How to monetize your passion?

(Notes that I wrote down from different podcasts on this topic)

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It turns out it is pretty simple, as soon as you answer a few important questions for yourself and then take an action straight away!

Before we dig in, please note that with this whole »analysis-paralysy« thingy that’s probably going through your mind, a lot of people is struggling at this moment. But we all need to realise that in order for anything to happen, we have to do something. So this notes are here for all of us as a reminder that we should be active. That’s why I encourage you to read through, answer the following questions and make the first step towards the change today.

Let’s go!

 

1.) WHAT YOU DO THAT PEOPLE WILL PAY FOR?

Make a list of your potential products and services.What are you good at? What do people ask you for advice about? What are you known for in your friends group? What kinds of questions do people come to you with naturally? What are you good at making or creating? What do you enjoy doing?

–> And which of these things can you make money from? Are people always asking you for travel advice? You don’t have to do all this stuff for free.

Make a list of items you could potentially charge money for.

2.) WHAT IS YOUR THING WORTH?

When I first started working for brands and companies, I had no clue what I should have been charging. At first, I worked in exchange for exposure because it was worth it to me at the time. I can totally get that this is super hard. Maybe you have to get a little creative here. Make sure your questions are specific. Who do you know that does what you want to do? Find some kind of connection to that person and explain where you are coming from. Maybe they can give you some insight.

+ Do some market research using whatever resources are available to you, including  Google.

Eventually, you have to pick a price and go with it. “I didn’t know what to charge” is a dumb reason for not selling a product or service that people want. Whatever you charge is probably more than you’re getting right now ($0.00, right?).
But then, if everyone is saying “oh hell yeah” to your rate without trying to negotiate with you, then you’re charging too little. If nobody is responding, or if your pricing is shutting down the conversation altogether, then you’re charging too much or you’re in the wrong market. Change something and see what works.

Next to the list you just made, write the range of what you can charge for each item.

3.) WHO WILL PAY YOU FOR YOUR THING?

Figure out your ideal consumer/demographic. Who are they? How old are they and where are they located? What are they going through in their life? What do they do in their spare time? How much money do they make? Where do they shop? Why do they need your product or service?

If what you do/make is made more credible or valuable by having a large audience, you need to attract this audience (side note- do not buy followers) and give them value. How can you be most valuable to this group of people? How will you attract them? And why will they want to buy your thing?

For each item you could potentially sell, write a sentence or two describing your perfect customer.

4.) WHERE WILL YOU SELL IT?

Where do you want your thing to be available for purchase? If you’re a consultant, how will people know you exist and how will they contact you? If you lead workshops, how do people book those?

However people are giving you money, make it easy for them.

Look at your own spending patterns. How do you spend your money and why? When you think about your own purchasing experience, what makes it smooth and seamless? What makes you want to buy something again?
Give your customer options, but make the best deal clear and obvious– all they have to do is say YES.

Make a list of how and/or where you will sell your thing.

5.) WHAT IS YOUR PLAN?

Look at your answers to aaaaall of the questions above. They should give you some clarity on your next step. It should give you some idea of the options you have and the avenues you could potentially go down. It will also give you an idea of how scalable your thing is– and scalability matters if you are looking to make a fully grown career out of your passion.

If this feels overwhelming, ask yourself which of the things you wrote down feels easiest? Which of these could you start selling this week? Which of these could you start selling today?

Here is a personal example from one very successful photographer:

  • Getting a project-based photography or collaboration job

  • Make a list of 5 specific target brands

  • Shoot or compile images I have taken that are consistent with their branding

  • Make a portfolio specific to that style

  • Send portfolio with package rates (& make one of the packages stand out as a great deal)

  • Negotiate prices and packages

It won’t always be 5 steps– sometimes it’ll be 3 and sometimes it’ll be 10. Monetizing your passion can be big and scary. Breaking it down into actionable steps can make things seem much much muuuuch more attainable. After you make your plan, the next step is setting times or dates for when each of these will be completed.

+ CREATE, TRY, REPEAT.

Not everything you do will be a huge hit, and you have to accept that right now, otherwise failure will bog you down every step of the way. You can love it or hate it, failure is a crucial part of the process.

Do I think all passions can make you a ton of money? No. Do I think everyone should try to monetize their passions? No. But if you want to do it, NOW is the time. You are most likely not going to get any more clarity than what you now have. Entrepreneurship, creativity, starting a business or a side-hustle– these are not endeavors that come with a guidebook. You have to see what works and take it from there.

Get to it. And don’t forget to have fun.

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