Turning Your Passion Into Profits

Over the years I’ve had the opportunity to be associated with many, many entrepreneurs, especially those in a home-based business environment.  I’ve seen many experience a tremendous amount of success and some have fallen short of their goals.  But there are some common denominators I’ve observed in those who have hung in there to reach their goals and enjoy success.  This list isn’t all-inclusive, but definitely a place to start.

1.  You need to have a conviction about what you are doing. Some call this a sense of mission.  It’s the part of the opportunity that tugs at your heart strings.  It’s how you know you’re contributing to society, making a difference in people’s lives and leaving a legacy.  For years I’ve had a quote that I’ve loved and kept close to me, it says, “Many things in life will catch your eye… few will catch your heart – pursue those!”   Don’t be apologetic about loving what you do – even if others don’t “get it”.  Your excitement, enthusiasm and passion for what you’re doing is what will keep you going and draw others to you.

2.  Have an open mind, an open heart and be realistic. Recognize that when you’re pursuing a passion and trying to turn it into a profit there are days the thing you love will feel like work and there are days when your work will feel like a labor of love.  Know that the lines will get blurred and that’s ok.  That’s actually your life becoming more balanced as the things you love overlap with the necessities of life.

This is something that you will find in EVERY single successful entrepreneur – they don’t know where the lines between work and play are; and because of that they don’t know how many hours they’ve worked on it and for the most part, they don’t care.

There are two kinds of workers – those who watch the face of a clock and those that watch the faces of others.  Those that watch the face of the clock have almost always worked for someone else.  They move through life accepting the dollar value that has been placed on their time and they watch the clock to formulate their rewards.

The other kind of worker – those who watch the faces of others understand rewards in an entirely different way.

If you want to be successful turning your passion into profit but you suspect you’re a clock watcher – release yourself and insist that those around you do the same – from seeing money as the only reward to your work.  You aren’t doing this for the money alone, so don’t measure your success or worth in that way only!

3.  Have a network or a partner that insists on accountability! This is so critical – I can’t emphasize how important this element to success is.  Have you ever heard the saying, “Walk with Giants”  There’s a Japanese proverb that says something like, “When the character of a man is not clear to you, look at his friends.”

Pick partners, friends and an accountability network that raises you to a higher level – surround yourself with people that make you want to be a better person.  Honor your commitments in those relationships and keep the promises you make to them and more importantly, that you make to yourself!

4.  Have a plan, but good grief already – be willing to Take A Leap of Faith!!! Way too often we let perfection rob us of many good things.  Too often we procrastinate getting started and working towards success because we want to have a perfect plan.  Its probably one of the biggest secrets I’ve seen as a common denominator in those who are successful – they have taken to heart the phrase, “Fake it ’til you make it!”  In their quiet moments, almost every single one of them will admit to the fact that they jumped in WAY before they had all the answers.  Its not being irresponsible or unprepared – its about being so anxious to get started they just couldn’t wait to get out there and give it a try.  Years and years ago a song came out that I instantly loved because of its lyrics.  They expressed the idea that sometimes you just have to “give a whirl and learn as you go” – basically, take a leap of faith.

The song is called, “Life’s A Dance” and was released in 1992.  I was two years into my own home-based business at the time and wondering if my efforts were worth it.  I was consistently making a few hundred dollars a month (sometimes more) but my goals and dreams were bigger than those checks.  That song inspired me and became a private motto.  And every successful entrepreneur has one that sounds very similar to it.  Needless to say, I jumped in both feet  and danced like crazy.  I have never regretted that decision.  A few years later my husband had a dream he wanted to pursue.  We went to the bank to get a loan.  We talked about our income, our assets and our liability and then I mentioned, somewhat reserved that I made a little money with a home-based business I had.  I sincerely did not know whether or not it would matter or make a difference to the process we were going through.  The man gave me an, “Oh that’s sweet” kind of look and in a very patronizing way asked me how much I had made that year.  I pulled out a report of my check stubs and customer receipts and said, “$72,000”  He literally dropped his pen and just stared at me.  When he recovered he said, “Yeah, that makes a difference.  Man, I wish my wife would do something like that!”  It was a pretty validating moment.

I hope 2010 brings lots of validating moments for all of us as we work hard to turn our passion into profits.

Carol Rice, CherishBound, Cherish Bound is a party-plan company that allows people to make and publish their own stories using their own photographs. Carol Rice, who started and grew the company on a bootstrap budget, is an expert at teaching other entrepreneurs how to do the same. She is also an expert in home party sales and direct sales. Twitter @carolrice

Family Traditions – A Whole New Year For Starting or Continuing Them

Fairy Godmother Carol Rice, co-founder of CherishBound writes the following article: No matter whom you call family;  tradition will make your bonds stronger.

Family traditions can:

-Create good feelings and help with a person’s identity and sense of belonging.

-Impart values and foster cultural customs.

-Give us a sense of security and continuity.

-Give us a way to celebrate life; the big and the little moments.

-Are part of the glue that holds families together by giving us a way to spend time together, deliberately.

As a young mother I worried about whether or not my husband and I were developing “traditions” for our family.  I knew they were important, I’d seen “Fiddler on the Roof.”  (I can still picture Tevia snapping his fingers over his head as he belts out the familiar song “Tradition!”) But I didn’t know if my little family had any; and if we didn’t, how would we create them?

