Building a 6 Figure Business by Turning Your Passion Into Profit guide

Building a 6 Figure Business by Turning Your Passion Into Profit guide

WHY MANY ENTREPRENEURS FAIL

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image credit: CEO Coaching International

What are you really passionate about? This is a question I oftentimes ask youths and young adults when they tell me they just want to get a job or just want to start a business, any business.

Oftentimes we as entrepreneurs and want-to-be entrepreneurs start a journey that we are not passionate about. We start an ecommerce site because we thought that’s where the money is, but we are not passionate about what we are selling.

We have a passion for writing and thought of doing freelancing because that will bring in a steady cash flow, but our hearts are not in it.

Without passion for what will end up happening is:

  • We produce products and or service that are very mediocre because we didn’t put our hearts into it, we just wanted to make a quick buck.
  • When we face setbacks, challenges or our new business venture is not bringing in the revenue we expected, or have a slow season, we quit. We don’t have the fire to keep going, thus adding to the statistics of entrepreneurs whose business fail in the first 2 years of going into business
  • We lose interest in what we are doing and what normally happens is that we stop producing at a high standard, the result? Their customers suffer because what you produce is mediocre.

MY ENTREPRENEURIAL JOURNEY

I remember when I started my entrepreneurial journey, at the time I was so desperate to prove that I could succeed and desperate to earn a lot of money that I would start any business that promised a lot of money in very short time. Didn’t matter if I had any interest in that area, I was just thinking about making the big bucks.

But what always happened was that as soon as I started that business, few weeks, or 6 months the most I would lose interest after wasting, and most times losing, a lot of money.  I probably have started over 6 different business ventures which all failed in less than five years, and none of them I had any passion or interest in.

Even though I was making a few bucks, I was miserable and unfulfilled. My heart was simple not in what I was doing, and because of that how I showed up in my business was not helping me to succeed.

There were days when I did not look at my business and the very thought of doing work I was not passionate about was depressing.

I believed I failed in the many ventures I started because the market could sense that I had no interest in what I was doing, I was only doing it for the money because it showed in my delivery and how I communicated with the market. People that goes into business that they are passionate about do great work and the market rewards them for it.

All that changed when I started DrivenToSuccess.co as now I was focusing on what I love doing, and that is coaching entrepreneurs to start and grow a business they love, and doing motivational speaking.

When you do what you love, you are willing to put in the work and invest time and money into making it a success, when I was doing the other businesses I wasn’t interesting in improving or investing a lot of time into making them a success.

WHAT IS PASSION?

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Image credit: salesstrategypitstop.theasggroup.com

So when we talk about passion, what are we really talking about?

Passion is that thing that lights you up, that thing you love doing and would do it even if no one pays you to do it. Passion is what drives you. Passion keeps you going despite the difficulties that your business will inevitably come across. When I was doing business I was not passionate about when things were not going as I wanted, I started coming up with an exit strategy, but when I was doing work I was passionate about, even when one of my business was not bringing any revenues for few years I did not throw in the towel, now I am able to read the rewards of consistently working on my business.

For some of you, your passion is designing, you could do that the entire day and don’t feel emotionally drain.

Some of you have a love for writing and everything you touch turns into magic.

Some of you have a love for showing people how to do something, like an instructing or teaching.

Some of you, you are already doing what you were called to do but because it comes so natural to you, you don’t think of it as something amazing or what you were meant to do, for example you may have  love for singing or gardening.

When you align your passion, with your purpose (sometimes our passion and purpose or intertwined), with your gifts, skills and knowledge, you can create something amazing.

Take for example Colonel David Saunders who founded KFC, he had a love for frying chicken, when he combined his gift with what he knew, and his passion, over 50 years later we are still enjoying what he started.

Or a freelance designer I oftentimes use on Fiverr (Fiverr is a freelancing website that allows freelancers and buyers to come together under one roof to create magic every day. Whatever your passion is, you can find a home at Fiverr, or just hire someone there to help you bring your passion to live), I oftentimes call upon him to do designing work over and over because I love his work. He have a knowledge of what works and what doesn’t, he is gifted in what he do, and he has a passion for it.

If you’re passionate about your business people will notice and they will want to do business with you because people that are passionate about what they are doing do great work, and they show up differently than those who are not passionate about what they are doing.

When you walk into a restaurant or any business where you have to interact face to face with people, you can readily identify the ones that love what they do and the ones that don’t. I have done repeated business with businesses just because the owners or their employees were passionate about what they were doing and people do business with those whom they love and can connect with.

When I was not following my passion but focusing on opportunities that made me money, while I made money, I wasn’t fulfilled or motivated. My work felt like a chore.

CAN YOU BE GREAT AT SOMETHING AND DON’T LOVE IT

The answer to that question is YES! Many people believe that just because you are good at something you should turn into a business. I see many people that are great at what they do, but that is not what they were called to do.

You also have a lot of people that are good at what they do professionally, but they have no passion for what they do.

You have to follow your passion because at the end of the day that is what will give you fulfillment and happiness, not so much what your good at.

