Fact: Every skill can be monetized if you are smart about where your strengths are and quick to improve or outsource your weaknesses.
In this video, I talk to a passionate photographer hoping to take his love for event photography to the next level…the paid one. Here are a few strategies that will help anyone hoping to create revenue with a passion:
Now, apply these strategies to your own ideas.
You’ve figured out what energizes you but have no idea how to make money doing it. Let me share what’s worked for me and the hundreds of entrepreneurs I’ve coached.
Step One: Don’t do it all yourself.
You have your core expertise and that’s where you need to keep your focus. Sure, it’s great to learn new skills that can help expand your business but dealing with technology when your strength is in the arts will suck up valuable time and energy. Outsource the work that is not in your wheelhouse.
Step Two: Keep your day job.
How do you pay for those tasks you’re outsourcing? Simple. From the income you already have. If you don’t have one, get one. Research finds that the most successful entrepreneurs are not actually huge risk takers, but calculated movers who hedge their bets and keep their day jobs while they build their businesses.
Sara Blakely kept her job in fax machine sales as she worked on her Spanx design. Daymond John waited tables and lived at home while he learned to sew, eventually launching FUBU, a successful clothing line for men. Elizabeth Gilbert worked several jobs while penning books, arguing that she never wanted to put the burden of her survival on her art.
Step Three: Practice 30 before 7:30.
One of the habits that helped me launch and grow my own multi-million dollar media business is a morning routine. If there is nothing else you do right now, be sure you have a routine for waking up. Get up on time without the snooze, make your bed, don’t check your phone, and plan what your day will look like. Once you get to work, it’s likely all hell breaks loose so use this time to move yourself forward on one business goal.
Do you have market research to do? A prototype to build? A business plan to develop? This is the time of day to get that done. My 5 Second Journal has boosted my productivity in a giant way. Check that out here.
Step Four: Build in stages.
Rome wasn’t built in a day so don’t expect your business to be. It takes patience and tenacity. You may have to start by offering your services for free or with steep discounts to gain exposure, practice, and references. But always be prepared for that next level. Picture yourself in two years. How are you talking about your business? What do your days look like? What’s your income and lifestyle?
Then whether you think you’re ready or not, start talking next level. Demand higher prices. Set boundaries around your time. Reach out to bigger venues. You will feel like an imposter at first, but do it anyway. The more you step up, the more your confidence will grow and the faster you will reach your next goal.
Step Five: What’s your budget?
If it’s hard for you to ask for what you’re worth, then ask the right question. Asking a potential client for their budget opens up the opportunity for more income or at the very least, a chance to negotiate. Never underprice yourself.