4 Ways to Turn Passion Into Profit: You Can Start Today!

Working is a necessity of life, but studies show few Americans actually enjoy what they do. Among the 100 million full-time employees in the U.S., 51 percent admit to being disengaged—in other words, not feeling connected to their job. An additional 16 percent fall into the actively disengaged category, meaning they absolutely detest their jobs and tend to bring down office morale.

Turning Your Passion Project into a Business Venture: The Basics

While some people find solace with a hobby, others turn their personal pursuits into a business venture. Embracing an entrepreneurial spirit is not for everyone, but for the right individual, it can offer freedom to do what you love, a flexible schedule (not less work, however), excitement, and a sense of accomplishment and pride.

For the same reasons, being your own boss can prove to be an effective tactic for recovery survivors, too. This is especially true if the business idea stems from something that helped them come to peace with their addiction, like art therapy, for example. More than just brushstrokes on a canvas (though there’s that, too), this alternative treatment method encompasses jewelry making, cooking, singing, dancing, sewing, woodworking, and creative writing—all of which can be translated into a business idea.

No matter where you’re at in your life, it’s never too late to consider pursuing your own endeavor. Just make sure you know what you’re into getting first.

Are You Really Ready?

Doing a hobby for the sake of pleasure is completely different than monetizing it. Before getting in too deep, ask yourself a few key questions:

  • Will I enjoy my hobby the same when I’m under pressure to complete it—quite possibly in large amounts?
  • Will I be able to handle the financial pressure to produce a profit?
  • Will I be ruining my outlet for relaxation?
  • Will I be able to deal with the good, bad, and ugly that comes from business ownership?
  • Will I be willing to wear more than one hat?

 

Getting Started: 4 Ways to Turn Passion Into Profit

 

1. Assess Your Strengths and Weaknesses

Doing something as a hobby is one thing, but is your product or service polished enough to sell to consumers? If no, then figure out a way to perfect it, or choose another outlet altogether. Alternatively, maybe you’re great at whatever you’re selling, but bad with other aspects of business like bookkeeping. Make sure you get assistance in any areas of uncertainty.

 

2. Find a Niche

While it’s not always possible to reinvent the wheel, having a niche for your business will make it stand apart from the competition. Even something subtle like packaging or an inspirational story can help, so assess every aspect of your product or service to determine its unique potential.

 

3. Create a Business Plan

 While it’s a time-consuming process, a solid business plan can unlock the doors to investment opportunities that can help you do everything from getting the business off the ground to expanding in the future. A professional plan should include: an executive summary, company description, market analysis (very important and requires thorough research), organization and management, description of service or product, a marketing and sales plan, a funding request spanning the next 3-5 years, financial projections (of great interest to investors), and an optional appendix.

 

4. Source Funding

 You’ve got your plan, and now you need the funds to start. There are several outlets to try, so it would behoove you to approach more than one source so you have funding options to compare. But forget the bank. You’re more apt to receive funding from the SBA, peer-to-peer lenders, your personal credit and savings, and crowdfunding.

Related: This Is How to Raise Seed Funding: Advice from Investors at SOCAP

You Can Do It!

Approximately 69 percent of U.S. entrepreneurs start their businesses from home, so there’s no reason why you can’t jump on that bandwagon, too. But if you want to avoid a less desirable statistic—being among the 50 percent of businesses that fail within the first four years—don’t rely on excitement alone. Ample research and a concrete plan will give you the self-confidence you need to push ahead.

 

 

How to Start Your Business After a Career Setback: You Can Do It!

If you’ve recently experienced a career setback, such as a job loss or missing out on a promotion, you might be agonizing over what to do next. One option you might consider is starting your own business. It can be the best thing you’ll ever do to have a meaningful life. Here is how to start your business after a career setback!

If you’ve never pictured yourself as a successful entrepreneur, imagine what your life might be like if you were running your own business. Although it is a lot of work to start a new business, it can be deeply fulfilling work that gives you the freedom to live your dreams, spend more time with your family, and even travel the world.

Whatever you envision for your life, becoming an entrepreneur might end up being the best decision you could ever make. Before getting started, however, you’ll want to do some soul-searching to determine what type of business you’d like to start.

Related article: How to choose a social enterprise idea that will fire up your life. 

Some possible business ventures to consider:

Real estate.

Becoming a real estate agent is a valuable option for anyone looking to start a new business venture. Real estate is a personal practice which, according to Forbes, is a good choice for starting your own business. Personal practices tend to have a better chance at entrepreneurial success “because their growth can be managed.” This has certainly proven true for the real estate industry, which Sageworks reports to be one of the top three most profitable types of small businesses in America.

Computer services.

From computer repair to graphic and web design, this industry is booming. If you are tech savvy (or at least willing to learn), you can make good money in the computer services industry. In addition to not having a shortage of clients and customers, some fields – such as web development – allow you the freedom to potentially work remotely from home. This may be ideal if you like to travel the world or if you dream of spending more time with your family.

Accounting.

Accountants take the top spot on the list of most profitable industries for American business owners. It’s a secure, stable industry with money-making potential. If you’re good at crunching numbers and are familiar with tax laws, accounting might be a good choice.

How to get started.

Whether you want to be a life coach or a web designer, a real estate agent or a professional dog walker, here are some tips on how to get started:

Have a clear plan.

Create your own business plan and get crystal clear on your vision. Write down your business goals for the upcoming year. Determine a strategy for getting there. You might consider meeting with a business advisor, mentor, or coach for assistance. In many areas, the government provides free assistance and advice to new business owners. Visit www.sba.gov to see if you might be eligible.

Get funding early.

Overhead costs, or the amount of money it costs you to run your own business, will vary depending upon several factors, including your location and the type of work you do. For instance, a home-based web design business will have less overhead cost than a professional landscaping business.

If you’ll have to purchase special vehicles, equipment, or deal with other high overhead costs, you might want to secure funding for your business. Sources for funding might include pitching your idea to investors, using a crowdfunding website, or applying for grants from the government.

Get out of your own way.

Author, Mel Robbins says it only takes 5 seconds to change your life. Robbins says we already know deep within ourselves what we need to do to live our dreams. Stop coming up with excuses to stay in a situation that isn’t working. Instead, start taking real action towards your goal of running your own business.

Starting your own business might be just the change you need to get your career back on track. With some hard work, intention-setting, and action-taking, you can achieve business success and live the life you truly want.

If you need some help figuring out what you want to do, or how to get there, check out the Change Creator mentorship program!