Passion to Profitability: 6 Tactics to Making Money
Do you feel that there is a better way to make a living when it comes to your work? Is the daily grind more than just the 40 or 60 hours you put in at your job or business, spilling negativity into your personal life?
As one of my coaching clients put it, “there is no freedom in the 9-5”, referencing the corporate enslavement she feels accepting a salary even for prestigious position at a nuclear power plant.
Pursuing your passion can be an effective and meaningful way of creating wealth and abundance. Spending your day on things that fill you with energy and enjoyment contributes to the level of happiness you experience.
What a way to build and life your life, right?
Imagine getting up every morning and instead of an alarm clock starting your day stressing you out, your passion and love for what you do PULLS you out of bed. You literally cannot go to sleep at night and cannot wait to get up in the morning! Finding yourself in your “A” game everyday is an exciting daily reality. What a way to find yourself in a position that keeps you young at heart, energetic and passionate!
However, creating an income stream from your hobby or passion can be challenging. There are a few obstacles that commonly get in the way when attempting to monetize what you love to do into a career or business. Here are some things to consider:
Manage these challenges and earn a living in a meaningful and exciting way:
- Total commitment. Any entrepreneur will tell you that making a living on your own is much more challenging. If you have an office job, you’re still getting paid while surfing the internet, getting a cup of coffee, or using the restroom. If you’re a one-person show, that’s often not the case.
- The work required to realize success can be long and challenging. Fortunately, if you’ve chosen a field that truly excites you, it won’t feel like work. Enjoy yourself, but understand there can be long days ahead.
- Even if your field of choice results in conventional employment, it can take time to see the results you desire. Changing fields often means starting over again at the bottom. Commitment and patience are often required to reach the top.
- Even starting a side-gig or home-based business requires you to put in the effort, at times harder than you would for your boss. The reality is working for yourself is the worst boss because most people let themselves off the hook too easily. Opportunity is wrapped in this funny thing called “hard work”. The gratifying thing here is at least you are doing it for yourself and you will look back to have something to show for!
- Right career but wrong field. You may love teaching, helping, educating, coaching, creating, transforming, etc…but you don’t make any money doing it. Or, your lifestyle and family is held behind because your field simply does not pay. The good news is there are plenty people in the same boat. You can apply your skills to creating the perfect career or business by asking better quality questions of yourself and demanding more from your life.
- You might love fishing, but dislike the rigors of competitive fishing. You might be happier designing fishing lures or being a fishing guide. Not everyone that loves kids would enjoy owning a daycare. Think about all the options available to you and choose wisely. There are multiple ways to make money within any field.
(Speaking of fishing, consider checking out SaltStrong.com by Joe Simonds. The owners are a couple of my buddies in the financial services industry who, after 13 years, decided to leave our industry and follow a childhood dream as brothers.)
- A lack of focus on value creation. You might know a lot and be a great person, but if you want to be paid, it IS necessary to provide value to someone. How you can use your passion to provide real value to others? How can you solve real problems with your solution? What will be different about your end product and client experience? How can I use my personal challenges to help make someone’s life better by showing him or her a different product or service that avoids the negative experience they are about to face?
- Self-sabotage. Are you uncomfortable with the thought of earning money by providing assistance to others? Remember, your doctor and mechanic are helping others and earning an income. Professionals earn a living by taking advantage of the challenges and lack of expertise faced by the general public. As an entrepreneur, your responsibility is to make money.
- Be comfortable properly charging for your products, services, and time. You deserve to earn money when you’re providing value to others. Avoid commoditizing yourself and reducing your price point where you cannot stay in business. In fact the opposite is true. Today, more people are willing to pay for value, quality and experience. Personally, I found myself traveling across town or making sure I placed in my calendar my appointment with my BARBER. He charges double than his competitors, simply because of the experience their barbershop creates in 45 minutes, and many clients like me are willing to pay.
- A lack of assertiveness. Whether you’re changing fields or starting a business, it’s important to set boundaries. It’s also important to be able to ask for what you need. Embrace the boldness required to be successful. Entrepreneurs are leaders. Leaders stand up for what is right and initially will not be winning any popularity contests. However once you find your groove and passion becomes profitable, your naysayers (even yourself) will be impressed that you decided to make a bold decision instead of settling for something less than the very best your family deserves.
- Getting advice from the wrong people. Your high school friend might be vice-president at a pharmaceutical company, but that doesn’t mean he has a clue about selling kites online. Just because someone is successful in one field doesn’t mean they have a clue about your business or career.
- Seek out advice from those who have accomplished what you want to accomplish. That’s why finding a mentor can be so important. Parents, friends, and neighbors are often not a good resource for career-related decisions.
- Develop Sales and Public Speaking Skills. As an entrepreneur, you are the pitchman, spokesperson, negotiator, closer and revenue generator. Become very clear with your messaging, the reason WHY you are following your passion and how your profitable passion solves a problem or makes one’s life easier. This will make you very relatable to prospective customers and clients causing them to naturally BUY from you versus you feeling pressured to sell. Bottom line, since you are following your passion, hobby and area of deep interest your ability to connect and relate to your marketplace will not feel forced or superficial.
Earning money with an activity that fills you with joy and enthusiasm is a worthy pursuit. However, there can be obstacles along the way. Recognizing and effectively dealing with obstacles is pivotal to long-term success. Avoid giving up when encountering a bump in the road. The journey of entrepreneurship is one of adapting and creating solutions.
You can be successful while doing something you love!