The COVID-19 pandemic has affected our lives in ways we didn’t expect, fundamentally reshaping how we work. Several organizations have been forced to downsize, suspend operations, or worse, close their doors for business.
On the lighter side, the shift has also sparked a wave of entrepreneurship, with individuals starting businesses as a side hustle or pursuing a passion they’ve been dreaming of for the longest time. While the passion economy isn’t new, it’s now gaining traction and reaching more people, including myself, who are finding new ways to turn their passions into viable careers.
What is passion economy?
The passion economy is the rising economic landscape for individuals turning their passion into profitable careers. With the available platforms online, it’s easier to reach your target audience and build your reputation as you grow your brand. This, in turn, will attract customers willing to pay you for the products you sell or services you can do for them.
Do you need to leave your job to pursue a passion?
When I decided to quit my corporate job to pursue a passion, I received messages like how I inspired them to do the same. However, most were still hesitant, and I could understand why. Leaving a stable job is a big decision, especially in times of crisis when having a job is a privilege.
The truth is, you can still pursue your passion without quitting your job. With effective time management and a willingness to dedicate some free time to honing your craft, it’s possible to progress in both areas. However, over time, you may find that balancing both commitments becomes exhausting and difficult to sustain.
Questions to ask yourself before you leave your job for good
How do I know if it’s time to leave my job? This is one of the most challenging questions I’ve ever faced, and after years of hesitation, I’m glad I finally took the leap. Those who feel passionate about their current jobs are truly fortunate. But if you’re like me—drawn to something different yet unsure whether leaving your day job is necessary to pursue your passion fully—consider asking yourself these five questions.
1. What are my current and upcoming expenses?
Grab a piece of paper and list all your current expenses, from daily essentials to monthly bills. Include car loans, future home payments, and any long-term investments or assets.
Calculate your total annual living costs to understand your financial needs clearly. You don’t want to make big decisions without a realistic understanding of your expenses.
2. Do I have the means to live without income for a year?
Be honest: Do you have enough saved to cover a year’s expenses if you quit your job, or are you living paycheck to paycheck?
Ideally, your emergency fund should cover at least a year’s expenses if things take longer than expected in your new venture. It’s not about planning for failure—think of it as preparing for possible delays.
A year’s worth should be enough. If you’re not yet financially prepared, consider delaying your decision to leave your job. But if you’re ready, you’ll have the confidence to move ahead—so keep reading!
3. How can I earn money doing what I’m passionate about?
Do your research. List at least ten potential income streams in your chosen field. Rank them based on the difficulty level in execution, then evaluate them by profitability.
Identify activities that are easy to implement yet offer high returns. As you start building your portfolio, prioritize focusing on those high-return opportunities.
4. What will my first year be like?
Now that you’ve outlined your expenses, savings, and potential income sources, it’s time to set short-term and long-term goals. Your first year should focus on building your portfolio, enhancing your skills, and expanding your network.
Ideally, you’ll start earning enough to cover your monthly expenses, so you won’t have to dip into your savings. However, if you can’t generate enough income immediately, don’t worry. Just ensure you have a clear plan to become competitive within the year.
If you believe it will take longer than a year to work on your portfolio, skills, and network, it might be wise to hold off on leaving your day job. Focus on improving your skills first and build from there.
5. Is my passion living up to my purpose in life?
In pursuing your passion, you need to understand your deeper purpose in life. This is the most important question I want you to think about. Take a moment to pause if you need to. Think about what you want to bring to the world. While this may sound funny to some, those who know their purpose are fortunate.
Whether your goal is to make a difference in the lives of a few—like your family—or to tackle more significant global challenges, what matters most is that you understand why you’re doing what you’re doing.
Is passion economy a utopian endeavor?
Some might argue that the passion economy is a utopian endeavor, especially in a world where professions like doctors, nurses, lawyers, and engineers are important for society’s survival. What would happen if everyone abandoned their traditional careers to chase their passions? But here’s the thing—it’s simply not for everyone. Some people still prefer to balance their work and their passions—and that’s perfectly fine.
Lucky are those who pursue their passion at the onset of their careers. But if you’re still reading, chances are you’re exploring your options and figuring out what path works best for you.
Is passion economy for you?
Now is the perfect time to ask yourself, “What am I truly passionate about?”
Take a moment to reflect. Are you already doing it at your current job? If so, you’re likely on the right track, so keep pushing forward. If not, ask yourself, “Am I happy? Am I truly satisfied with what I’m doing at work?” If your answer is yes to both, it might just mean you need to find a balance between your job and your passion—no need to quit just yet.
Only consider leaving your job if you’re driven by the desire to pursue something else entirely. Trust me, you’ll know. It’s like a calling from the universe. And if you’re not rolling your eyes right now, you might belong in the passion economy. Hear out your inner voice and start doing something about it.
Passion is energy. Feel the power that comes from focusing on what excites you.
Oprah Winfrey
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