Entrepreneurs are popping up with new businesses every year. Millennials are trying to get in on the self- employed action as they shun the allure of graduate schemes and choose to follow their own passions to create their own startups, in an effort to make money. If you have a passion of your own that you can morph into a money-making venture, you need to construct a business plan to see if it’s something viable. It’s all too easy to get swept up in your own enthusiasm without thinking about your target market.
It’s vital to do market research to discover whether you have a viable business idea. With the research, you need to listen to the feedback and act upon it. Depending on your idea, you may find it easy or challenging to get it off the ground. Your passion may mean that you have little experience or qualifications related to your business idea. This means that you may have more of a mountain to climb. Take a look at the sorts of passions that you may be keen to turn into a business reality, and what you may need to do to achieve this goal.
Beauty
Many people are keen on the superficial aspects of appearance. This is not a negative thing. Plenty of hair salons, cosmetic surgeries and spas are present with an aim to empower people and to instil in them a sense of self-confidence. Superficial appearance, however shallow we may see it, is the first thing that you see when you meet a new person. If you are keen to help others feel better about themselves, a pleasant and pampering experience in a salon with a brand new hairstyle at the end of it can make someone’s day. Giving someone the opportunity to then receive compliments and turn heads for all the right reasons is a solid career aim.
If you love all things beauty and appearance, consider breaking into a fashionable aspect of the beauty sphere. There are many hairstylists across the country, but there are fewer individuals who can provide makeup tutorials or dye eyebrows. These are the aspects of beauty that millennials are now driving forward into the twenty first century. If you want to upskill your resume and skill set, it might be time to book yourself on a laser hair removal course to obtain a bona fide qualification to inspire confidence within your potential customer base. The beauty industry can be largely unregulated, so documentation to prove your pedigree is vital.
Food
If you are full of gastronomic flair and you love cooking up a storm in your kitchen, the chances are that you have had more than a fleeting thought of creating a foodie business. Consider how you would launch your food business and in what capacity. The restaurant business is as cutthroat as ever and with less diners heading out in the evenings coupled with high rents, it can be tough as a newbie.
Instead, consider a more millennial and youthful business launch. Street food is ideal and you can get your brand and food out there to the masses at private events and at street food festivals. You may wish to look into your heritage or you might want to pursue your foodie passions. Get practicing and start rustling up a storm. Get your friends and family around, but be aware that they will be highly subjective and full of praise, possibly not noticing the little tweaks that could morph your food from great to extraordinary.
Foodies are savvier than ever and will be keen to source businesses that use local ingredients and that don’t mass produce with artificial, mass produced or unhealthy ingredients. Consider tapping into the latest foodie trends such as veganism, healthy eating, low fat, low carb and authentic cuisine. If you can rustle up a great fusion dish of Indian tacos, this could be something that you could bring to the mass market and test out at local events.
To start a food business, there are more regulations that you need to adhere to. Call up environmental health and get your local authority to come into your cooking area to assess the hygiene of your premises, whether this is a commercial kitchen or your own kitchen. Make sure that your paperwork is up to scratch and always have potential allergens flagged. Get yourself a basic food hygiene certificate and then you can begin trading.
You might be keen to set up in a gazebo — this is certainly the easiest option, but it can be tough to set up and put down, especially in the rain. Alternatively, you might prefer something a little kookier and cool like a converted catering horse trailer or a modified caravan. Plaster your branding everywhere, get on social media and tap into the millennial foodie market to generate a following.
Craft
It doesn’t matter whether you adore making custom-made T-shirts, or that you can make a lamp out of anything, or that you upcycle retro furniture or love a spot of needle felting. There are ways that you can transform your crafty nature into a money-making venture.
Make a business plan and be realistic about your potential revenue and profits. Initially, you won’t be earning the high five figure salary that you were in your previous full-time employed role. However, over time, you can generate a following, earn more money and, most importantly, have a better work-life balance. People are placing more importance on quality of life rather than remuneration. Doing something you love for your job can help you achieve this.
Consider the platforms that you might like to sell on. If you are doing lots of handmade crafts, Etsy could be your best bet. Here, a global community of crafters compete to sell their wares. It can be tough for a newbie, but quality really shines through. If you are more of an upcycler, your furniture may have a better chance of achieving the maximum price on eBay. You can offer free delivery within a certain radius to make your item more appealing. Ensure that you are great at what you do if you are to sell anything, as your reputation will rely on a strong bank of positive reviews.
Follow this guide and make a success of turning your passion into a money-making business.
Image by Michal Jarmoluk from Pixabay
