Monetization is, quite simply, how you earn money. It can be from a business, a book deal, cryptocurrency, passive income, affiliate collaborations and speaking engagements. It can be from a 9-5, a side hustle and a full-time success story. Building your wealth allows you to have choice and when we are able to stay at choice, we truly thrive.Did you know that only 5%-7% of all cryptocurrency users are women? This Forbes article explains that in 2017, investors in Bitcoin increased their wealth by $85 billion and only $5 billion of that — 5.33% — was obtained by women.
WTF is Diversification of Monetization and Why Should I Care
If you’re reading this, chances are you’re a millennial, an older millennial (aka Xennials, born between 1977 and 1983
). You’re more than likely a woman (as are 72% of my Instagram audience
, 61% of my Twitter audience
and 71% of my Facebook audience
, plus about 62% of my lifetime blog traffic), and you probably have a business, a side hustle or want to start one in the near future. You might be a mom or a woman who knows she wants to — some day — be a mom. And you’re definitely someone who believes planning is the key to success.So why should you care? Because diversification of monetization IS one of the keys to getting a life you love.Diversifying how you make money is one way to ensure that there are no “dry spells” when it comes to your finances. It’s what allows you to take the leap and to negotiate without fear of retribution. It what allows you to look fear in the eye and smile. Dramatic, but entirely true. Did you know that most millionaires have 7+ streams of income and billionaires have 15+? I heard that stat in my first year of entrepreneurship and it is one I will never, ever forget.
How Can I Diversify…
If you’re working full-time — diversification can be challenging but that’s where investing comes in.Get started with a crash course in crypto in this interview with Mark Melchiorre:
If you’re a full-time entrepreneur — you can create passive income programs, group programs and coaching programs. Teaching is one of the quickest ways to diversify a service-based business. And if you’re already coaching full-time? Think of ways to create affiliate programs that leverage your large audience. Related: Why Most Entrepreneurs Really Want to Reach B2C and How to Do It
What Not to Do When It Comes to Diversification of Monetization
Do not spread yourself too thin — don’t take on multiple in-person jobs if you know that will spread you way too thin to do a good job at any of the opportunities you’ve taken on.Do not go outside of your zone of genius — teaching is, as I said above, a great way to diversify your offerings but not everyone is well-suited to being a teacher. Group programs might be the way for you to goDo not collaborate with someone who is not worthy of your brand association. You’ve worked hard to create a brand worthy of your audience — don’t choose an affiliate program or collaboration deal with someone who doesn’t have the same standards. It will only hurt your brand in the long run!