How To Maximize Your Big Ideas And Make Money16 November, 2017 / Articles
Lots of people have great ideas, which explains why there are so many blogs, podcasts, and people competing for our attention. These days, standing out from the crowd is no longer enough. If you want to make a living, you’ll have to do more.
Some of you may be thinking, “How on earth can I do more when I’m already maxed out?” That’s a valid question, which I why I reached out to Dorie Clark, author of the newly released Entrepreneurial You. Like many of us, Clark used to measure success by how busy she was. She described for me the moment when she first realized that being busy (and exhausted), doesn’t necessarily equate to being financially successful, nor does this idea do much to fuel one’s soul.
Clark shared the story of how she was returning from a trip from Central Asia, where she made a lot of money, did some cool glamorous business class travel, and arrived home sick with a cold that took weeks to go away. While she was gone, her friend made the same amount of money over the same time period through his online marketing program, from the comfort of his own home. It was at that point she realized that there was a lesson to be learned here and that it was one worth sharing with other professionals.
In Entrepreneurial You, Clark points out that most entrepreneurs focus too much on earning revenue from one or two activities (such as consulting and speaking) and overlook other opportunities that can help free them from trading time for dollars. Those that are employed by companies and are doing some side work to supplement their income are also restricting their ability to earn money, while still having some sort of a resemblance of life outside of work. Clark believes diversification can simultaneously enable you to earn more and mitigate risk, including the chance that one day you may find yourself unemployed.
Being an entrepreneur myself, I had to ask Clark how one goes from unknown to raking in lots of cash doing online programs. “You don’t,” was her reply. “I laid out the book in the order that I think people should pursue things keeping in mind cost and what you can do effectively, even if you don’t have a pre-established product. You can do a coaching practice with no money up front. This doesn’t take much of a following. If you were able to persuade someone hire you as a coach.”
Clark states that the key to sustainable monetization is the creation of a solid foundation over time through a three-step process: building your brand, monetizing your expertise; and extending your reach and impact online. You begin by establishing yourself as a trusted source, building community and working your way up to offering programs that your followers are interested in pursuing. She also advocates surveying your audience. “Find out what they’re interested in so you can build products from the ground up so you don’t waste time providing products and services no one is interested in,” states Clark. That for me was a big “aha” moment, as I’ve created programs only to find out that people weren’t interested in what I was offering. I’m sure many of you have done this as well
There are no short cuts here. In Entrepreneurial You, Clark lays out all the steps you need to take to make success possible and even shares mistakes she made along the way. Today, more than ever, it’s not enough to have a big idea. You have to get your big ideas out there in a way that allows you to give value to others, while creating a revenue stream that permits you to stay in business long enough to help the next generation of followers.