Join me as we answer the question: 'Can you turn your passion into a profitable business?' Using a proven model we explore some examples. And whether passion is necessary for business success and I share a clear model to determine if a passion can be monetised.
Using examples of sand art and a personal trainer specialising in fitness for women's cycles, Sue explains the importance of finding the overlap between passion, skills, and market demand. Using a Venn diagram model we explore whether you can turn your passion into a profitable business.
KEY TAKEAWAYS
Passion alone is not enough to create a profitable lifestyle business. While it is important to have a passion for the work you do, it is equally important to consider other factors such as skills and market demand.
The key to creating a profitable lifestyle business is finding the overlap between your passion, skills, and market demand. This can be visualized using a Venn diagram, where the middle represents the ideal niche for your business.
Market demand plays a crucial role in determining the profitability of your business. It is important to research and understand if there is a market for your passion and how you can cater to that market.
If there is limited market demand for your passion, it doesn't mean you have to give up on it completely. You can explore alternative approaches, such as selling related products or services, teaching others, or finding passive income streams to support your passion.
BEST MOMENTS
"I've definitely battled with do I need to be passionate about my business do I need to be passionate about the work I do and feel purpose and meaning to it in order to make it grow and make a success of it and be profitable."
"Is it possible to take any passion, no matter how obscure it might seem, and turn that into a profitable online business?"
"Passion, like all the things that you do."
"So there's a limited buyer market. We've got passion, we've got skills, but the market demand is really low."
VALUABLE RESOURCES
Download my FREE guide on how to become a lifestyle entrepreneur
https://sueparker.io/how-to-start-lifestyle-business-lm
Visit my website https://sueparker.io
Be part of my community https://sue.team/
Follow me on Instagram or TikTok @Iamsueparker
[email protected]
I’m a successful career mum turned entrepreneur (soon to be author..) and speaker.
I was one of a few corporate women in tech who was successful to reach a level before hitting my head firmly on the glass ceiling. All while I was constantly having to choose between my kids and my career. I was burnt out, overwhelmed and unfulfilled.
I wasn’t living, I was surviving and this outdated corporate career path wasn’t serving anyone.
I took everything I learnt about systems, data and technology and created my first online business empowering leaders through training, webinars and coaching. Before finally accepting my calling to help others escape the outdated 9-5 and create a business that works for their life. Leveraging mindset and technology.