If you haven’t already, check out part one that goes over how to find the intersection between your passions and skills. And be sure to visit this article by my friend Bryce that has a handy diagram to help you visualize this process.
In this article I’m going to share some thoughts about monetizing that intersection, or, to say it plainly – making money from doing something you love. This is holy grail type stuff for most folks, with good reason. How awesome would it be if you really loved your work? What if you could turn that interesting hobby or talent into an income generating behemoth? Read on…
Luckily for us (us being growth-oriented people), finding ways to make money from our passions isn’t such a difficult thing. And that’s what I’m going to cover first.
There Really Isn’t That Much Competition
Have you ever heard the expression, “the ladder is lonely at the top?” Usually this is meant in a lonely, depressing sort of way. But I take it to mean something else entirely. Simply put, once you reach a certain level of success, there isn’t that much competition. Most people are too busy working their normal, safe jobs to branch out and do something as crazy as making money from doing something they love. Go figure! The more unusual or unorthodox your approach is, the less competition you’ll have.
The truth is, most people don’t have the drive or sheer balls it takes to make money from doing something they enjoy. On one hand, that’s bad news for them, but on the other, that’s very good news for you.
Essentially, if you’re smart, you’ll find a way. And chances are you’ll succeed.
Think about it. How many people do you know that are making money from one of their hobbies or something they truly, genuinely enjoy? Unless you’ve assembled an all-star group of friends, chances are you don’t know very many.
That leaves a lot of breathing room for people who are capable of stepping back and analyzing life a little bit. If you’re reading this, then don’t worry – chances are you are one of those people. And assuming you’ve read part 1, you’ve already identified something that you both love and are good at.
Now it’s time to make some cash.
How to Monetize Your Passion
Obviously, there are a LOT of different ways to go about this one. Rather than giving you a step-by-step list that is likely to be irrelevant or unactionable with your particular passions and skills, I’m going to share some stories of now-rich businessmen who took real moneymaking principles to heart.
That is, delivering value, taking risks, and having faith.
1. Deliver Real Value
This one is a given. If you want to be paid for something, you need to find a way to deliver value to others with it. In this first example I’m going to use someone I’m sure you’ve heard of – Steve Pavlina. According to data he released himself, he was making $1000/day back in – get this – 2006!
If you looked at his website back then, you’d notice that he wasn’t selling much of anything. His newish products like his book, consultations, and workshops hadn’t come out yet. He also never spent any money on marketing or promoting his own site, yet he was making a small fortune from it. How on earth did he do this? Through delivering genuine value of course – and tons of it.
He didn’t have to create any products of his own, he simply had to help people. Steve’s articles are so interesting and packed full of value that he generated hundreds of thousands of hits per month on his website. When you really live a life where you pursue your passions, you’re going to naturally be able to help others who have similar interests. Think about how you can share passions and skills in a way that delivers maximum value to a maximum audience.
One of the ways do that is to create a website. Doesn’t interest you? Write a book. Can’t write? Hire a ghostwriter. Don’t want that? Then create a seminar. The possibilities are literally endless. No matter what you your particular passion is, you’ll be able to find a way to deliver value if you think hard enough,
Speaking of creating a seminar, read this next story.
2. Take Risks, Lots and Lots of Risks
Tim Ferris, author of The 4-Hour Workweek, worked in college as a bouncer. And who could blame him? It was the highest paying job on campus. But “after four shot-putters kick(ed) a friend’s head in” (that’s a direct quote) he decided it would be a good idea to quit his job. It’s time to get a safe day job, right? Wrong! Not if you’re a risk taker.
As it turns out, Tim had a fairly unique passion/skill crossroads: he loved reading, and he could do it fast – really fast. In other words, he was a speed reader. But how is your average college student supposed to monetize that? By ingenuity and risk-taking, of course.
Instead of taking the safe way out, he decided to take charge and plaster a bunch of flyers around his campus that read “TRIPLE YOUR READING SPEED IN 3 HOURS!” According to Tim, the local students proceeded to write “Bullshit” on all of his posters. Not a good start. Nevertheless, 32 people showed up at his conference for $50 each. That’s $1600. Not bad.
Of course, Tim soon got bored of speed reading and moved on to bigger and better things, but the lesson remains. What kind of risks can you take to monetize your life passion? Can you hold off on getting a boring job and try something more exciting? What about quitting the job you have now? The best thing is, you don’t even need a product – people will pay for knowledge.
3. If All Else Fails, Have An Irrational Amount of Faith
This is one of the most fascinating stories I’ve ever heard. In Napoleon Hill’s Think and Grow Rich, he shares a story about Frank W. Gunsaulus, the founder of the Illinois Institute of Technology.
While Dr. Gunsaulus was still in college, he had an idea that would revolutionize the educational system. The only thing was, he needed to be the head of the college to make it happen. And in order to do that, he would need exactly one million dollars.
Being a clergy man, Gunsaulus was a far cry from being rich. But he would not diverge from his plan. It became an obsession for him, a “burning desire” as Hill puts it. He had faith that his plans would come to fruition, and he would not stop until they did.
For almost 2 years, Gunsaulus carried this obsession with him, until he had an epiphany one night in his room. Here is the story, in his own words, quoted directly from the book:
“I made up my mind, then and there, that I would get the necessary million dollars within a week. How? I was not concerned about that. The main thing of importance was the decision to get the money within a specified time, and I want to tell you that the moment I reached a definite decision to get the money within a specified time, a strange feeling of assurance came over me, such as I had never before experienced. Something inside me seemed to say, ‘Why didn’t you reach that decision a long time ago? The money was waiting for you all that time!’”
Gunsaulus decided in that moment that the money would come to him. He immediately began working on a sermon entitled, “What I Would Do If I Had One Million Dollars.” He gave the sermon the next morning, and after it was done, a man came up and said, again quoted:
“To prove that I believe in you and your sermon, if you will come to my office tomorrow morning, I will give you the million dollars. My name is Philip D. Armour.”
How incredible is that? It goes to show how important faith is in the money generating process. It’s a simple law of attraction thing. If you truly believe and align yourself with a certain intention, you will assuredly get it. If your intention is to generate money by doing something you love, then that will come true.
When you align all three of these principles, that is – creating value, taking risks, and having faith – you are sure to succeed. Never let your inability to perceive an outcome stop you. Hold onto your goal, regardless of if you know how its fruition will come about or not. That part will take care of itself. Your job is to get it started and believe in the process.
So what are you waiting for? Get started now!
Also, don’t forget to connect with me so you can keep updated with all my super awesome content. Bonus points if you click the StumbleUpon button below.