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How to Monetize Your Passion

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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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Last Updated on January 5, 2022

33 Painless Ways to Save Money Now

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33 Painless Ways to Save Money Now

In a difficult economy, most of us are looking for ways to put more money in our pockets, but we don’t want to feel like misers. We don’t want to drastically alter our lifestyles either. We want it fast and we want it easy. Small savings can add up and big savings can feel like winning the lottery, just without all of the taxes.

Some easy ways to save money:

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  1. Online rebate sites. Many online sites offer cash back rebates and online coupons as well. MrRebates and Ebates are two I like, but there are many others.
  2. Sign up for customer rewards. Many of your favorite stores offer customer rewards on products you already buy. Take advantage.
  3. Switch to compact fluorescent bulbs. The extra cost up front is worth the energy savings later on.
  4. Turn off power strips and electronic devices when not in use.
  5. Buy a programmable thermostat. Set it to lower the heat or raise the AC when you’re not home.
  6. Make coffee at home. Those lattes and caramel macchiatos add up to quite a bit of dough over the year.
  7. Switch banks. Shop around for better interest rates, lower fees and better customer perks. Don’t forget to look for free online banking and ease of depositing and withdrawing money.
  8. Clip coupons: Saving a couple dollars here and there can start to add up. As long as you’re going to buy the products anyway, why not save money?
  9. Pack your lunch. Bring your lunch to work with you a few days a week, rather than buy it.
  10. Eat at home. We’re busier than ever, but cooking meals at home is healthier and much cheaper than take-out or going out. Plus, with all of the freezer and pre-made options, it’s almost as fast as drive-thru.
  11. Have leftovers night. Save your leftovers from a few meals and have a “leftover dinner.” It’s a free meal!
  12. Buy store brands: Many generic or store brands are actually just as good as name brands and considerably cheaper.
  13. Ditch bottled water. Drink tap water if it’s good quality, buy a filter if it’s not. Get 
      a reusable water bottle and refill it.
    • Avoid vending machines: The items are usually over-priced.
    • Take in a matinee. Afternoon movie showings are cheaper than evening times.
    • Re-examine your cable bill. Cancel extra cable or satellite channels you don’t watch. Watch the “on demand” movie purchases too.
    • Use online bill pay. Most banks offer free online bill paying. Save on stamps and checks, and avoid late fees by automating bill payment.
    • Buy frequently used items in bulk. You get a lower per item price and eliminate extra trips to the store later on.
    • Fully utilize the library. Borrowing books is much cheaper than buying them, but in addition to books, most local libraries now lend movies and games.
    • Cancel magazine/newspaper subscriptions: Re-evaluate your subscriptions. Cancel those you don’t read and consider reading some of the other publications online.
    • Get rid of your land-line. Do you really need a land-line anymore if everyone in the family has a cell phone? Alternatively, look into using VOIP or getting a cheaper plan.
    • Better fuel efficiency. Check the air pressure in your tires, keep up with proper auto maintenance, and slow down. Driving even 5MPH slower will result in better fuel mileage.
    • Increase your deductibles. Increasing the insurance deductibles on your homeowners and auto insurance policies lowers premiums significantly. Just make sure you choose a deductible that you can afford should an emergency happen.
    • Choose lunch over dinner. If you do want to dine out occasionally, go at lunchtime rather than dinnertime. Lunch prices are usually cheaper.
    • Buy used:  Whether it’s something small like a vintage dress or a video game or something big like a car or furniture, consider buying it used. You can often get “nearly new” for a fraction of the cost.
    • Stick to the list. Make a list before you go shopping and don’t buy anything that’s not on the list unless it’s a once in a lifetime, killer deal.
    • Tame the impulse. Use a self-enforced waiting period whenever you’re tempted to make an unplanned purchase. Wait for a week and see if you still want the item.
    • Don’t be afraid to ask. Ask to have fees waived, ask for a discount, ask for a lower interest rate on your credit card.
    • Repair rather than replace. You can find directions on how to fix almost anything on the internet. Do your homework, and then bring out your inner handyman.
    • Trade with your neighbors. Borrow tools or equipment that you use infrequently and swap things like babysitting with your neighbors.
    • Swap online. Use sites like PaperBack Swap to trade books, music, and movies with others online. Also, look for local community sites like Freecycle where people give away items they no longer need.
    • Cut back on the meat. Try eating a one or two meatless meals every week or cut back on the meat portions. Meat is usually the most expensive part of the meal.
    • Comparison shop: Get in the habit of checking prices before you buy. See if you can get a better price at another store or look online.

    Remember that saving money is not about being cheap or stingy; it’s about putting money into your bank account rather than giving it to someone else. There are many ways to save money, some you’ve never thought of, and some that won’t appeal or apply to you. Just pick a few of the ideas that sound doable and watch the savings add up. Save big, save small, but save wherever you can.

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    Featured photo credit: Damir Spanic via unsplash.com

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