Have you ever thought about turning your passion into a profitable business? Welcome to The Ultimate Guide To Turning Your Passion Into A Business.
Change Your Mindset
Turning your passion into a profitable business is no easy endeavor. There are a few things you need to first. The first thing is to make sure you have the right mindset to before starting.
Your mindset is going to be the thing that either makes you successful or keeps you in your current situation. Everything begins with your mind.
What are you willing to sacrifice to turn your passion into a profitable business? Are you willing to sacrifice sleep, Netflix, going out?
One of the best things you can do is invest in your mind before you begin a business. With the right mindset, there is literally nothing that can hold you back.
Luckily for you, we just put together a book that focuses solely on programming your mind and for a limited time only we’re offering a discount. You can get our eBook here: How To Program Your Mind For Entrepreneurialism.
Choose A Passion
Most of us are going to have multiple passion throughout our lifetime. My 1st passion was basketball then it became business.
Yours may be sewing or cooking or boxing. Whatever your passion is, it’s best to choose 1 that you want to start a business around.
Focusing all of your efforts on 1 thing is going to drastically increase your chances of becoming successful in that 1 thing.
For example, when my passion was basketball, I would practice every single day on shooting. Eventually, I became a pure shooter. If I would have focused on everything, I may have been a good all-around player but not great at anything.
You also want to choose a passion that has the ability to make money. To see if your passion has this ability, see if you can find other people in the same niche who are making money. If the answer is “Yes,” then your passion can be monetized much easier.
Align Your Skills With Your Passion
Now, take a close look at your current skills. What skills can you apply to your business to make it successful?
When it comes to business, the most important skills are marketing, sales, building systems, creating high quality products/services, and customer service.
If you don’t have any of these skills, then start self-educating yourself on these skills. In the beginning, I would focus most of my time becoming better at marketing and sales.
If you product or service is not better than your competitors but your marketing and sales process is, then you’ll most likely make more money than them. And lets be honest, you’re in the business of making money so why not improve your chances by mastering these critical skills.
Another route you can take that is a little more advanced is outsourcing the skills you currently do not possess. So, you would hire a marketer or a sales person for your business.
Now, eventually you should hire to automate the process and scale your business, however, if you’re just getting started you still should know the foundations of all the skills listed above.
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Find A Model In Your Niche
The quickest way to achieve success is to model after those who have come before you. You don’t want to model after anyone, but instead, model after others who have proven to be successful in the same niche as you.
An easy way to find a model is to go on YouTube or Google and search for people in your niche. Once you find someone that you like and can resonate with, read/listen/watch all of their content.
Yes, you read that correctly. You want to consume as much knowledge as you can from someone who is at where you want to be.
Read all of their books, listen to all of their podcasts, and watch all of their videos. The real “secret” behind doing all of this work is that “Success leaves clues.”
Over time, you’re going to start seeing a pattern and a trend with what they are doing. Model their pattern and shorten your route to success.
Choose A Business Model
Choose what type of business model you want your passion to be. Do you want to sell your own products and services? Do you want to sell other people products or services?
When it comes down to it, there are only 6 things you can sell:
- Your digital products
- Someone else’s digital products
- Your physical products
- Someone else’s physical products
- Your services
- Someone else’s services
Research the pros and cons of each and determine what business model you want to run with. In the beginning, it’s good to go with 1 or 2 things you can sell so you don’t confuse yourself.
My favorite products to sell are my own digital products and someone else’s digital products. This is because digital products are not that hard to create, requires little to no money to make, and have extremely high profit margins.
The thing is though, if you are selling your own digital products, it may require more time upfront to create the products. Take an eBook for example, it may take 2 or 3 weeks to write, but you can sell it as many times as you want on your website for $27 and have a profit margin above 90%.
Who’s Your Ideal Customer?
Once you have your business model and an idea of the type of products or services you want to sell, it’s time to create your ideal customer.
An ideal customer is an in-depth breakdown of who would purchase your product or service. It may look something like this:
- Kyle
- Age: 42
- Single, No kids
- Stays in a Condo or Loft
- Enjoys traveling & purchasing luxury items
You want to know your ideal customer because it makes it easier to market to them. You can create advertisements tailored just for them and market directly to them.
