7 Factors To Consider For Turning Passion Into Profits

“Nothing great in the world has ever been accomplished without passion.” – Georg Wilhelm Friedrich Hegel

Have you been hoping to make money from your passion?

It is a dream that many of us have.

We dream of having loving what we do and at the same time, getting paid for it.

Well, I am happy to have this dream come true for having already started to build a business that grows from my passion; that is writing books, conducting workshops, energy clearing for clients and personal life coaching consultations. I am blessed that what I do uplifts me in terms of energy, inspiration, creativity and love. What is wonderful is that my business is set to grow year-after-year.

So allow me to share some of my thoughts.

It could be a long-held dream that you have. Or you might have become inspired after reading the best-selling book “Rich Dad Poor Dad” by Robert Kiyosaki to become a business owner. Indeed, when you are fueled by passion, you become more willing to give your very best which in turn can potentially help you make lots of money. It is an adventure not for the faint-hearted because the chance of failure is high, especially when you do not know what you are in for.

Hence, don’t rush through the planning stage. It would be rash for you to do so. There are some important initial steps and factors to consider turning passion into profits.

1. Do Some Financial Planning

Do not quit your day just yet. You even start searching for ways to make money from your passion, work out your finances. You need to know what your living expenses are. You may find that it is worth keeping your current job until such time you are ready to take the plunge.

I once got to know an online marketer before he struck it rich. Back then, he was holding on to a day job. Over the telephone, he told me about having family responsibilities, including two kids, to fulfill. And so he could work at night on his internet business. After some years, he took the plunge and quit his day job. He has not regretted ever since. He has been making much more than he ever did in his previous job.

The last thing you want is to find that you are struggling to make ends meet. You need a reserve to tide things over whilst you work on building up your business. Of course, if your family can live on the income from your spouse or partner, then it may be worth talking about cutting down the working hours in your day job to be able to make the most of this adventure.

2. Freelance or Set Up a Business

There are two main choices when it comes to making money from your passion. Many will start as a freelancer to gain the experience and knowledge before forming a company. Then, there are also others who will want to jump straight into owning their own company. For example, you may want to do freelance writing on your own or as a further step, set up a business by engaging a group of writers to offer writing services to others.

The question that you need to ask yourself is what you want out of your passion. Do you want to set up your own business eventually or do you just want to be able to work on your own? There is no right or wrong answer as everyone is different; everyone will have different goals and vision.

3. Research Into Your Options

There are a number of options to start your own business, depending on the type of passion that you have. There can be more than one business model. Don’t get fixated that there can only be one way.

For example, those who enjoy photography could sell their photos or sell their services as a photographer. If you enjoy baking muffins, you can set up a bakery shop or create a recipe website that you earn through online ads. Look into all of the options that you have available so you can make a well informed decision.

There are plenty of ways to combine different business options to make the most out of your passion. Hence, you are able to earn multiple sources of income. Look into ideas that will run together well. The photographer in the first example could easily sell his photography service and sell any photos taken on the side.

4. Research Into the Competition

The next step is to look into the competition. Unless you have an extremely novice and unique passion, it is likely that others are already making money from doing what you want to do. There is nothing wrong with still getting yourself out there but you do need to know the competition.

In fact, it may be a good thing knowing that others are making money from having the same passion as you. You are aware that this is a tested market. You study their models and see if theirs will fit with how you would like your business model to look like. You may at some stage, also consider going into joint ventures with them.

5. Market Your Business in Every Way

There are plenty of marketing options available. Marketing is important as it is the only way you can make yourself known to your market. Where there is no traffic, you will not be able to make any conversion to sales.

The Internet is full of free marketing options, which is great for starting out, but there are also options that will cost money. It is worth making a marketing plan but do bear in mind that this is likely to change over the course of your business life.

6. Set Yourself Apart

To make money from your passion, set yourself apart from the rest and offer something unique and original. By offering something different, you will gain more customers or clients. There will always be demand for your work.

The best way to set yourself apart is to first gain self-awareness. You are, after all, unique. When you create products or services based on your unique personality, passion and values, you offer an aspect of your unique self. And this is something that no one can completely replicate.

7. Create a Vision

To be successful, you need to be committed. Your commitment to your dream causes you to focus. There is no better way than to create a vision for your passion.

When you create a vision for your passion, you are no longer just dreaming nor are you just treating it as a hobby. With visioning, you are actively working on turning your passion into work that you will love and that will earn you dividends from. Your heart-centered vision helps you power your dream of creating a long term, sustainable and profitable business.

To your success,

Author. Adventurer. Life Coach. More About Me.

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