How to Monetize Your Ideas
The rise of the Internet has it a cinch to communicate and exchange ideas with a great number of people in very little time. The problem now is it’s easy to get overwhelmed with the tremendous amount of ideas flowing at you. It’s easy to find inspiration, but you may also be on the lookout for ideas that not only interest you but you can monetize or develop into something profitable. Here’s how to go about it:
First: Filter Out the Ideas to the Ones You Want
For many bloggers, discovering that key idea/concept started with their interests. So, first things first—answer the following questions as honestly as you can: What are you interested in? What can you think or talk about for prolonged periods of time? What would you choose to do if you had enough free time? What would you choose to do even if you didn’t earn from it? What comes naturally to you that you assume any one can do it, or you’re amazed not every one can do it? What did you love to do as a kid? If you could be or do anything in the world, what would you be or do? If, after answering those questions, you have one or a few options that answer the above questions, that’s fantastic! You’ve filtered through the multitude of ideas to find the essential ones, the ones that are close to your heart. Now, you have a better idea on where to focus.
Next: Fine-tune and Zero In
The above questions aren’t the easiest to answer, and the following may be more diffficult. One thing to remember is that sometimes it’s not about finding the right answer to a feeling or quandary; it’s more like finding the right question to ask and unlocking the best answer you can possibly give. If you have several options and interests, ask yourself: What brings you joy? Not necessarily what you’re good at, but what truly generates the feeling of happiness inside you? How would you envision your ideal life? What would you be doing? How would you being? Get as specific and concrete as you can. If money and time were no obstacle, and you had the power, how would you craft this ideal life of yours? What specific steps can you take towards creating this ideal life? Do you feel absolutely clueless about what to do at this point? Perhaps you’ve lived by what you “should” do for so long you’re not sure what you want? Then ask for the help of a good friend or family member who can give you their observations on what you like to do and what can give you joy.
Next: Find Your Monetizing Options
Say you have a brilliant idea. You know in the deepest part of your soul that that is what you’re interested in and want to explore it. For many, they choose to blog about their interests. That way they express their opinions and get to research more about their chosen topic or niche. They discover readers who have the same interests they do. They foster a sense of community because of shared likes and dislikes. Thus, their blogs or website become a venue for ideas and expression. If you choose to go via blog, there are several options to monetize it: * Sell advertising space. It’s best to opt for a self-hosted blog (with either WordPress or Blogger) so you can use specially made templates with built-in ad spaces. This is an easy way to earn once you have a set audience for your blog and favorable statistics (page views and unique visitors). * Promote affiliate products. Again, this works best if you’ve already established a set posting schedule, have good interaction with your readers on your blog, and are clear on the niche of your blog. Affiliate products work best when you have posts that complement them or honestly review them, and that they are congruent to what your blog is about. Having posts that have to do with baby formula won’t be helpful to an affiliate merchant selling office supplies. Instead, find products and services you’re crazy about, so you can honestly recommend them to your readers. * Sell products. This works whether they are physical products or online downloads, though with the former you’ll have to deal with hassles such as inventory and shipping. With online products and subscriptions, however, you can set things up so that once your customers pay the system generates the download links and deposits their payment in your bank account. These are very basic methods of monetizing your ideas using blogging as your online tool of choice, but remember: if you’re passionate about your ideas and would truly pursue them even if money weren’t a factor, then it’s worth doing. Monetizing your ideas—the right ideas—can be a lucrative venture in the long run and may even lead to you discovering more ideas!
