In case this post is too long to read in its entirety, here’s the moral of the story:
Things I’m passionate about ≠ Things that will make me money
That’s it. If you want full details, here we go:
Let me start with a brief backstory on how I found myself selling portable cement mixers online in the first place.
A couple decades ago, when the real estate market took a nosedive, I lost my job at an accounting firm. Truly the worst timing ever as job opportunities were scarce. So, I devoted as much time as I could between job searches to unraveling the mysteries of making money online.
I discovered this product that allowed you to build a website, integrate with eBay, and pull in products that people had already listed on eBay. Every time someone clicked on a link on my website and purchased something on eBay, I’d earn a referral fee.
Brilliant!
I believed I could make it work. With no income and rapidly disappearing savings, I didn’t have an incredible amount of options at that point.
So, I got to work.
I connected with a dude in the Philippines who said he could set up my website for me for a very reasonable fee (I’m not a coder), and then I focused on figuring out what products would be my niche. I had options–I could sell ANY product that was listed on eBay.
During that period, many people in online forums were selling items they felt a strong connection to—things that sparked their passion.
The car fanatics would sell sports cars…
The bike fanatics would sell dirt bikes…
The food fanatics would sell cooking gear…
You get the point.
But in reality, many of these folks weren’t doing too well. I decided I would approach this venture in a completely different way.
Rather than focusing on something hot and sexy and fun that I was passionate about, what if I focused on something less shiny and kind of boring but for which I knew there was a nice healthy market and I could best the competition?
Enter… portable cement mixers!
I know–this product really couldn’t get less sexy. Plus there was nearly no competition and plenty of people who needed to buy these ugly things. There was a genuine market need for these mixers.
I spent a couple weeks building the best portable cement mixer website you could imagine, complete with articles, photos, price comparisons…the whole shebang. Then I launched the website.
After a few months of promoting the new website, I was the #1 ranked seller on Yahoo for portable cement mixers. I was proudly making enough money to keep the lights on, to put food in the fridge, and to cover my living expenses. All from portable freaking cement mixers that I had never used, touched, or knew much about.
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I learned valuable lessons from this experience, and they stuck with me. Should you pursue things you’re passionate about?
Nope. Look for a product or service that is viable. I’m passionate about table tennis, but I’m not looking to turn that passion into a business. When it comes to business, I’m significantly more passionate about providing a good product or service with strong margins. I don’t need to be able to marry that business to any hobby or other exciting pursuit I may have in my regular life (and neither do you).
With this approach, I can work on the best opportunity that arises without being limited by my personal passions! These opportunities include:
1.) Things that people need strongly and are willing to spend larger amounts of money on without thinking twice.
2.) Things that aren’t too sexy that they’ve already attracted the best business minds. Of course, I prefer that there isn’t a lot of existing competition. I try to stay away from things that the best marketers themselves are passionate about.
3.) Things that are dirty, smelly, ugly, and not at all fun.
4.) Things with potentially high profit margins and the possibility for good customer retention/recurring revenue.
Opportunities for substantial earnings abound with ventures like this.
Typically, people don’t spend their money so you can pursue your life passions. They pay you to solve some problem for them that they can’t or don’t want to solve themselves.
So while many smart people are busy chasing sexy mobile apps and other trendy ideas, you can make bank by selling less glamorous widgets or providing basic services.
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To be clear: this is my approach, but it may not be for everybody. I’m sharing my experience and takeaways, and why I think how I do.
Life rule #36 always applies: do what works for you. For every great idea out there, there are always exceptions. But if we’re talking probabilities, I’d bet on my take.
So I discover where I’ll have a strong competitive advantage, where I can start with minimal risk/cost, and I get to work. Then I can earn plenty of money and pursue my passions at my leisure.
But whatever happens, at one point in my life, I was selling these bad boys…
