Unfortunately, More Than Just Having a Passion is Needed Today to Succeed as a Home Business Owner
The reason that a large portion of those who start a passion industry business fail is quite simple. You see, you can become blinded about what will sell because if you like something a lot of others will like these things as well. Therefore, supporting your community per the suggestion of sites like USA Make a Difference can be a great asset to your business. If you know your community well, whether it be online or in-person, you have a terrific gateway into better understanding what your customers really want.
Sometimes You Can Look Through Rose Colored Glasses and Miss the Big Picture
If you are aligned with having access to others who are in your niche and have the same interests as you do, this can be a good combination for business success. But it does not always work out like that, plus there is the added pressure that there are a lot of other people out there who are doing what you are doing, some even at lower rates than yours.
For the most part being aware of emerging technological breakthroughs inside and outside of your industry is a good thing. If you find the technology websites in your areas of interest and sign up for their newsletter, you will frequently receive news of what is coming next. When new information triggers ideas for you in your industry, this is indeed a good thing. It means you can continue to be one step ahead of your competition.
But Do Not Forget to “Make a Difference”
Making a difference with your business is also important, because studies have shown that if you are helping a demographic that is related to your field, future customers when hearing about how you are helping others, can inspire them to action to work with you. Of course, it is also important to really believe in the causes you get behind.
Research, “Learning as You Go,” and Being Flexible are Key Aspects
I learn something new every day, and most days, several things, just as I am certain you do too, during this information age we live in.
The Challenge that Technological Evolutions Sometimes Create for Your Business
The challenge though is that if the need of the customer gets filled through a technological disruption of some kind due to which they can do what you do for them on their own because now there is a technology that does it for them a lot less expense than what you charge, you only have two options. The first is to throw in the towel and shut down your business. While the other is to pivot and see new opportunities.
Come Up with Something New and Different
It is imperative that you come up with something new that (for the moment) your competition does not possess. If you have created a product/service that your niche perceives as having unique value, you can then forge forward until you must do the process all over again.
Reinvent Your Business
Reinvent what you had done in the past and now fulfill what could be a slightly different need, either for your existing customers, or your reinvention strategy could require opening up to new kinds of customers. You then need to analyze if your existing customers will be motivated in a positive way to stay with you. If you decide to bring in new customers while regaining your existing ones you will find yourself in a juggling act! And as a literal former juggler of up to 4 objects at once, this is Yianni Stamas signing out and reminding you how it important it is to learn how to Juggle your passion, the digital domain and customer insight!