If you’re an expert in your field or have a hobby that you really enjoy, the likelihood of your being able to turn it into an online business and make some money or even a full-time living from your passion is pretty high, as long as you’re willing to learn some skills and put in the work.
Here are 7 steps you can turn your passions into profits online:
Step 1: Discovering Your Passion
When thinking about discovering your passion, here are a few questions you might ask
What are some of my hobbies?
What unique skills do I have?
When people ask me for help, what do they usually turn to me for?
Consider this:In today’s environment, hoarding knowledge ultimately erodes your power. If you know something very important, the way to get power is by actually sharing it. -Joseph Badaracco
What life experience do you have that you could help others attain or overcome?
When starting an online business, you want to think about your passion and its
potential in the market. This brings us to your next step, market fit.
Step 2: Determining Market Fit and Potential
When you’ve narrowed in on your passion and skillset, the next stepping stone is
determining market fit. Market fit be simply described as the group of people that fit your product.
Who would benefit from your knowledge?
Is the market size big enough for you to profit from it?
Where can you most likely find this type of person?
Say your unique skill is you’ve mastered vegan cooking. There are several people who can benefit from your expertise. To name a few, people who are lactose intolerant or people who avoid eating meat for health or religious reasons.
This is likely a very large market, with a lot of potential to profit.
The best and easiest way to find out for sure is using the Google Keyword Planner.
Use the Google Keyword Planner by simply searching a keyword or phrase.
You can go here to get to Google’s Keyword Planner:
Step 3: Creating An Avatar
An avatar is a single person that embodies the representation of your ideal customer.
Any good business starts with catering to their customer, that’s why this step is vital to creating a successful product and marketing strategy. You must understand your customer’s needs and fears so you get down to how you can better help him/her.
What age is your ideal customer?
Are they male or female?
What are their biggest problems as they relate to your solution?
Where would you be able to find your ideal customer (sites, communities, etc.)?
If you do a good job of defining your avatar then they will become as real to you as a real
customer. You should be able to narrow in on the type of language they will be most responsive to, be able to know what keeps them up at night, what would motivate them.
In turn you’ll be able to structure your product with the right pain points and solutions that will be delivered in a way that will resonate with your potential customer.
Step 4: Building a Following
A following is a group of people who are interested in your content and who will want to stay
updated on the information you will share with them. You want to cultivate a strong relationship with these people because they will look to you as an authority figure and will in turn seek and take your advice.
This means that later down the road when you want to make a recommendation to them about a product you will be offering, they will trust you.
Your following are your future potential buyers. There are numerous outlets where you can build a following. You will recognize them by the names of major social media platforms – YouTube, Instagram, Facebook, but also including various online forums and sites. You can even start to build a following offline through your communities, interest groups, etc.
Step 5: Building a List of Prospective Buyers
Now that you understand the importance of building your community of prospective buyers,
you probably realize that you’ll need a way to organize them to be able to deliver offers inthe future.
The way by which you turn a prospective buyer into a lead and in turn into a customer is through the use of what we call in digital marketing, a funnel. In this specific case, you will want to set up an opt-in funnel.
A sales funnel is a series of pages you set up, the goal of which is to obtain the email address of your potential buyer. You want to collect a list of emails so you can communicate and build a relationship with those leads—and email is definitely the best way to do that!
That’s where you have to deliver valuable content—this is your knowledge on whatever passion, skill or interest you honed in on in Step 1. This includes tips, advice, blueprints, or any other related know-how that they’d be interested in in a simple PDF format—yep, it’s that easy.
The delivery method? Email, of course! You can use any email provider to help you get those emails out, such as Aweber.
Step 6: Monetizing Your Audience
Now that you know how to start a following and a way to reach that following with just a click of a button you might be thinking,“How do I get to the money part?”
A rookie mistake is to start monetizing to early. Another rookie mistake? Taking too long to monetize.
So let’s start with a baseline.
You want to send your list free content emails before you start sending them promotional ones. These can be short articles you send them, pdf reports you link off to, or even videos that you find on YouTube that you think will be helpful to your subscribers.
It doesn’t have to be content you create, but it does need to be content that they find valuable.
You’ll want to send at least two free content pieces before asking for anything in return.
Start with value and reciprocity will follow.
Step 7: Scaling Your Profits
Now you’re dialed in with the whole “make money online” thing… how do you scale?
There are two main ways to make more money, which generally applies any business.
- Get more customers
- Make more money per customerSo how can you apply this?
One way to get more customers is to increase your focus on Step 4—building your following:
You should always be growing your following and as a result growing your list. A way to make more money per customer is by continuing to give great value to your subscribers so that they want to buy from you over and over again.
But there’s even a bigger way to scale your profits…
Instead of being an affiliate and driving traffic to ClickBank products for a commission, you can be the product owner and have affiliates drive traffic for you and make you sales! By packaging your own product as a pdf, audio, or video series you can sell to your subscribers and keep 100% of the profits.
With your own product, you can have affiliates sell your product for you.
Disclaimer: I have learned this from people who are way ahead of me if you’d like to learn more, dowload the free report below: