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How to Turn Your Passion Into Profit

Align your decisions with your vision

Find the right people to bring on board and the best strategies or tools to use. Be very clear about why you are creating your product.

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IDEA EXTRACTED FROM:

How to Turn Your Passion Into Profit

How to Turn Your Passion Into Profit

https://www.entrepreneur.com/article/331854

entrepreneur.com

4

Key Ideas

Develop a presales waiting list 

.... with your early supporters. Get people excited in advance. There is a risk if the production run goes south, but this is a good way to pay for early production costs.

You can’t take “no” for an answer

Just because somebody tells you no, that’s their limitation.

Just keep pressing forward until you feel you’ve come to the end of the path, but do not let the end of your path be because someone else does not believe in your idea. 

Sell a product that works

People buy your Why, but they only remain loyal if you have a strong product that supports it. 

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It takes more than just passion

Make sure that you’re actually good at what you do. 

Ask yourself if you’re willing to put in the hard work and if there is a market for you to tap into. Even if it’s just t...

How can you make something better

Let’s say that your passion is playing the guitar. What void can you fill in that marketplace? For example, if you can repair guitars and realize that there isn’t a repair shop anywhere else around, that could be a business opportunity.

You also need to ask yourself how you can make the industry better.

Ways to monetize each passion

Think of all the various ways that you can actually make money off your passion. This may include:

  • Selling an actual product.
  • Sharing your knowledge about your passion by blogging, writing books or filming videos. 
  • Offering advice as a consultant in anything from accounting to gardening.
  • Becoming an investor in an idea that you’re willing to financially support.
  • Inventing a gadget or software that makes life easier for people. 
  • Building an event around your passion, such as a festival or community organization.

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Address It Directly

When conflict arises, you need to raise the issue with the parties involved. 
Emphasize the need for your employees to address it. Explain that negative feelings and thoughts c...

Listen to Both Sides

Speak with each party separately to gain their perspective on what the tension is all about. 

Make sure that along with any emotional information, you discuss specific facts or events that led up to or inflamed the situation.

Bring Both (All) Parties Together

Allow them to share their version of the events or issues. 

Often, this step will elicit issues or facts that the other party was unaware of.

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Segmenting your day

This is an essential aspect  of successfully preparing for your day: you separate your actions into small chunks and focus only on the mini-goals of each segment.

The alternative is...

Leverage the power of systems

Probably the most influential step you can take toward creating a consistent practice of success is to invest in the systems that make your life run like a well-oiled machine.

Systems allow you to leverage your and other people’s time.

Ask for help

We all plateau. It’s frustrating but also a normal part of life. The key to bursting through ceilings, be they mental, physical or financial, is to hold yourself accountable. That doesn't mean accountable for doing it all, but accountable for getting help.

You’ll be surprised by how much further and faster a little help can take you.