Everyone should read the book, The $100 Startup. A full-time employee, a student, a stay-at-home mom, or just a job seeker, we all have things that we are truly passionate about, and we all can transform this passion into a source of revenue.
The book illustrates how can we to transform our passion into a business model and provides great insights on how to make that a successful journey so we can get some money.
In a nutshell, transforming a dream into a business needs three steps:
- Look for gaps: find something (a product or service) that doesn’t exist for which people are willing to pay for. Find something that gives people more love, money, acceptance and free time and reduces their stress, conflict, and hustle.
- Find a way to get paid (a PayPal account for example).
- Offer a message/ content about the value that you offer and circulate it to attract initial buyers.
What I liked the most is the reality checklist that he introduced to help us to make sure that our passion can be really transferred into a business model. This check consists of 7 questions as the following:
- Would you enjoy pursuing this hobby at least twenty hours a week?
- Do you enjoy teaching others to practice the same hobby?
- Do you like every detail, all the ins, and outs, of this hobby?
- If you had to do administrative work related to your hobby, would you still enjoy it?
- Have other people asked for your help?
- Are enough other people willing to pay to gain or otherwise benefit from your expertise?
- Are there other businesses serving this market (a good sign) but in a different way than you will?
If you answered “yes” to all of the above, then you can transfer your passion and dream into a real business that generates money.