Personal Finance
Key takeaways
- Identify your talents and look at what monetary value they have in the marketplace.
- Consider how you might scale up your efforts, if things go well.
- Plan your presentation.
In this day and age, there is no shortage of ways to make some extra money. Everywhere you look, there’s a new financial opportunity to be had — a chance to make your financial dreams a reality by sharing your passion with the world. If you want to turn your skills into a profitable enterprise, it’s time to learn how to monetize your talents.
Think of the times in your life when someone has said, “Hey, you’re really good at that.” What’s the “that” they were referring to? Chances are, you could turn that skill into a side hustle and a chance to earn money.
Truth is, there are many ways to monetize your great talents. If you’re an artist, you might have goods or services to sell through an online business, like Etsy or Fiverr. How are your writing skills? There is always work for a freelance writer. Have a lot of industry-specific experience? Career coaching could be an opportunity for you. Good with money? Lots of people need help with personal finance.
Maybe you’re so good at that skill, you can teach others how to master it, too. You could teach lessons, lead group classes, create online courses, or write a book to help others learn.
In this article, we’ll share tips on how to monetize your talents.
Identify your talents
We all have natural talents, but they can be hard to recognize because we assume others have the same abilities. These talents can enrich our lives — and they could also be a great way to make some extra cash. If you’re really dedicated, your talent could become a successful business and the source of your full-time income. Wouldn’t you want to do what you love for a living?
In order to find out if you have a talent you might turn into a full-time gig, ask yourself a few questions:
- What do I enjoy doing in my free time?
- What would I like to do if I had more free time?
- What can I do for hours and not realize how quickly time passes?
- What activities can I do best without help?
- What are my favorite interests or hobbies?
- What do people ask me for help with most often?
Identify what can be monetized
Now that you’ve got ideas about your talents, you should think about which ones might help you make money. That starts with assessing what is the market demand for your talent. Some other questions to consider include:
- Do any of your talents stand out as skills that could provide solutions to someone else’s problem?
- Would others be interested in learning how to become skilled at your talent?
- Are you good at something that most people aren’t?
Make a list of your top choices, focusing on which ones could be transformed into a quantifiable business.
How to monetize your talents at scale
As you evaluate your potentially profitable talents, brainstorm strategies for how you could start making money with each. Think about who your ideal client would be and what their needs are. What value would they place on your talent, and would it be a worthwhile and enjoyable venture for you?
Talents that are easily scalable — meaning they’re capable of being easily expanded or upgraded to meet demand — can help you stay relevant and in demand. If you were to be so successful that you needed to expand your offerings and bring on new members, could you find others whose skills could add to your business?
Think about how your skills could be scaled up down the road.
Polish
Now, it’s time to make sure the talent you’ve settled on for making extra money is a winner. As we mentioned earlier, you want to identify a skill that is unique enough to set you apart, but not so niche that your potential customer base is nearly non-existent.
Compare your selected talent to what’s already on the market and take note of what your possible competitors are offering. How can you distinguish yourself to attract more interest or assert authority or credibility? You want to be able to showcase why you’re the best around when it comes to your talent.
At the same time, identify what you need to improve and how you could boost your understanding of your field. Could you benefit from more training, an online course, or something else to really master your skill? If so, now is the time to learn what you don’t already know.
Determine your presentation
One of the most important steps in monetizing your talent is how you present it to the world. Before you make a website and ask people to purchase a product or service from you, be thoughtful about how people will perceive your product and personal brand.
Will your product need physical packaging? How professional is your website? What about your digital marketing needs? The cleaner your presentation, the better. First impressions are hard to forget. Make sure you introduce your business in a way that is memorable for all the right reasons.
Address legal aspects
Before you start bringing in more money, you’ve got to make sure you’re on solid legal ground. You’ll likely need to register with the local, state, and federal government for any necessary taxes, permits, licenses, and registrations. And don’t forget the IRS. You should start brushing up on how business taxes work and what you’ll need to do for your business.
It’s possible that you might need to add insurance coverage to the list of things you’ll need. If you plan to run your business from your home, you can add a rider onto your homeowner’s or renter’s policy. If you need to insure equipment, talk directly to your insurance agent about the options for your new work environment.
While you analyze your talents and investigate how to make them profitable, Best Egg Financial Health will break down your credit score calculation for you. High, low, or in-between, you’ll get insight on the factors used to determine that score. Best Egg also will show you what those factors mean and how you could use that information to make more informed financial decisions.
This article is for educational purposes only and is not intended to provide financial, tax or legal advice. You should consult a professional for specific advice. Best Egg is not responsible for the information contained in third-party sites cited or hyperlinked in this article. Best Egg is not responsible for, and does not provide or endorse third party products, services or other third-party content.