Ask Celes – Should I Start/Work On a High-Profit Business or Do Something I’m Passionate in But with Low Money-Making Possibilities?
I’m earning well from an established business but I’m not passionate about it anymore. Should I continue with this business or start a new business which I’m passionate about but does not have the same money-making potential? The latter will be more enjoyable but will be a risk. ~ Ash
Without repeating what I have written in that post, my answer is not to box yourself with either profit/money (Scenario A) or passion (Scenario B), but to create a Scenario C which has the best of both worlds—profit/money AND passion. That’s because picking either path will not make you happy, since you will be lacking something in each path (money in the path with passion, and passion in the path with money).
So in your scenario, you are earning well from your established business but you are not passionate about it anymore. Continuing with the business will make you financially wealthy but emotionally and spiritually empty as it is not something you enjoy (Scenario A). On the other hand, abandoning your business for your passion will leave you unsatisfied (Scenario B) since you will not be as financially abundant as compared to the previous scenario.
Applying my recommendation, you should then look for a third path which will lead you to Scenario C to get the best of both worlds. Some possibilities:
- Run your established business (X) while starting your new business (Y). This way, you can earn money through X while waiting for Y to gain traction. Transit to Y full-time when it generates as much revenue as X.
If X is taking up all your time, delegate your work, outsource, or create systems in X to free time up for Y. In The Passive Income System (Modules 3 and 4 in particular), I teach strategies to remove yourself from your business and have it run without you.
- If your new business idea Y has low money-making potential, improvise it to increase its money-making potential. Money is a function of the value you give, so as long as you deliver massive value, you should be able to generate massive revenue.
If you can’t generate much money from it, that means you aren’t giving value that people want. Return to the drawing board and create an idea that lets you do that. Read How To Get From Earning $6/hr to $1,000/hr and Million Dollar Tip Series.
- Start a totally new business Z which has high money-making potential and is something you are passionate about.
I used to be in a similar passion-or-money situation where I was in a well-paying job which I didn’t love anymore (this was pre-PE) and I wanted to pursue my passion to help others grow. However, since I would be just starting out, my passion would not generate as much money for me at the onset.
Not wanting to settle with either passion or money, I quit my day job to pursue my passion, with the intention to earn more money than I ever used to. In the beginning where I had no income, I did private tuition so I would have some cash flow to offset my expenses. I stopped the tuition after I started generating revenue from my passion (within the fourth month of starting my business) and focused my efforts on growing the business.
Today, my monthly revenue from PE is higher than my last drawn salary in my previous job. This happened because I created a Path C. (Get The Passive Income System and Blogging Success Program where I share how I established PE into a self-sustaining business today.)
I have detailed the early months of my passion pursuit journey in Passion or Money?, How To Overcome Fear Of Loss And Pursue Your Dreams, How To Discover Your Ideal Career: Your Message and Your Medium, Pursuing Your Passion With No Money, and Passion Paycheck.
Next Phase in Pursuing My Passion
Now that PE is established today, I’m looking to create something new–something which will require start-up cost, and as a result, some risk.
While I can keep creating group coaching courses on PE and generate good revenue, I do not feel that it’s the best use of my abilities. I feel like I can do much more. It’s a path with money but little passion because I would not be stretching myself and creating as much good in the world as I want to.
I feel like starting something new, something where I can develop new skill sets and impact more people at the same time. A new business (but still in the field of personal development) is what I have in mind. Doing this will fulfill my passion for growth and impact, but it may not be financially fulfilling in the initial phase due to setup costs. A path with passion but no money (at least at the beginning).
Applying my own advice of creating a Path C, my plan is to maximize my revenue at PE as I work on my new business. I’m also improvising on my new business idea to increase its market potential. Effective time management and application of my passive income strategies will allow me to run both businesses at the same time.
I’m actually pretty excited to get my new business up and running, but it might be a few months before I can officially start work on it as I’m intending to travel to South Africa (and possibly South America) for the next two months. I also need to consult a programmer to understand the technical viability of my idea.
(Speaking of which, if any of you has some hard-core programming background (I’m thinking PHP and MySQL) and you don’t mind answering a question or two from me, please drop me a note at [removed]. Thanks—I will greatly appreciate it!
Update: Have since received a barrage of offers for help and now have my hands full! Thanks so much everyone for getting in touch—I really appreciate it! I’ll get in touch with you shortly if I need your help; otherwise please accept my deepest appreciation for even getting in touch in the first place.)
The long and the short is not to box yourself with either Path/Scenario A or Path/Scenario B. Find a Path C that lets you accomplish everything you want (Scenario C).
If there isn’t a Path C, create it.
If it’s not possible to create Path C at the moment, then create your end vision and plan your way there while picking the better path of the two in the short term. Day 2 of Live a Better Life in 30 Days Program is about setting the vision for your ideal life.
Because by choosing A or B, you will never be truly happy. You will be faced with an either-or situation which will only leave you mildly satisfied and largely unhappy, as you are not being the best version of yourself.
You were not born to compromise. You were not born to “make do” with what you have. You were born to live the greatest life of all and that is something you have to create for yourself, by your own hands, because no one is going to hand that to you.
Good luck, and I wish you all the best in the start of your new business/job/path/whatever you decide to do in the end.
- Do check out the Successful Businesses Interview Series which features interviews with eight awesome and highly successful entrepreneurs whom I have handpicked myself. I’m sure you will pick up a useful tip or two about entrepreneurship from these incredible individuals.
- Also check out the original Passion or Money? article for my original answer to this proverbial question.
- And of course, the entire passion pursuit series:
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Tags: million dollar tip, millionaire, money, success, successful businesses