Passion vs. Profit

The first couple of topics I want to touch on here are for beginners.  I know many folks may think “well, that’s not me”, but wait . . . think about reading these anyway.  Sometimes, even after we’ve been through it all, it makes sense to take a fresh look at how we got where we are.  It may help improve your business in some small ways or it may help you to start yet another endeavor.

What Products Should I Sell?

There is an ongoing debate in many of the internet marketing circles about where to focus your attention when deciding what to sell.  Some feel that you should focus your attention on products that you are passionate about.  What do you love to do in your spare time? What gets you really excited?

Others feel that you should forget about your personal passions and just focus on what makes money.  What are the profitable markets? Where are other people spending their money?

Passion is Motivating

There are many advantages to going with your passion.  First, and probably the most important, is motivation! Selling something you are passionate about can be very motivating.  And as you know, motivation can be a very large problem for the work-at-home entrepreneur. 

I took this concept a step further and chose a market that my husband is passionate about.  For all of you that have fought tooth and nail with your spouse about starting a home business - chew on this angle for a moment.  You are building a business around and selling something that they are excited and passionate about - there is no better way to get the ultimate “buy-in” from your second-in-command!  It has worked wonders for us and made it into a true family business that we both get excited about - for different reasons.

Second, you will have a vast knowledge about your products and your market. You are your market - what better way to understand them?  Both writing and marketing become a lot easier when you are submerged in your passion instead of trying to study your market. 

Hobby or Business?

If it isn’t profitable, it’s a hobby.  Yes, it can take some time, but in the big picture, you are doing this to build an income.  In researching your target product and your market, you should always focus on profits - passion or not.  If this business is something you want to pay your bills with and build your retirement on, you need to be serious about the numbers.

You need to conduct the proper market research up front (more on this in coming posts) to understand whether the long term potential exists.

Without profits, all of your hard work and passion won’t mean a thing.  There are many products and markets out there that sound great at first, but once you dig into them, you realize that the margins are so tight, you couldn’t possibly squeak out the profits you are looking for. 

Don’t disregard different ideas just because they don’t match your personal desires.  You may find new hobbies or markets to get excited about that you never even knew existed.

Sell What Sells

So the moral of the story here is that I want you to be sure to research, research and then research some more before you put your heart and soul into this business. You certainly can start with your passions and see where they lead, but in the end, make the decision based on the numbers.

I think I can actually hear you all asking “But, How?” and that’s the plan - We’ll talk more about how to go about that research in the next few posts.