According to the Wall Street Journal, “The key to getting rich — or at least one key — is to love a job or product that’s actually in high demand in our current economy.”
So I ask you…what are your passions? What inspires and motivates you to take action? Perhaps they’re based on your interests? Talents? Hobbies? The books/articles you read? Once these passions are identified, wealth can be created in any number of ways. You can work for a company that focuses on what you’re passionate about. You can invest in a passion and hope for a return. And my favorite…you can start a business…based on your passions but creates a benefit for your customers.
If you choose to “start a business”, income can be created any number of ways. Below you’ll find a few options…you can try one or any combination. In fact, creating multiple streams of income is recommended to avoid facing hardship if a single, main source dries up.
Start a blog
Write about what you’re passionate about! Create an informative yet entertaining blog; apply targeted marketing strategies, and gradually your number of readers increases. As it grows, you’ll gain leverage and subsequently the ability to sell ad space.
If your business has a website or blog, then you can partake in affiliated marketing. All you need is to find companies with products or services that you’re passionate about, research if they have an affiliated marketing program, and if they do, simply display their link on your site or blog. If one of your site/blog visitors acts on the link, then you’ll receive a commission (possibly ranging from 2% to 75%). At the same time, not all affiliated programs require a purchase to receive a commission. Some solely require visitors to sign up for a free service and others require clicking on an affiliated link and visiting their site. There are individuals who are making $250K just off of affiliated marketing. When reading about their success stories, many recommend selecting a variety of affiliates, about 10 to 20 in your niche, and looking into Chitika ads.
Create a product
Why only sell others’ products for a commission, if you can sell your own? Create a product that offers a solution for your customers. Likewise, if you’re in the service arena, there is a good chance that you’re repeating the same service over and over. Therefore, turn the service into a product and get paid for it many times. For instance, create a workbook, instructional guide, DVD, or podcast explaining your methodology and instructions on how your clients can repeat it on their own.
Write a book
Building off of the previous recommendation for product creation, you can write a book about your passions. On a side note, if you feel limited on subject credibility…then first increase your confidence and second utilize an industry expert. Interview a subject matter expert, source them, and write about the results. Take magazines for example, the articles usually are written by numerous writers as well as interviewing experts. Likewise, many books utilize and reference outside resources. In respect to publishing, you can either go the traditional publishing route or self-publishing. Both create a book; however, the self-publishing route tends to be easier, quicker, and more profitable per book. The downside is that it’ll require stronger marketing efforts. Two recommended self-publishing sites are LuLu.com and Lightningsource.com.
Create an eBook
If you’ve already written a book…why not just create an eBook version? In actuality, due to its reduced costs, eBooks tend to be more profitable and possibly strongly sought after due to its instant gratification of obtainment post online purchase.
Teach a class/workshop/seminar
Present what you’ve relayed on your DVD, podcast, or workbook at a community center, community college, business, or even home and generate income from ticket sales and/or product sales to attendees.
Offer one-on-one coaching or consulting sessions
If your students are looking for further one-on-one time, perhaps you may want to offer personal coaching/consulting. However, don’t stop marketing the group training sessions because in many occasions it’s more profitable to charge a little to receive many students as opposed to charging more for a one-on-one session.
License one of your programs or services
Many who share similar passions to yours, are also looking to repeat your success. Therefore, create the platform to allow them to mimic your business and also succeed by selling them the instructions on how to go about it or licensing your program/service.
Just remember…you are only limited by your imagination in terms of how to create wealth from your passions. And if you’re in need of a little assistance on how to identify your passions or open up your imagination…there are many Conscious Strategies tools that can be of assistance.