My last episode was all about finding what your passionate about and your million dollar business idea, and today I want to dive in on how to MONETIZE the idea you came up with.
There is nothing that lights me up more than seeing people leave the job they feel stuck in and pursuing their passion.
I truly feel like the world would be a better place if people were living in their purpose, and not a job where they feel unfulfilled or worse, forced to be at.
When we work in jobs that don’t light us up, that we don’t feel passionate about, it causes stress which leads to us taking it out on the people we love.
When I was commuting 5 hours a day to my full-time job at the time, I wasn’t myself.
If you know me personally or if you’ve followed me for a while, you know I’m a happy-go-lucky type of person. But I found myself coming home and constantly snapping at Erik. This would happen multiple times a week.
I would get stressed and frazzled over the tiniest things. I had no time to focus on myself and felt pulled in a million different directions, and I couldn’t keep up.
I had Saturday and Sunday to myself. That’s it. Forty-eight hours a week to do what I wanted. To relax, get my hair done, hang out with friends, go on a date, or lounge around and do nothing.
I wasn’t eating healthy, I gained weight, my hair was falling out, and all for what? To work toward someone else’s goal of running a successful business?
I knew something had to change because I couldn’t take it anymore. Maybe you’re at this point. Perhaps you have to go back to work in a few weeks once quarantine is over, and you’re already dreading it. If you are, I want you to know that you don’t need to. Don’t feel forced to, because you have something unique about yourself that you can turn into a business. I promise you that.
All it takes is putting in the time to find that unique thing about yourself, learn how to turn it into a business, and hit the ground running.
That’s what I did. I started exploring what my passion was when I was still working full-time, then made steps on how I can turn it into a business and leave my full-time job, then I ended up getting laid off due to Coronavirus. I’m SO grateful that I took the time to get myself sorted before I got laid off.
If you’re still dabbling with ideas or can’t quite narrow it down, DM me. Email me. Let me know what you’re stuck between and allow me to give you my two cents so you can have an idea you’re 100% confident with.
Now what happens when having an idea you’re 100% confident in is all said and one? It’s great, you need the idea, it’s the first step, but how can you make money off of this idea? How can you turn your passion into a profitable business so you can leave your full-time job and do this full time?
Well, today, I’m sharing three ways to do just that so we can get you making some monayyy so you can start making strides to get where to where you want to be in life.
So let’s do this thing.
Now when you’re just starting out, coaching is SO important for these 3 reasons.
- #1. You’re getting market research. You are hearing pains directly from your target audience. There is no better research than that right there. You create your content off of these pains, which allow you to keep attracting your ideal customer, which then leads to you making more money.
- #2. You are testing your niche. Is this something you feel passionate about? Is this something you can talk about through and through? Is this a niche where you can help people get results? You’re testing the waters and can pivot as you go.
- #3. You are building confidence through each session. Confidence comes from doing. It comes from experience. By helping people through their problems, you are proving to yourself that you can do this and that there is a market for it. This is so important! As you build confidence, your business starts taking off because you start putting out more content, creating, and selling new products. It’s you proving to yourself that you can do this, and once you do that, you become unstoppable.
You don’t have to consider coaching to be your long-term fix. It’s not my long-term goal, but I know how important it is to 1. Prove to people that I can get them results. 2. Get market research 3. Use that market research to create a more significant, more lucrative offering such as an e-course.
Which leads me to my next way to monetize your passion…
E-courses get me all sorts of fired up. It’s passive income for the most part, and an AWESOME way to monetize your passion.
There are a few ways to go about e-courses.
- #1. You have your own website and host your course there.
- #2. You create a course and host it on another site, such as Udemy. If you’re in the beginning phases of pursuing your passion, I suggest this option!
Think of Udemy as Etsy. People open up shops on Etsy to avoid having to create their own website, build their own audience, etc. They get access to Etsy’s audience, which consists of millions of people. Udemy is similar. You can create a course, host it on Udemy, split the commission with them, but get access to millions of people who wouldn’t initially have eyes on your site.
Put a low ticket course on there. See how it does. Use this to test out your niche and see if you can bring people results, and by doing this, you’re not only testing the waters, but you’re bringing in income. You’re also testing out your teaching style and see what resonates with people. Take people’s feedback, implement it, and launch a new course on your website to your email list.
Still iffy about e-courses? Let me tell you about Danielle Leslie.
To date, she has made 10 million dollars from ONE COURSE. That’s it, one course. It’s called course from scratch, and it teaches people how to build and launch their e-course.
Now you might say, “oh, she has thousands of followers and all this money to advertise.” Guys, no. She also got laid off from her job, had to move back in with her mom, and figure it out. Now she helps other people figure it out. It’s all about taking your experiences and solving a problem.
Start with what you have, put it on Udemy, see how it does. If it flops, it flops, and then you figure out why. Keep revising it until you are getting people results, then launch a higher price 2.0 version to your audience to get the maximum results and more income for your business.
You might be wondering, “what the heck is that?” Let me fill you in.
A mastermind is a group of likeminded people who come together to solve their problems and help each other.
You can monetize your passion by leading a mastermind group.
Let’s say you’re a mom to 3 kids, and your youngest son has autism. He’s five years old now, and he was diagnosed when he was 2. You and your husband got through his diagnosis and now have him on a schedule and routine that works for him.
You can lead a mastermind group consisting of 10-20 other mothers whose child has recently been diagnosed with autism and help them find a routine that will work best for their child, and how to communicate with their partners throughout this because you’ve been through the experience, you know how emotional the diagnosis is, how challenging finding a routine that suits them best is, and how not to let this ruin your marriage.
So you find women who fall precisely into this category, let’s say at first you charge $100 for a half-day mastermind when you’re just starting, get them together either in person or via zoom, create an agenda, and not only solve their problems, but let everyone solve the problem amongst one another. Not only are you positioning yourself as the expert, but you’re also creating a community that people can rely on for help.
If masterminds seem interesting to you, I’d highly recommend the course KBB from Dean Graziosi . I took it a few weeks ago and holy cow – it was incredible and taught me SO much. It’s well worth every penny.
There you have it, my friends! You have 3 ways to find your million-dollar business idea in episode 5 and in episode 6, you have 3 ways to monetize it.
All that’s left to do is hit the ground running. Until next time!