Many niches and industries in the U.S. economy are fairly “recession-proof,” from pet pampering to alcohol. While these examples may be among the more lucrative enterprises you might pursue, don’t underestimate the power of your passion.
Not all small companies and entrepreneurs are necessarily business-savvy and knowledgeable about running a firm from the start. Sometimes it’s just sheer passion that makes them successful.
If your hobby is genealogy research and you want to create a business focused on family trees, maybe you should follow your heart. It might be easier and make more business sense to launch an SEO company (they’re one of the biggest, booming endeavors right now), but what if you don’t know anything about SEO?
What if you’re not a techie and would need to start from scratch; plus, you have zero interest in optimizing websites? That’s a recipe for disaster.
Where ambition comes from
The point of owning your small business is to work for yourself, which ideally means it doesn’t feel like work at all. Does it make much of a difference if you hate getting up and going to the office today, but you’ll open a business where you might be in charge but the daily grind won’t feel any different?
Working for yourself is just part of the appeal of being an entrepreneur. It’s also about doing what you love.
Ambition, drive, and happiness are more likely to come from indulging your passion, no matter what it may be. Even if your business isn’t quite as financially successful as it could have been had you gone another route, you’d probably trade the difference for your happiness.
Imagine spending every day among like-minded customers, sharing your passion, and surrounding yourself with what makes you happy.
The real secret to success
Have you ever wondered how some ostensibly niche hobby shops, dive restaurants, or kooky retailers stay in operation year after year? Passion is contagious, and as long as you identify your market and follow best practices, you have the potential for a successful business on your hands.
If you don’t like what you’re doing or don’t know anything about it, potential consumers will readily sense it, and develop the same apathy.
While finances and numbers are crucial in business planning, so is having expertise in your field and pursuing what you find truly interesting. That’s what will grow your business, attract new customers, and secure their loyalty.
Otherwise, you might as well look for a higher paying job working for someone else and skip the headaches of entrepreneurship.