Chase your passion and not the money

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I see it all the time, people in great jobs earning a lot of money, but they have no passion for what they are doing, they are in a passionless career. But they are afraid of pursuing their true goals for fear of financial instability, so they do what most people do, they hold onto their career and pretend as if they are happy. They dare not talk too much about how unhappy and unfulfilled they feel because their friends are quick to let them know how grateful they should be as they are in a job that many people would kill to have.

I know this might sound contrary, but don’t chase the money, don’t let money be the reason you go into business. It’s not all about the money.

When you follow your passion, the money will come because people that are passionate about what they do attract the right client or customers to their business. You become a money magnet.

Colin Wright said it best – “Chase your passion and money will come. Chase money and you may never find your passion.”

People love to work with and buy from people that have passion. If you want to ignite your creativity, launch products, programs and services that have your ideal clients bagging down your door to do business with you, find out what you are passionate about and create products or programs around it.

As I told you before, when I was busy chasing a paycheck, I was not getting anywhere fast, my business was not growing and I soon felt unfulfilled and emotionally drained. I have seen countless individuals waste away at a job because they do not have the courage to follow their heart and start that business they have been thinking about doing.

Slaving away at a job for a paycheck more than likely is not going to give you that fulfillment and joy you are seeking. When you are happy and feel fulfill, you create phenomenal products and or services that your customers or clients will love and enjoy.

If you are sitting on the fence wondering if you should launch that business because you don’t know if it will generate enough income to support you and your family and replace your 9-5 job, I am here to tell you to go ahead. Make it happen. Stop sitting on the fence and if you want a coach that  will help you to make your dreams a reality then do so, don’t worry about the investment, your dreams are worth far more than that investment you will need to make.

My life changed when I when I switched my focus from money to what I am passionate about, the same can be for you. Passion will open the door for money to flow into your bank account on a consistent basis.

You might think there is no way you can make money doing what you love, but that is not true, don’t limit yourself to only what you can see and what people around you are saying. Consider this, your options are only as limited as you let them be. The reason why you feel your passion is less than lucrative than your day job, it is because you define it to be that way. You choose to not make your passion viable full time career. There is no limit to the amount of money you can earn, its only limiting to your level of thinking.

TURN YOUR PASSION INTO A BUSINESS

I want to take you on a journey, I want you to consider yourself as the architect of your life and design the scenario where all your needs will be met. Ask yourself this question – If God can give you absolutely anything you want, what is the perfect life you want to be leading right now? This is your end goal that you want to reach. This is the path which meets all your needs, from mind, body, heart and soul. This is the vision which will spur you on and empower you endlessly.

I want you to write your vision down as detail as possible. remember, this is your world, be as detail as you want it to be. It may involve starting your own business, migrating to another country, buying a cottage in the countryside, whatever. You can even have your own TV show like Oprah if you want. forget about being realistic for a moment and dream as big as you want to.

When you are done, look at this scenario and ask yourself the determining question – what can I create that will allow me to be excited about work each day and at the same time earn enough money to live my dreams

Maybe you don’t have all the skills or experience right now, but how can you gain these skills and experience\ Let’s say your passion is to have your own restaurant, maybe you will need to take a temporary position at a restaurant to see if its something you will want to do fulltime and how you can manage your own restaurant effectively.

When you identify that thing you are passionate about, find a way to turn that passion into a lucrative business.

If you are not sure what your passion is, think back to when you were most happy, what were you doing\ In my TURN YOUR PASSION INTO PROFIT coaching program I actually have an exercise that will help you to identify what your passion is.

But for now, what could you do every day even if no one pays you to do it\ is it gardening, designing, writing, teaching, cooking or baking\/

Keep in mind that whatever business you start, it doesn’t mean that you have to stick with it forever.

Your passions might evolve over time. The most important thing is that you get started.

I view my business as a hobby that I get paid for.  I don’t do it because I have to do it, I do it because I WANT to do it.

Starting today, learn how to build a business you’re passionate about.

Most of us spend a large majority of our lives working, so why not learn how to build a business you’re passionate about?

In the words of Fabienne Fredrickson, “The things you are passionate about are not random, they are your calling.”

When you follow your passion, success follows you.

The most passionate entrepreneurs are driven by more than just money, there driven by living a fulfilled life. 

Turns how you can turn your passion into a 6 or 7 figure income

  1.  Research Your Market

Let’s say you are a coach, and your passion is to work with online entreprenuers to market their business effectively so they can generate sales for their business. Knowing what the competition knows, won’t cut it, you have to go deeper if you want to be the go-to expert. You have to dive in to your market and study like an expert. When you know your market, you’ll be ahead of the curve and can hit the ground running — producing products, building a customer base and forging your company’s vision.

  1. Set a Tangible Business and Financial Goal

Without goals you can achieve you will not make progress in your business. Where do you want your business to be 6 months from now? What financial goals will you be trying to hit in the next 6 months or 1 year from now? You should always be setting new targets that will stretch you then work backwards and figure out what you will need to do each day to get to where you want to be

  1. Create a Website

It is a great idea to share your ideas on other influencers’ sites, but when you are developing your own brand to attract your ideal clients or customers, it’s important to create unique content on a single hub. You need a website where your customers\/clients\/readers can come to to know more about what you do and to learn from you.

