Passion into Business – Part of Chapter V of the upcoming book ”Find Your Passion”

Passion into Business – Part of Chapter V of the upcoming book “Find Your Passion”

Passion into Business

If you want to turn your passion into a business and become a “passionpreneur”, it’s important to create your business model. It’s the way your business will operate and includes 9 core elements you need to know and clarify for yourself – by the way, if you’re a job seeker, this section is valuable for you as well:

1. Customer Segments
2. Value Proposition
3. Channels
4. Customer Relationships
5. Revenue Streams
6. Key Activities
7. Key Resources
8. Key Partners
9. Cost Structure

1. Customer Segments

What do your prospects want? What are their biggest challenges, problems, and pains? What are the benefits and gains your future customers will reap from your products and services? This business model section is the most important one. Do you guess why? Yes! It’s about covering human needs! That’s where problems come from. So, your products and services have no value if they don’t cover at least one human need, whether it’s a problem or a desire. The people you’re going to serve are the only ones who determine whether you’ve covered their needs or not; whether you solved them a problem or helped them fulfill a desire, or not. It’s all about them and how your passion can serve them, not you.

Furthermore, it’s important for you to serve your ideal client, not everyone. This way, you’ll be able to become an expert in a specific niche, position yourself as the “go-to-person” for your expertise, make a living out of your passion, and maximize your financial potential. For you to identify your ideal client, it’s important to find the ideal problem you want to solve.

Ideal problem

Now, grab pen and paper, brainstorm and write down 15 problems you’d love to solve for others -yes, we did that in the “Purpose” passion component, but do it again! Your perspective is different now! Set a timer for 60 seconds. Go!

Great job! Now, brainstorm and write down 15 desires you’d love others to gain. Set a timer for 60 seconds. Go!

Then, ask yourself aloud the following questions:

1. How my passion could serve others?
2. What problems does my passion solve?
3. What desires does my passion fulfill for others?

Write down your responses. Take your time…

Ideal Client

Ask yourself aloud the question “Who I’d love to serve?’’. Write down anything that comes up…

I’ve managed to complete my career transition successfully thanks to my focus on finding an ideal problem, as well as my ideal client, and I came up with the following “I.D.E.A.L Client” model.

Your I.D.E.A.L Client: 

I feel you: Their pain and desires really resonate with you. You share common experiences, common pain, common values, interests, even purpose!

Desire to work with them: Are you a great fit? Would you really love to work with them? Will you make a great team? Will you collaborate effectively?

Earn enough: Can they afford your value? More importantly, do they value your products and services as you value them?

Awesome feedback: Feedback is always necessary. Some clients though will give you awesome feedback! Who are they? What’s their profile?

Love working with you: Their feedback is awesome because it’s authentic. And it’s about you! Not your products or services; especially if you want to run a personal services business, like a consultant, lawyer, and accountant. Your brand is you!!!

2. Value Proposition

How are you going to add value to your ideal clients? What products and services solve a problem or fulfill a desire for them? That’s right. First, you identify a problem or a desire for your ideal client, and then, and only then, can you start creating your products and solutions.

Plus, they must be unique. What sets you apart from all the others who offer what you offer? How do you stand out from your competition? Products and services that can solve your ideal client’s problem or gain what they want faster, better, and cheaper can definitely be part of your Unique Selling Proposition (USP). Another part can be a solution that does not exist at all for a problem that many people have. Last but not least, your personality can also be a differentiator, although it’s not obvious and direct. You see, having both empathy and professionalism, being kind and a great active listener, positive, and with high energy can play a big role in one’s decision to choose to work with you over somebody else. You are your brand.

Otherwise, you will be outcompeted before you even realize it. Keep in mind that most of the time there’s a gap between your client’s pains and desires (customer segments) and the products and services you offer (value proposition). The more you bridge that gap, the more likely for you to make your business profitable and make it grow!

Now, let’s do some exercises, shall we?

1. Brainstorm 20 ways to deliver value to your I.D.E.A.L Client/Employer (You got it now?)
2. List the top 5 that align most with your passion.
3. Ask yourself aloud: What is the best way for me to make __________ (ideal annual income) from my passion?

Extra tip: Test and focus on one idea/concept at a time. Otherwise, you might have both poor results and poor insights for what to improve and focus on next!

3. Channels

How will you operate? Will you have an online business? A local store? Both? If it’s online, will you operate via a website? An app? Both?

4. Customer Relationships

How’re you going to communicate and engage with your customers? How’re you going to build, maintain, nurture, and grow your relationship with them? Through social media? Email and texting? Phone calls and brochures? Regardless of what you’ll choose, cultivating meaningful relationships with your clients is absolutely necessary.

5. Revenue Streams

Where does the money come from? One-on-one services? Memberships and fees? Events and webinars?

6. Key Activities

What are the core tasks, the major activities you need to operate? For example, advertising, manufacturing, producing, building and maintaining the host network if the tasks take place online.

7. Key Resources

What do you need to properly operate? For example, Airbnb needed a community of home providers and travelers, user data (search behavior, price segment, target destination), and more!

8. Key Partners

What partnerships are important for you to grow your business and thrive? Influencer marketing? Writing on the blogs of people whose audience has your ideal clients? In the Airbnb example, they found bloggers and photographers to share their travel stories and promote the company. They also collaborated with insurance companies for property insurance for hosts and guests.

9. Cost Structure

Anything that you will need to spend for you to grow and generate profit.

Feel free to pre-order the “Find Your Passion” book to transform your career and life by visiting my personal site here.