When work and fun combine forces, the sky’s the limit, according to Jay Bloom. The Las Vegas entrepreneur learned early in his career when he got his helicopter license and bought his first helicopter. It wasn’t getting much personal use, so Jay put the helicopter into commercial service. A year later, he had seven helicopters and an aviation business.
Recognizing that customers favorited taking off and landing more than the flight itself, Jay leased a pier on the Jersey Shore and created a helipad where he offered three-minute helicopter experiences. He used two helicopters each of which sat three people in addition to the pilot, and he charged $25 per person for the three minute flight. He soon realized he was making $1,500 an hour using this business model that brought as much enjoyment to him as it did to his customers.
Thenceforth, Jay Bloom created numerous other ventures, all based around his loves and passions. Today, his resume includes co-founding Pegasus Group Holdings, which owns and operates renewable energy-based hyper-scale data center ecosystems, and serving as director of First 100, a Las Vegas-based real estate investment firm. Another venture he’s created includes Police Chase Las Vegas, a thrill-seeking car chase adventure. Jay came up with the idea after an adrenaline-filled experience on a police obstacle course.
People must ask themselves, what is it that instills passion in them? Helicopters? Fast cars? Food? Travel? Whatever it is that gives them an adrenaline rush, keeps them intrigued, and drives them to learn more; they can transform it into a business venture. There are just a few key ideas to keep in mind.
Create a unique model. According to CB Insights, many businesses fail because the concept isn’t fulfilling a need in the market. Jay understood that having one helicopter was great, but what need was he fulfilling? Adding more helicopters created a viable business that addressed the desires of high-profile businessmen. Setting up a three-minute helicopter experience on the Jersey Shore created a memorable experience for those on a limited budget or who didn’t have time for a lengthy helicopter tour. If someone is passionate about something that already seems to be popular in the market, they can invent a new way for it to be used or enjoyed.
Lead with integrity. Business is more enjoyable when everyone is honest and transparent. In every business Jay has created, he has made sure the brand is based on integrity, intelligence, problem-solving, and influence. These traits show that, as much as he loves what he does, he takes it seriously, and he wants to provide excellent service to others.
Don’t be afraid to try. Entrepreneurs are, by nature, calculated risk-takers. Once they see a niche in the market and they’ve developed a business strategy, they’re ready to take a chance. The risk is easier to take when they’re passionate about something. For Jay Bloom, that passion has guided everything from his early helicopter business to his current work with Pegasus Group Holdings and First 100.
When you love what you do, business ownership is fun. And when you have the right concepts behind your business venture, it’s much easier to succeed at what you love.