Do you have multiple passions, skills, and interests, and you’re constantly confused and questioning: “what business should I build given I love all these things?”
Most entrepreneurs are multi-passionate and since we know how to build things, it’s not uncommon to think we can build businesses out of every passion and skill set. AND, if you’re anything like most entrepreneurs, you literally see opportunities everywhere!
So what to do?
First: not every passion needs to become a business
Sometimes it’s a good idea to keep your passions and business separate because when (not IF, but when) the business hardship hits you, you might also lose your passion.
You might have a passion for multiple things,
Second: you might need to have several brands
If you have several interests, you might need to look at building several brands. The beauty of this is that you build multiple revenue streams, and when you start building a portfolio of businesses, you can sell some, keep some, and so on.
BUT, here’s a big but: every one of these requires its own systems and tools, so be intentional where your focus goes. If you want to go into portfolio entrepreneurship, build one at a time and use that vehicle to grow another!
Tip: your first venture needs to be systemized to the bone, and you absolutely need to focus on building assets because if you trade time for money, you will never have time to build your second venture.
Another tip: if you become a PRO at a specific business model (which you will once you get your first business running profitably), you can build similar businesses using the exact formula, and assets such as your team, your tools, tech, delivery model, and sometimes even the client base. Now you “only” need to build a new concept & brand… but, having a few similar businesses could be a way to go if you want to build a portfolio of businesses. And you can, of course, buy other brands and just add them to your current infrastructure!
Third: you can combine your interests to make it unique
You can combine your different interests into a concept that makes your business hyper unique! That’s the beauty of being a business designer, you CAN build a business that looks like you, with all your passions.
I know business coaches who are photographers. Their uniqueness could be about building a business coaching company in the photography niche, or building any business but using great photography as one of the key methods; a component in their Authority Idea ( → what makes your business unique).
As the founder of Avenue, my first passion is technology given I’ve been in the IT industry since 2000. So, tech is something we do, a lot. But, I also love design, and that’s why our accelerators have a unique combination of design and tech. I also happen to love product development, which is a combo of design (visual and functional) and tech, so we do that too. In fact, our uniqueness comes from the fact that we combine strategy, design, technology, and processes to a holistic system that helps micro and small businesses grow.
Fourth: you CAN change lanes
I think it’s important to acknowledge the fact that just because you are building a business, it doesn’t mean that you will ALWAYS do that same thing. Most people I know have started with something and then moved over to something else, often because the first time around, we make decisions that are not so good. Why?
Because how do you know how to make good decisions if you never needed to make similar ones? Even though you have years of corporate experience, building a business is another beast, and you will need to think differently than you did working for someone else. Hence the difficulty.
Also, your corporate role most likely did not include being the product manager, HR department, marketing director, legal advisor, sales rep, adult daycare organizer, support team, financial controller, tech division, PR folks, coffee cooker, and the CEO, no?
And now it does
(until your build your growth team, that is)