How do you really turn your passion into profit and get paid doing what you love?
This step-by-step guide will show you how to turn your passions, talents, skills and interests into profitable business ideas.
You can avoid guesswork to decrease your risk of failure. Instead, you can do simple market research on the potential profitability of your idea BEFORE you start working on it. You can have a realistic chance at success from the very start.
Working in a business or job you hate is an assault to your spirit as well as your body. It can suck the life out of you. It can deplete your soul.
Most people want their work to be more than a way to earn a living. They want their work to feed their heart and soul.
Millions of people dream about doing work that they love, but they don’t know how to get started.
It’s crucial that you combine your passion and your idea for profit. You need to find a market that’s willing to pay for what you are passionate about.
If you’re just focused on pursuing your passion — without considering profitability — that choice will eventually kill your business. It will also be hard for you to continue your work if you’re not making any money.
If you start a business just focused on making money — without considering your passion and interests — you will eventually be bored and miserable. It will be hard for you to get motivated to do any work.
What’s the best strategy?
Before starting a business, blog, website, email list, product or any money-making idea, you need to do simple market research. You need to consider your passion and interests as well as potential for profitability.
This is where most people fail. 🙁
Most people fail from the moment they choose to follow an idea that is based on a hunch; for example, the idea seems like it could make a ton of money.
Most people think of a blog, website, product or business idea… they get all excited about it and they get started.
They don’t bother with any kind of research or even testing their ideas out before they commit to them. This is a very risky way of doing business. It’s hit or miss. They’re taking their best shot at success.
Before brainstorming ideas for what you’re going to create, it’s crucial that you have some guidelines that can give you a more realistic chance of success from the beginning.
Step-By-Step Guide for Turning Your Passions, Talents, Skills and Interests Into Profits
1. What are your passions and interests? Compile a list of topics you have experience and interest in. If you’re passionate about something, you’ve done a lot of things related to that area of interest; so, you’re likely to have a lot of experience in that topic.
List your passion, talents, interests, hobbies, recreational and work-related activities.
Need more ideas? Browse the categories in DMOZ directory to get additional ideas. It is the largest, most comprehensive human-edited directory of the Web.
2. Do you have a hungry market in search of products? Determine potential demand and profitability of your chosen topics. You will be able to narrow down your list of topics based on information you get from this step. Mark any topic that has profit potential.
- Go to Google.com and search your topic. If you don’t see any paid advertising related to your topic, then STOP. You probably do NOT have a potentially profitable niche. If there’s any money to be made, lots of advertisers would have already been promoting products and services related to your topic.
- Check out various categories in Magazines.com and Dummies.com. If there’s a magazine or a book for dummies based on your topic, then there’s enough interest in it. You may have a potentially profitable niche.
- Check out Udemy.com courses. If there are bestseller courses based on your topic, then you may have a potentially profitable niche.
- Check out Clickbank.com Marketplace or CBEngine.com (a search engine for ClickBank affiliate products), Amazon.com Bestsellers (to get more results, click this link on the left sidebar: “See All 20 Departments”) and Ebay.com. If there are bestseller products based on your topic, then you may have a potentially profitable niche.
Make a note of the products people are buying related to your topic. Make a note of the prices they’re willing to pay. Information about products sold and pricing may be useful for you, if you decide to create products later.
For steps 3 and 4 (shown below), you will only focus on topics with profit potential based on research you’ve done on step 2.
3. Is your market large enough? Determine potential traffic available for your remaining topics with high potential for demand and profitability.
Write down 5 main keyword phrases that describe each topic and what it does.
You want a large number of searches for keyword phrases related to your topic and reasonable level of competition. Focus on medium and low-competition keyword phrases. The average monthly searches for the main keyword phrases for your niche or topic should be at least 10,000 or more.
If you’re planning to create a product, you want the keyword phrases related to your product idea to generate average monthly searches of about 50,000 or more. Lots of searches indicate that there are lots of people potentially interested in your product.
4. Is your market monetizable? Are there sites selling products or services to your market? If you want to start an Internet business, an email list, a blog or a website, you also want to make sure you have multiple products you can potentially sell to your audience or subscribers. Visit Clickbank.com Marketplace or CBEngine.com, JVZoo.com and WarriorPlus.com for affiliate products you can promote. You can also check OfferVault.com for CPA offers from affiliate networks.
After successfully completing steps 1-4, you can start an Internet business, an email list, a blog or a website with high potential for demand and profitability as well as high potential traffic with reasonable level of competition. You will also have multiple affiliate products you can potentially sell to your audience or subscribers.
If you’re not planning to create a product, you can skip steps 5 to 7 (shown below).
5. Are there potential buyers for a product you’re planning to create? To determine potential demand for your product idea BEFORE you start creating it, you need to do a sales test. You do not want to invest a lot of time and money creating a product that may not have any potential buyers.
BEFORE you create a product, you need to create a sales page based on analysis of competing products.
Go to Clickbank.com Marketplace or CBEngine.com, JVZoo.com or WarriorPlus.com and analyze the features and benefits of top selling competitor’s products similar to your idea. Create the sales page for the product you plan to create based on the benefits and features of your competitor’s products. Add unique selling points that can differentiate your own product.
6. BEFORE you create your product, can you generate sales for it? Test your sales page using pay-per-click (PPC) advertising on Google Adwords or another PPC platform to see how well it sells.
If you have any sales, give refunds immediately and inform your customers that your product is still in development. For the inconvenience of buying a product still in development, you can offer these customers a free product once it’s done; you can offer a different product, if you decide not to develop the current product idea you’re testing.
7. Did your product sales test make a profit? If so, you can get started creating your product. If your sales test broke even, then you can improve the sales page and do another test. Alternatively, you can decide to just go ahead and create your product, if your sales test broke even.
After you create and launch your product, you can keep tweaking your sales page until you maximize your sales and profits.
If you had zero sales during the sales test, then you need to reconsider and ditch your product idea. The testing process is the best way to avoid investing a lot of time and money creating a product that has little chance of selling.
You can turn your passion into profit and get paid doing what you love.
Instead of a hit or miss approach, it’s better to follow these simple guidelines that can increase your chances of success from the very start.
Turning Passion Into Profit: Entrepreneurs Making Money Doing What They Love
Want ideas and inspiration from entrepreneurs who turned their passions into profit?
- 11 Tips to Start Earning Money Doing What You Love, from People Who Have Done it — 11 entrepreneurs share their best advice for veering off the beaten path and building an income doing something you love.
- From Passion To Profit: How To Make Money Doing What You Love — These people used technology to turn their passions into careers. Find out what they learned along the way.