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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 July 4, 2018

Top 10 Recommendations on Money Management Apps

Top 10 Recommendations on Money Management Apps

Don’t want to overspend your budget, swipe your credit card too many times, and feel like a financial mess? Instead of beating yourself up for the bad financial decisions you’ve ever made, create a new plan!

The solution is simple, save more and spend less. But, we all know it’s easier said than done.

One problem is finding quality apps that save you time and money, and aren’t just hype.

Luckily, there’re many great money management apps available at your fingertips. Here are 10 reliable money management apps that can help you save money, and crush debt.

1. Personal Capital

    When was the last time you’ve tracked your net worth? Probably months ago or maybe never. Personal Capital allows you to easily track your net worth and plan for retirement.

    Here are some of its main features:

    • Sync many investment accounts, and expenses (mortgage, credit cards, etc.) in one place
    • Discover hidden fees and how much they’re affecting your retirement plan
    • Wealth management for investors requiring a long-term strategy

    With Personal you’re free to track your expenses and net worth.

    Available for: iOS and Android

    2. Mint

      If your smartphone could only install a few apps, Mint would be one of them. Why? Because Mint tracks all your balances and bills in one place.

      Here are some of its main features:

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      • Effortlessly track all your bills and balances in one dashboard
      • Categorized expenses to understand where you spend your money
      • Uncover hidden fees, and determine your investment style with sophisticated retirement tools.

      Feel at ease with managing your money by a reputable company that isn’t going anywhere.

      Available for: iOS and Android

      3. YNAB

        Everyone needs a budget, there’s no way around it. YNAB (You Need A Budget) is an easy to use app that will change the way you think about money. Their motto is to “give every dollar a job”, and you’ll quickly discover why.

        Here are some of its main features:

        • Easily sync all bank accounts in one place
        • Visually see your debt paying progress with eye-catching charts and notifications
        • Customized categories setting saving goals

        The best part about YNAB is the community that comes along with it. You can hop on the YNAB forum to receive support, listen to the YNAB Podcast or stay tuned for their weekly videos.

        Available for: iOS and Android

        4. Wealthfront

          Albert Einstein once said “compound interest is the eight wonder in the world”, and for a very good reason. The problem is, most people are scared or unwilling to learn the basics of investing. This is why Wealthfront is the perfect solution for the hands-off investors.

          Here are some of its main features:

          • Variety of investment account options including IRA, Roth IRA, and more
          • Your portfolio composed of 7 different asset classes
          • Automatically rebalanced portfolio
          • Daily tax loss harvesting

          Wealthfront is perfect for people requiring investment guidance, or prefer a hands-off solution.

          Available for: iOS and Android

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          5. Clarity Money

            If you’re staying on top of your budget but want to take your finances to the next level, Clarity Money can help you. Clarity Money helps you stay under budget and build a personalized savings plan.

            Here are some of its main features:

            • Easily cancel subscriptions with one click
            • Synchronize bank accounts fast
            • Transfer money effortlessly between different accounts

            Clarity Money isn’t an app that does it all. But, it does make transferring money and canceling subscriptions fast and efficient.

            Available for: iOS and Android

            6. Acorns

              What if there was a way to quickly gain confidence in investing your money, without too much risk? There is, and Acorns is your solution. With Acorns’s technology, you’re able to make investments as small as $5.

              Here are some of its main features:

              • Automatic contribution option
              • Customized portfolio tailored to your needs
              • Low management fees ranging from $1-$2 per month

              Stop wasting dollars on expensive coffee. Instead, invest them towards a brighter financial future.

              Available for: iOS and Android

              7. Albert

                Do you budget by only subtracting your expenses from your income? If so, how would you discover any overpayments or extra money you could save? This is where Albert shines, and it does it all free.

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                Here are some of its main features:

                • Receive notifications for overpayments, hidden fees, and low balances
                • An Automatic budget that’s built around your spending and income
                • Easily track debt and set new financial goals

                While Albert does offer a paid option, most of its core features are FREE. So, what better option to save?

                Available for: iOS

                8. Prism

                  Have you recently forgot to pay a bill because life got in the way? Prism automatically tracks your bills and syncs your bank accounts in one place.

                  Here are some of its main features:

                  • View all your account balances in one glance
                  • Bill due dates are automatically pulled and tracked
                  • Receive early reminders for upcoming bills

                  If your budget is on “fleek” but can’t seem to stay on top of your bills, Prism is your go-to app.

                  Available for: iOS, Android, Windows, Amazon

                  9. Mvelopes

                    Remember hearing about people using envelopes to budget their money? Well, Mvelopes is the new envelope system for this generation. Easily create monthly budgets and track your saving goals.

                    Here are some of its main features:

                    • Connect unlimited bank accounts
                    • Real-time budgeting with auto transaction syncing
                    • Low monthly $4 fee or $40 annual

                    Mvelopes can help you crush debt, save more, and help you stop overspending. With its low monthly fee, it’s worth a try.

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                    Available for: iOS and Android

                    10. Wallaby

                      Most people don’t have time to track their credit card’s changing rewards and interest rates. Because of this, you need help reaping the most of your credit card’s rewards. Wallaby is the app that will help you do just that.

                      Here are some of its main features:

                      • Automatic recommendations for the best credit card to use for each transaction
                      • A friendly user interface, displaying credit cards with their corresponding images
                      • Free to use

                      If you’re using the same credit card to make your purchases, you may be leaving money on the table. Give Wallaby a try if you’re ready to maximize your credit card’s rewards.

                      Available for: iOS and Android

                      Take control of your finances and experience financial freedom

                      Picture yourself staying on budget and saving more money than you’d ever imagined.

                      It took hard work and dedication but you’d finally learned how to manage your money. You have to start taking control of your spending and saving habits.

                      You now have a list of reliable apps that can help you build better money habits, what are you waiting for?

                      Featured photo credit: Pexels via pexels.com

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