I hear about people who feel trapped working a 9-5 job on a daily basis.

They dread Monday mornings, they want to leave as soon as they arrive, and they don’t have financial freedom.They wish so badly they could do something meaningful, but it seems like a lofty goal.

But luckily, no one is stuck.

Build Your Own Business

There’s a way to achieve financial freedom while doing work that you love—by building a business out of your passion.

Now, I know what you’re thinking, “Yeah, that may work for a few lucky people, but that would never work for me.” Not true. I’ve seen this work so many different ways that I’m convinced that anyone with persistence and an idea can make it happen.

How to Get Your Idea

What do you like to do? What are your hobbies and interests?

Once you have several in mind, think about the problems with each one. Is there any kind of inconvenience, could it be improved, or is something missing?

Identify a need by a group of people within that hobby or interest and create a solution. This is exactly how the best ideas are born.

4 Step Process to Turning Your Idea into a Business

Once you have an idea, you can start formulating your plan with this 4-step process:

1. Target a specific group of people

The riches are in the niches. Maybe you’ve heard that saying before—but it couldn’t be more true.

If you want to have a successful business, you have to start by targeting a specific group of people. You can’t be everything to everyone like Amazon. Whatever your idea is, you need to start by catering to a small group of people who really need a solution.

2. Determine whether you’re selling a product or a service

This is self-explanatory, but it’s worth noting that you need to know the logistics before you start selling anything.

For instance, are you going to sell a service? How will you deliver that service? How will you communicate with your client? Or are you selling a product? How will you deliver it—will you ship it? Is it a physical product?

These questions should get your creative juices flowing so you can get a better idea of what you are going to sell.

3. Figure out how you’ll be different

It’s obvious that you can’t do things like your competition, but you need to be different in the eyes of your customer.

Do you support a certain cause, will you do business with certain values, or will you challenge the status quo? Your uniqueness is your secret weapon.

4. Focus on adding value to people

If your product or service adds a great deal of value to someone’s life — you’re doing it right. Giving others value is the name of the game, you want customers to be surprised by how much value they receive for what they paid.

5. Those Who Are Already Successful Do Things

Successful “lifestyle entrepreneurs” are killing it because they give others value, are unique, and dominate a niche.

If you find a need for which people want a solution bad enough to pay for it, you can follow this formula and achieve financial freedom.

 

Hunter Branch’s is a BusinessTown.com contributor. Feel free to check out his blog at hunterbranch.com.