  1. Build a List

This is one of the most important tools in building a business. This is where the money is, in your list if you do it right. As you develop your website, as soon as possible start building a list of emails of the people that visit your site, and continue to provide them with value. When you eventually launch any product or service, these are the people you want to market to first, and these are the people that will likely buy your product and or service. One of the most effective way to start building your list is by offering them something for free. This could be an ebook, a short mini course, a free copy of your book, or whatever as long as it gives value to your readers and is something they would readily want. For example, On my website driventosuccess.co I offer my readers a free goal setting eBook. I have seen other influencers offering free cheat sheet, mini course, an audio, or even few chapters of their book.

  1. Launch a Product or Service you can sell

You cannot build a 6figure business without selling something of value to your readers. This should to be something that market wants and is in alignment with your passion and business model. Figure out the biggest challenges your audience is facing and build something that solves their problem. Remember, its not about you, but it’s all about your audience, what do they want and what is  the best way you can deliver it to them?

  1. Serve a Lot of People

Let’s say you create a product and you are selling that product for $100. Find someone that will buy your product and sell it them to them. After you come up with a product, you need to figure out away to sell it to a lot of people once you verify that what you have to offer is something the market really wants

If your goal is to earn $100,000 in 12 months, that means you will have to find 1000 people to sell it, that would translate to 84 people per month, or 21 people per week you will have to sell your product to. But if you want to reach 6 figure income much quicker, you will either have to be able to attract people that are willing to buy your product quickly, or you create a premium product and seek out your ideal clients\/customers who would be willing to pay you premium price for what you have to offer.

  1. Create a System.

The best way to create financial freedom is to build a business that will make you money even when you are sleeping or relaxing on the beach. If the business depends 100% on you to constantly be there, you are an employee of your own business, and that is not an effective way to run your business.

You need to put systems in place that will automate a lot of the things you will have to do, for example scheduling clients and collecting payments from buyers. Also as soon as possible, train other people to do what you do, for example hire a support team that will deal with questions, complains and other issues from customers/\clients, thereby freeing you up to do what you do best.

  1. Add More Value Than You are Being Paid For

The amount of money you earn is directly proportionate to the value you add, or how valuable market sees you as. If you want to be paid a lot for what you do, add value. Be the most valuable entrepreneur your clients are willing to do business with by looking at what you do and constantly improve on it, and work on yourself. The more you work on yourself and grow as an individual the more valuable you will become and thus the more money you will earn.

  1. Be Consistent

You should be consistently offering value to your audience if you are going to hit your financial and business goals, not only on your own website but also on social media. Consistency is the key to success and taking your business to 6 figure income. When you are consistent your readers will begin to trust you and buy your products or services as they see as someone they can trust.

CONCLUSION

There was a time when people thought of starting a business they conjured up images of local hardware stores, family-owned diners, and other brick-and-mortar establishments, but over the last two decades businesses have transform, largely because of the digital revolution.  The Internet has created infinite possibilities for persons who wants to start their own business.  You can create content and products for a niche market, which could consist of tens of millions of people on the web. We are living in an era where people around the world can create and build new businesses in ways that were not possible 10 or 20 years ago.

Let’s say you have a passion for designing, it is now possible for you to build a business around creating designs and putting those designs on products such as t-shirts, mugs and so forth.  On Etsy, an artist can make a living selling throw pillows screen-printed with hand-drawn artistic designs. With Shopify, a social entrepreneur can turn his store into a national e-commerce phenomenon without knowing any code. On top of that, there a ton of apps that can will help you to grow your business without you doing much work. On YouTube, you can make a living reviewing products, create tutorial videos. There are literally thousands of ways you can make money applying your passion.

Thanks to online platforms, e.g. social media sites, it is now possible for anyone to transform a passion and hobby into a lucrative business. Of course it will not be walking in the park, as running any business whether it’s online or not comes with its own challenges and setbacks.

Whatever your passion is, find a platform and a coach that can help you to transform your passion into a lucrative business.

In my mind, freedom and flexibility are important in life. Owning your own business allows you to create your own schedule and to control each and every day. You will work more hours than at your previous job, but your schedule is up to you. You have the ability to take a Friday morning off to golf with a client, the time to take an extra long lunch, and the scheduling power to take a last minute vacation to visit a friend. With the freedom and flexibility, you’ll have be be determined and self disciplined. Your success will depend on your drive, motivation, and perseverance

TAKE THE NEXT STEP

If you are really want to take your life to the next level and step up your entrepreneurial game by turning your passion into a profitable business you are in love with, let’s get in touch,  then apply for my coaching program and turn your Passion Into a Striving Business.

If you are ready to uplevel your game and start seeing results in no time, you need to apply here

What’s been holding you back from building your business around your passion?  Or, what’s another strategy (not listed above) that you use to create a profitable business around your passion?  Please leave your thoughts In the comments section below and share these tips with your friends on Twitter or Facebook.

 

 

 

 

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