“Find your passion” is one of the oldest pieces of business advice you would hear every time. It’s undeniable that a lot of people have grown to be successful entrepreneurs because they harnessed and capitalized on what they love to do.
If there’s an industry that’s going to be labelled as one that has seen many people turning their passions into history’s most valuable brands, that would surely be the food sector. Since then, this field has witnessed foodies turning into foodpreneurs, third-graders selling their cupcakes and special lemonades, moms making money out of grab-and-go snacks, and chefs putting up their own restaurants.
If you’re a foodie and an aspiring foodpreneur yourself, take inspiration from these tips to turn your passion into a profitable business:
1. Fill in the ‘gaps’
Doing what you love is good, but doing it to address other people’s problems is far better. In other words, it’s not enough to have passion alone. Your passion must have a purpose, and that is to solve your target market’s pain points. For example, the entrepreneur-moms who start off selling quick and healthy snacks. They know well that other on-the-go parents wouldn’t have time to prepare nutritious meals for their kids, so they satisfy that need.
There are also those who get a fast food restaurant franchise, placing them in rising districts to address the growing hunger (literally and figuratively) of growing businesses. Get the same principle: Find the point at which the needs of your audience intersect with your personal passions. Once you’re able to hit that spot, it will be less stressful for you to draft the business plan.
2. Familiarize yourself with the ins and outs of the business
You’re not only concerned with how your pizza tastes like. Remember that you’re a foodie transitioning into a foodpreneur, so you should also preoccupy yourself with how you can stay ahead of your competition or how you can find reliable suppliers. In other words, don’t get too caught up with only your products, but stay on top of the other equally important business aspects — namely your daily operations, marketing, accounting, employee engagement, competitor analysis, trend forecasts, etc.
If you can enroll yourself in business classes, do it. Attend conferences and seminars. Subscribe to industry publications. The bottom line is to keep yourself informed about how to do business better and navigate this highly competitive industry.
3. Form your ‘one-mind team’
Building a great team is a foundational aspect in starting a business, but it’s most crucial when you’re turning your passions into an entrepreneurial project. Why? Your passion can quickly turn into frustration during the first, fragile phases of your business. This is especially true when you’re already spending more time at work instead of your family, when you’re struggling in finances, or when you’re not sure whether this passion-business is worth pursuing.
In such moments, you need people who remind you of your first love and why you’re doing this in the first place. Hire people who have the same values as yours and find mentors who you can relate well to.
Passion can very well be turned into a profitable venture, but just because you want to do what you love doesn’t mean you’re going to breeze through the journey easily. Take note of the mentioned tips to make the transition from foodie to foodpreneur a reality.