Profit From Your Passion
Steve Jobs once said, “The only way to do great work is to love what you do.”
As an entrepreneur, you’re probably very aware of what you’re passionate about. If you’re lucky, you’re pursuing it right now.
A passion makes you feel that you have a purpose in life. It’s what you get out of bed for each morning.
But are you actually profiting from it?
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When you love what you do – and you’re making money from it as well – life can’t really get much better. So, how DO you make a profit out of your passion?
It’s not as hard as you think. Plenty of people are already doing it, in fact.
And when you know how, you’ll wonder how you ever did life any other way.
Here are nine ways that you can turn your passion into profit.
- Passion is only the starting point.
So, you’re passionate about golf. That’s a great place to start when you’re trying to come up with a business idea, but it won’t make your business a reality – yet.
Start by asking yourself if you’re actually able to put in the hard yards to create a business out of your passion. Then check whether there’s a market for it. Chances are, you know some people who are also passionate about golf (or whatever your passion is), so don’t be afraid to get some feedback from them.
Before you get underway, just make sure you’re actually good enough at your passion to be able to create something out of it. A golfer will know whether they’re good or not, but someone who is passionate about singing might not necessarily be a brilliant singer!
- How can you compete with others?
As a golfer, you’ll probably have some idea of any voids in the industry that need filling. For example, there might be a lack of golf tutors in your area, and you might be someone who is always showing your friends how to perfect their swing.
And – voila! There’s your new business opportunity.
At the same time, you should be asking yourself if you can make the local golfing industry better. Are you the right person for a job that requires such expert knowledge? And will it utilize your passion in the best possible way?
Someone whose passion is baking cakes might have to ask themselves: what makes my cakes better than those from a store? Or better than the cakes in a fancy cafe?
In this case, it might be the quality of their ingredients or the old-time recipe they use, or the fact that the cakes are allergen-free. All of these things will help your business venture stand out from the crowd.
- Come up with loads of different ideas.
Get out a pen and paper and brainstorm all the different ways you could possibly monetize your passion. Some ideas could include:
Running a store that sells products related to your passion, such as clothing, books, golf clubs, kites.
Teaching others about your passion, either face-to-face or through blogs, ebooks, or videos.
Providing advice as a consultant in anything from tax to trumpet playing.
Inventing something that helps other people do something. For example, a language tutor might invent an app that students can use to practice new vocabulary every day.
Holding an event related to your passion, such as a fair or festival.
Helping people to learn more about things that they own, such as antiques or animals.
- Be open to growth.
Even the most devoted cooks/golfers/guitarists have room to grow. You can still offer your skills and experience while learning and improving yourself.
For example, a gardener might have mastered the art of growing tomatoes from seed, but she has yet to learn how to keep caterpillars off her cabbages.
Don’t tell yourself that you’ll start your business after you’ve mastered every possible skill within it: you might never do that. Start with what you have, and look for ways to hone your skills as you go.
If you leave it too long, you’ll risk someone else coming up with your idea and starting their own business.
- Break out of your comfort zone.
Nobody ever said starting a business would be easy. There are lots of things that may be well out of your comfort zone – like, talking in front of a group of people, or having someone read a story you’ve written.
Scary as these things may be, you’ll have to overcome them in order to make your dream happen.
Remember, you don’t have to be the best. You just have to be able to do something that works. Learn techniques that will get you through the stuff you’re not so good at, and become adept enough to be able to deliver what your potential customers need and want.
- Make fun the most important part.
The most tricky part about turning your passion into a business is actually maintaining the passion. It’s very easy to forget why you loved doing this thing in the first place.
You can avoid this by making fun a priority. Surround yourself with people who are also passionate about what you’re doing, and use their energy to create a happy, positive workplace culture.
Come up with unique policies that reflect your passion. For example, if you’re building a cake business, start up a weekly cake swap or afternoon tea in your office staff room. You’ll remind everyone why they’re working for you, and you’ll build camaraderie.
- Keep building your skills.
Malcolm Gladwell’s book Outliers claims that anyone can master a skill… if they put in 10,000 hours of practice. He contends this is what allowed the Beatles to become the greatest band in history and Bill Gates to become one of the richest men in the world.
Whether you believe this rule or not, you might as well start putting those hours in now. Many skills do indeed take this long – but the result will certainly be worth it! And, if you become a master before you’ve reached 10,000 hours, you’re a million times better off than someone who didn’t try at all.
Never stop building your skills. Don’t be afraid to ask for help, either – it could help you get to the top even faster.
- Don’t be put off by roadblocks.
Life is full of roadblocks, and you’ll encounter plenty when you start chasing your dreams. But they’re there for a reason – and your only option is to overcome them.
Confusion about how to build a website could be enough to put someone off starting their business. But you can overcome this simply by hiring a website designer or coder. There are plenty out there!
Or, if you think you can never get your business off the ground because there’s no market for it, do some research. Look at reviews for other products on Amazon, talk to people in the industry, browse forums and Facebook groups.
Do whatever it takes to turn your passion into a real, live, profitable business. There’s no better way to get out of bed in the morning than with the knowledge you’re doing something you love – and it’s making you money!
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