Do what you love is probably the most famous piece of advice given to aspiring entrepreneurs. In fact, mogul and entrepreneur Russell Simmons said hes made his fortune by simply selling what he loves most: music, yoga, and veganism. From Def Jam to Facebook, most successful businesses are the result of people cultivating and capitalizing a passion. Whether you want to turn your favorite hobby into a multi-million dollar organization or make extra money on the side, here are five ways to turn your passion into profit.
Who knew having a natural skill could be worth so much money? There are hundreds of people who are in need of your skill and willing to pay to learn it. Experts, from math whizzes to sewing professionals, are profiting off their passion by teaching their skills in local communities and online. Thanks to the Internet, there are several online platforms that allow you to teach your craft for money. Chegg, Wyzant and Tutor.com are just a few tutoring programs that connects tutors with students. YouTube is another destination for people to teach their passions. Dancers, natural hair care stylists and several other types of artists have launched successful, money-making businesses by getting started on YouTube.
Love to make your own beauty products, bake, or write? Then start packaging your passion and selling it. With a little time and some marketing, you can be on your way to creating a successful side business by selling your passion. E-commerce seems to be the primary selling and buying destination for artists. Creative Market, for example, is host to thousands of photographers, coders, and resume designers selling their product. To get their products out in the real world, many artisans set up at local flea and farmers markets.
People will pay to hear and learn from experts, and the hallmark of an expert is his or her credentials. Making your passion official with a certificate will to add to your credibility and marketability. A college degree serves as credentials for many experts, but more specified certificates take a skilled person to an expert. Certificates offered by Lynda or edX are generally less than $100 and are well worth the money when it comes to turning your passion into a profit.
Learn About It
In any business, large or small, knowledge is the foundation. Its easy to have a passion, but when youre trying to make money from it, its important to know basic business principles to keep from losing money. If youre thinking about monetizing your passion, then take a few hours to learn about basic business principles.YouTube, the U.S. Small Business Administration and neighborhood libraries offer free resources for up-and-coming business owners.
Write About It
The Internet is equally filled with content from both non-experts and experts. However, its expert content that makes money. About.com pays experts on various topics to contribute their knowledge in the form of blogs and essays. Plumbing, disability, and travel amongst a multitude of other areas are some of the topics About.com is looking to pay writers for. HowStuffWorks also hires writers to write about areas they are passionate and knowledgeable about. Theres no need to have an extensive amount of writing experience, as editors usually handle correcting grammar, spelling and style.