Council Post: Passion Or Profit: Nine Factors To Consider When Deciding What Business To Start

New entrepreneurs can sometimes fall into the trap of thinking that they can make their hobbies profitable through a business. When you’re putting together a company, the first thing you may want to consider is whether you’re doing this as a passion project or for profit.

There are times when these conditions overlap, but sometimes you may have to choose between something you’re passionate about and something that will support you. To help you weigh your options, nine entrepreneurs from Young Entrepreneur Council discuss what factors someone should consider when deciding between their passion and a profit, and the possible result of either choice.

1. Your Goal For The Business

It depends on your goal with this business. If you want to build it and then sell it, then it makes total sense to start something you know will do well but may not be your passion. Otherwise, I wouldn’t recommend starting a business unless it’s centered around something you love because it won’t be worth it. Tough times will come, and if that business is not your passion, you’re going to quit. – Solomon Thimothy, OneIMS

2. Customer Trust

You need to consider customer trust. If you start a business that you know will be a financial success, but you don’t have any care or passion for the business, your potential customers won’t be able to put their trust in you. When you care about something, it shines through in your work. So, potential customers will be more willing to do business with you and trust your professional advice if you’re passionate about it. – Blair Williams, MemberPress

3. How Badly You Want To Succeed

I am an entrepreneur by accident because of my passion for finding the best skincare that suits me. To have a business you’re passionate about is just like having a hobby and getting paid for it—you’ll always feel fulfilled. A business without passion may or may not succeed, depending on how hardworking you are. Your success will depend on how badly you want to succeed despite the lack of passion. – Daisy Jing, Banish

4. If You’ll Be In It For The Long Run

When starting a business, think whether you’ll be in it for the long run. If you have little to no passion for your business, you might not still be in it, say, three or four years from now. Plus, “knowing” it will do well and it “actually” doing well are two different things. Finally, when things get tough at the beginning of running a small business, sometimes passion is the only thing keeping you going. – Andrew Schrage, Money Crashers Personal Finance

5. How Much Time You Have

Entrepreneurs should consider how much time they have available for primary and secondary work. If you can, start both projects and work through them simultaneously. When you’re pressed for time, you may have to go with your gut instinct. I suggest going with your passion first. If you don’t have the funds, work on the more profitable project until you have the funds to pursue your passion. – John Brackett, Smash Balloon LLC

6. Starting A Social Enterprise Instead

A great way to combine business and passion is by starting a social enterprise. This is a new way of thinking about business and combines a cause you are passionate about with a viable business that serves as a funding source. My company has been successful with this model because of our authenticity. It’s about finding people who align with your vision and create your success. – Anna-Mieke Anderson, MiaDonna & Company

7. What You’ll Do When Times Are Tough

One thing someone should consider when starting a business that involves something they’re passionate about and starting a business they know will do well but may not be their passion would be how they would react during complicated times. When things don’t go well, if it’s something they’re not passionate about, they will most likely not persevere. Perseverance is key to entrepreneurship. – Alfredo Atanacio, Uassist.ME

8. Opportunities Adjacent To Your Passion

If someone is passionate about something but there’s not much of a market for the offering, that business will most likely fail. So, this person should research other passion-adjacent opportunities to ensure there’s a market for their offering. Once they determine there is a demand for what they want to sell, then they will most likely be successful. – Kristin Kimberly Marquet, Marquet Media, LLC

9. Your Current Life Situation

I don’t think there’s a wrong answer when it comes to choosing between a business you’re passionate about or one that you’re guaranteed to be successful in. It depends on your current life situation. If you are in a position where you can take risks, then pursue the business that you are passionate about. If building financial stability is important, then create a business you know will succeed. – Syed Balkhi, WPBeginner

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