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How to Monetize Your Passion

How to Monetize Your Passion

Ah, those dreams of being able to monetize your passion…

You’ve been working away on your project for a while now, haven’t you? Maybe you’ve switched projects a few times. You’ve tried a few things and it’s not quite brought in the cash you would have liked so maybe you’ve gone back to the drawing board. It’s got to the point where it’s all a bit of a muddle. You’re frustrated that you’re not making more money despite the huge amounts of effort you’ve put in. It even makes you want to give up at times.

If this resonates with you, then you’re not alone–and there is something you can do about it.

The Illusive Piece Of The Puzzle

Having coached individuals to rock their revenue for a few good years now, there are some patterns that crop up again and again, and here is what I can tell you for certain: You’re not the only one who is struggling to monetize their project.

The truth is, making cash out of your activities is the most difficult piece of the puzzle… if you don’t set it up right from the beginning. I’ve seen dozens of highly skilled, talented and driven individuals set up some awesome businesses: projects that could change the world.

They start with great ideas and they put in place awesome delivery systems, but getting the damn thing to cash flow can sometimes feel like trying to get blood out of a stone. If you can relate to this you need to know: the root of this problem, and the solution, starts way before you launch your product or service.

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If you understand what I’m about to outline, you will be able to position your business so that the monetization phase becomes the EASIEST part of the whole project.

The biggest problem you face is actually that monetization is the last thing that happens in the whole creation cycle. All the work has to be done upfront though. And even if you have cash, all of this needs to happen without even a minimal reward to spur you on.

It’s not that it is impossible, but it can be tough, and managing your own expectations from the start is key. There is a way to make all this MUCH easier.

Start with Your Day-to-Day Love

Every business becomes easier to get to (and through) the monetization phase successfully if day in and day out you’re doing something that you love. If you’re enjoying what you’re doing and not just doing it for the money then it becomes easier to go that extra mile to put in a few more hours, to influence one more person, to get up and dust yourself off and press on when the going gets tough.

In fact, if you love what you do every day, you’ll find very quickly that going to work on that project actually gives you energy. That’s right! You end up with more energy at the end of the day than when you started. Getting up and getting on with the tasks of the day becomes effortless because you’re aligned with what you naturally want to be spending your day doing. So you can see that monetising your passion is much easier to do than monetising any old business or side project.

This is a very important point, because it shapes everything that comes after it. This is where much of the pain and frustration has stemmed from already, because if you’re struggling to get to the point of it “working” (i.e. making a profit) it probably has something to do with you not being fully aligned with what you love to do. I mean this in both the conceptual sense, and in the day to day workings of what you do.

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When I work with clients we start with defining very clearly what they love to do and where their natural skills are, then align it with producing a business that delivers what the market wants. This is the step almost everyone misses out even if they’re passionate about the concept they are trying to deliver.

Concepts don’t get you to go the extra mile when you’re tired and you’ve suffered an intermediate defeat. Loving the day-to-day of what you do does.

Monetization: The Final Phase

When it comes to needing cash flow from your efforts you need to take lag time into account. Depending on how much ground work there is, being able to monetize your effort will vary from several weeks to several months. Heck, I’ve invested in companies that, three years down the line, aren’t paying dividends because they need to reinvest the profits into mega expansion.

The point is, you need to take this into account, whatever size you’re planning to grow the business to. You can’t start pulling an idea together and monetize it in a few days. Monetization is the *final* phase of a project. But here is how to short-cut it and stack the odds of success in your favor–BIG TIME.

1. Be Clear On Your Passion

Contrary to popular belief, your passion is what you want to spend your time doing and not some random vision written on a blackboard in the sky that you somehow need to “discover”.  Ask yourself what you love doing day in day out, because ultimately this is your passion.

2. Align Your Passion With What You Are Good At

Most people skip these two most important parts of the process, thinking it will get them to the money quicker. They think that there is more money to be made in another business, and that the grass is always greener. If you pick your industry based only on how much money you think you can make, then you can expect to always be chasing the money.

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If you take the time to align these two aspects effectively (your day-to-day passion and your skills) you will flat out make the rest of the process much easier.

