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How to start a business doing what you love and keep loving it

How to start a business doing what you love and keep loving it

When she was 22, Sophia Amoruso began selling clothes on EBay under the name Nasty Gal Vintage. At the age of 28, she had amassed $250 million. How did she do it?

Simply put, she took a culture that she loved–vintage, hip, girl culture–and made a business out of it. She continued being fresh and relevant to her audience of Millennials. She did this by staying true to herself as an empowered Millennial woman–a #GIRLBOSS.

Like Amoruso, you can take what you love and make it a business without sacrificing your love for it. But beware. The journey isn’t easy. It takes vision, courage, smarts, persistence, and organization. You may have to sacrifice some of your idiosyncrasies to appeal to a broader audience.

At first, you may feel a twinge about making money from a purely passionate activity. But ultimately, if you truly love what you’re doing, you’re giving something valuable to people, something worth more than money. You’ll keep adapting to make it fresh. The world, and you, will be better because you’re doing this.

Examine yourself

Do you really want to do this? Have no doubt. The reality is you’ll be embroiling yourself in the world of business; you’ll be taking what you love and attaching numbers to it. You need to make money to live. Are you doing it because you love it, or because you want to make money?

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Do what you love because you love it. The money will come because you’ve taken the right steps to make it a business. Making what you love into a business is just required for you to be able to do it all the time. The real question is: do you want to do what you love all the time? Of course you do.

Set your expectations

This won’t be easy and you won’t even necessarily make money. You can expect to take what you love to the next level. Your art will get better. Your writing will improve. Your people skills will flourish. Expect to excel at what you love. If you don’t find yourself excelling, keep at it. If you find yourself excelling, keep at it. This is what you love and you know it. You can expect to excel when other people know it, too. They’ll see what you love for what it is, like when people are immersed in a painting. You’re just a conduit for something truly independent of you.

Get down to the nitty-gritty

You knew this was coming: there are practicalities to making this a business so you can do it all the time. These things aren’t what you got into it for. They’re the necessarily evils of the system. Keep your eyes on what you love–but get the practical stuff right.

The Small Business Administration (SBA) has a gateway to the logistics of starting a business. You can use this as your push-off point. Here you’ll find advice and links on everything from how to start a business to hiring and retaining employees.

Determine your business structure. If you’re not going to have any partners—say you’re a visual artist—you’ll want to register as a sole proprietor. This simply means that what you do as an individual is your business in the eyes of the law.

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But say you’re in a band. Then consider registering as an LLC (Limited Liability Company). The LLC means each partner, or member, shares tax responsibilities. But any debts accrued won’t rest on your shoulders. Instead, they’re on the business as an entity.

Once you’re officially setup as a business, head over to the IRs site and get your Employer Identification Number (EIN) for tax purposes. You’ll also need to register your business with your state.

Prepare to accept payment

As a small business owner and an entrepreneur, it’s important to be able to monetize your work. If you’re selling your art, an EMV (Europay Mastercard Visa) card reader allows you to do so from anywhere. With a credit card reader, you’ll be able to take payment from the many people who don’t have cash and prefer a card. EMV is the evolution of the card readers you see on seller’s phones at farmer’s markets and concerts. EMV is now mandated by banks, because it reduces fraud. If you don’t have it, you may be liable for fraudulent card transactions.

Find funding

There are multiple ways to get funding for your business:

  • Crowdfunding—Kickstarter, Indiegogo, PledgeMusic, Sellaband, etc.
  • Competitions and grants—colleges, government organizations, trade organizations
  • Venture capital—MicroVentures, VCapital, FundersClub, etc for online; and see Wikipedia’s list of traditional firms
  • Microfinancing— Kiva, Accion, Opportunity Fund, etc.
  • Angel investors—angel groups, e.g. AngelList, Gust
  • Venture debt investors—firms such as Trinity Capital Investment and Kauffman Fellows provide financing even if you don’t have positive cash flows or assets.
  • Bank loans—most local banks have funding for their account holders

The type of funding you pursue will depend on the nature of your business. There’s all sorts of crowdfunding available for any sort of venture, but a site such as Kickstarter is best for artists who have a physical product to promise investors. If you’re going to take on venture debt, have a clear view on paying it back, or you’ll have to liquidate or declare bankruptcy.