Since you are turning your passion into a business, creating an ideal customer is a simple process. If you are choosing a passion where you already congregate with other individuals with the same passion then you can start there.
For example, if your passion is basketball, specifically shooting a basketball and you are apart of a group focused on improving your shot in basketball. Take a look at the other people who are in that group.
What are their dislikes and likes? Their daily schedule looks like what? What is their age? Where do they like to shop?
Asking yourself questions like this will give you a better picture of your ideal customer.
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How Will You Monetize?
Your monetization strategy may be one of the most important parts of turning your passion into a profitable business. It’s easy to have a passion but it requires certain thinking and skills to turn that passion into a money making endeavor.
So, how will you monetize your passion? At this point, you should have your ideal customer and your business model.
The next step is to create a marketing plan and stick to it. Depending on your niche, one marketing plan may work better than another, however, the biggest thing is putting in the work to see what is working.
For example, I own a blog that helps other people become successful through entrepreneurship. My passion is entrepreneurship and helping others. My marketing strategy is consistently writing SEO optimized articles [Organic Google Traffic], pushing those articles to social media, publishing videos on YouTube, and running FB ads to grow my email list.
To break this down even further, you want to come up with a daily plan. Mines like something like this:
- Write 2 articles per day and schedule them.
- Upload 1 video to YouTube per day.
- Run at least 1 FB Ad every month.
You may be wondering, well how does this translate to money? With my blog, the bigger my email list, the more money I’ll make.
So, my monetization formula is Increase the traffic to my blog –> Grow my email list –> Sell my digital products and other people’s digital products.
Your monetization formula may not be exactly like mine, but I want you to take away this important fact. If you don’t have anyone that is viewing what you are selling, you won’t make money.
Depending on your passion and niche, choose 1-2 strategies that is going to produce traffic to what you’re selling. Commit to daily action everyday for the next year.
Create Your Goals
In any business you start, you should have goals for yourself and your business. With a target to aim for, you’ll know if you’re on track or not.
I like to set SMART goals. SMART stands for:
- Specific
- Measurable
- Achievable
- Realistic
- Time based
In example of a SMART goal would be I’m going to be selling online widgets through my own business earning $5,000 per month in 1 year and 6 months.
You see, most people either don’t set goals or set goals that are too unrealistic so they end up giving up. You want to set a goal that pushes you, however, at the same time you believe you can make it happen.
This is key. If you don’t believe you can achieve a goal, you are wasting time setting the goal In the first place.
Take 30 minutes and create 3 year goals for your business, 1 year goals, 6 month goals, 3 month goals, 1 month goals, and weekly goals. Align your daily schedule and tasks with those goals.
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One Step At A Time
To achieve any goal you set, you have to understand that it is done one step at a time. You won’t be able to turn your passion into a profitable business overnight.
No matter what anyone tells you, it takes time to grow a business. You have to first be, then do, then have.
You have to be an entrepreneur to act like one and have what an entrepreneur has. Otherwise, the success you achieve will be short lived.
You do this by taking one step at a time. Enjoy the process of becoming an entrepreneur.
Learn from your mistakes and failures along the way. Through those mistakes and failures, you will become a success.
Adapt & Tweak Along The Way
Although your plan and strategies may change, you should rarely change your goal. If you constantly change your goal when faced with difficulty then you will most likely never achieve it.
In the world we live in, things are most likely not going to go your way. How you respond to adversity and change is going to determine how successful you become?
Being able to adapt is an extremely important skill to have. Technology is changing on a daily basis, as an entrepreneur you have to know when to take advantage of some technologies and when to stop using others.
Also, you should have this mindset of adapting and tweaking with all aspects of your business. Take a look at your marketing strategy.
What are some ways you can lower your cost per lead, cost per click, and cost per conversion? Always be thinking of ways you can improve aspects of your business.
The minute you become complacent or comfortable can mark the downfall of your business. Now, I’m not saying you have to be monitoring every aspect of your business like a hawk for 24 hours per day.
That would be ridiculous. What I am saying is that you should pay attention to trends and constantly be searching for strategies to implement in your business to take your business to the next level.
Thanks for reading The Ultimate Guide To Turning Your Passion Into A Business. For more business ideas, download our free guide here: 25 Six Figure Businesses You Can Start Today.
