Follow your passion, do what you love and the money will follow. Most people don’t believe it but it’s true.Oprah Winfrey
What does follow your passion mean?
If you have a strong feeling of enthusiasm or excitement for something or about doing something, then you have a passion for it.
Studies show that this can have incredible benefits for your mental and general well-being.
The best part is having the ability to monetize your passion and make a whole lot of profit from it.
However, not many people are able to pull it off.
They are unable to run a successful business out of doing something they are passionate about.
If you fall into this category, this article will show you 7 proven ways to turn your passion into profit.
Let’s get started!
1. Discover Your Passion
The first step to turning your passion into profit is to ask yourself the following questions:
- What are you passionate about?
- What unique skills do you have?
- What kind of questions do people ask you the most?
- What can you talk about without having to practice?
- What life experience do you have that can help others attain their desires or overcome their problems?
- What do you enjoy helping people do for free?
- What can you spend hours learning?
The reason for asking all these questions is to discover something that you are excited and motivated to do every day.
If I were to take do exercise, I’ll list my passion as:
- Digital marketing
- Content writing
These are the kind of things I can do all day without getting bored because I’m passionate about them. I see them as my hobby and I’m able to monetize them
The truth is you don’t need to be an expert on a topic to provide value to people. This is a common misconception that prevents a lot of people from starting.
You can provide value to many people and chances are that you don’t realize how much you know compared to the next person who could really use your help!
Here is a simple tip you can use to discover your passion:
Imagine you are in a room full of a thousand people. What can you talk about for hours without getting tired?
If you are the type that has a passion for various things, It may take some time to figure this out.
Once you gather some ideas of things you love to do, grab a book and list them all.
2. Determine if there is a market for it
Once you have a list of things you are passionate about, it’s time to figure out if there’s a market for it.
This step is important because, in order to sell your knowledge, there have to be people willing to pay for it.
And how do you figure this out?
By doing something called Market Research.
According to Wikipedia, Market research is an organized effort to gather information about target markets or customers. It is a very important component of business strategy.
How to do market research
Before you launch your business, ask yourself, who would benefit from your knowledge?
This is called your Ideal Customer.
And the best way to find out is by creating a Buyer Persona or Customer Avatar.
A Buyer Persona is a fictional representation of your ideal customer
You’d want to know things like:
- Job title
- Marital status
Once you know and understand your target audience, the next step is to find out where they are.
Is the market size big enough for you to profit from it?
Where can you most likely find the type of people that will pay for your knowledge?
You will most likely find these people on social media, groups or online forums
The next step to understand their challenges.
How can you help them overcome their pain points?
Is there something they want to learn that comes easy to you? How can you help them learn it?
Take note of these things.
Do a bit of competitors research. Are there other people doing the same thing?
What makes them unique?
What competitive edge do you have over them?
Also, take notice of their prices for you will need it when you decide to create a product.
Now that you know who your target audience is, it is time to create content.
3. Start Creating Content
Content is something you create to inform, educate or entertain your target audience.
It can be in the form of writing, videos, images or audio.
The goal is to create something your audience is also passionate about.
For example, if you are passionate about travel, ideally you would create content around travelling, lifestyle, etc.
You can post images and videos around anything travel related.
People interested in travelling will follow you.
You can also post tips about best travel deals, honeymoon locations, memorable locations and so on.
The content doesn’t always have to come from you or your experience. You can curate and post content from other travel enthusiasts.
4. Build a Following
A following is a group of people who are interested in your content and who will want to stay updated on the information you will share with them.
You’d want to build a strong relationship with these people because they will look to you as an authority and will seek and take your advice.
They will take you as an influencer.
This way, you can easily influence their buying decisions when it’s time to sell or refer a product or service to them.
You can build a following on:
- Groups: Facebook, WhatsApp, Telegram
- Social Media: Facebook, Instagram, LinkedIn, YouTube, Twitter
- Online Communities: Nairalnd, Reddit, Quora
- Online Publishing Platforms: WordPress Blog, Medium, Ghost, Write.as
You can also join the above platforms and network with other people who have the same passion as you.
The purpose of this is to start communicating with your audience so you can build rapport.
As long as you give them value, they’ll want consistent communication from you where you’ll eventually be able to sell targeted offers to them.
The goal here is to build a list of prospective buyers and convert them into paying customers.
And there is no better way to do this than the use of email marketing which brings us to the next step.
5. Build a List of Prospective buyers
The next step is to set up a website and build an email list.
Don’t be scared, it doesn’t require coding knowledge.
A couple of YouTube videos later, you already have a website.
The idea is to drive traffic from your blog and other platforms to where they can opt-in to an email list.
Some people would opt-in to get more valuable content.
However, you need more than just asking them to subscribe to your email list.
You need to give them an incentive to join.
To do this, set up an opt-in page and create a valuable freebie.
A freebie is a resource you create and give your audience for FREE in exchange for their name and email address.
It can be an ebook, a free course, a checklist or a guide.
It must be something valuable that solves a problem.
Once you have gotten their email address, you can now send email newsletters to educate them more.
Your content has to be centred around something they are interested in and aligns with your passion.
Be careful not to start selling to them immediately. That’s a major turnoff.
You’d want to create a bond first. Nurture them, help them and send them more freebies.
The idea is to get them to trust you. Give value first.
Once you have built enough authority, now it’s time to turn your passion to profit.
6. Monetize Your Passion
Have you ever heard of the phrase “there’s money in the list?”
This is the part where you turn your passion into profit.
Once you have been able to provide more than enough value for free, the law of reciprocity kicks in.
By now, you should already have a product or service to sell to your list.
Whether it’s an ebook or online course to teach them how to overcome their problem.
They will be compelled to pay for it.
And if you don’t have a product to sell, you can also become an affiliate of other products.
An affiliate is someone that promotes a product or service and earns a commission whenever a sale is made.
One way to make money as an affiliate is to register on affiliate websites related to your passion or area of interest.
This way, whenever you write articles, you can include your affiliate link in your posts.
Another way to make money as an affiliate is to join Affiliate Networks.
There are Affiliate Networks where you can promote other people’s products and earn up to 50% commission.
Some of them include:
- CJ Affiliate
This method also works on social media and groups but Email Marketing still remains the most effective.
Do you know it’s five times more expensive to get a new customer than retaining an old one?
That being said, the lifeblood of any business is sustainability.
You need to generate a continuous cash flow to keep your business running.
To achieve this, you need to scale by selling, upselling and cross-selling more products to your existing customers and also acquiring new customers.
For example, if you started by selling an ebook, you can upgrade to selling online courses, consultations, mentorship, membership and so on.
It’s a process. But you need to start from somewhere.
Over to you
There you have it! 7 proven ways to turn your passion into profit.
Rome wasn’t built in a day. So don’t expect this to be a walk in the park.
- You have to first discover your passion
- Find out if there’s a market for it
- Starting creating valuable content for your audience
- Build a following of people with the same passion
- Build a list of prospective buyers
- Monetize your list
- And scale to greater heights
You have to put in work and be intentional about getting results.
This is why it has to be something you are passionate about because you will need all the motivation you can get for when the going gets tough.
If you need someone to help you turn your passion into profit, you can contact me.
Did I leave any important step out? Do you have questions or feedback? Kindly leave a comment below.