7 Steps to Monetizing Your Passion
I’m working with a client, Sarah*, who is an uber-talented baker. Her cakes are WOW and cost upwards of $150. (What?!?!)
She’s sought out from people all over town for her creativity, talent, and ornate cakes… for birthday parties, office celebrations, and casual weddings.
The thing is, Sarah’s maxed out.
Her cake-business is booming and her calendar is filled with bookings. But her cakes take a tremendous amount of time to create, and once she factors in her time, profits are slim.
And, let’s face it: if you’re not making a profit, you have a non-profit. (And let’s just say... this isn’t the business model Sarah desires.)
Sarah came to me wondering how she can properly monetize her passion, earning her real money. She wants to turn her love of cake decorating and design into a profitable business, rather than just her passion hobby and side-hustle. And so, we're generating lots of ideas and working to make this dream of hers her daily life.
Sarah is certainly not alone!
Many women wonder how to monetize their passion projects or talents. They see all these public figures on social media who have found it, monetized it, and made it work... and they want this for themselves too!
Are you in this boat?
…wanting to take your baby LOVE and turn it into a viable business?
In today's blog, I’m sharing the step-by-step process you can take to monetize your passion, realize fulfillment, and find financial freedom.
Steps to Monetizing Your Passion
STEP 1 | IDENTIFY YOUR PASSION
The first step in monetizing your passion is knowing what your passion is! Start by thinking about what it is that you LOVE to do. Look at who you’ve always been, not just what you enjoy now, because chances are that your passion has followed you through life; that there were early signs that you may just not have realized.
STEP 2 | ASSESS YOUR SKILLS
When monetizing your passion, it’s so important to assess your skills to ensure that they align with your passion. You don’t want to pursue a path just because it looks lucrative or sexy; that won’t be sustainable for you. Plus, it’s so much more rewarding to spend your days filled with things you feel good about doing (like, your strengths).
So, what are you good at? Make a list and don’t be bashful!
STEP 3 | BRAINSTORM PRODUCTS & SERVICES
After you’ve identified your passion, brainstorm all the ways you can create a product or service around that passion. Everything is fair game at this point so let all your ideas and dreams flow! The best way to maximize your brainstorming session is to do a “brain dump” where you just keeping writing… no idea is good or bad at this point.
Once you’ve generated a hearty list of 15-20 product/service ideas, narrow it down to your favorite 3-5… the ones that get those butterflies going with excitement, that you can’t wait to make happen!
STEP 4 | IDENTIFY YOUR IDEAL CLIENT
Now that you have some product or service ideas, identify who your clients will be. Who would buy those things from you and who do you want to work with? Remember that what you provide has to be valuable and satisfy a need, so consider what these ideal clients want and need when crafting your ideal client avatar.
Networking with different people and in a variety of groups, sharing with them information about what you’re doing, is a great way to determine if you’re on-target.
STEP 5 | CREATE SYSTEMS & PROCESSES
In order for your business to run successfully, you’ll need to develop systems and processes. Intentionally creating systems across your business allows it to function on auto-pilot, ensures consistency for your brand, and makes for a streamlined and reliable experience for your clients. Consider: What systems can you put in place today that will help your business grow once you monetize?
STEP 6 | CREATE A PROMOTION PLAN & CONTENT
This is what it comes down to: GIVE, GIVE, GIVE! Providing high value is key to establishing your expertise and earning the trust of your followers. In order to monetize your passion, focus on creating relationships and building a tribe through content development, freebies, and other value-added initiatives. Also, think about where you’ll show up: which social media sites, in-person events? Create a promotional plan that gives you the exposure you need so that when you’re ready to sell, you’ll have a community of buyers just waiting to click the button.
STEP 7 | SECURE REFERRALS & SOCIAL PROOF
There’s nothing like an endorsement from a prior client or a colleague to boost your brand or business. Capture those referrals, recommendations, and testimonials as social proof that what you’ve got to offer is a must-have. And share them! (It’s business, not boastful!)
Developing your ideas and monetizing your passions may come with a steep learning curve. But it doesn’t have to be overwhelming! It takes a commitment to exploring revenue streams for your passions and talents, dedication to building your business or brand from the ground up, and a won’t-give-up attitude to make your dreams a reality.
Can you imagine how amazing it would be to earn a living from something that feeds your soul?
Want the support to help you get there? Click below to download the free workbook and start monetizing your passion today! And then, check out my Inaugural Business Bootcamp to connect with me and a group of new business besties who will give you all the encouragement, feedback, accountability, tools, and resources you'll need to make all of this a reality.