Hey Shingle People!
As I mentioned on my Instagram page, during the month of February, I’ll be doing a Passion for Profit Series. Starting tomorrow, I will release a new episode every week which will feature four dynamic entrepreneurs who took a burning passion and turned it into a profit. We discuss tips, obstacles, business plans, funding and much more. The one thread that runs through each story is how they never let their nagging passion go unanswered. You can listen to the podcast here and check out episodes here.
In addition to the podcast series, this month’s blog posts will focus on tools and tips for turning your passion to profit. Below are five tips to help you turn your passion to profit.
1. PASSION IS NOT ENOUGH
Let me start with this right out of the gate. First, while passion for what you want to do is necessary, passion alone is not enough. Be prepared to work hard, and guess what, even hard work is not enough. In order to turn your passion to profit, you need to have passion, work hard, know the market and industry you want to enter, know who your ideal client is and most importantly, know how to reach them. Second, be great at what your passion is. Seems like a no-brainer, but we’re not always great at the things we have a passion for. Take some time to assess your skill level and improve it. All of those things have to work together for your passion to translate to profit.
2. SAY IT LOUD AND BE PROUD
Starting a new business, especially from scratch, will force you to continuously live outside of your comfort zone. One of the most important things you can do to build your customer base and reach your target audience is to keep reminding everyone you know and anyone who will listen, about your business. If you think you’re talking too much about it, then talk some more. LOL Sounds crazy but here’s the thing: you need to get really good at giving the 30-second and one-minute elevator pitch about your business. By constantly talking about it, you learn to distill and refine your spiel. Constantly talking about your passion and your business will boost your confidence and help you communicate better with your audience and prospective clients. So, if you’re usually shy, you can’t be, if you’re an introvert, learn to get over it. Your business depends on it.
3. How Do You Do It Better?
We live in an era where if you want something, you can get it 100 different ways. And you can get it online or you can get it shipped to you. So the question you should ask yourself is how are you going to do it better? Find a void in the market you’re in, and see if you can fill it. I know that sounds cliché and even a bit discouraging because so many people are already telling you to start selling your product or your service. But that feedback, while encouraging, doesn’t often reflect the true pulse of your industry. Spend some time thinking about where the void is and how you can offer something different. That will go a long way in setting your business apart.
4. THERE’S NO SHAKE AND BAKE
In the words of Vashti Patrick-Joseph of VeePeeJay, there is no shake and bake to building a business. That means, success doesn’t unfold overnight. It takes passion, hard work, clever marketing, the right audience, and even when you have all of that, you need LOTS and LOTS of patience. You need to put in the work as if everybody is watching, but you know that almost no one is. But eventually, you will turn the corner. That happens for a few reasons: (2) every other person who started the race and sprinted out of the gate got tired and quit and you’re the last one standing or (2) you decided to change things up, and try a different networking or marketing method, or you decided to lead with a different product or service, or maybe you changed your target audience. Either way, you know way more now than you did when you first started. Staying in the game and being prepared for the long haul will reward you in the end.
5. BUILD A COMMUNITY
In order to make money, you need clients, in order to get clients, people need to know about your and your business. Building an participating in a community does that. Sharing your passion with others is a great way to find a community of people who share the same interest as you. That can include blogging, creating a newsletter, writing e-books, or putting on a webinar. Basically, just start talking about what you do, how you do it, and what drives you to do it and others who are interested will reach out to you. Building a community is also a great networking tool because it helps you to get your name out and can lead to finding mentors in the industry. If you stick with it and participate regularly, eventually, your community will evolve into potential customers and followers.
So there you have it. Passion is just passion; it doesn’t necessarily mean you’re going to turn a profit. It takes preparation, hard work, and patience.
I WANT TO HEAR FROM YOU!!
What were some of the steps you took that helped you turn your passion to profit?