Entrepreneurs in Korea, we’ve all heard this age-old saying….
If you do something you love, you’ll never work a day in your life
but for many of us, the thought of turning our passions into profits is nothing but a distant dream. And, let’s be honest, this can’t be truer for many millennials in Korea for whom crazy working hours and jam-packed commutes are the norms. But, if you’ve lost that loving feeling with your corporate job, maybe it’s time to start flirting with the idea of turning your passion into profit and be one of the thousands of Entrepreneurs in Korea.
To help you get started, we’ve created a step by step guide that’ll get you out your boring job in no time.
Find What You Really Love
It’s all well and good wanting to do something that you love everyday for the rest of your life…. but what if you don’t know what that is yet? Maybe the only things you’re really passionate about are watching Netflix and sleeping until midday on Sunday?
We hear you.
It can be difficult to find you passions but, if you dig deeper, you’ll find that even the most mundane things can be turned into profitable business ideas.
So, let’s start with the Netflix analogy and explore these questions.
- What do you love about lounging around watching TV?
- Do you think that other people love that, too?
- Is there something that would make your experience better?
- How about an app that’ll deliver curated snacks to your home every Friday night, just in time for your big binge?
- Or a pimped out DVD bang filled with gourmet treats, comfy couches, and cozy sweaters? (So you can still feel social while doing what you love!)
With a few simple questions and a bit of digging, you can easily find some commercial potential in your guilty pleasure.
And after you find it, you have your business idea.
Find your Customer
What’s the prime thing that a business needs to survive? Money. And to get money, you’re going to need customers.
These days, there’s so much competition on the market from creative micro-businesses who’re developing amazing products that are utterly perfect for their customers.
You might think that the secret to their success is something complicated or extraordinary but, actually, it’s easier than you probably think:
They know exactly who they’re selling to and exactly what their customer wants.
And, you can do the same thing, too.
First, think hard about your customer. What type of person are they? How much do they want to spend? Where do they shop? Why do they need your product?
In today’s business environment, you shouldn’t be afraid to niche down. Actually, the more niche you go, the better. People want something that feels like it was 100% curated for them. So, maybe you want to open a dessert cafe for marathon running vegans who love chocolate? In Seoul alone, you probably have thousands of potential customers. (I mean who doesn’t love chocolate?!) And, best of all, you probably have very few- if any- direct competitors.
Win-win.
Be Unique and Have a Voice
In a sea of voices, how do you make yours heard? By being unique. No one remembers Plain Jane or Beige Dave. The same thing goes for businesses so don’t be afraid to express yourself and shout about all your quirks to the world.
First, consider what makes your business different from your competitors. That’s your unique selling point and is a vital survival tool for startups in Korea.
This unique selling point is the thing that you really want to shout to the world about. Incorporate it into your web copy, your social media strategy and make sure that it’s the first thing people remember about your product.
Make a Timeline
Probably the most important step of all is creating a timeline to get your business off the ground. So many business ideas lie dormant in potential entrepreneurs’ minds for far too long. Not getting started is a sure fire way to fail- don’t fall into that trap. Make a clear plan with achievable goals and a realistic timeline.
Want to make sure you stick to it? Find an accountability partner and cheer each other on as you surpass each hurdle together.
The Verdict
With careful planning, turning a passion project into a profitable business is well within anyone’s reach. So, let this be the year that you say goodbye to your corporate job, long hours and crazy commute, and say hello to a life of doing what you love.
Entrepreneurs in Korea, you can do this!
