If you could create your own fantasy board of directors, who would be on it? CO— connects you with thought leaders from across the business spectrum and asks them to help solve your biggest business challenges. In this edition, we ask an expert about how you can leverage your passion to start a successful business.
In this edition of “Ask the Board,” we ask Scott Goodfriend, Owner of Ultimate Food Tours, the top-rated food tour operator in New York City, to share his advice on how to grow your passion into a profitable business.
Mark Twain once said, “Find a job you love, and you’ll never have to work a day in your life.” If you turn your passion into a profitable business, just like I did, you can follow Twain’s advice and, in turn, enjoy a fulfilling career. Here are some tips on how to monetize what you love.
Take baby steps
The key is to create a habit of taking baby steps every day toward your goals. This may mean you make that Instagram post or Google some business name. Whatever it is, the key is to start on simple tasks and build momentum. Before you know it, you’ll have a robust business. Things will feel like second nature.
Don’t compare yourself to others
While it’s important to have a North Star for where you want to go, don’t compare yourself to people who are way ahead of you. Look at where they started, not where they are. Rome wasn’t built in a day and it’ll take time to meet your business goals. Focus on the journey, not the destination.
The key is to create a habit of taking baby steps every day toward your goals.
Scott Goodfriend, Owner of Ultimate Food Tours
Design your operations around what you enjoy
This tidbit was helpful as my business started to grow. I really enjoy the marketing aspect of the business, so I made sure to develop strong operational systems so I could hyper-focus on marketing and ensure my interests were always top of mind. As a business owner, you can pick and choose what you work on, so why not work on what you enjoy?
Leverage digital tools and resources
I started to manage finance and operations through simple tools like Google Documents and iCal. While this worked for a while, I eventually had to migrate to a more organized and automated software, like Xero, to create robust financial tracking and reporting. This made it easier to organize my finances and free up time to focus on additional areas of the business.
Put the money you earn in a side fund
With this strategy, you won’t have to invest your own personal money; you’ll simply invest your profits instead. At first, I used Google Docs to track my side fund. Then, when more money started coming in and out, I decided to migrate to Xero to help document and track my earnings.
Stop reading and go for it
You know you want to start something you’re passionate about, so close this window and GO FOR IT! Remember that the sky is truly the limit.
CO— aims to bring you inspiration from leading respected experts. However, before making any business decision, you should consult a professional who can advise you based on your individual situation.
CO—is committed to helping you start, run and grow your small business. Learn more about the benefits of small business membership in the U.S. Chamber of Commerce, here.
