How To Turn Your Passion Into Profits
They say there’s no better feeling in the world than making a living doing what you love, and here at tispr, we agree. But how do you start turning your passions into profit? The answer isn’t so complicated—just take it step by step. Here are some tips to help you get started.
Lean into your passions
First things first—decide what you love to do. You’d think this would be the easy part, but it can feel daunting when you sit down to think about it. Do you have any hobbies that would translate well into a freelance business like design, photography, writing, or crafting? Many great businesses started when someone took their passion and expanded it into a business. For example, the successful CoolHaus ice cream brand was formed when co-founder Natasha Case combined her love of baking and architecture. Think about your passions and how you can express them in new ways.
Find your niche
What value can you bring to market using your unique skills and passions? Is there a hole in the market for something you love? When Elizabeth Cutler and Julie Rice started SoulCycle, they wanted to create an alternative to fitness routines that felt like work. That was their niche—making working out a joyful experience instead of a hassle.
If you can find the thing that differentiates your product or service from everything else out there, your business will have a much better chance of gaining traction. The more specific, the better—so put some time into it and think hard about what your business will bring to the people who need it most.
Engage with the community
Once you’ve figured out your business angle, start talking to the community around it. Engage with people on Twitter and Facebook, and take part in conversations on Reddit. Comment on other people’s posts and provide your own commentary, advice and wisdom on a topic. The more engaged and tuned in you are with the community, the easier it will be to leverage your audience when it comes time to sell.
Start on the side
Ease into your business by starting it as a side gig while you still have your main source of income. This will let you raise the capital you need to start your business, and also provide a cushion in case your passion project isn’t profitable from the start.
Write a business plan
Creating a business plan will help you discover key information about your new endeavor—including your target audience and how to reach them, who your main competition is, what exactly you’ll be offering for purchase, how to price your products or services, budgeting, and more. All of this will help you as you make your business dreams into reality.
If you ask most successful people how they got to where they are today, they’ll tell you it didn’t happen overnight. It takes years and years of hard work of slowly building your skills, network and audience to succeed. So don’t get discouraged if your passion project doesn’t take off as quickly as you hope. Just keep working hard. Because anything worth having in life is worth working for.