Steps To Turn Your Passion Into Profit

Imagine yourself at age 70: What will you look back on with pride? What will you wish you had accomplished? Did you follow your dreams? Your passions?

Some say not to mix passion and entrepreneurship, but I respectfully disagree. Money can take you only so far, but integrating your passion with your business provides sustainable motivation and the grit to weather the inevitable ups and downs of entrepreneurial endeavors.

In fact, following your passion has been scientifically proven to make you happier. One study found that “harmonious” passion -- an internalization of an interest into a personal identity – leads to psychological well-being and prevents negative, internal conflict. All well and good. But simply enjoying something isn’t always going to pay the rent, and that problem may make the notion of turning passion into profit seem implausible.

So, here are few steps that will help you to turn your passion into profit.

Be good at what your business does:

"This is probably not an issue if the primary work of the business is your passion," White says. "But we have seen too many people buy a franchise or start a business only to discover that they didn't like or weren't good at the primary work of the business."

Don’t count on passion alone:

While enthusiasm is a great place to start, it’s not enough to sustain your business for the long term. Before launching your business, do a reality check and make sure you have the other components needed for success, such as a willingness to work hard and a market for your services or products.

Be creative with money:

A startup today has more options for financing than just big investors, bank loans or venture capital. First, develop a strategic marketing plan that details exactly how much you need to get started. Then, use social media to gather community support and market your brand before it comes to fruition.

Start today:

Life is a journey, not a destination. Realize that success will not come instantly. Those hours will take a while to accumulate, so you must start focusing on your passion project now. You’ll turn your dream project into a business model you can expand on for profitable results.

Remember the details:

There are tons of functions that go along with a profitable business that must be performed well for it to succeed. These may include ordering inventory, paying the bills, invoicing customers, keeping the books, sweeping the floor, marketing and selling. You will need a plan for accomplishing these tasks.