We all long for a sense of heritage that we imagine traditions will give us, but so often I meet people who think it’s hopeless because they don’t think anyone passed on worthwhile traditions to them and they feel in turn, they don’t have anything they can pass on, or they feel it’s just too late because they didn’t start soon enough.  It’s an amazing thing when hearts and minds are opened to the reality that the first step is as simple as realizing that you can be the first step…tradition can begin with you.  (And ironically, in the process of developing traditions, most of us discover there are traditions that have been passed onto us; we just didn’t realize it.)

Here’s a few ideas to get you started in the upcoming weeks:

New Year’s – Write bad habits/ bad experiences on paper and burn them in a pit and then write out your plans/goals for the New Year.

Chinese New Year –  Give your house a thorough cleaning, hoping to sweep away all the ill-fortune there may have been in the family to make way for the wishful in-coming good luck…then give each child a red envelope with crisp new dollars for the new year!

Civil Rights – Tell the story of Martin Luther King/ Rosa Parks/ Underground Railroad and then ask each family member “What makes a hero/heroine to you?”

Valentine’s – Have a “love box” then during Valentine’s week encourage anonymous notes of love and encouragement to be dropped in for each family member.  Read them at the table each night that week.

St. Patrick’s Day – Serve Green Eggs and Ham for breakfast and Corned beef and Cabbage for dinner (on a table decorated in GREEN)

Every Day:  Use post-it notes to leave messages of encouragement, gratitude, and love on your child’s made bed, bedroom door, pillow, or in on their sandwich!

Birthdays – Decorate the dinner table with balloons and/or crepe paper and have the birthday person’s favorite dinner.

As you start your own traditions this year consider recording them in a journal like this one at Cherish Bound. At the end of the year you’ll have a record of some of your most treasured moments.

The Power of Negotiating: for those who feel a little timid…

Negotiating can feel like a daunting, necessary evil of doing business. Something you might feel ill equipped and intimated by… the truth is, you do it every day. Have you ever had to talk your husband into coming home early so you could work late or go out with friends? How about getting your child to eat a dinner he thinks is “yucky?” How about rounding up a committee to put together a carnival at the school or dinner at your church? Really, we negotiate for what we want all the time; and whether its with a 5-year old or a manufacturing CEO the same skills apply.

1. Know Your Story

You need to know who you are and what you want. Why would someone want to work or partner with you? Can you articulate your goals for this project and the big picture? Have someone you trust ask you these questions and practice “fleshing out” the answers until you’re comfortable saying them and they roll right off your tongue.

2. Know Their WIIFM

We’ve all heard of the radio station WIIFM (What’s In It For Me?). Going into a negotiation understanding everyone asks that question will help you feel more prepared and not take offense if they actually ask the question out loud. Take time and make an effort before your meetings/conversations to understand why what you’re proposing works for the other side. It’s impossible to present a Win-Win if you don’t know what they consider a Win.

3. Know the Rules

Be willing to get in the game. Most people expect the negotiation process to include offers and counter-offers and more often than not, several meetings. Be prepared with several layers of compromise and expect that they are too. I’ve often found that as a part of this process, synergy takes over, and a better idea than either of you on your own could have created, is the result.

4. Know Your Walkaway

If you don’t have a walk away the situation is more likely a sales pitch, rather than a negotiation. Your walk-away is the point where you would rather not do the deal than accept what they are offering. If you don’t know that point, or have one going into your conversation, then you may as well just hand it over. You will feel more empowered in the process if you have in the back of your mind a Plan B and you know there’s a point you can walk away from this negotiation to pursue it, or at least go away to sleep on it and come back to it later.

Just a few more tips…

“ Formalizing a positive conversation with a Letter of Intent is usually a good idea. It gives both parties a chance to see in writing the points of agreement and review the next steps. An LOI gives you something tangible to work from without the complications that often arise when you begin drafting the formal agreement.

“ If you’re uncomfortable in a negotiation, trust your gut. It’s been my experience that people who resort to bullying, pressuring and ruthless behavior do so because they lack the skills or integrity to do business any other way. Working with people like that is seldom worth it. Trust yourself to step back, take some time, think about it and bring others into the process, if necessary. Legitimate, integral people won’t want to deny you that – so don’t give it up.

“ Get good at a pregnant pause. Too often we rush to fill up quiet space. That’s most often when we ramble or say things we wish we could take back. There’s nothing wrong with silence to let people process their thoughts and think about what to say next. Be disciplined in giving people that space and time. If you tend to talk too much try sitting in silence while you continue the conversation in your head, silently sing the ABC’s or recite a favorite quote or poem. Just a couple of minutes will give everyone the chance to think before they talk.

In fact, whether negotiating or just moving through the day, here’s one of my favorite quotes that always helps.

We become more adept at rising to the occasion each time we see ourselves doing it. Every time we cope well with whatever real life throws our way, it’s another deposit of confidence, creativity, and courage in our self-esteem account… When you need to rise to the occasion, do it with style. Do it with a knowing smile. Confound them. Astound yourself. Make it look easy, and it will become so.

Carol Rice is the creator and owner of CherishBound, a party-plan company that allows people to make and publish their own stories using their own photographs. Carol started and grew the company on a bootstrap budget, is an expert at teaching other entrepreneurs how to do the same. She is also an expert in home party sales and direct sales. She can be found on Twitter @carolrice.