Missed the LadyBoss event last week? Our Staff Writer, Shikin Hamid recaps 3 key insights from “Turning Passion into Profit”.
Everyone has passion – it could be designing handbags, organising birthday events or writing a children’s narrative. Whatever it is, how do you know if your passion can turn into a viable business – that is ultimately profitable?
At the last LadyBoss Event attended by 105 women, the topic discussed was “Turning Passion into Profit”. The event was organized by the LadyBoss team.
Moderated by Jackie Yeo, Co-founder & Managing Director of LadyBoss, alongside our hand-picked panelists, the ladies were in for a treat.
Pauline Ng, Managing Director of Porcelain, started The Face Spa only as a pet project after graduation to help her mom, Jenny, that grew profitable and develop the passion for growing her business.
Cherry Au, Founder & Principal of Autelier Makeup, left the accounting industry to pursue her passion for the cosmetic industry inspire other women to follow her footsteps to pursue their longtime passion.
Lastly, Deborah Wong founder of Breathe Pilates was drawn to Pilates for its therapeutic and conditioning benefits. She believes in a holistic approach to health and rehabilitation support that spurs her into turning her passion into profit.
Here are the 3 tips from our panelists about Turning your Passion into Profit!
A passion or just a hobby?
One distinguishing factor that makes a pursuing passion different from a hobby is sacrifice. The word passion originates from the Latin word ‘pati’ which means suffer.
Running is a business is not a walk in the park. There are sacrifices to make –balancing family, business and life and making the decisions all at once be a daunting task.
A hobby on the other hand has a more leisurely connotation – very different from the competitive nature of running a business. As Cherry pointed out, you can’t just call it quit on your business and give up on your passion. Unlike hobbies, running a viable business as a passion is for the long run!
Working on your passion requires constant dedication and at times sacrifices. In business, calling it quit on your passion is like calling it quit on yourself.
The importance of business partners & collaborators
All of our panelists agreed that budding entrepreneurs need not be good at everything. Having sufficient knowledge on an area of expertise is good enough!
Identify your strengths and weaknesses before setting up your business and hiring. Your first hire should be the one who compliments your strengths make up for the skills that you lack.
For Pauline, accounting is not her strong suit, so she hired an accountant to handle her business accounts and taxes. Similar to Cherry who manages the accounts of her business while her business partner manages her company’s branding.
Even for freelancers who are keen in building the business solo, it crucial to find collaborators who would be working alongside you. Even before profit starts streaming in, it is important to have a great team who technically and emotionally supports you.
There are strengths in numbers when turning your single passion into profit!
Passion for building an empire!
One important note was that any business idea is only as great as its execution! There are no single best ideas but only down to the execution of ideas.
Entrepreneurs are both dreamers and doers. A rare breed of people who keeps their dreams alive but also have their feet deeply rooted on the ground.
Ultimately, entrepreneurs are result oriented individuals who are a determined bunch of people to grow their business. Their strong business acumen, clear vision will define where the business will go next.
They have also heavily sacrificed and invested effort and resources that would make giving up not an option. Meanwhile ploughing the seeds into building a successful business that one day will turn into an empire.
At LadyBoss events, you get to network with like-minded individuals and gain insights on new perspectives on how you can run your business.
Beyond that, the entrepreneurial journey can be lonesome at times in need of emotional support. At LadyBoss, your entrepreneurial journey is fulfilling with a squad of women entrepreneur behind you.
And that’s how you turn passion into profit!
P.S. The event was made possible with the help of our sponsors, Instraroid, for providing fuss-free prints, drinks by Wunderbar and popcorn by PopSocial Asia.