4 Ways to Leverage Your Passion for Profits
Posted on March 02, 2015 by Dakim Duncan, One of Thousands of Business Coaches on Noomii.
Many businesses were started because someone was simply pursuing their passion. Successful people find a way to identify and monetize their passions.
From knitting to skydiving, most of us have an interest or hobby that fills us with enthusiasm. Your passion may be the key to extra income or an entirely new career; many businesses–small and large–began with an enthusiast who turned a passion into a profitable enterprise. Leveraging a passion for profit may take some initial time, effort, and strategic thinking; but you have the advantage of expertise in your product or interest to carry you forward. Here are four ways in which you can turn your passion into cash:
1. Sell it
If other people love your handcrafted articles, you may consider selling them locally or online. Local outlets include home sales or demonstrations, fairs, shows and conventions, or retail businesses that accept articles on consignment. There are also a number of websites that sell handmade articles; they generally charge a small fee for posting the article, and/or a percentage of the selling price. For these, good photography is necessary.
2. Teach it
It is often more profitable to teach other people how to make things than to sell the things themselves. You can hold classes at your home or at a local community center. You can also look through the catalogs of community colleges and high school districts to see if they offer courses in your field of interest. If no instructor’s name is given, it is possible that the organization has not yet hired someone to teach the subject and there is a job opening for you. You may be able to demonstrate your passion at a special event and teach a short introductory lesson to encourage people to sign up, or have your products available for sale.
3. Write about it
If you’re good with words, writing about your passion may be profitable. Magazines and websites like to publish well-written, lively pieces that demonstrate how to make attractive or useful articles, or get started in a leisure activity. Professional-quality photos will enhance your written work and make it more likely to sell. Another way to use the written word to make money from your passion is through blogging. This is a long-term strategy, as it takes time and persistence to build up blog traffic. The key to successful blogging is clear, authoritative writing, authenticity, consistency (posting frequently at regular times) and being responsive to people who comment on your blog posts or ask questions. Money can be made through blogs either by selling your own products or by attracting advertising revenue.
4. Team up
Finding a business partner whose passions complement yours can be the start of a whole new synergy. This could be someone who offers similar products or services to your own, so that you can effectively double your output and share administrative tasks. Or it could be someone whose product or service can be used in conjunction with yours. Look out for possible partners online, at trade shows and at your local retail outlets, and take your time to find the right fit.
