“Passion is energy. Feel the power that comes from focusing on what excites you.” —Oprah Winfrey
The hard part is in preparation and more importantly actually deciding what business to start. You’ve probably got heaps of ideas floating around in your head. Some you think are million dollar ideas, while others are more aligned with your true passions and interests.
First, let me ask you this, would you prefer to make money doing something you love? Or would you prefer to make money doing something almost random, just for sake of making money? There’s no right or wrong answer here but if you are just starting out and this is your first business, I highly recommend making money doing something you love. Often you won’t make as much money but at least you will love every step of the journey. And when things get tough (and they will), you will have the determination to push through and overcome inevitable obstacles coming your way.
By learning how to turn your passion into a business and then simply taking heaps of action, you will embark on an epic journey of huge wins, big learnings and personal growth.
So what’s the first step?
Well, there’s actually 5 critical steps on how to turn your passion into a business.
How to Turn Your Passion into a Business
- Discover your true passion and purpose
- Find a profitable niche
- Decide on your product or service
- Find a business model that suits you
- Create a step by step action plan
Discover your True Passion and Purpose
What gets you up in the morning? Are you always looking forward to something over the weekend? These are questions to help you get clarity around your true passion. If these questions don’t do it for you, try out the cool exercise below that I learned from reading ‘The 4 Hour Work Week’ by Tim Ferris.
Take a look at your bank account and take note of all the different things you buy. What types of products do you invest most of your money? e.g. maybe you spend a large portion of your money on the latest and greatest snowboards or you’re always adding new parts or accessories to your car or you always have the latest and greatest protein supplements. No doubt you know more than the average person if you are spending a large portion of your money on certain products.
Most people these days research the shit out of a product before handing over their hard earned cash. Because of this (just as one example), almost everybody has a ‘speciality’ product that they could turn into a business. You could sell those products, create your own or perhaps teach others about them and how to use them. These products or services could be sold through an online store aka e-commerce store. You could even ‘dropship’ them which means you don’t need capital for inventory. All you need to begin is a website that creates a great first impression.
Find a Profitable Niche
Once you have discovered your true passion and purpose, (which is harder than it seems but probably the most important step) it’s time to find a profitable niche. Within your passion, there is certainly a profitable niche. The best part about learning how to turn your passion into a business is that the marketing comes easy. Do you know why? Well, you just have to market to yourself because you are the ideal customer. This goes hand in hand with finding a profitable niche. And there are only two questions you need to ask yourself to determine a profitable niche.
- What do you want the most?
- What is your biggest problem that you need solved right now?
By asking yourself these questions, and because you are the ideal customer, you will be able to brainstorm a whole bunch of profitable niches. Once you’ve brainstormed, utilise a tool like Google Trends or Google Keyword Planner to see how many other people are searching for the thing they ‘want the most’ or the solution to their ‘biggest problem’. And boom! A simple way to validate your idea.
Decide on your Product or Service
This step is pretty straightforward. And you’ve probably got a good idea on your product or service after asking yourself the above questions. e.g. if the thing you want the most is the latest Go Pro, then you could get into selling Go Pros from your own website or perhaps selling every type of Sports Camera that’s not a Go Pro. You could target the people looking for better value for their money instead of falling for Go Pro’s branding. So whatever you want the most, this could be the product you sell.
Or, maybe you are going to solve a huge problem and therefore provide a service. e.g. over the last few years you became significantly overweight, which was negatively affecting your life in a whole range of ways BUT you overcame it and solved your own problem. Maybe you found a great way to improve your body composition or you feel like you discovered a simple secret to losing weight. Whatever solution it is, you could provide it as a service to others. You could even create a product or online course that teaches others ‘How To Lose 30kgs of Fat Without Exercising’ (note: this is just an example – you should definitely exercise ;)).
I know it’s hard when you are first starting out but I hope this is starting to make sense for you. These answers will ultimately contribute to your ‘Value Proposition’ and help you differentiate yourself from your competitors.
Find a Business Model that Suits You
This part is where you decide on a model that makes you money. First you need to decide whether you are going to start an online business or a more face to face or ‘bricks and mortar’ business. Both are fine and sometimes you can do both. This is really all you need to decide on at this stage but it will also depend on the product or service you provide. e.g. if you decide to sell the latest Golf Drivers to men under the age of 30 who are looking to increase their distance off the tee, then you could potentially ‘dropship’ these items. Of course you need an ‘online platform‘, and a supplier. But the more detailed business model here is:
- Customers buy from your website (visitors generated organically or through paid advertising)
- You then send an order to your supplier
- The supplier sends the product to your customer
Not a bad business model if you ask me.
I prefer the online model because It means I’m not tied down to any one location. So find a model that suits you.
Create a Step by Step Action Plan
This part is what most people fail to do. The most important part here is to set a launch date for your business and then work backwards. Set the date 1 month from now and then determine the most important things that need to happen before you can launch. For example:
- Set launch date
- Complete all the steps above
- Define your ideal customer or client
- Hire a web designer to build a website that ensures a successful launch
- Create a Facebook page for your business
- Tell everyone about your upcoming business launch (Facebook posts, emails, word of mouth, etc)
And now for the present that I promised.
A couple years ago I created a short online course that clarifies the above 5 steps. Listening back on it, my voice doesn’t sound that great, but who cares. It was one of the first courses I created. Progression over perfection. Right? It’s got lots of cool images, principles, stories, live Ipad diagrams and even a bunch of worksheets!
It still has heaps of gold nuggets, about 1000 aspiring entrepreneurs already enrolled and it will change your life if you implement the principles.
And now it’s FREE.
FREE COURSE: How to Turn Your Passion into a Business
So, if you want to learn how to turn your passion into a business, click on the link below.
I would love to see your thoughts below so feel free to comment.
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