Blog For CashWritten by Michael Levanduski
April 6, 2014 # 3:26 pm # Expert Guides, Specials # 3 Comments
Whether you’re a successful performance marketer making full time income online, or you’re just thinking about starting to earn cash on the Internet, everyone should consider turning their passion into income. Many marketers are great at making money promoting products that they think are valuable, but they aren’t really passionate about. There is nothing wrong with that at all, but it might leave you personally and/or professionally unsatisfied. If you learn how to turn your passion into cash, it will not only help your overall life satisfaction, but it can help your pocketbook too!
The best thing about focusing on things you’re passionate about and turning it into income is that you won’t get sick of doing it. You’ll work on a project, and when you’ve finished for the day you’ll actually feel more energized because you spent your day doing something you enjoy. If you’re ready to add a profitable project that you’re passionate about to your portfolio, read on.
Finding Your Passion
While this might seem easy, it will actually take some serious thought. You need to think about what in your life you are the most passionate about. It could be just about anything ranging from racing cars to religion; from Accounting to zoology. It should be something that you could talk about, write about or even just think about every day without getting sick of it.
Once you’ve got that list of subjects you’re passionate about, you need to figure out if it is something you can make money with. The great thing about the Internet is that it brings people together from around the world, meaning if you are passionate about something, the chances are many others are too. Even if your passion is only shared by one in a million people, that means there are 7000 other people in the world who are also passionate about it. If you can get even half of those people to become your customers, you can make some great money.
That being said, however, there are some things that just aren’t going to make money. If you’re passionate about a local middle school sports team, for example, you’re looking at a very limited audience, and one that isn’t likely to shell out money for your ‘expertise.’ Take an honest look at your passion, and see if it is something that could make you good money. If you’re not sure, ask some friends or fellow marketers and get their option.
Find Your Monetization Method
Once you’ve found your passion, and confirmed that it has the potential to make money, you need to figure out how you want to earn the cash. There are many different options, each of which has advantages and disadvantages. The following are some of the most common options available:
- Promote Affiliate Products – If there are already products or services out there that have affiliate programs associated with them, consider promoting them. Affiliate marketing is one of the easiest, and most effective ways to make money online, and when you’re promoting a product that you’re passionate about it will never seem like work.
- Create your Own Information Product – Creating your own product is a great way to go if you’re an expert on your passion. Using your passion, you can create an informational product that is better than anything else that is out there. People will ‘see’ the passion in the quality of the product, so you can make great money this way.
- Subscription Service – If your passion allows you to provide people with regular updates or services, you can create a subscription service. People can sign up to your service each month, and you can send them updates and other things. This is a great way to build residual income while focusing on your passion.
- Advertisers – If you have enough people visiting your website on a monthly basis, you can make some great money by displaying ads. You can go with an ad network like Google AdSense, or you can offer ad space directly to companies. Depending on your niche, and the visitor count, you can make excellent money using ads.
Make a Business Plan with Realistic Goals
Creating a written business plan helps to move this from an idea in your head into something that is more tangible (and profitable). You’ll need to plan out in as much detail as possible how you’ll become successful. Plan out things like how you’ll build an audience, what types of content you’ll produce (blog posts, videos, a podcast, ect) and how you’ll interact with your potential customers. b
This is one of the most important steps when working on a project that you’re passionate about because most people want to just jump right in and start working on it. In this case, your passion can work against you. If you don’t have a well laid out plan of action, you’ll make a lot more mistakes and run into trouble, which can get discouraging in the long run.
Once you’ve got your business action plan in place, it is time to start working it. This is the most enjoyable step since you’ll be diving into your passion. In many cases, you’ll be able to get everything set up and running in a fraction of the time it would take to complete other types of projects because you can stay focused and really get things done. This is one of the biggest benefits of choosing a project that you are passionate about. In addition, when things would normally get discouraging, your passion will help you to keep focused and motivated.