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How to Turn Your Passion Into Profit

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.

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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

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.

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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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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An old concept

Beauty supplements aren’t a new concept. We've been able to buy hair and nail formulas for decades at the drugstore.

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The beauty supplement market

Although beauty supplements were a small part of the beauty industry previously, they are now becoming increasingly popular. The global beauty supplement market is growing rapidly and is expected to reach $6.8 billion by the end of 2024.

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beauty supplements have become hope in a bottle.

Marketing supplements

The concept may not be new, but the techniques used to market supplements are.

In 2013, companies realized they could make use of social media to promote their supplements as youthful and fun.

One of the attractive qualities for supplements is a strong engagement on social media, with packaging designed to be super-shareable.

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The lesson we all got to learn from Martin Luther King, Jr.

Throughout history, some individuals got to play bigger roles than others. Among them, Martin Luther King, Jr. taught us that the success of a cause depends directly on the involvement of the peopl...

The lesson learned from the movie 'Kim Man-bok'

According to the main character's behaviour, one should used other means of negotiation besides persuasion, which is, undoubtedly, of high importance. For instance, why not try using the very language of the counterparts, if possible. It can lead to unexpectedly good results.

The lesson learned from Buddha

Buddha's belief that anybody can changed is a powerful tool in the hands of good coaches. Having trust in people's ability to change can prove to be way more effective than believing that they can't.

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