Do you Need to Monetize Everything In Your Biz?
Today, we are talking about monetization - what you’re making money from and how.
Does everything in your business need to be monetized?
Do you really need to make money out of every single thing?
You might be surprised by my answer because I’m all about money mindset and charging what you’re worth, but I'm also a Chillpreneur.
So, not everything needs to be monetized.
Because I'm lazy and smart (smazy!), I look at everything in my business and choose not to monetize certain aspects because that actually creates more ease and flow for me.
And sometimes it actually creates more abundance later on.
A while back I created a money tracking app (have you got it?). Mainly because everyone was making them and it felt sexy and cool to have one! I wanted to be cutting edge.
It cost about $10,000 to make. The app developer asked how much I wanted to charge for it. I foresaw loads of people getting angry when it didn’t work (for 99 cents a month). I realized I didn’t want to deal with the customer service so I made it free! I decided not to monetize it.
It doesn't matter how much you're charging. You're still going to get the same amount of angry customers. I call this the 3% rule; a percentage of your customers are going to be angry or disappointed.
I chose not to monetize my podcast – I use the ad breaks to promote my products!
It’s okay for some of those things to be marketing channels for a bigger purpose.
Perhaps you do speaking and training. A lot of people speak for free. That's cool. You just want to be 100% on why you're doing something. If you are speaking and coaching for free, what's the benefit to you?
Does it feel good to you?
For me, it feels good having a free podcast. I don't feel like anyone's taking advantage of me. It costs me money to create, but it's easy for me.
For speaking gigs, it doesn't feel good to do it for free. It actually makes me feel my life force is being sucked out of me. I get off stage and I don't feel good.
It’s different for everyone – there’s no right or wrong.
Write down everything that you want to do in your business. What are the customer service implications? What are the logistical implications of that? Would your time and energy be better spent doing something else? Everything's a trade-off, right?
I’m writing a series of books - money mindset for writers, health practitioners, real estate professionals, dance teachers. I’ve decided to sell them through Amazon so I don't have to worry about customer service.
If you’re getting customer service questions for things you don't really care about, maybe make it free or discontinue it.
You might be curious about how I make money in my business and what I actually do charge for. I’ve three published books. They're owned by Hay House, so I get royalties of around $50,000 a year. About a dollar a book.
My books are like business cards for Money Bootcamp!
I also make money from being an affiliate. I can make up to a million dollars a year in promoting other people's courses. I tend to just do the really big ones.
I charge for speaking engagements because I don't like leaving my house. I have to be lured out of my house with money!
My lesson for you today is that everything doesn’t have to be monetized. It's totally okay to pick and choose what works for you.
In this episode, you'll learn:
- The 3% rule
- Why I don’t have ads on my podcast
- How I’ve priced my new books
- Exactly what I charge for and what I do for free
- How much I earn as an affiliate
CLICK HERE TO READ ↓
About the Show
Chill & Prosper is your weekly dose of money mindset, marketing and humour from best-selling author and entrepreneur Denise Duffield-Thomas.
Denise's philosophy is that there is ALWAYS an easier way to make money and that's what she's here to help you do. Each week, you'll get actionable advice to help you make more money, with less work. There's no need to hustle - let Denise show you how to embrace the Chillpreneur way.
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