Three Things To Know Before Turning Your Passion Project Into A Full-Time Commitment

Suhaib Zaheer is SVP and general manager of Bluehost and is a small-business owner.

Small businesses are often born out of passion. From crafting to dog training, baking to fashion, an entrepreneur can make any passion project a full-time commitment if they put their mind to it. In fact, according to a recent survey my company conducted with small business owners, 27% of respondents turned their passion into a full-time job when faced with the unforeseen obstacles brought on by the 2020 pandemic.

Passion can get you pretty far, but not always far enough. When launching a small business, roadblocks are inevitable, but not impossible to navigate. Before making the jump, budding entrepreneurs should know three things:

1. Details matter.

There are several details to consider when launching a small business. First-time entrepreneurs will tell you there are several components of setting up a business they hadn’t thought about in the beginning that became clear needs as they progressed. Yes, you need a product or a service and a place to host your business, whether that be in a physical store or online, but there are several other logistical details to consider. 

For starters, entrepreneurs have to think about their financial goals and how to fund their business. How much will you need to start the business? How will you secure those funds? How much will you need to obtain financial freedom? How much of your time and your own money are you willing to invest? 

As part of establishing your financial goals, entrepreneurs must consider manufacturing and operating costs. At the minimum, you have to look at how much money and time is spent on making the product and the return on investment; essentially, is the profit worth the resources spent and can it support and grow over time? Then, there are the operational costs such as salary if you have employees, rent and utilities if you have a physical store, supplies, etc. 

Another important detail to consider is the current health and viability of the market. Before launching your small business, do some market research to get an idea of the current market need for your product or service, the competitors in the space, how much they charge for their products or services, and the target buyer. In my experience, entrepreneurs that are ignorant about the market won’t succeed in the long run, so do not skip this step!

2. Time management is critical to success.

In addition to finances and operational logistics, entrepreneurs must think about the time they have to spend on the business. Most first-time entrepreneurs have 9-to-5 jobs and it’s recommended that people get eight hours of sleep a night, leaving them with roughly eight hours to devote to the business and personal needs. This does not mean that entrepreneurs have to quit their day jobs to be successful; instead, they should focus on being dedicated to the business, while still making time for themselves, family and friends. 

Regardless of how much time in a day you have to devote to the business, is it important to use that time efficiently — if no tangible, business-accelerating, profit-producing work is getting done, then time is being wasted. 

My best advice to manage your time is to:

• Find out what time of day you are most productive.

• Avoid distractions.

• Plan ahead by taking the first couple of minutes of your day to set goals and list out tasks in order of priority.

• Embrace technology and automation to complete work faster when possible.

3. Stock up on hard work and humility.

Starting a business can be stressful and challenging, but it can also be incredibly rewarding. Small business owners are a unique breed because they are resilient even when the odds may seem like they are stacked against them. In fact, our research and other reports suggest that small business owners are optimistic about the future despite the economic challenges brought on by Covid-19. 

There are several qualities that all successful small business owners possess, but humility and dedication are paramount. Initially, there will be very little ROI on the sweat and tears poured into the business. This often derails entrepreneurs if they don’t have realistic expectations, but it is humility that keeps entrepreneurs grounded and drives them to push forward. Results may not be immediate; they take hard work, patience and continued investment. 

Making your passion project a full-time commitment is a big step. Although there will be challenges along the way, my experience as a small business owner has shown me that research, consistency, humility and patience will get you the results you desire. Furthermore, the old saying certainly still rings true: Love what you do, and you’ll never work a day in your life.

Forbes Business Development Council is an invitation-only community for sales and biz dev executives. Do I qualify?