need to be very careful what I'm offering or could I pivot what I'm offering? Could I adapt? Could I slightly change so that I would have this, I feel? Would I feel passionate about it for a while and do I feel even more passionate about trying to make money with it? Right? Number two if I've said I this is my passion, or that I'm pursuing my passion, am I actually good at it? Am I actually good at this? And number three is my quote passion clouding my judgment. Am I letting passion overtake strategic steps? Am I doing the right things to actually build a business and not a hobby. That's it, y'all. I hope today you think it through and I may be changing, sometimes not saying passion as much, I don't know. We're going to see.

Speaker 3:

I've been testing it. Actually, the past few days I've had some calls with clients and stuff and I've been saying, you know, because you want to turn your talents and your skills and your God-given gifts into a business, I was refraining purposely from using the word passion to see how that felt with me and to see if it woke people up that this can't just be a hobby, that this has to be actually something you're good at. So I hope this helps. I'm so happy for you. This is to be actually something you're good at, so I hope this helps. I'm so happy for you.

Speaker 3:

This is all something fun that we can ponder today right about our businesses, and I'm so excited for you. If you need help with your business, if you'd love to have, just like a free, quick clarity call with me, a 15-minute clarity call, scroll down in the show notes and I have a link where you can inquire about one-on-one coaching. We could just have a quick call and I could just see what's holding you back and then share with you how I could possibly help you, if I think we're a fit. So again, I'm so happy for you. I'm so proud of you for having the courage and the tenacity to go for this, because I know it will be one amazing journey.

Speaker 3:

So that's, it.

Speaker 2:

Y'all have a great day, bye now. Now this episode may be over, but our relationship does not have to end here. Head on over to KimberlyBrockcom and, yes, you can get more valuable information for your journey and you know what. You don't need to go through this alone. I would love to help you. Thank you so much and have a great day. Bye.