Harley Davidson, Mattel, and Disney are some of the most well-known brands in the world. What is the one thing that all of these companies have in common? It’s not simply that they’re all household names who rose to the top of their respective fields. They began out as a “garage business” to get away from the 9 to 5 grind.
This means they were founded by people who put their ability, aptitude, passion, or interest to work on a modest scale. They then expanded on it to create something much more significant. They are doing something you like, maybe a powerful incentive. Success, on the other hand, needs more than just enthusiasm. So, what more should be added to the mix? You may use this information to help you figure out the solution.
Verify that your target audience shares your enthusiasm.
Harold Matson & Elliot Handler began selling picture frames from a garage workshop. They came up with the topic of making miniature furniture out of frame scraps as a fun side project and a chance to put their skills to use. Soon after, they discovered that furniture was more lucrative than picture frames, and Mattel, the toy expert, was formed.
Getting away from the 9 to 5
You may have an instinct that there’s a market for your trade, whether it’s handcrafted toys or excellent graphic design, but you can’t always be sure. Adopting a strategy like Mattel founders may be an excellent method for any entrepreneur to pursue their passion.
You may fantasise about abandoning the 9 to 5, but it’s typically a good idea to keep the picture frames until you know that people want to purchase your dollhouse furniture.
Investors like the proof when it comes to growth.
This method of progressively scaling up might also help you attract investors or acquire a loan or grant. Investors are always looking for a track record. Even if it’s still a part-time, small-scale business, this is proof that you’ve been able to draw client attention.
Leveraging your passion for getting a competitive advantage in the marketplace
Curiosity, knowledge, and viewpoints are often associated with passion. You are sure to have your viewpoint on anything if you are interested in it. This might work in your favour when it comes to marketing your company.
Become a specialist
If you provide a service to companies, you may compensate because you lack the resources of bigger rivals by establishing yourself as an expert. To establish your qualifications as an expert in your chosen field, use your passion in it. For example, you may accomplish this by writing articles on LinkedIn or participating in Twitter disputes. These are excellent locations to establish your expertise on your chosen topic. This may go a long way toward gaining prospective customers’ confidence.
Combining personal authority with a strong sense of purpose
When marketing to customers, personal authority and enthusiasm may be leveraged similarly. Patagonia, a climbing and outdoor specialist, is a wonderful illustration of this. A climbing enthusiast founded the company and began manufacturing his gear. Patagonia is currently a major brand in its sector, founded more than half a century ago. However, this is still a firm founded by and for fans.
Tell us about yourself.
You may show your involvement in the firm by telling and selling your narrative on your website and displaying your skills in the manner you explain your products or services. It will go a ways away from demonstrating to clients that you are a brand they can trust in your industry.
Getting your company off the ground
When you’re starting a new business to get away from the 9-to-5 grind, decide on a structure for your organisation.
Establishing a limited company or sole trading, often known as self-employment, are two of the most common forms.
Here we examine operating a limited company vs. being a sole trader and look at the differences between the two forms of business:
|Sole trader||Limited company|
|Is your personal financial liability protected?||X||✓|
|Would your business name be protected?||X||✓|
|Is it quick and easy?||✓||✓|
|Would it be free?||✓||X|
|Do you need to complete a Self Assessment tax return?||✓||✓|
|Do you need to complete Companies House returns?||X||✓|
|Can you sell your business on?||X||✓|
|Is it tax efficient?||X||✓|
|Do you need to keep company accounts?||X||✓|