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3 Steps for Turning Your Passion Into a Profitable Startup
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Inspiration for a business idea
It can come from anything: a unique personal experience, witnessing a problem and seeing the possibility for a better solution, even walking down the street.
Everyone harbors inner creativity, but the question is: How do I nurture that inspiration and take the next step?
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Nurture your creativity
- Write your ideas down. Document ideas as they form so they become less siloed, and consequently, you can see connections between those ideas and other pieces of outside information.
- Turn to the people around you. By using your community to reiterate and refine your creative ideas, it can make those ideas (and your content) even better.
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Find your niche
- What differentiates your ideas and content from others in the space? The more specific the content, the more opportunity to build the business.
- How can you find your niche? Use platforms like Twitter, Instagram and Reddit: Engage with shared content enthusiasts and discover subcommunities through hashtags, explore pages, liked posts and more. By leveraging these enthusiast groups, you can identify what direction to take your ideas to create the most value for the right people.
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Leverage the right tech
- Identify the right tools that will help you share your content with your audience. Whatever the platform, make sure it's helping you get more eyeballs on your content.
- Your last and critical step is to identify the platform that will help you monetize, whether it's through ads, subscriptions, individual sales, patronage, commerce, or another channel.
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SIMILAR ARTICLES & IDEAS:
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Key Ideas
Enterprization of The Consumer
Today's technology-enabled world offers many ways to capitalize on creativity: creators are now earning individually, monetizing their unique skills. People are turning their passion, the things th...
Evolution of The Passion Economy
- On-demand marketplaces established, in the last 10 years, new ways for people to make money - workers could easily monetize their time in specific, narrow services (food delivery, parking, or transportation).
- These marketplaces automated the matching of supply and demand, as well as pricing and used platforms that were convenient for both the user and the provider.
- Specific platforms provided a path to self-employment for millions of people and they also homogenized the variety between service workers, prioritizing consistency and efficiency.
The Passion Economy
New digital platforms are enabling the 'passion economy', where individuals with certain creative skill sets can earn a livelihood while doing the very thing they are good at. These platforms provide:
- Greater ability to build customer relations.
- Increased support for expanding their business.
- Better tools for standing apart from the competition.
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Key Ideas
Your Product
Consider why people come to you for advice. What information do you possess that can be refreshed, repackaged, remodeled, reinvented and rebranded?
Think of at least 20 ways you can of...
Your Promotion Plan
- Create a portfolio by putting together samples of your work. If you’re a baker, create samples to share with others.
- Don’t be afraid to give away free services or products. People want to get to know, like and trust you before they buy from you.
- Secure your business name, get business cards, and start thinking about your website.
Your Platform
Who do you see buying your product or service?
Create a client avatar: give them a name, age and personal style. Consider what they read, where they go, who they spend time with, and what they value.
Network with people daily and let them know what you’re doing. You can do this easily with online social platforms like Facebook, Twitter, LinkedIn, Pinterest and Instagram.
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Innovation in business
The idea of innovation is taking off just as fast as the businesses that embrace it.
But, not all companies are prepared to push innovation within their organizations. Changing workplace s...
Intrapreneurship
An intrapreneur can be defined as someone who thinks like an entrepreneur but brings their ideas to the company where they are employed instead of launching their own business.
Instate a "no idea is a bad idea" policy, gather the support your employees need to try out their ideas and let them pitch decision-makers at your company.
McKnight’s 15-percent-time rule
This allows employees to spend 15 % of their paid work time daydreaming, doodling or experimenting with ideas that don’t necessarily have to do with their work at the company.
This kind of daydreaming is the genesis of invention and fosters passion for one’s work.