A mumpreneur shares how to move from passion to income
The ideal passive income story is getting income that might not be your main source of income. Making money from a source that you do not have to work hard at. It is that wonderful money maker you can do while sitting in bed and sipping wine. Yup, that is what passive income is.
In reality, it is a big lie! This dream of passive income is something some people can chase all their lives. Spending time looking for that magic formula that just brings money into your account on a regular basis can be a waste of time.
I have come to realize that is you do not work for it, you can not earn from it (long term). There is nothing like no work! Everything requires work and if you want to earn regularly from it – then it must be worked on and worked at.
How Can You Identify Your Passive Income?
It can come from a natural gift, talent or something that you are passionate about. Passion is that one thing or series of things that you would do regardless of whether or not you get paid. It is definitely different from your 9 to 5 job. There are very few people who would tell you that they do not have to get paid for their 9 to 5 jobs. [Read: Are You Earning Passive Income]
Most people who earn from doing what they love, can trace it back to a long-term interest.
My passion to purpose to profit story was birthed as a stay at home mum after my second child. LagosMums started as an idea to have a resource that would help mums on their parenting journey. It became the first Nigerian blog for mums. Once I started, it very quickly moved from just an idea to something that I loved to do to something that I was meant to do. You see the more I did it, the more I realized I loved to do it. I had a eureka moment where I remembered that as a child I loved to write and used to dream of starting a magazine for women.
Tip #1: Never ignore any interest and passion that you have, you have this interest for a reason.
Passion to profit
My passion graduated to a business the day I got a call from a multi-national asking for my rate card, they wanted to know how much I charge for a blog post. I scrambled to get some information from friends in the industry and had to ask what a ‘rate card” was.
A transition from a passion to a business needs to happen the minute someone is willing to exchange money for your product or service. For consistent income, you cannot be passive about your passion or talent. Your customers or clients (whatever you call them) see you as a service provider and you must see it this way as well.
What Passive Income Really Is
Passive income means that heavy work is required at the initial set up stage. Thereafter this initial stage the business model generally runs with minimal interference and generates regular income. Most people confuse this with “lazy income”. For something to continue to grow, there will always be some level of work involved. There are no shortcuts to work.
Some tips to grow your passion-to-income
- Identify what you are passionate about – you might wonder how to find this out? Ask yourself what do you like to do, what can you do everyday even . if you do not get paid? Be intentional and ask yourself what people tend to come to you to help them with? What keeps you up at night? What do you love to do?
- After you identify what you are passionate about do not immediately turn it into a business or source of income. Get good at it and work on building your skills. There are many free resources to improve yourself such as blogs, youtube videos, online courses and more.
- Get a Journal – Get a notebook and jot down ideas you have, make it plain, write it down so that you can run with it. There will be many ideas and aha moments you will have as you grow in your area of interest. Notice trends and changes and stay up to speed on what is happening locally and internationally. You will know as you start to grow when it might be time to leave your 9 to 5 or start a side business.
- Volunteer – find ways you can volunteer your services. If you like to cater, do so for family events or your child’s fun day. The more you do the more you know. From volunteering you are getting better, and people are noticing.
Always be hungry to learn and continue to improve your skills. Be flexible and constantly be the best you can. A business will continue to generate regular income if you put structure and offer value. The worst thing is for people to think you are not serious about what you do perhaps because you see it as a hobby. If you want your passion to generate income, then you must work hard and offer stellar value. In real life word of mouth is still one of the best marketing tools you will get.
No passion or talent is an accident so continue to strive to be your best. Work hard to set up your additional source of income. Once you turn your passion into a business you can then continue to work on it to increase your income. At a point you will might notice when this side hustle grows to become a main source of income.
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