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The SBA also may provide financial assistance to you if you:

  • Operate for profit
  • Are doing business in the US
  • Have some owner equity to invest

Try out the other options, including using your own assets, first

Overall, there will be funding for you if you’re willing to buckle down, do the research, fill out the forms, and go for it. Just make sure your business plan is in place before gunning for funds.

Do research and networking

As you’re preparing to start your business, and once you do start your business, talk to anyone you can find who has done something similar:

  • Access internet forums
  • Research local entrepreneurs and reach out to them on LinkedIn
  • Find Facebook groups
  • Look at their websites and physical locations
  • Send emails, introduce yourself, ask for advice
  • See about sitting down with them for coffee

Anything you can do to find a mentor will help you immensely. Mashable has a list of entrepreneur social networks for just this purpose. Ask about every stage of starting, maintaining, and excelling.

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Understand your brand and audience

The branding process is ongoing. Your brand strategy is essentially a roadmap for how you plan on adapting to an uncertain and volatile marketplace.

Your name is a big part of your brand. Like Sophia Amoruso, make your DBA (Doing Business As) name a reflection of what inspires you. In Amoruso’s case, it was funk singer Betty Davis’ 1975 album, Nasty Gal.

If what you love is art, you have a set of ideals. Your ideals are related to who you are, they’re related to your views, and they determine your aesthetic. Understanding your brand is a matter of identifying your aesthetic. Write it down in pencil so you can go back and change it. That’s because your aesthetic can, and should, change as you and your audience evolve.

Evolving with your audience is important. It shows you’re paying attention to what’s happening around you. It will also help you keep loving what you do, because evolution keeps things fresh and exciting.

Featured photo credit: Wikipedia( via en.wikipedia.org

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Daniel Matthews, CPRP

A Certified Psychosocial Rehabilitation Practitioner with an extensive background working with clients on community-based rehabilitation.

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Last Updated on January 14, 2019

The Key to Finding Job Satisfaction and Having a Successful Career

The Key to Finding Job Satisfaction and Having a Successful Career

Regardless of whether you hold an entry-level administration role or regularly travel to the ends of the Earth as a hot-shot senior executive, you can still find yourself harboring an emptiness… a feeling that something is missing. A popular assumption that experiencing job satisfaction and a successful career should be underpinned by a well-rounded suite of tangible benefits, no longer holds true for many of us.

We’d never deny health care benefits, appropriate and fair remuneration, bonuses and travel perks in a job package. However, even if served to us on a silver platter, those features can only satiate us to a certain point.

You might wonder what governs entrepreneurs and start-up business owners to quit their lucrative jobs, essentially look the gift horse in the mouth and kiss such benefits goodbye! There can be an irresistible pull to mastermind a business with products and/or services that serve the greater good of community wider than that constituting their daily existence.

Even with research showing entrepreneurship to pose greater threats to their mental and physical health, this unique breed of individuals choose to go against the grain in chasing their dreams of being their own boss. Why? Why would anyone risk this type of career suicide?

Whether you’re an employee, have recently taken the leap to being a business owner or been in business for a while, the commonality is a congenital condition we all share as human beings; to feel a sense of purpose, value and contribution to our community. Despite it being harder to find this for ourselves in today’s world, these approaches will help you achieve ultimate satisfaction through the twists, turns and joyrides that are essential features of shaping a successful career.

1. Search for Opportunities That Feed Your Passion, Not Temporary Excitement

Even though well-intended, the ‘feel good now’ compass that career coaches and consultants often recommend you use to create career satisfaction can actually do you more harm than good. Excitement is transient. It doesn’t last. Passion is the compass you need.