3. Find A Market You Want To Work With and work out what their biggest pain is.

Again, most people do this the wrong way. They think “who is most likely to pay me money”, and even if they aren’t in the market they want to work with, they push on anyway. This again is the road to pain and struggle.

4. Tailor What You Offer (your passion, product or service) to the avatar of the people you most want to work with.

In other words, think of a character that represents the people you want to work with (your avatar) and design your offering for just that person. Give them a name, and describe every detail of their pain, their fears, their hopes, their current situation… down to even the more tangible aspects of their lives like where they shop and their educational backgrounds. This will allow you to hone what you have to offer precisely to what they want, and this will form the basis of your marketing messaging when you talk to them.

At this point, even early on in the process, you’re making it easy for them to buy.

5. Work A Marketing Plan

What I mean by this is simply create a plan around how you are going to connect with them.

Note: Facebook is not a marketing plan! Even those marketers who are rocking it on Facebook only get about 20% of their sales from it. If you’re in the online world you need an email list. Period.

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Create database of people you can email (or snail mail) and build up a relationship with them. This is your audience. These are the people who are an ideal fit for your product or service and are interested in hearing your message. Make sure you have an easy way to be in touch with them so that you can communicate about your product or service before it’s even ready. Part of this plan will then be to build a relationship with your audience, getting them involved in developing the product (or service), then communicate what is available and make it really easy for them to buy.

You Can Do It The Easy Way

What we’ve talked about are the first, most vital steps in creating cash from what you love to do, because they set the tone of everything else that comes later. The sales, marketing and positioning come much more easily once you’ve got the first few items figured out. In fact, monetising is just a process, one you’ve worked out what you want to spend your time doing, what your natural skills are and who you want to work with.

Remember lots of work goes in before you get anywhere near to being able to monetize. If you align with what you love to do every day, your natural skills AND the market you want to serve you will massively increase your chances of monetising your project effectively in the shortest possible time.

What Are You Going To Do About It?

Never leave the scene of learning something new without taking a new action. It’s time for you to declare which action step you’re going to put some attention onto and why. Share in the comments below.

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Published on September 17, 2018

How Being Smart With Your Money Leads to Financial Success

How Being Smart With Your Money Leads to Financial Success

Achieving financial success is not something that just happens. Maybe if you win the lottery or something, but for the average person like you or me, it comes from a series of small steps you take over a long period of time.

With each step, you form a new smart money habit. And with each smart money habit, you build towards financial independence.

So what sort of habits can you form to get on that path? Let’s take a look at smart money habits you can start today to get you closer to a financially independent future.

1. Avoid being “penny wise but pound foolish”

It’s tempting to try saving a couple cents here and there when buying small items. However, that’s not where the real money is saved. You’re putting in extra effort for something that doesn’t move the needle.

You get the most bang when you’re able to cut down on your bigger bills. For example, finding a lower interest rate for your mortgage could save you $50+ per month. And cutting your transportation bill by purchasing a cheaper car or taking public transportation can provide large gains as well.

So, look at your recurring expenses such as housing, transportation, and insurance, and see where there’s wiggle room. It’s a much better use of your time than trying to pinch pennies here and there on smaller purchases.

2. When you want something big, wait

Impulsivity can get you in trouble in most aspects of life. Finances are no different.

It’s human nature to see something and want it right then and there. It starts as a kid in the checkout line at the grocery store, and it continues on through adulthood.

We get an idea in our head of something we want, and it’s hard not to go out and get it right then.

A good example is wanting a new car. Perhaps you’ve had your car for several years. It’s crossed the 100k mile mark. Maybe maintenance is due, and you’re annoyed that you need to replace the timing belt or purchase new tires.

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So, you get the itch.

You start digging around online, and you realize you could trade in your current car for something newer and more exciting… all for a few hundred bucks a month. Then you get obsessed.

Here’s where you have to take a step back.

Your newfound obsession is clouding your judgement. Rather than giving into the impulse, wait it out.

Set a timeframe for yourself. Maybe you come back to the decision three months down the road. See if the obsession lasts.

