Turn Your Passion into Profit
Learning how to turn your passion into profit is a tremendous gift, something many would-be entrepreneurs dream of. But the truth is, many of us don’t even know where to start. I didn’t, when I started my first business.
So I created this guide to help you tackle the process and to show you step-by-step how to turn your passion into profit. It’s a lot easier than you think.
Step 1: Define Your Expertise
In order to turn your passion into profit, you must first determine what you are passionate about!
Crazy how obvious that is, right?
But as obvious as this seems, a lot of us drift through our lives without acknowledging and celebrating our unique skills and capabilities, and how they can be applied to help others. You are uniquely qualified for something.
Once you know what that is, you can apply those unique skills and abilities to a business.
Think about it. You don’t want to build a network marketing business if you hate networking and building teams. You don’t want to sell makeup, if you don’t like wearing it. It’s incongruent with who you really are.
Maybe you love genealogy (as I do — you’ll see me use it quite often as a point of illustration), and you have had great success in Eastern European research. That’s a very specialized skill, and I’d be willing to bet there are people in this world who would pay for help in that specific area.
This concept took me a long time to understand.
I have always loved technology and I’m not afraid to tinker with things and try to break them (virtually impossible in most online environments). This has made me uniquely qualified to shorten the learning curve for people trying to get from Point A to Point B in a short period of time. (If you are struggling with this, connect with me on Facebook.)
What a lot of us do, and I did this too, is try to figure out this whole “make money online” thing and then wonder why we can’t make a sale. Usually it’s because we are not emotionally invested in what we are doing. That may work for a job, but when you are running the show, you need some extra passion and drive to propel you forward. The truth is almost anything can make money online with the right person. There are about a billion ways to make this work.
Whatever your expertise, understand that in order to thrive, you must commit to continuous learning. Then you must be willing to share your knowledge, so you can become known for it, and then make money teaching it to others. You want to be specific and focus. You should also be willing to devote a minimum of 5 years to building.
Step 2: Define Your Audience
Here’s a mistake many new business owners/entrepreneurs make. They think, “my product is so fabulous that everyone could use it.” However true that may be, your marketing will end up very unfocused and vague if you don’t define your target audience.
Let’s go back to our genealogy example. If you specialize in Eastern European history, you may only want to help Americans who have Eastern European heritage and whose family came to the US in the last 150 years. That’s more specific and it’s much easier to target your message to that audience. Even further, maybe your target audience consists of women over 50 with a certain level of income who live on the east coast, because that’s who you develop rapport with the quickest. You need to get really, really specific on this. You can add other target markets later, but specific focus will help you grow.
Step 3: Define Your Target Audience’s Problems
The only reason that anyone will ever pay you is if you can solve a problem for them. To do that, you need to know what kinds of questions your target audience is asking.
Here are a few tips to help you learn a little bit more about your audience.
You can determine if you have a viable niche by answering just one question … Is there a magazine for it? If the answer if yes, do some research. Look at the problems those magazines solve. You can solve those same problems from your unique perspective.
Just about any niche audience has a forum online. All you have to do is go to your Google search bar and type in [niche] + forum. Going back to our genealogy example, check out this search I conducted (below). You can do this kind of search for any niche.
Forums are a great way to discover what your audience struggles with, and to help you hone in on your content. HINT: it’s also a great way to connect with your target audience and start developing those relationships. Answer someone’s question and strike up a conversation.
The better you understand what your audience is looking for, the easier you will find it to create content that helps them.
One of the best ways to understand your target market is to create an empathy map.
You can find out more about empathy maps here. It’s worth digging into.
Step 4: Tell Your Story
Customers want evidence that you are able to solve their problems. Tell stories about how you were where they once were and what you did to solve the problem.
We are taught to celebrate our successes, but I say also share your failures and the teachable moments you got from them. You are more likely to engage your audience if you can show them how you overcame a specific problem and how you can help them overcome that problem too.
My technical expertise, for example, allows me to help others who are starting an online business connect all the pieces and master the technology to do so. I spent years, literally, learning through trial and error and buying courses, before I really understood how it all worked. But now, I have a specialty that helps others. I solved my own problems and have now put myself in a position to help others.
Step 5: Create the Solution
This is where the rubber meets the road. All that thought and research has to translate into your product, your solution to your audience’s problem. And it has to be something your audience is willing to spend money on.
With my techie example, I could approach this in a few different ways —
- A done-for-you service, at an hourly rate
- A video training series teaching a specific skill
- An online course, lasting several weeks or months, that teaches multiple skills
In the next step I’m going to talk about delivery.
Step 6: Create a Blog
A blog is a dynamic website, like you are looking at right now, where you showcase your expertise and your interests. Your aim is to use your blog to provide value and associated products to your target audience.
There are so many ways you can provide content on your blog — videos, articles, pictures — all of which are ways for you to share your specific expertise.
If you use a blogging platform like the one I have, you are free to create and promote whatever products you want, which is fantastic, because you really can create a viable successful business in a very short time.
What is Blogging and Why is it a Great Strategy?
A blog is also a great way to capture leads. People read and like your content, and then you offer something for free, which your prospects can download in exchange for their email address. It’s really very simple and a great way to increase your audience.
BUILD YOUR BLOG & BRAND NOW
FINALLY an 'All-in-1' Blog Bundle to get a PRO Self-Hosted Wordpress Blog Online in 1 Click, AND Learn from a 7-Figure Blogger
Step 7: Share FREE Content
You want to give free value to potential customers BEFORE you pitch anything. It is not unlike a first date. You wouldn’t meet a first date and immediately propose marriage. Don’t dump your opportunity or product all over your prospects, no matter how great it is.
Offer value first, and make it really good stuff, not junk. In fact, make it your best stuff, because if you are mastering your subject, you will always be learning more good stuff and will have no shortage of ideas. Then, when they are engaged, you can direct them to complementary products that are for sale — “hey if you like that, you will probably love this.”
It really is that easy as long as you don’t lose your head. Presumably you LOVE your products and your business, since we are talking about how to turn your passion into profit, and you want to tell everyone all about everything you do, but you must resist. Take a step back. Trust me on this. Everyone likes to buy, but nobody likes being sold.
Step 8: Partner with Like-minded Entrepreneurs
Once you have done all of the above, connect with leaders in your niche. Of course, you will be following a bunch of them already, so that you can continue to learn and grown in your business.
Don’t ask for help from them, offer it. Let me reiterate — ask for help by offering it first. In other words, you offer to share some of your chosen partners’ information with your audience because it’s so valuable, and you don’t ask for anything in return. Just continue to build the relationship with that person, share their information, provide your own unique value. Professionals will reciprocate, but you have to make the first move.
Rinse and Repeat! That’s right, just follow through with these steps again and again, always learning and improving every aspect of your chosen field, until you have a business you can be proud of.