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9 Ways to Profit From Your Passion

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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IDEA EXTRACTED FROM:

9 Ways to Profit From Your Passion

9 Ways to Profit From Your Passion

https://www.entrepreneur.com/article/280658

entrepreneur.com

9

Key Ideas

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 talking to some of the regulars at your favorite restaurant or bar, their feedback can be priceless.

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.

Don’t be a perfectionist

While you should have some sort of experience or skills to offer, there’s always room for you to learn and grow. 

Don’t wait to start your business until after you’ve mastered a craft. You will continue to hone your skills all along your journey.

Get outside of your comfort zone

Find techniques that can not only help you get outside of your comfort zone but also work on improving your weaknesses.

You don’t have to become a guru. Just familiar enough in that area so that you’re more comfortable and can deliver what people need and want.

Make fun a priority

It’s difficult to maintain your passion as you attempt to grow a legitimate business. 

Always make fun and passion a priority. This means hiring people who are equally passionate as you are about your idea or product, creating policies and branding that reflect your passion, and building a company that feels the same way to others.

Build your skills

It takes 10,000 hours to become a master at something. 

Don't let those hours discourage you from moving ahead with your plan. Never stop practicing on perfecting your skills. Ask for feedback on what you are doing and to track your progress.

Overcome roadblocks

Roadblocks are all of the factors that are preventing you from following your dreams

For example, if you’re not familiar with coding or programming, but require a website, then hire a coder. If you believe that your passion won’t be profitable then look for alternative ways to monetize your passion by being flexible.

Get creative with money

If you need money to help scale your business, instead of going to your local bank or searching for investors, crowdfund your idea on Kickstarter, Indiegogo or GoFundMe.

Another option would be to use peer-to-peer-lending sites like LendingTree where you can get matched with like-minded people directly in your business area.

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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

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Crave what is new and unexplored, and fearlessly pursue those areas. 

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If you have a few projects at a time, focus on one. Work with intense focus. Do not allow distractions.

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Prioritize
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