“How To Convert Your Passions Into Income?”
Take a look at this formula.
Passion + Profitability = Money
It’s the key on how you can convert your passions into income! Think about what you love and know. What’s your Passion?
Another point is that you have to check whether you can turn your passion into something that people will pay handsomely for and with minimal competition? Make sure it has excellent Profitability!
In summary, do what you love and the Money will follow!
Steps on converting your passions into income:
Step 1: Find your passions
- What are your hobbies and interests?
- What would you like to learn more about or become an expert in?
- Can any of your hobbies turn to your business idea?
Let your thoughts run free. Brainstorm as many business ideas as you can think of. Write them down on a master list.
Step 2: Discover your talents
- What are your talents and strengths?
- What are your unique bases of knowledge that you have learnt on the job?
- What do you do better than most people?
Talk to people who know you best and they may spot talents that you’re totally unaware of. Any new business idea? Drop it down to your master list.
Step 3: Find out what people want
In general, people want only two kinds of benefits:
- Good feelings
- Solutions to their problems
So your business idea is one in which you solve your customers’ problems or you give good feelings to them. The fewer competition you have, the more money you make.
You can find out what people want on the internet by looking at the most commonly used keywords they type into the search engines.
Come up with your business ideas … Write it down. Review your master list and cross out any ideas that you think have little market potential.
Step 4.: Do your profitability research
Research each business idea on your master list. Find out the demand and the supply ratio. The demand is how many times people search for the keyword in the Internet and the supply is how much competition. The higher the ratio, the better the profitability is!
Step 5. Finalize your business idea
It’s simple! Pick the one passion that you know and love, and with high profitability as your final business idea.
Convert your passions into income now.