think the most important thing about monetizing your potential is to be intentional about it. At times it is a scary thought because it means that you are committing to making something work that is not traditional. This is what I mean: When you sign a job contract, you are aware of what you will be doing and how much you will be compensated for it. When you intend to monetize your potential, interestingly the outlook is not as straight forward as it compared to a job or a contract. The output is totally dependent on your performance.
Thankfully, the time you read this, I am sure you must have done your assignment outlined in the previous article. In that article, you are supposed to have clarity about what your potential exactly is. That happens when you do an inquest using different suggested tools. Nevertheless, let us not take a lot of time trying to find out what our potential is. I am sure that we do already have an inkling of what you are capable of. The thing with potential is that you will refine it as you go along. The most interesting thing about potential is that each skill set, each body of work, and each gift that you have can become a stream of income.
In order to monetize your potential, the second thing you need to do after knowing about it is to be intentional about making money out of it. I know that I have to say this with some reflection lest my advise is misinterpreted. First, the people who go out there ostensibly to make money end up being phony and money oriented. Second, the people who get out there to add value due to pure love of expending their potential but do not intentionally monetize it will end up broke and disillusioned. Therefore, there has to be a balance between the two, and this is the balance: You love the people that you are offering value to in solving their specific problems and you have a structure that makes them reward you for what you have done. There are therefore three things that you need to put into consideration as you get intentional about monetizing your potential.
Be realistic about the time frame that are involved in monetizing your potential. The time frame is dependent on two things:
The mistake that people make in monetizing their potential is to not being realistic about the time it will take for you to have pedigree enough to sustain a constant flow of active income from the value that you are offering. To be intentional though is to put this time frame firmly in place. For example, you could say, “I will be earning from public speaking a constant flow of income by the end of the year” What this does is to force you to start preparing yourself towards this.
To be intentional about monetizing your potential, you will need to be clear about what channels of income you will be using. For example, I am a Life Coach. That is a channel that came directly out of my potential. Then I am also a writer. Careful here. As a writer, I have packaged myself into several channels. First, I am an author. I write my books and sell them. Secondly, I am a ghost writer. I consult with people who either do not have the time or the talent to put their stories into books. I help them through the process. Then, I am a speaker. I build content on my most favorite topics and go out there to deliver these talks. In essence, I create products and services around my potential. This creation is a lifetime iteration. This means that I can either keep improving on my products or invent or innovate new ones, all based on my potential. Being intentional is determining which streams or channels of value I can create from my potential.
To be intentional about monetizing your potential is to be intentional to the aspect of being clear about the numbers involved. It will always be an interesting game of numbers. The first number that you need to have settled is how much you can charge for your value add. This is an area that very many gifted people have trouble with. It also an area that very many prospective employees do not have an answer for. The most flunked question at an interview is “So, tell us how much you expect to receive as a salary”. As an entrepreneur monetizing your potential, you ought to have an answer to this question. Do the research needed to come up with this number.
The second set of numbers that you need to come up with relates to how many people you can serve over a period of time. This will further force you to determine what services you are offering from your potential. As a Coach for example, I need to have a desired number of clients that I can coach over a season of time. As a ghost writer, the same. As a speaker, the same. As an author, the same. I have to be intentional about this numbers.
Let’s pick this up in the next article.