Updated: Sep 3
Hello there. This is Elizabeth Yang. In today's episode, we are going to be talking about Turning Passion Into Online Profits: Decide On These Two Things to really make that difference in your life and your business. Now I'm just going to do a quick tech check here. Let's see here. Am I on? Yes. So if you're watching this live or catching the replay, let me know.
So let me know where you are tuning in from. Spend 30 minutes with me. And I promise you this. You're going to make two life-changing decisions, whether you are a millionaire looking to start your next idea, or you are in a startup trying to start a business that is really going to make the difference and whether or not you can really launch your online business and turn your passion into profits.
Stick with me and we are going to work through those decisions that you need to make. So let's see here. Where are you timing in from? I just want to, Minnesota is in the house. Great.
How do you truly turn your passion into an online business? Right? If we haven't had a chance to meet yet, I am Elizabeth Yang. I am the founder of The Customer YES! Lab where my team builds for you done for you courses in 90 days while you and I are working on your business strategy. One of the things that makes me really unique is I'm all about saying yes more in life and business. I'm all about actually picking one of six online income streams from courses to online events, to group programs that are based on two things.
This is where I think you can make the biggest difference in your business, whether it's e-commerce or just truly service space. And that is to launch your online income streams based on your one, your strengths, and two the fastest results that you can deliver for the person that you want to serve your customer, that's the secret to giving more customer yeses.
Oftentimes we focus on what? We focus on what we want to do as the business owner. Right. But the reality is we can only turn passion into profits. If we're really clear about who our customer is. And what is the vehicle, which is your product, your service that is going to deliver the fastest results for him or for her?
Nobody wants more courses to watch. No one wants to spend two, three hours just to learn like nobody wants any of that. But what we want is what that enables us to do. Right? Are you feeling me on that? Drop me some hearts. If you're hearing me on that. Right. Who wants to spend more time-consuming content, reading books, watching videos.
And tutorials nobody. Right? Nobody has time for that. So tell me where you are chiming in from, I see someone here they're in Minnesota, and if you are just catching this live with me and you want the notes to my show today, drop a comment handouts below and I and my team will get that notes out to you.
All right. So let's talk about it. What are the two decisions that you really need to make when you're thinking about turning your passion into online profits? I've had the privilege of working and talking to, you know, startup dreamers who want to be entrepreneurs who really dream about starting their own business.
And they often say things like I will do that one day. Right. I know that the privilege and honor of working with successful entrepreneurs, business owners, and consulting big, large fortune 500 companies on really how to build an online revenue income stream, or really drive efficiency, build leadership and capacity with who and what they're hiring and building out in their businesses.
Now you might think that these customers are very different from startups to you know, mature businesses, but the truth is they're really not. At the end of the day, they're still after one thing. And that is how do I get more customers to say yes to me? And that is all driven by the company, the brand, the person's ability to communicate most clearly the human connection, emotional motivator what drives that customer. And then from there reverse engineer the product and the specific delivered to that person. Right. So what's that first decision. What does that first decision that you need to say yes to? As you're thinking about turning your passion into an online profit, grab a pen and paper, write this down.
If you're driving just type comments in the comments, handout, and my team, and I will get you these notes. So you can reflect on these later, but because of these conversations, I've now had the privilege of really just figuring out who's in it or who is out. Now, of course, if you're thinking to yourself, well, why would this be so hard for people to decide if, whether or not they want to make money?
Well, one of the onsets of the entrepreneurs that I often work with is those that are vision-driven. Purpose-driven and impact-driven. Right? And so they really want to run a business or launch an organization initiative, but really are really about the purpose and the work. How many of you watching today are all about that?
Let me know in the comments, are you about the mission, the purpose, and making money too. Or are you just about the money? Right? It's okay. There are some business owners. They're just all about the money, not so much about the community. That's all right. But for those of you that are really focused here, that is all about passion, purpose, and profits.
Then I'm talking to you. I am talking to you because I know that most of the time, people are purpose-driven, this is what often struggle with. The first decision, say yes to yourself and be really honest with these two questions. Why do you want to do it? And who do you want to serve for an impact on a larger scale?
Phyllis here says that he's all about passion, right? Yes. Right. So why do you want to do it? And there are three distinct ways and I want you to think about it. And this is oftentimes, I was just on a call with a client recently, and we were talking about her next big idea. She already has a successful business, but she wants to now launch something that is completely different from what she's been doing for the last several years.
