Learn How To Create Your Profitability Planner To Help You Monetize Your Side Hustle
So you've finally decided to start developing your blog content.
Here is a super duper simple framework that you can follow to help you narrow down your potential niches and make a smart choice from day one of your blogging journey.
If you're new to blogging, this is a great tool to help ease your problem in looking for ideas that can help you monetize your side hustle.
1. Prepare a sheet of paper.
I suggest that you use a logbook so you can easily refer back to it and not just any piece of paper that you can throw out in the bin.
Draw 5 columns.
Or if you know how to use a Google Spreadsheet and a bit advance in this area, then go for it.
2. Separate the ideas under these three categories.
Let's take the following:
The idea is for you to separate the ideas so you can see if you can make profit in any one of those.
Okay, let's try listing all the ideas that you have in mind.
Let's move on.
The idea you can think of is limitless. You can brainstorm about all of your interests, experiences, or passions that you want to write about.
Write all of these ideas down on the left hand column of the page. Don’t try to over think things at this point. Whatever comes into your head, put down on the page.
Now I have listed the following,
1. How to start a blog.
2. How to create an ebook.
3. How to design freebies.
4. Set-up your social media
5. How to manage your social media channels.
4. Write down your ideas.
Take the first idea in the list, evaluate and write it below any one of the 3 categories to its right.
I recommend you rate yourself on a scale of 1-5, with 5 being the highest score.
a. How to start a blog - how interested am I about blogging? Well, VERY passionate. So I give myself a 5 and I still want to learn more about this topic.
Can I monetize this? Yes, since I'm VERY passionate about blogging, I can probably create a course or ebook about it.
b. How to create an ebook - am I a good writer? Yes, I think I am GOOD, so I will give myself a 4.
Can I monetize this? Yes, since I'm GOOD about ebooks and ebook creation and considering that I'm a good writer, then I can create ebooks and sell them to my readers.
c. How to design freebies - do I know how to design freebies for my audience? Yes. I know how to create them using design softwares that are available on the internet.
Can I monetize this? Yes, since I know how to create freebies using various softwares then I can sell worksheets, guides, freebies and printables to my audience.
d. Set-up your social media - I know a bit but not too good about this thing, so I'm going to give myself a 2. Need more lessons on this.
Can I monetize this? I know I can't focus on this area yet, I need more learnings in order to be good at this. I believe that this could be a profitable side hustle for me in the future but I don't need to focus on social media yet but time will come.
e. How to manage your social media channels - I am starting to manage various social media channels, but still not so good at it. So I'm giving myself a 3.
Can I monetize this? Just like #4 I still have a lot to learn in setting up my social media channels and hopefully doing the same for my audience but time will come.
5. Add the scores up and put it in the Total Column.
Now you'll be able to get the total when you add up all the scores on the table. What these nos. will tell you is this...
1. How to start a blog = 15
2. How to create an ebook = 12
3. How to design freebies = 10
That I can put all my enery on these following categories as I earn money by creating ebooks, creating a couse and making freebies.
With these profitability planner I can now strategize my side hustle to those things that I can gain profit and not focus on the other things that I do not have much skill and not passionate about.
6. Repeat these steps for every idea you brainstormed in the beginning.
I urge you not to try to overthink any of these steps. Use your intuition and trust your gut when doing the initial evaluation.
When you are done with this step, you will have a list of possible ideas, each one scored out against your skill, passions, and profit potential – Great job!
When considering what to blog about – think about the impact it will have on the rest of your life. Can you “double dip” and blog about something that will not only be profitable, but will also help your children, your family, or your health?