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With social media and online businesses becoming mainstream, opening a business has become more accessible to individuals who want to explore turning their passion projects into side hustles. Some even go the extra mile and change their careers to become solopreneurs. Last month, we organised a panel discussion with Klára Losert (Co-founder of Talkbase), Petra Čuřínová (Founder and CEO of GIVILI), and Lucie Neumanova (Co-founder & CEO at Femme Palette). The speakers shared some insights on how female founders turned a profit through their passion projects in the Czech Republic. We’ve put together eight takeaways from our conversation to inspire you to turn your passion project into a profitable business.
Valuing feedback is paramount for those who would like to turn their passion project into a business. Aside from improving the products or services offered to meet the customer’s needs, it inspires innovation and adaptability to changing circumstances, staying relevant in the competitive landscape. Open communication with your customers builds loyalty and helps you identify blind spots you may overlook. This increases investor and partner confidence if they see that you, as an entrepreneur, are receptive to feedback and actively work to address the concerns of your stakeholders, which can open doors to funding and strategic partnerships. It also enhances your professional development by helping you identify your strengths, weaknesses, and areas for improvement.
Putting a price on your passion project can be challenging. The difficulty when approaching pricing, particularly when your business started as a passion project, can be attributed to societal, cultural, and personal factors. It is important to reflect on your personal beliefs and experiences related to money and how they may influence your attitude towards financial discussions. Dedicate time to learning about financial matters relevant to your business, including enrolling in courses or seeking advice from financial experts or mentors. This would help you be prepared to explain the value you provide to customers when justifying your pricing. Our panellists also suggest practising your conversations about money. You can begin by discussing it with trusted friends or mentors to gain confidence when discussing money with your customers. To build your confidence, you can also engage in exercises or activities such as public speaking, negotiation role plays or assertiveness workshops.
A network of mentors and like-minded friends is crucial when starting your own business. Entrepreneurship involves taking risks and pursuing your vision, which can be intimidating and emotionally taxing. A supportive network can provide a safe space to express your feelings, share your concerns, and receive encouragement when you need it the most. In turn, they can validate your ideas, provide constructive feedback, and boost your confidence. Your support group can also introduce you to valuable connections in your industry or niche. With networking being a key component of entrepreneurial success, your support network can open doors to partnerships, collaborations, and potential customers or investors, as well as share resources, making it easier for you to overcome challenges or seize opportunities. Additionally, as you see the success and progress of others, your support network can also be a source of motivation and inspiration in your journey.
It is crucial to know whether you want to pursue your business as a solopreneur or with others. Determining whether you want to go solo or have partners helps you clarify your vision for the business. It forces you to think about your goals, values, and the direction you want to take. The decision to go solo or have partners can also significantly impact how you allocate resources. If you choose to have partners, you must divide responsibilities, equity, and potentially investment capital. The business structure you choose also affects your personal liability and risk, as well as your decision-making processes. Solo entrepreneurs have full control over decisions, while partnerships require more dialogue and compromises, which entails recognising your conflict resolution style and preferences. Additionally, recognising your strengths and weaknesses and evaluating whether you need partners with different skill sets is vital for long-term success because bringing in a partner means bringing complementary skills and expertise to the table.
You often only have one shot to talk to investors, so preparation is essential when meeting them. Aside from the fact that adequate preparation demonstrates that you take your business seriously and respect their time and expertise, the initial meeting with investors is your opportunity to make a strong first impression. Being well-prepared, organised, and articulate can leave a positive and lasting impact, which is crucial for building trust and credibility. Investors will likely ask detailed questions about your business, including your market, competition, financials, and growth strategy. Being prepared with comprehensive and accurate information shows you understand your business inside and out.
Discipline is the foundation upon which successful entrepreneurship is built. With entrepreneurship involving long hours, hard work, and persistence, discipline helps you maintain a consistent work ethic, enabling you to tackle challenges and meet deadlines even when motivation wanes. It also helps you create actionable plans, stay focused on objectives, and juggle multiple responsibilities. Being disciplined not only allows you to manage your time effectively but also empowers you to stay focused, make informed decisions, and manage resources effectively.
Documenting your entrepreneurial journey is a wise practice that serves as a record of progress, a source of learning and reflection, a tool for accountability, and a means of sharing knowledge and experiences with others. It can enhance your decision-making, storytelling, and overall success in the dynamic world of entrepreneurship. Additionally, when seeking funding from investors or crafting your brand’s story, having a well-documented journey can be persuasive. Aside from demonstrating to investors a clear understanding of your business's history, challenges, and opportunities, a well-documented journey can be an integral part of brand storytelling. Sharing the ups and downs, challenges overcome, and milestones achieved can resonate with customers, investors, and partners, strengthening the brand's narrative.
Consulting with a lawyer is a wise investment for entrepreneurs as it helps ensure that your business is legally sound, compliant, and protected. A lawyer can provide valuable guidance and support throughout your business journey, minimising legal risks and maximising your chances of long-term success. Among other things, lawyers can help you determine the most appropriate legal structure for your business, assist with the registration and incorporation process, and draft, review, and negotiate contracts and agreements. Consulting with a lawyer provides peace of mind, knowing that your business is operating within the bounds of the law. It allows you to focus on growing your business without worrying about potential legal issues.
Are you a start up founder or a freelancer? Join our mentoring program for founders, entrepreneurs and freelancers! Grow your business through the support of a mentor!
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