Passion and excitement are two different things. The resounding career legacy that still draws you to turn up on the job regardless of the sunshine or storm that awaits you…that’s passion. It’s like a mental and/or emotional itch you can’t shrug off. Staying attuned to that calling will breed success for you sooner or later. Patience is key.

You’re also likely to have more than one key passion. Beware of getting caught in the notion you have to find your one true purpose. In fact, run immediately from any coach who tells you there is only one. There isn’t.

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Your passion is a journey that can take multiple forms so forget thinking there is the single dream job out there that will give you satisfaction in every way you can imagine. It simply doesn’t exist.

Consider embracing different roles and projects to help you fuel your passion or fuel your pursuits in finding it. Job satisfaction and your career success will be all the more sweeter from a wider range of enriching experiences.

2. Don’t Position Job and Career Satisfaction Assessments as Pivotal Guides to Your Success

Despite their popular use for vocational guidance, assessment tools such as Gallup’s Clifton Strengths and the Myers Briggs Type Indicator have come under fire[1] as being limited to the amount of true value and direction they can offer partakers.[2] These and many other guidance assessment tools (e.g. VIA Character Strengths , DISC ) are self-report questionnaires that don’t have normative population data against which to compare your results.

Simply remember these tools help you develop a stronger sense of what you identify as strengths and weaknesses within yourself, not in comparison with other people. They will still add insight around what sorts of career opportunities, tasks and projects are going to light your fire, what ones are going to extinguish it and what will prod and keep the coals steadily smoldering.

3. Be Clear on Your Personal Values, Ethics and Principles and Choose Relationships That Support You Honoring Them

Teamwork, collaboration, open communication and trust are commonplace for any flourishing work environment. However, whether or not your personal values can be honored in your work can make or break your job satisfaction.

How committed do you want to be to an organization that expects an average of 10 unpaid overtime hours every week under the guise of ‘reasonable overtime’? Are you willing to accept their construing this expectation as ‘strong commitment’ at the expense of your partner and children waiting at home for you? What are your boundaries concerning when you clock on to their time and when you clock off to yours?

Being very in tune with what your personal values, principles and ethics are will bid you well in the job satisfaction stakes. Spending time to reflect on experiences and working relationships you’ve had – the good, the bad and the ugly – will help you make well-informed searches and grounded decisions that will propel your career success.

Finding and nurturing relationships with associates and colleagues who share similar values doesn’t just make your day-to-day pursuits more enjoyable. You become fortunate to work with like-minded people who will support, understand and appreciate you like a second family.

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Being able to honor your personal values in your work means you will still be able to sleep at night when you have to tread where others fear to, and make extremely difficult decisions others would never ever dream of having to make as you forge success in your career.

4. Be Clear on Your Own Definition of What Having a Successful Career Means for You

It’s tempting to get caught up in the ideals and projections of success expressed by those we love, admire and respect. Underneath, we all want on some level to belong to a successful club of some sort.

With research reporting how much money we feel we need to be truly happy,[3] many of us try to subscribe to the notion that having the car of our dreams or taking a European holiday annually will not bring us happiness. The truth, however, for many of us is these tangible rewards are congratulatory reminders of our persistent efforts to chase our career pursuits.

If those are things you aspire to, don’t let anyone steal your desire and want to feel deserving of these things, that those are some parameters by which you define your career success.

Despite consistently being the top revenue earner for two years running, you may not wish to become the sales manager. You may not wish to step out into running your own business even though you consistently excel as an employee, delighting clients and repeatedly receiving glowing testimonials.

Your definition of career success might be enjoying the predictability of a regular workplace routine. You get to leave – without feeling guilty – at the same time each day, love the people you work with and get to spend a good, uninterrupted amount of work-stress free quality time with your family. That picture is also blissful job satisfaction and complete career success.

5. Identify the Sorts of Challenges and Problems You Want to Learn to Overcome

Standard advice you might receive from a career coach might be to look for opportunities where you get to capitalize on exercising your strengths and career-related activities you enjoy.

However, to become a success at anything involves improvement. To excel at anything often involves stepping outside boundaries and comfort zones where others wouldn’t. This means dedicating focus and attention to things you’re not so good at and things you don’t like.

