Wondering how to turn your passion into a business? Then you are in the right place. Many people don’t believe that you can turn what you love into a viable business enterprise. You can. In fact, the best businesses are built on passion. It just takes some planning, soul searching, and yes, hard work. Here are 3 steps that will help you turn your passion into profit.
#1. Keep your day job
The best way to eventually turn passion into profit is to start your business while you still have the safety and security of your day job. Ideally, you won’t leave your full-time position until your passion project is providing you with a sustainable, growing cash flow that is equal to at least 75% of your current salary. Most entrepreneurs have a healthy appetite for risk, but you shouldn’t jump into anything without having a decent chance of success. You’ll also want to have at least six months to a year’s worth of savings in the event your business doesn’t grow as quickly as expected.
#2. Break down your big goal into manageable chunks
When turning passion into profit, keep goals small and attainable. Break down your overarching goal into small, actionable chunks. Think about items that you can set out and achieve immediately. If you want to accomplish something, break it down into smaller steps, and go after them incrementally. Plan out the smaller steps before jumping into the big project. When planning out your smaller steps, try creating a schedule around it. For example, you could commit to working in your home office every morning at 7:30 a.m. As you develop a habit and focus on the process instead of the outcome, you’ll be more likely to achieve your goal in a shorter amount of time.
#3. Focus on your strengths and outsource the rest
The most successful entrepreneurs who turn passion into profit focus on their strengths and find others to help them fill in the gaps. Not only is this an effective business strategy, but studies also show that people who use their strengths at work are:
- Less stressed
- More energetic
- More confident
- More engaged, creative and agile
- More satisfied and experience more meaning at work
Ultimately, when we focus on developing our strengths, we grow faster than when trying to improve upon our weaknesses. Are you great at design strategy but hate accounting? Don’t waste time trying to learn the ins and outs of the latest tax laws. Outsource your accounting needs. Other areas to consider outsourcing are:
- Customer service
- Social media activities
- Data entry and verification
- IT services and network support
- Shipping and administrative tasks
- Content writing, research and editing
- Marketing and telemarketing services