Navigating a Career Pivot Into the Passion Economy

This post explains why more people are making a career pivot and where are they going to? 

After being laid-off at the height of the pandemic, I was left feeling lost, stripped away of my professional identity, and desperate to figure out where my career will take me next. 

For several months, I searched online looking for a similar job to replace the one I was let go of unexpectedly. Making me feel not entirely safe from another layoff in the future and making me question if I wanted to go back to the corporate world. 

But could I make a career pivot? And where would this career change lead me to? 

All these questions were running through my mind and I felt crazy to think I could start a new business during the worst economic downturn in over a century. But after reading The Passion Economy by Adam Davidson, I discovered why people are pivoting their careers and where they are pivoting- into their passion business. 

Career Pivot: How Did We Get Here? 

More and more people are finding themselves in this moment of influx with their careers. The impacts of Covid-19 resulted in 9.5 million people without a job due to a layoff or furlough. And 5.3 million people dropping out of the workforce to stay home due to family obligations or health reasons. Unemployment hit the hardest for women, making up 78% of the job loss. 

Even before the pandemic, for companies to stay competitive and improve profits, it was by streamlining processes and adding automation. Resulting in a reduction in their workforce. In a 2019 report by Challenger, Gary, and Christmas, the rise of layoffs peaks at the highest since 2009.  

This post isn’t against capitalism, but rather to point out as corporate companies grow larger, layoffs will be part of the scalability formula. Leaving many people to be faced with finding a new job and company. Some people can easily pick up where they left off and continue to grow in their careers.

But for others, a layoff can leave people wondering if staying at their corporate job is worth their time. And could they find an alternative to creating a livelihood that brings fulfillment and serves a purpose? 

Is it the Right Time for a Career Pivot?

Let’s be honest, there will never be a good time to change your career. A career pivot will never be convenient but for most people it’s inevitable. In a survey conducted by Indeed, 49% of the participants have experienced or in the middle of a major career change.

Also, in his research about major life transitions, author Bruce Heiler of Life is in the Transitions explains his findings in a podcast interview with Hello Monday’s host Jessi Hemple. He shares on average, we will experience 3-5 major life-changing moments. He calls these major transitions “life-quakes” and notes when people choose to go through these transitions, they will experience personal growth and development.  

Losing a job is definitely categorized as a “life-quake” moment.

Could Your Passion & Abilities Be Your New Direction?

One of the surprising silver linings with losing a job is time to reflect on where to focus next. Without the responsibility of reporting to an office five days a week, you may have time to rediscover what sparks joy or curiosity in your life again.

• More time to spend on hobbies and activities that bring you joy and that you are good at executing.
• Upgrade and expand your knowledge on a subject matter that sparks your interest by downloading a course, podcast, or book.
• Spend time contemplating new ways to work more efficiently or how to solve a problem your previous company did not value or have the bandwidth to resolve.

I know what you are thinking- yes, it’s pretty awesome to have time to write again, learn a course, or to re-connect with a hobby. But what does this have to do with making a career pivot? 

Well, this could be the start of a career pivot into a passion business. 

Welcome to the Passion Economy

Where your passion for a particular subject, hobby, or activity can be transcribed into a digital download, product, or a virtual service for monetization.  

Simply put, people are willing to pay for other people’s knowledge and expertise by downloading digital files in the form of PDFs, audio, videos, or signing up for online membership programs. 

How Does the Passion Economy Exist?

A perfect confluence of people exploring and consume information online, the technology to create and distribute content, and using social media as the key digital marketing tool to find and grow an audience.

There is an audience for any subject matter and they are consuming the information online from their phones or laptops.

User-friendly technology and platforms for easy distribution of the content and accessibility for customers. 

The rise and popularity of social media platforms for passion business owners to find and connect with like-minded customers and audiences.

The Basics of the Passion Business

According to Adam Davidson’s book The Passion Economy, there are 8 fundamental rules apply to a passion-driven business. 

Here are a few key takeaways from his book: 

• Monetize your passion and abilities.
• You are compensated for the value you give rather than the time given. 
• You can scale at an intimate level with your audience.
• Every passion has a backstory.

The Different Paths to the Passion Economy

Your unique take on your passion will be the secret sauce to your success, but how you will share and distribute it can be done in so many ways.

• Education; how to... (digital courses, guides, templates, and webinars)
• Virtual services- consulting and coaching (online memberships, virtual meetings, and online masterminds)
• Writing (blogging, subscription newsletters, free-lance writing, and becoming an e-book author)
• Audio (Podcasting, audiobooks, and creating music)
• Video (live stream shows, webinars, courses, and vlogging)
• Digital Artwork and Templates  (digital downloads- JPEG/PDF/AI)

I hope this post helps you recognize that you are not alone in this major life transition and you have a choice to pivot your career from an employee to a passion-driven business owner.

We want to hear from you! Are you thinking about making a career pivot? Or in the middle of one that is leading to you a direction of the passion economy? Share your thoughts below.