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Here’s where working with a coach can be particularly helpful. Map out the experiences that were unsavory in your working history. Were there challenges you opted out of, projects you failed at or toxic relationships that blasted your sense of purpose and self-worth into oblivion? It’s within these experiences that you might just find the most valuable lessons and guiding lights for your trajectory to achieve greater job satisfaction.

If your natural leadership style is to be a collaborator, finding opportunities that require you to apply a more dictatorial style might be needed. Discussing a secondment or short-term project where you get to develop and test your skills can be a step further in earning contention to lead a larger project down the track.

With several of the company’s boldest personality types penciled to roll out the operation, you’ll not only develop skills that earn your right to throw your hat in the ring; those key players have an opportunity to see your competence. You can then work on building relationships with those stakeholders before you need to hit the ground running should you win the lead.

Greater job satisfaction comes with planning and choosing the lessons and opportunities you want to learn, not desperately flailing, floundering and hoping for the best.

6. Keep Reviewing Your Goal Posts and Be Amenable to Change

The word ‘career’ is indicative of a longer-term pathway of change, growth and development. The journey is dynamic.

You will accumulate new skills and let those you no longer need, become rusty. Your intrigue will be stimulated by new experiences, knowledge and people you meet. Your thinking will continue to expand, not shrink. As a result, your goalposts are likely to change.

A major part of enjoying a successful career is not just setting goals effectively, but regularly reviewing and readjusting them where necessary. However, moving the posts or the target still needs to take place by applying the same processes by which you originally created them. The strength of your emotional connection to those revised goals needs to be the same, if not stronger.

By asking yourself the following questions, you can assure your developmental and growth trajectory is still on course:

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  • Would working toward these goals still allow me to honor my personal values, principles and ethics at the same capacity if not greater?
  • Do the activities I need to undertake to meet these goals honor my highest priorities?
  • Does this feel right for me and those who are nearest and dearest to me?
  • Is this aligned with my passion?
  • Is chasing this goal a right step for me to take now or is this a detour or distraction which could delay my greater plan?

Each of your career goals should have different review periods. Whatever you do, stick to the review schedule you set. It will not only keep you focused but help you see your progress (or lack thereof) and allow you to timely re-chart your course before you get too far down the track. You don’t want to waste time haphazardly heading in the wrong direction.

7. Be Prepared to Let Go

It can be unfathomable to us as to why others risk leaping into the unknown when everything truly appears fine and dandy in the career realm. The company provided stability, recognition, financial success, interesting projects and the promise of a promotion…what was wrong? Why now jump sideways to run a café or train in another field altogether?

Nothing may have been wrong at all. It was all going right. It was just the end of a chapter. Perhaps the yearning for the next step is actually taking a different trajectory entirely. You may want to simply experience a different rhythm. Perhaps it’s time to pursue a different passion.

If you have leaped from employee-land to freelancing or have made the reverse-jump (or you know someone who has), you will have quickly grown a different appreciation for pros and cons each work lifestyle brings. Working for yourself can bring the greater realization of your creativity, whether or not it can be monetized to earn you a living.

When your customers are buying you or a product you designed and fashioned, there is a direct level of appreciation and gratitude that can elevate your confidence in the way you have never experienced as an employee, regardless of your rank.

Similarly, there are times where we need to recognize our business ventures were adventures, not long-term life-changing empires. There are times we need to recognize that time is what provides the clearest limitation of how long we persist for in such pursuits.

We have to recognize the absence of enough financial, mental, emotional and physical breadcrumbs that tells us we’re no longer meant to push in that direction. At least, not for the present time.

The Bottom Line

Above all, keep the momentum. As long as you remain committed to pursuing work opportunities that allow you to honor your highest priorities, the truth of who you are and what you stand for, achieving ultimate job satisfaction and a successful career will never be too far away.

More Resources to Help Advance Your Career

Featured photo credit: Csaba Balazs via unsplash.com

Reference

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