5 Ways to Turn Your Passion into Profits
If I had a euro for every time I read, or heard, the words “do what you love and the money will follow” I would be a billionaire by now.
I can’t stand those empty words that many people tend to take so literally. It’s not that I disagree with the fact that when you do what you love success, also on financial levels, would show up much faster than when you don’t care.
I do agree that if you hate your work the days look longer and life becomes miserable. Additionally, if you’re trying to get rich doing something you hate, good luck with that. It will likely be tough to stick with it long enough for it to pay off.
However, passion alone does not make a successful business.
It’s painful to see those people that fell into the trap of believing that passion alone will make them successful. In the last 3 years of giving the Business Bootcamp I’ve heard too many heart breaking stories, about businesses that started because someone followed their passion and they thought it would be enough.
Last week I was talking about finding your passion, but that’s the first step.
In order to make your passion into a successful business and have profits (not just income…) you need much more.
If you are one of those that started your business because you followed your passion here is a checklist of what needs to be in your business in order to make it profitable.
If any of the following elements are not in your business, it’s not to put you down, it’s just a point that you’ll need to put attention on and improve it so your business could become profitable.
Here are 5 key elements that you need to have in place in order to turn your passion into a profitable business:
1. Master your craft before opening your business – It isn’t enough to have talent. Make sure that you are a master in your field. Improve your skills and knowledge constantly. Check how close you are to the 10,000 hour rule.
2. Your business needs to focus on helping people - To turn your passion into profit, you must fulfill a purpose that others need or want. Your business needs to help others. It needs to solve a problem or a desire that they have.
Unfortunately, people and companies aren’t particularly concerned with whether you follow your passion or not. THEY DON’T CARE ABOUT YOU!
They spend money on people, products and services that fulfill THIER needs and desires.
When you focus on your passion – find a way that your passion would fill in a need that your target audience is looking for and cannot find it easily. Make sure that what you give them impact their lives.
3. Identify a specific segment of the market you wish to serve – ABC of business and marketing is – identify your target audience. Identify who are the people that would most likely buy from you and you wish to serve and that .
4. Passion alone is not enough – you need management and business skills – Having passion, or even being an expert in your field is not enough. Business is an art and science that needs to be learned. You need to have some business skills (not MBA titles) and management skills in order for your business to thrive.
The Women Do Business Differently seminar was designed exactly for that reason. To give women entrepreneurs the skills and knowledge they need in order to turn their passion into profits.
5. Persistence is the key – Too many people quit too soon, just because when it become too hard they have the excuse, “well I have so many other ideas and other passions, I’ll follow them…”. Nothing is going to change if you keep this pattern, because the same obstacles will arise in the next passion you will pursue.
The key to success is persistence. You will hear “no,” a lot, but that doesn’t mean you stop your efforts of educating potential clients, investors supplier etc. You need to keep on asking, asking and asking for what you want and need.
You need to keep on going despite critics and people who discourage you. You need to TRUST enough yourself that you can make it into a success.
Now I’m curious….
What elements would you need to master in order to turn your passion into profits?
Share it with us in the comment box below - what are your tips in turning passion into profits?
As a thank-you gift for adding your comment I will send you a video about ”Mistakes Women Make in Business” from the last seminar of “Women Do Business Differently”
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Have a magical week! Vered
