Welcome back to another edition of Business & Budgets! We are moving through our first quarter of lessons, which are focused on Business: From Incorporation to Exit Strategies. In this post we will cover if your passion is profitable and if it is, show you how to make it happen. In 2019, it's possible to leverage nearly any skill or talent, if you are willing to put in the work. The internet has made possibilities nearly endless for the aspiring entrepreneur. There is a market for everything and that market can be accessed via the world wide web. Regardless of what you are attempting to sell, these factors are always important:
Who is your target market?
Is that group large enough?
Who are your competitors?
Are you developing something brand new?
How will you reach your market?
Let's talk about passion. What is passion? According to dictionary.com:
1. Any powerful or compelling emotion or feeling, as love or hate
2. Strong amorous feeling or desire; love; ardor
6. A strong or extravagant fondness, enthusiasm, or desire for anything
(I have removed the sexual based definitions, they were redundant in nature)
Keep this definition in mind as you navigate through this post. What is it that you enjoy doing? What makes you feel a sense of satisfaction? What do you take pride in doing? What makes you feel happy? These are the questions you need to ask yourself to determine what you are passionate about. At least the positive end of passion. It is important that you make your decision wisely as to how you will share your passion with the world. If you would like to give your passion to the world without thinking about the money, go the non-profit, philanthropist route. If you would prefer to capitalize off of your passion, go for it. But, keep in mind you run the risk of starting to hate your passion when you are in it for the money.
Now, here's the part that matters the most when determining if you're passion is profitable, are you good at your passion? For example, what if you are passionate about making people look beautiful, but not have any of the skills required to make it happen such as makeup or hair. Don't fret, that doesn't discount you from being a business owner! Instead of cosmetology skills maybe you have hospitality and networking skills, that set of talents would work great for a salon owner. If you are not good at your passion you have to find a way to close the gap. In the example above you can either close the gap by returning to school to get a cosmetology license or by hiring a team who has their licenses already. There are tons of ways that you can make this passion profitable:
Services: Hair services, makeup services, lash services, micro-blading services, etc.
Products: Hair care products, hair accessories, make-up collection, scarves, etc.
Here's another example of how to make your passion profitable, your passion is helping animals. First, you need to clarify your passion. Do you like helping all animals? Or primarily domestic animals? Are you interested in helping homeless animals? Endangered animals? Or abused animals? Clarifying your passion is the most important step in determining if your passion is profitable and how you can make that conversion. If your goal is to assist abused domestic animals such as cats and dogs, you have both non-profit and for-profit options. You can start a shelter if you would like to stick to the humanitarian route. Or you can start a program for people who have taken in rescues and are willing to pay for their rehabilitation.
Mapping it Out
Take some time to determine what you are passionate about, then you can map out a plan to profit.
What are 3-5 things that you are passionate about? That make you feel happy and satisfied?
What are 3 things that you are good at that relates to each of those passions?
How do those passions and skills align to develop a business or income stream of sorts?
Learn to Let Go
Everyone will not always be able to translate their passion into a profit, you have to learn to be okay with that so that you can continue to grow towards your purpose.
Many humanitarian based passions are not profitable
If you can't make a profit off your passion figure out how to implement your passion into your life on a volunteer or non-profit basis
Starting a non-profit is an option but the goal of a non-profit is not to become rich, it should be remain passion based
Passion is Important
No matter how great you are at something, it won't necessarily translate into a good business of you are not passionate about it. The goal of entrepreneurship is not to stop working for someone else to still be unhappy. The current government shutdown is a great example of how bad things can get when you settle for a job and don't chase your passion. Passion is personal and this should be something you take some time alone to really establish. Don't bring everyone and their opinions in too early on, as I said passion is personal. Everybody won't agree with your plan and some will even bring bad vibes to your vision. Protect yourself and your passion!
I hope this post has assisted you in figuring out how to translate your passion into a profit! I work with individuals everyday to help them get their ideas out of their head and into the world. If you are interested in discussing your idea with me in depth please feel free to book an Idea Review call.
I hope you join us next week! As always be sure to like, share and subscribe!