“Opportunity is missed by most people because it’s dressed in overalls and looks like work’’ – Thomas A. Edison
So what do we learn from Edison? Of all the things, it tells us that we should always look out for new opportunities and most importantly, we should be able to recognize opportunity when it’s hidden. Ultimately, you can turn your passion into profit.
But why are the majority of people unable to pull it off?
A lot of people find themselves stuck in jobs they just simply abhor. You may come across friends, family or relatives who start complaining about their jobs, every chance they get.
But when inquired as to why they don’t quit jobs they don’t like, these are typical responses:
- How will I be able to pay my bills?
- It’s hard to come by a high paying job such as this!
- It’s too late for me to move to another career or field!
A large number of people begin their days, traveling to places they associate with depression or angst, simply unhappy from their work lives.
No doubt, a lot of us feel trapped in our jobs but in reality, we are not! It is possible for us to step out of our current situation, identify opportunities to do that which we love the most and turn it into a cash making career.
It may sound like a drag, but having a plan can make it possible to find what you’re good at and turn your passion into profit. These steps can help you formulate one:
How to Turn Your Passion into Profit
1. Identify your interests
The key to identifying your interest areas is figuring out what you would do had you not been doing the job you hate the most.
Is it singing? Acting? Writing? A lot of people like photography.
Just about any passion that you love, can be turned into a profitable career. Give it some time if you are not immediately sure.
Read also: How Do You Describe Passion?
2. Do it free!
Before charging money, it is recommended that you give people a taste of your services first if you want to turn your passion into profit.
For instance, if it’s photography, just offer to click photos for relatives for free. Surely, they would like to save money. This is how you establish yourself and prove your mettle to your potential clients.
It will also help you determine if you like it.
If you don’t like it as something you do as a hobby, there are high chances you won’t like it if your livelihood depended on it, either.
Read also: 10 Hobbies That Make Real Money
3. Build a combination of skills
You should be able to combine your chief interests with the other skills that you might possess.
If you are let’s say, planning to sell cakes, what is that other thing you are good at along with being a great baker?
You must focus on the other skills and use them to your leverage. For example, if you are also good at digital marketing, you can blog about baking practices.
There are a large number of successful blogs, many even initiated by domestic home-makers. But these blogs have enabled their owners to earn good money online by simply sharing information pertaining to their offering products or services. By teaching people about them, these individuals have turned their passion into profit.
4. Figure out your ideal client
This step involves figuring out your target market, their income, demographics, needs, and preferences.
This research will help you determine what value you can bring them i.e. your unique selling proposition.
5. Build a community around your business
Once you have figured out who your target audience is going to be – the ones you would be reaching out to, you start building up a community of individuals interested in it.
Begin by inviting your friends and family and urge them to bring their acquaintances on board.
This can manifest into a social media – Facebook page or group that you may ask them to be a part of, a Youtube channel that they can subscribe.
You can even choose to promote social media presence by boosting your posts as much as your budget allows. This is how you bring attention to your business, while also giving value to those seeking to benefit from your work.
This translates to sales in the long term and that’s how you can turn your passion into profit.
6. Offer discounts
After building a significant audience and a sizeable community, the next logical step is utilizing your platform to attract customers by offering your services at a discount.
This is where the previous work that you did for free comes into play since you can present it as a sample or part of your portfolio.
Your biggest challenge at this stage would be landing your first ever client. But once you do, their references will be what brings you even more clients.
7. Abridge gap with the customers
When reaching out to the customers through a sales pitch, ensure that it comes off less like a sales thing and more of a friendly encounter.
Keep refining your pitch and making it better to turn your passion into profit.
For instance, here is how a typical sales pitch might go:
“Have you ever had the need to hire a photographer for your events? I am ready to offer my photography expertise for a heavy discount, should you chose to accept”
However, the same can be adapted to this:
“Is your daughter’s wedding reaching up? Need someone to capture her biggest day for you but the budget is tight? Worry, no more! I am offering my services for 50% discount for now. Please contact _____ if interested”
8. Hire financial expertise
Once you have successfully established your business, culminating into a lot of sales and generating significant revenue, it is not time to invest in financial planning.
According to studies, incompetence pertaining to financial management and its related areas often leads to business failure.
Perhaps you should buy an accounting software and learn how to use it for budgeting and recording your sales, expenses.
You may want to hire an expert if you feel that a software system might not cut it.
If you hesitate in following your passion and turning it into profit, just imagine yourself in your later age and wonder, whether you’ll look back with pride or with regret of not fulfilling your dreams?
About The Author
Erica Cohen is a freelance content writer. She has been working as a writer since 2016.
Stock Photo by LightField Studios @Shutterstock
