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Perhaps you have a passion that's currently a hobby, but you would love to see it become something more. Or, maybe you're dreaming of starting a new business but can't imagine how it would ever become profitable. Whatever the case, these tips to turn your passion into a business could come in very handy. Because, if you love something, you might as well get more than just joy out of it. Why not get some cash, too?
Turn Your Passion Into a Business
First of all, this might seem counter-intuitive, but you want to make sure that you want that passion to become profitable. It's possible that you don't want to mix business and pleasure, as they say. For example, one of my passions is painting. I do sell my paintings, but I decided a long time ago that I would never try to turn my painting into a business, because I really wanted to do it just for the joy of it. I'm happy with that decision, too. On the other hand, I also make music. I have a major passion for writing and recording music, but I also try to do all the right things to make it a real business, too. So, decide if you even want to turn your passion into a business.
If you do want to turn passion into profit, the first thing you should do is to obviously pick which passion you want to monetize. Ask yourself, what's the market for this project? Forbes.com suggests to make a real business plan early on. "A business plan is a roadmap that outlines how you will turn your passion into a viable business," they explain. "It should include your business objectives, target market, marketing strategy, financial projections, and operational plan." A good business plan is often what separates successful entrepreneurs from those who fall short.
Another big step is to identify your target market and figure out how to best serve them. Success.com says to "have a clear picture of their greatest needs, hurts and interests." They add that, "A great thing to do at this point in pursuing your passion is to interview your target market (use social media polls, etc.) to get a clear understanding of who they are and what they want."
As you move further in your launch, ask those in your network to help, especially if you're somehow related to your field. Forbes.com also suggests to "start small and scale gradually." Don't have an unrealistic expectation of what you can deliver on day one. Above all, have fun with it, because if you're having fun, your clients and customers will, too. Contact me with your tips for success, too.
