We have heard this phrase many times before "Follow your passion and the profit will follow". I think many people embraced this concept but somewhere along the path, they began to feel frustration. If that is you then this blog is for you or someone you know.
I have found a few issues with the phrase stated above:
1.) Sometimes what you are passionate about does not work in a "system". What people focus on is the passion creation and not the system creation. Those that find profit in their passions have figured out a way to create a "system" around their passions. It is not your passion that generates income it's the systems around your passion that you put in place in your business that run like a well-oiled machine. What I mean by systems is the process from acquiring a customers (marketing), them purchasing from you (internal operations #1), the customer receiving the service or product (internal operations #2), and the after purchase process (follow-up). Knowing each part individually and inside and out and the data connected to them will help you create systems that work.
2.) Passionate people want to do the "work". It's not work to them so they do what they love but the business will only ever grow beyond how much that one person can do. Which is why again, you must create a system. I think it is totally okay to start off with just yourself doing all the work. Find out the good and bad parts, tweak and then when you ready to scale you have the foundation in place. The second step is to create a document or video that will help your employees do what you do without giving away your "secret" sauce. Also leave a competitive edge by giving them what they need without giving away everything. That leads me to my next point.
3.) Have something unique about your passion that sets you apart and makes it uniquely you. If your growing a brand, I always tell people to share the story behind the brand. No one can recreate your story because it is unique to you and your life. That is your fingerprint. If you have a product that you want to sell take your time, as much time as you need to figure out how to set your product apart from all the others out there. You may even want to look into getting it patented before you launch out. It will be your signature piece!
4.) Don't be surprise if profiting takes a little bit of time. It DOES take time. This is not an overnight success type of thing. Your work will pay off if you keep on going. Tweak what doesn't work, remove the bad part, try something new but keep on going. Never allow your lack of profit to hinder you from learning the vital lessons about what is not working. Even when you are "failing" you are progressing as long as you see it as an opportunity to learn and not a set back.
5.) As you know my blog is about faith, family and business. One of the TOP things I do in my own life and business when it comes to profit is ALWAYS tithe off of your gross sales. Tithing is when you give 10% back to God (local church). God doesn't need your money, He wants your heart and our money is often times connected to deep places in our hearts. He can do so much more with your 90% than you can with your 100%. I am a living witness! Tithing has been the single most powerful thing in my own life. I tithe monthly off of all my business sales. I make it a habit to do it when I am reconciling the month. I like to see the profit, expenses, and then how much I owe God. I take care of God first then everyone else comes second. Also, don't forget an offering. Tithing and offering go hand in hand. Ask your Pastor to learn more.
I share with you all things that I personally have gone through. The reason I am able to share these 5 tips is because I was that entrepreneur going after her passion but was seeing very little profit. I was the person doing all the work and never realizing their was no systems in place. I was the person that didn't see the power in tithing and offering. I was also the person that failed enough to learn and make the correct changes. This is what I want for you. Until next time lovely.....let's go higher!