by Melinda Clayton

Created on: March 03, 2008

Although turning your passion into a business can be scary, it isn't necessarily as difficult as you might think. The key to any successful endeavor lies in research and careful planning, and once you've spent the time to do these things, you'll have a firm foundation upon which to build.

First and foremost, you must be passionate not only about your work, but also about your belief in its value. The initial years of building a new business are long and often trying. If you aren't passionate about what you're doing, the long hours, multiplying expenses, and false starts can quickly lead to feeling overwhelmed.

Next, you must research how your passion can benefit consumers. Is there a market for what I love to do? Will people pay me for this product? Several years ago I decided to start my own psychotherapy practice. Although I have always been very passionate about what I do, I quickly discovered that the yellow pages were full of psychotherapists in our small city. What could I do to set myself apart? How could I stand out in such a sea of other psychotherapists? I had to find a niche that wasn't already filled, and in order to do this, I needed to do some research. I quickly began categorizing the psychotherapists into groups according to specialty, and discovered that while many therapists specialized in child and family work, very few had any experience with working with people who have developmental disabilities. Was there a need for this service? Since I had already spent many years working in this field, I knew that there was a desperate need for therapists who had specialized knowledge in this area. Just to be sure, I contacted various agencies, discussed what I wanted to do, and asked if there was a need for services such as mine. If you're an artist, research art in your area. What sells best? If you're a musician, research music in the area. What sorts of bands are most often hired to play in local establishments? Research ways in which you can tailor your passion to fit the market.

Business planners would call this process conducting a "market analysis." Recognize your passion, take stock of your skills, and assess the need for the services you can provide. Are you providing a local service, or an international one? Search yellow pages, on-line sources, and library reference sections to determine the marketability of your service. Even if you're the best basket weaver in the state, if there isn't a market for your baskets, your passion alone won't

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