Right. And here's the biggest thing when I say, what, why do you want it? And what is it that you really want? And here's the difference when it comes to purpose-driven entrepreneurs who are passionate but also want profit. You've got to think, is it a community project, a hobby, or is it a business? All three of those are great and we need more of them in our community to make an impact.
But businesses online serve three things, and this is going to be the biggest difference that you can think about when it comes to your business. And if you are watching this and you're like, I don't, I can't write this down and just type handout in the comments and you can grab my notes. We'll get that out.
Link out to you. To know if it's a business or a community, a project, or just a hobby is, do you actually have a sales number in mind that you want to hit in six to 12 months? Okay. Have you made that decision? I was talking to, as I mentioned a client and she was saying, you know, I really want to do this.
No, of course, I want to make money. And I said, okay, so how much? And she's like, I don't know. Maybe 5,000 and they said 5,000 a month extra. She's like, no, just to cover my costs per year. Right. And I said to her, dear, that's not a business, that's a hobby. Right? Like that's a hobby. You're talking to me and saying 5,000 a year.
Right. That's what, you know,
30 $40,000 of a side hustle income, extra per year as a side business. That to me is a pretty nice side hustle, right. But if it's $5,000 just to cover your costs of education and training, you don't need to be a business for that. You don't need to be a business for that. You could do a fundraiser and give money to do that.
Right. So how does sales goal? The second thing is you have a clear conversion plan on how to achieve those sales numbers. Oftentimes was talking to another client of mine and she at the time had already had a very large social media following. I would consider her an influencer every day in the fitness space.
She was launching and putting out amazing content that was inspiring. Big curvier women on being fit. But in her heart, she always wanted to launch a, a swim line where, oh, a swimwear line that was for Curvy bodies. Okay. She's always wanting to do this, but she never did it. And I remember having this conversation with her, gosh, maybe three years ago.
And about three years later, she came back and she's like, I'm still thinking about this. I'm still thinking about this. I don't know why, you know, even with my huge social media, following why I haven't really made money from it. Right. And so the question that I asked her when it came to that because she was all about fitness for bigger women, was, is it a hobby as an influencer or are you really trying to be a business?
There's a difference, right? Like if you're trying to be a business, you're trying to monetize, you set a goal that you're getting a sales goal that you're going to hit in six to 12 months. Right. And you have a clear conversion path, right? As for her, it was okay. How do I take my influencers to engage with me?
And eventually lead leave breadcrumbs to lead them to a sale, whether it's a course, a swimwear line, whatever that is for her. But it's got to go somewhere, right? It's not a, I don't know if anyone will buy it and I'm just putting it out there. If that's how you're testing it. Do you never test it enough to know whether or not it's going to be a viable business for you?
Right. Last thing, the third thing that makes it different from just a hobby community project or a business online is that you're all in, of being online. Let me say that again, you are all in on being online because you know in your heart, that gets your purpose out there. You've gotta be accessible.
You've gotta be reachable. And the only way you can do that, my friends are to show up online what that means. This is really critical for you to decide. What that means is you're going to have to work through any limiting beliefs or fears that you might have about being on video, about doing the lives about the noise of creating content online.
You're going to have to work through all of that. You will, you will, because in order for people to find you in order for people to reach you, right, you've got to work through that. Right. And that's gotta be all part of your conversion path. And Phyllis here says, oh, that's my downfall. No, Phyllis, you can turn that into a strength.
You really can because here's the reality, right? You're not the only one that is afraid of showing up online with videos and things like that. But as I often tell my students and clients, right, when it comes to the online income stream and social media and things like that, you'll only need to be consistent and just a couple of different things, right.
I always say, do what your strengths are. You do what your strengths are just because everyone's doing courses does not mean that everyone should be doing courses. Right. And this is so key. This is so key. And I'll talk about that indecision too. Right? So those are some of the different things, decisions that you need to make.
Right. Let me just repeat them. You got to say yes to yours. And decide the impact that you want to make. Why do you want to do it? And who do you want to serve and impact on a larger scale? I once had a client that I was working with. She had a really successful health and wellness business locally. She was a network marketing.
And she knew that in her next chapter, which was all about empowering and changing people's lives, she needed to be online because the people in her current community only knew her as one way. And she knew that in order for her to create this next chapter for herself or reinvent herself, she needed a new audience.