It might, but often, a funny thing happens. Often, you forget about it. And often, you find that the new car wasn’t a need at all.

The impulse faded. And you just saved yourself a ton of money.

3. Live smaller than you can afford

You finally get that big raise. And you want to celebrate – and why not?

You’ve been looking forward to this forever. And after all, it was all due to your hard work.

That’s fine, splurge a little. However, make it a one-time deal and be done.

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Don’t get caught in the trap that just because you’re now making more money, you should spend more.

Too often, people get more money and feel like they that gives them the means to buy a bigger house, a bigger car… you know the drill. Resist.

The fact is that living smaller than what you can afford is one of the fastest ways to build savings.

But if you constantly upgrade as you begin to make more, then you’ll never get ahead. You’ll just build up more debt along the way and have just as little wiggle room as before.

4. Practice smart grocery shopping

Food… it’s one of the biggest portions of any budget. And if you’re not careful, it can be one of the biggest drains on your wallet.

But luckily, there are a few things you can do to ensure that you stay smart with your money when buying groceries.

Create a grocery budget

Set a strict weekly grocery budget. When you know how much you can spend on groceries, you can then plan your weekly menu around it.

Once you know what all you need, you can go shopping and keep a running tally as you shop to ensure you’re on track.

I tend to do this in my head, rounding for each item. However, writing it down as you go would probably work best for most people.

Make a list… and never deviate

Never go to the grocery store without a list. If you go to the store with a ballpark idea in mind, you don’t have a true ide of what you need.

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You’re not well-researched. You don’t know what the sales are. As a result, you’re going to make decisions on the fly.

These impulse decisions will lead to overspending, which will derail your grocery budget.

Eat before going grocery shopping

It’s also important to eat prior to going to the grocery store. Hunger is a powerful force.

If you’re shopping on an empty stomach, everything is going to look good. In particular, you may find a lot of ready-made, processed snacks will look enticing.

After all, you’re hungry now and that food is easily available. So subconsciously, you may lean towards those items.

Unfortunately, not only are those items typically less healthy, but they’re likely more expensive. You pay for convenience.

However, when you eat prior to shopping, then you’ll shop with a clear mind. Your hunger won’t cloud your judgement, influencing you to make poor decisions like a cartoon devil resting on your shoulder whispering in your ear.

This makes it much easier to stick to your grocery plan.

5. Cancel your gym membership

Now that you’re all set on your food, it’s time to get smart about managing your budget in terms of physical fitness. And let’s begin by avoiding the gym. The gym bill, that is.

The average gym membership costs around $60 per month. That’s $720 a year.

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Yet, two out of three gym memberships go unused. That means two-thirds of people who have a gym membership are literally giving away almost a thousand bucks a year. It’s crazy!

I recommend seeking an alternative. One good alternative is to look into fitness streaming services.

Streaming services allow you to stream hundreds of workouts like Insanity and p90x, right in your own home for around $10-20 a month. That’s $40-50 less a month than the average gym membership.

Of course, then there’s the free option. The internet is full of free workouts that you can do on your own with minimal or no equipment.

For example, there’s the Couch to 5K program, that I personally used a decade ago to ease myself from couch potato to running my first 5K race. If I could do it, anyone could.

Then there are free resources like reddit that have limitless information on workouts. The Fitness subreddit has done all the research for you, populating workout tips and detailed workout routines for anyone to use in their wiki.

There are several routines that require no equipment. And you can join in on the subreddit to become part of the community, making it easier for those seeking comraderie and encouragement in their fitness goals. All for free.

It’s baby steps… And baby steps can start now!

I’ve never met anyone that can’t stand to be a bit smarter with their money. And on the flip side, anyone can get smarter with their money. But remember, it doesn’t happen all at once.

Begin by fighting your impulses. Prepare for the week and be smart at the store. And cut monthly expenses like gym memberships that are overpriced and you probably aren’t getting your money’s worth out of anyway.

The devil is in the details. And the details can change your lifestyle and prep you for a financially independent future.

Featured photo credit: Unsplash via unsplash.com

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