Can you monetize your passion? Not always, or maybe you can
Hey, wait, before you make any conclusions, allow me to explain.
Firstly, let me ask you this:
Have you monetized your passion?
Let's look at it in a simple way => Do you have a business up and running which has been inspired by your passion.
You haven't, right?
And as much as I'd like to say, like most others "Take your passion and convert it into business".
I'd not be 100% honest, if I say that.
So, is it not possible to monetize your passion at all?
Hey, I did NOT say that.
Infact, I know some great people who have built their business around their passion.
But, in the real world, that's NOT how it works.
BOOM, Enter Reality.
You cannot, out of nowhere, get up one day, and say "I'm gonna start a business on [YOUR PASSION NAME] today".
I've know people who've tried to do so and 20 months in they haven't any clue what they're doing.
(Obviously don't want to point at them).
But, there's a way to it.
There are certain variables involved that you have to take into consideration.
Can you continue working on your passion for years to come?
Okay, it's your passion. Great.
But do you have the determination to continue working on it, as a professional, and build a successful business.
There will come a period when things won't go right and you might want to quit.
And, perhaps, in this process you could end up hating the thing you've been loving.
So, there's that.
Is it a proven business?
Do you know any other businesses built around your passion that are doing well?
If so, can you imitate it or can you provide a unique angle?
Provide something that the current provision does not?
If it is not a proven business, do you see a scope to build something?
Points #2 and #3 are generally termed as "market research" by pros.
Before you put your heart and soul (money and time goes without saying) in something, you ought to be in a position to plan things well ahead of time to establish a proper infrastructure.
Have you the guts to leave whatever you are doing and dedicate your resources to your passion?
For most of us, passion is just that.
We love doing it and leave it there.
But when it comes to building something serious with it we're just not interested.
It seems, we're better off with what we're currently doing.
The same is the case for me.
After market research, I've come to the conclusion, I'm not in a good position to monetize my passion.
Instead, I've moved on with something else.
Perhaps, a couple years from now I'd be in a different scenario.
If you do not, prior, research what you wish to do, you're highly likely to fail at it.
Your best bet is to take into consideration various parameters involved and introspect if you can go through them.
I'm Pavankumar Karnati, co-founder of GrowingMetrics. On the site I write about starting a blog and converting it into a business.