How to Monetize Your Passion Project
Let me guess…You’ve been working the same boring job for too long. You longingly look out the window on the clock or silently fantasize about what you could be doing instead. Maybe you go home and do some moonlighting into the wee hours of the morning. Whatever the case may be, you’re ready for something new. You’re ready to follow your passion.
“That’s impossible!” you say, as you’re convinced that “there’s no money in that” or “I work too much” or “that’s way too hard.” While being practical is an important piece of the puzzle, I’d like to invite to ask yourself, “What is the cost of my happiness?” The truth is, it’s priceless.
As someone who’s been there, done that, and been up and down the rollercoaster, I’ll tell you that monetizing your passion project is both worth it AND it’s possible. Here’s how!
Where to Start
What IS Your Passion?
This is the most important question of all. Do you know what you want your passion project to be? If you already do, skip this step. If not, try this exercise.
Close your eyes and ask yourself, if money wasn’t an issue, would you be in your current line of work? What would you do instead? Envision yourself doing something you love without money involved. Click To Tweet
This might give you a little insight into your purpose and passions in life.
What is Your Product?
Now that you’ve found your passion, you want to live it. I’ll go ahead and remind you, it is possible! Rather than just imagining your dream life becoming real life, you can actually monetize your passion project. Take a moment to find a piece of paper and a pen, maybe even a poster board if you want to go all out, and start brainstorming these three questions.
Remember, you’re turning something you’re passionate about into a sellable product. What will you be selling? Is it a physical object, a service, entertainment, delicious food? The more specific you can be about what your product is, the better!
Being clear on your target market is just as important as nailing down the specifics of your product. Who are you selling to? Think about age range, demographics, culture, salary, values, and interests. Create your ideal “avatar” or client and this will help you develop your marketing plan in the long run.
The market is competitive, that’s just the truth. Chances are, there’s someone out there who is already doing what you want to do. How can you carve out a unique niche for yourself? What will set you apart from the others? What will capture someone’s attention in the middle of hundreds of advertisements?
Your marketing plan is what will bring your passion project to life. It’s how you get the word out, gain clients, and get the ball rolling. Exciting, right?! Take out a new sheet of paper and get started on your marketing plan. Consider these points:
Time to get creative! Now that you know what your product is and who you’re marketing to, you’re ready to brand. A brand is a business’s identity. It includes the company name, logo, color schemes, and overall personality. If you have great branding, you’ll attract your desired niche and stand out in the crowd.
Now for the nitty-gritty. Do some research and find out which platforms best capture your product and audience. Social media is the gold mine of marketing! You can use platforms like Facebook, Instagram, and Twitter. Of course, with the size of the Internet these days, the options are unlimited. Once you’ve decided which platforms to use, create an outline to track how often and what type of content to post. This will keep you on track.
You’ve put in the legwork and are ready to monetize your passion project. The best way to motivate yourself is to set goals. Decide what you want to achieve and by when. For example, you want 20 new clients by the end of the year. Reverse engineer how that would look — Where did you find them? What ultimately made them hit that “buy” button? Does 20 new clients mean you need to revamp your whole system? Would you need to hire support? How do you plan to manage your time at full capacity? Remember to be specific, set new goals when you’ve achieved your old ones, and be gentle with yourself if you don’t reach them.
Baby Steps First
Turning your passion project into a reality can be scary, especially if you haven’t started yet! My advice to you? Start small. Set tiny targets for yourself. You don’t have to go all out at once. Any milestone is huge and will count towards your ultimate goal.
Another point I’d like to make is that being uncomfortable is OKAY. In fact, that’s exactly how you ought to be: out of your comfort zone. You’re setting out on a brand new journey. As you dive headfirst into your fears, you’ll come out much more strong, confident, and knowledgeable.
Fun is Key!
It’s easy to get burnt out, even when doing something you love. Running your own business can look like working crazy hours such as late into the night or ridiculously early in the morning. If this happens, take a step back and a few deep breaths. Think about ways you can incorporate fun into your work time or in between sessions. Remember why you started this venture in the first place…because it’s what you love to do!
Turning your passion into a business will likely lead to occasional setbacks. Don’t let this discourage you. These bumps in the road are great learning opportunities and show you how you can do better the next time around. I encourage all of my clients to keep a Success Journal to capture all of the wins and good moments along the journey. That way, whenever they’re facing a setback, they can look back at the journal for inspiration! With that being said, keep going! It’s worth it.
It may be a good idea to hire a business coach. Check out Eight Signs It’s Time To Hire A Business Coach. Getting some extra help (especially if it’s the right help) is a guaranteed way to move forward with your ideas, grow your marketing techniques, and increase revenue. Monetizing your passion project can be a big project, so investing in the extra help will pay off!
Need inspiration? More tips on how to monetize what you are good at? Check out my free podcasts from people who have turned their dream life into a reality!
Originally published at www.dreamlifeisreallife.com on June 26, 2018.