As the old saying goes, if you do what you’re passionate about, you’ll never work a day in your life. We’d all love to turn our passions into careers, but many of us don’t succeed. These simple strategies will give you the best chance of turning your passion into a money-making venture.
Be Honest About Your Finances
When you’re chasing your passions, it’s tempting to jump in feet first. But it pays to be cautious. Money troubles are one of the key reasons that small businesses fail. Since you’re turning your passion into your business, you may already have some of the essential tools you need. However, you’ll probably still have to spend money to scale up your passion from a hobby to a legitimate business. Then there are other costs like marketing and office space to consider. Be realistic about how much you’ll need to spend and the savings you already have.
It takes time for any business to gain momentum. Experts recommend having at least six months of living expenses in reserve before quitting your day job. This money should be kept separate from your business accounts. If you don’t have this level of savings, try working on your business in your spare time while you maintain your regular employment.
Become an Influencer
Influencer marketing is one of the hottest trends and a great way to make money. A single Instagram post promoting a brand could net you anywhere between $75 and $3,000, depending on your following, while YouTubers with 100,000 subscribers are making around $2,000 per promotional video.
You don’t need marketing training or experience to become a successful influencer. You simply need a passion for the products or services you’re promoting. Take Andy Magro, an actor and influencer who promotes musicians, online fashion stores, protein bars, and a range of other things via his Instagram. Despite his lack of marketing experience, he’s become one of the top influencers in Germany.
Many influencers position themselves in a particular niche they’re interested in, like travel, fitness, or music. These influencers receive several opportunities related to their interest along with financial compensation.
Harness Your Support Network to Spread the Word
Your family members and friends are probably your biggest advocates. They want you to succeed because they understand that when you’re working on something you’re passionate about you’ll be much happier and more fulfilled. Reach out to them once you’ve launched your business and encourage them to spread the word. Invite them to follow your social media pages and share your posts to increase their reach. Encourage them to tell the people they know about your new business.
This positive word-of-mouth can be a wonderful marketing tool at a time when your business has a very limited advertising budget. Word-of-mouth is the most valuable form of marketing because people trust the opinions of people they know. More than four out of five consumers say they’re influenced by the social media posts their friends make. Just think how many customers your loved ones could bring your new business venture!
Don’t spend another day wishing you were working at a job you love. Follow these steps and your passion could become a real money-spinner.
