I get asked this question A LOT… “So, how do I make a profit from my passion?”
First, in order to make money from your business, you need to learn what is actually a valuable and marketable product or service.
Secondly, you may not know what your business will actually achieve but once you begin to provide structure to your business you’ll start making money.
Maybe you are brilliant at writing, design, cooking, photography, or illustrations. Maybe you are passionate about backend programming, producing events, fashion, stationery, or styling. No matter what your passion is, try to apply the following 5 tips on how to make a profit from your passion.
Here are five things I’ve learned over the years from starting a business to having a profitable business.
BE GREAT AT ONE THING
We live in a world where there’s a lot of vanilla, sameness and mediocrity – this will get you nowhere – you simply must be great! Don’t be intimidated by others, let it motivate you to practice your craft and perfect it.
TREAT YOUR BUSINESS LIKE A BUSINESS
Show up to work every day to move your business forward. Your business will be built through passion, hard work, long hours, and structure. The key: create a brand that you believe in and love!
KNOW YOUR VALUE AND CHARGE APPROPRIATELY
Putting a dollar sign on your passion is a hard thing to do. There is no perfect formula. And it’s probably going to change often over the years. What works for me might not work for someone else, even in the same line of work.
When you are deciding what to charge for your work consider:
– your costs such as rent/mortgage, groceries, gas, etc.
– your business + production costs like equipment, supplies, marketing, travel, employees, etc.
– what you specifically want to offer your target customer, and
– how much time the job takes.
For most, time is the most valuable thing we have, so don’t be afraid to charge appropriately for your time.
It’s important to factor your time for the ENTIRE job from the beginning to the end – phone calls, emails, preparation time, meetings, post-production time, and creating the finished product or service for your customer.
BE SMARTER, NOT NECESSARILY BIGGER
In order to be profitable, you need to make choices that will allow your business to actually profit. Ask yourself, “what life do I want to live?” Is it a home office, small business, flexible, X amount of dollars in the bank, etc.
“The essence of strategy is choosing what not to do.” – Michael Porter
As your business grows and you start to make more money, consider different ways that you can do business smarter…this could be keeping overhead costs down, getting rid of products or services that aren’t very profitable, and actually start paying yourself more for your time and talents.
Your business will constantly change. But it’s necessary to have structure and still be open to change…have an open mind and dream big!
Follow your passion, create brilliant work, share your best work on social media, do what it takes to be the leader in your industry or niche, take things to the next level, and be willing to take risks. Don’t allow fear to hold you back and tell you no. Build a brand that inspires you and your target customer. Live your dream.
I know you can do it! And if you need some help along the way, you know where to find me!