How Do You Turn Your Passion Into Profit
If your a creative like me and your just starting off you probably have a thousand ideas, your not sure where to start or how to organize your ideas. And you likely have a people that are already willing to pay you for your services. But the big question is can you take that hobby and turn it into a profitable business.
On my journey to figuring out how to turn my baking company into a profitable business I learned on my feet and because of that I made a lot of mistakes and some of them were costly. In this post I am going to share with you the things that most helped me turn my passion into a profitable business.
Turning my passion into a profitable business that I still love has been an amazing journey that I am still on. In today’s technological world and Social Media world there is not enough time to rest without a new trend to learn. Throughout my journey I am always happy to come across other Femmpreneaurs that are at various levels of their business. One of the most common questions that I get are, “How did you turn what your passionate about into a business?”. The follow up question is inevitably ” Do you have any regrets?”
Do you have any regrets?
Let me start with my favorite questions. “Do I have any regrets?” My answer is simple. I only regret is entertaining the views of others that did not understand my vision so they told me that I could not do it. Or it was not possible to make a living doing it. YOU are the only one that knows what your dreams really are. So only YOU can bring your dreams to life! But, at the same time I am happy for them because they gave me the drive to prove to myself that I could.
“Dream Big and Plan Bigger” – Boss Diva
Dream big but plan bigger. Why? Passion is great, but its not enough to build a sustainable and profitable business.
“Passion is energy. Feel the power that comes from focusing on what excites you!” – Oprah Winfrey
7 Steps To Success
In this post I am going to go through what I found to be the “Top 7 Steps” that I took to turn my passion into a profitable and sustainable business. Take note of that word “sustainable”. If you don’t take the time to have a plan that is sustainable for you, your business and your passion you will inevitably burn out or loose the passion that gives your business life.
step 1: research! research! research!
This is the most important of all your steps. It is the most difficult and because you have got to take the passion that you would like to turn into a business and remove your emotional attachment to it to truly see if your business idea is capable of being turned into a profitable business or maybe just a side hustle.
Your research is going to focus on the: WHO is your target market? WHAT is your niche/trend? Where are your customers? And How much will it cost so you know how much you will make? ,For example. if your passion is making jewelry you are going to want to find out
step 2: build up your foundation
Have you ever heard that saying, “Those that fail to plan, plan to fail.” Truer words have never been more true. Once you have done all you research and you confident that your passion can be turned into a profitable business you need to set your foundation to ensure your success. One of the best tools that you can take the time
and put together for your business is your Business Plan. Your Business Plan is the blue print of your business and will help you make critical decisions for your business.
Your business plan will not only help you build your mission statement but will help you identify your target audience, pricing, competitors and what risks you might face. By having a business plan in your back pocket you also have something to refer back to when you want to grow or make changes to your business. A business plan, although time consuming is the an essential if you want to have a successful business. If your still feel like your too excited to stop and do a business plan, here are a few more reasons:
- Make Business Planning Manageable & Effective
- Test The Feasibility of Your Business
- Secure Funding
- Attract Investors
- Give Your Business The Best Chance For Success
Many people are so excited about their new business idea that they don’t take the time to do the necessary research to build a proper business plan. But the more you know about your industry, competitors and prospective clients the more chance of success your have for your business
step 3: make realistic time-lines
Take your overall objectives or goals and break them into smaller manageable tasks. Every business has By breaking down these large goal into smaller tasks you can assign deadlines for these tasks that are more manageable you can also attach them to a timeline or scheduled so you can track your accomplishments and see watch your results build. This is not only a tool to keep you on track but also a great motivational tool. One of my favorite apps to help me to do project management is Monday. This app allows you to set various tasks with due date remi
nders and you can also assign tasks to other members. Another amazing paid for app for creatives that will need client management is Dubsado .
step 4: Tech Your Business
In today’s day and age there is an app for everything. But how do you choose the app that is right for you and your company?
The best way to choose t
he Apps that are right for your business is to focus on the Apps that best fit your business. But there are ones that every company will need, especially if you are just starting out. You will need an App that will help you with Project Management. Staying focused and on track while building your business or making changes can sometimes become over whelming. But with the right App you can set realistic goals and set timelines that you can meet.
Keep track of your finances with a bookkeeping App. Its important in every stage of your business to know where you are spending your money and where you are making money. Trust me your accountant will thank you later! You can also see at a glance where you are spending your money and if those areas are bringing in revenue. And for those areas where you are tracking your spending vs profit you can make knowledgeable decisions on making changes on spending.
If you currently do not have a method to inv
oice your clients you are going to need it! Not only will it keep you organized and help you keep track of your sales it will make you look professional to your clients. Look for on that will allow you to personalize your invoices and you can export data. This way when you ready for for a website you can import the data to your website or your accounting App.
Always try to out the Free Versions first. The last thing you want to do is invest into an App that does not work the way you hope. There are a lot of free versions apps that work amazingly. Check out my post on 5 Must Have Apps
step 5: Align with like minds
One of the best steps that I made was to network with others that are of the same mind set. Networking with others that are on the same path as you will change your perspective on the decisions that you make surrounding your business. While talking to others that are on the journey you will know that you are not alone. You will also get the perspective of others that are likely facing the same challenges or have also navigated some of the challenges you may face.
I used to live in a neighborhood where everyone would try to get me to buy into their pyramid scheme, (never bought a cake) but had all the latest pyramid scheme buy ins that existed. After moving out of that neighborhood I currently have neighbors that I drink wine with and we talk shop with! Every time I think I’ve reached the limit of my imagination for my business they have a glass of wine and motivation to offer. I love my neighbors!
Remember to Level Up your Networking. Find people that are where you want to be. These people are your gems! Not only will they have insights on meeting your business goals but they will be an amazing source of inspiration.
Turning your passion into profit can be a scary decision. But it can be one of your greatest achievements by taking the time to plan it out. Set yourself up for success with these simple steps. Success doesn’t happen overnight, but it will come as long as you do your research and commit to your dream.