How 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. 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. 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.