Wealth usually is not created overnight, unless you win the lottery or obtain an unexpected inheritance. Its creation is based on a history of failures and successes. As such, high energy, drive, and motivation are all required to overcome expected obstacles. Understanding the emotional involvement, why would you pursue something you’re not passionate for? In fact, 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 things inspire and motivate you to act? Perhaps these can be found in your interests, talents, personal style, hobbies, environmental preferences, and even the types of books 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 for. You can invest in a passion and hope for a return. And my favorite…you can start a business (based on your passions) that creates a benefit for your customers.
If you choose to go the “start a business” route, 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.
- 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 increase. As this number grows, you’ll gain leverage and the ability to sell ad space, which in turn creates a source of income.
- Affiliated Marketing – 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 website link on your site or blog. If one of your site/blog visitors acts on the link, then you’ll receive a commission, which can range anywhere from 2% to 75%. In addition, not all affiliated programs require your visitors to make a purchase in order for you 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 them 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 – Once you’ve created a successful business around you passions, many who share in these passions, are also looking to repeat your success. Therefore, you can create the platform to allow them to achieve such and either sell the instructions on how to go about it or license 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.
