If you spend all your free time on a project and you wish you could do it for a living instead of a nine-to-five office job, you are in the right place. Read on to find out how to take your passion project and turn it into a lucrative business taking you one step closer to your financial freedom.
Find a Passion
If you are thinking about a passion project, chances are you already have something in mind; this could be the hobby you like to spend time on during the weekends and holidays. However, you don’t need to have a passion in place, all ready to start a business doing something you love; create a list of your passions, past and present, and decide on something with potential.
In some ways, you don’t need to have a passion for running a passion project; sometimes, it can even help to keep some distance between yourself and the thing you love the most. Still, you want to spend the majority of your working life doing something you enjoy, so find your natural skills and talents, then look for ways to monetize them and open some income streams.
Business Goals
Business goals are key to the success of any business project or venture - even a passion project that you understand very well. Don’t make the mistake of putting too much emphasis on the passion side of things and now enough on the business side; you need to find a balance between the two to enable you to thrive in your chosen field. So start business planning early.
A business plan can be as simple as a sketch on a napkin or as complicated as a professional spreadsheet or document. The main things to include in your business plan are the business goals and aspirations. A description of the company, how you are going to organize and market the business, and your financial projections. You might also need an accountant to help you.
Create a Website
A passion project needs a website like any other business, as you need a hub to focus the business concept, market your services, and convert new customers. Creating a website these days is super simple; all you need is some time to learn about it through video tutorials and a sense of what you want to include on your website. You could also hire a professional service.
A website for a small business or passion project doesn’t have to be complicated; all you need is an eye-catching brand, some information about your business and services, a products page, and a payments page for taking orders. It’s also a good idea to have a blog that allows you to market your business through content marketing. Also, consider a CRM for collecting emails.
Income Streams
Once you have your business established, it’s time to open up income streams and start building your business into a self-sustaining machine. With a passion project such as photography, music, or writing, there will be one core service that is the bread and butter of your enterprise. Beyond that, you should have a range of additional services that bring in money.
Let’s say you are a musician, and you play live music regularly with a Looping Pedal, this might be your main source of income and the thing you enjoy the most, but it doesn’t have to be the only income stream you possess. A musician can also make money on streaming platforms by selling merchandise and much more. Consider your options and explore every option available.
Keep Developing
As with any profession, you need to continue developing, stay relevant and become a real asset to your business. When it’s a passion project, you have an advantage because you probably spend a lot of time on the hobby or interest anyway. Still, you should always look for ways to develop new ways to improve your skillset and maintain relevance in the business or industry.
If you are a musician, you might want to expand your range of instruments or take some business lessons so you can run the business side of things properly as well. Moving into new areas of development is also a good idea; think about production or sound therapy that would allow you to offer more services to clients and begin to expand your business or brand.
Final Thoughts
A passion project is something you enjoy in your spare time; it usually costs money and doesn’t earn anything. However, you can turn this passion project into one income stream or many, creating a working situation that supports your happiness and your bank balance in the future.
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