Many of us lost our jobs due to the coronavirus outbreak and many businesses closed down. For some, this is the perfect time to rest while you continue working remotely. But many others have no jobs to return to. If you fall into the latter category, you may be interested in making some money by other means. Instead of looking all around the internet all day for job openings, you can make money by using something you already have. In this article, we would be looking at steps to follow to monetize your talents during the coronavirus outbreak.
We’ll be answering your question “how do I monetize my talent?” in five simple steps.
5 Steps to Follow to Monetize Your Talents.
- Discover Your Talent.
- Know your customer.
- Find the right platform.
- Settle with easy payment methods.
- Deliver quality.
1. Discover Your Talent
We’ve all met people who tell everyone they have no talent. They use that as an excuse for living an unfulfilled life.
What you need to know right now is that ‘there is no one without a skill.’
Another point you should write down in your journal is ‘every skill is marketable and profitable.’
Many people think skills or talent are those you see manifest in people without any training, like singing and other forms of art.
What they fail to realize is that when these people discovered those talents, they groomed themselves to make them marketable.
Look for a little child who could sing but chose to ignore that raw talent for years. After a decade or two, it becomes even more difficult to harness that voice and create melodious sounds.
If you’ve tried to apply for a job before, your curriculum vitae (CV) has sections for both hard and soft skills.
Talents are not just things you discovered you could do when you were young. They are also things that you picked up and mastered as you grew older.
For instance, if you are very great at using Microsoft Excel, this skill can get you a good job even in the comfort of your home.
Most people have more than one skill. So you shouldn’t also forget the other skills you have in your pocket when you find just one.
You can utilize all these skills to create an even better job for yourself.
If you, a person with bubbly and jovial personality got a job as a delivery guy for stores that are still functioning, you could put a smile on people’s faces as you deliver goods to them. This could earn you extra money here and there.
Before you know it, you’re making enough.
2. Know Your Customer
This is the second of five easy steps to follow to monetize your talents.
What do your customers want?
What do they need to see during this period?
How is what I’m doing going to help?
How much would they value what I’m about to give?
For instance, if you’ve developed your talent as a tailor before the outbreak and have decided to monetize this skill, do you think displaying ball gowns for sale is what your clients need to see? No one knows when they’ll finally be let out of the house. So, if anything, they’re thinking of how to cut costs. They want to save. The majority won’t purchase your ball gowns. They’ll scroll past it.
So, why don’t you think of something they’ll appreciate during this period? In many countries, there’s a scarcity of nose masks because of the rise in demand for it, you can decide to make yours. Although most of these fabric nose masks do not prevent virus entry, you can use materials that can sieve these viruses. A reusable and fashionable nose mask will sell more than a ball gown that nobody needs right now.
Moreover, it will take you more time to sew these gowns to perfection.
This scenario applies to all talents or skills you have to offer. Are you a comedian? Would you like to make jokes that will make people remember the mess we’re in or one that will alleviate the pain?
Your customers are the ones who pay. So, if you don’t do something they will appreciate and be willing to pay for, you might as well sit at home and continue watching the TV.
So, know where your customers are, know what they need, and find the best way to give it to them.
3. Find the Right Platform
Many services are now offered online because that’s where people spend their time. Depending on what you’ve decided to do, there are many platforms available for you to reach your customers online.
Your customers also know where to find whatever they need. So, locating and using the right platform is important to grow your income.
If you just want to freelance and not establish a new business based on your talents, you can use general freelancing platforms like Upwork, Fiverr, and Freelancer. You will find clients looking for your skills. The freelancing site takes about 20% of your earnings.
Your skill may be one that involves producing items before selling. Platforms, where you can sell items online, include Amazon, Etsy, and eBay. You get charged to carry out business on these platforms. Here are the fees you have to pay:
- Listing fees: For every item on your store (virtual store), sites like Etsy charge up to 20 cents. This isn’t so much unless you have a whole truckload to put in your store.
- Transaction fees: The amount you pay varies based on the type of goods you are selling. On Amazon, this fee ranges from 3 to 45 percent of your sales price for any goods.
- Subscription fees: Before you can start listing and selling on some e-commerce websites, you have to register to become a member. On some sites, if you do this, you don’t need to pay for listing or transaction fees.
There are various websites available for any skill you want to offer. So, don’t just hop on the wrong platform and start advertising.
If you want to teach, there are numerous virtual tutoring websites out there like Tutor.Com where you can find your clients and earn for your services.
While all these seem straight forward, you may decide to monetize a skill where there is no clear monetization method. For instance, if you choose to draw (become an artist) to earn a living, you may not find a freelance job because there are hundreds of other artists bidding on the same project. What you can do instead is create a website where you can showcase your portfolio and use Patreon or other crowdfunding platforms to earn money from people who like your work and are willing to donate.
Other articles you may be interested in:
- Best side gigs to make extra money.
- Best frugal living hacks to keep your pocket happy.
- How to manage your finances during the coronavirus outbreak.
- 20 ways to make money during the coronavirus pandemic.
- Best ways to spend your coronavirus relief check.
- How to manage your money wisely – 10 steps to avoid being broke.
4. Settle with easy payment methods
This is one of the most important steps to follow to monetize your talents during the coronavirus pandemic.
Now that you have chosen the skills you will use to make money and you selected a platform to find your customers, the only thing that will stop you from making money is difficulty in payments.
If your clients find it hard to pay for the services you render, they won’t be coming back. Many of them would drop negative feedbacks, discouraging others from doing business with you.
General freelance and e-commerce websites already have payment systems they use. So, if you’re on one of these platforms, try to keep payment strictly on them. This is done both to keep the payment process simple and also to prevent you from giving out your work to scams who wouldn’t pay.
If you’re someone who makes funny videos and put them on Instagram, you can add your Paypal, Cash App, or Venmo account details to receive tips from people who enjoy your content.
For people not on the freelancing or e-commerce platforms, having peer-to-peer payment methods are very easy ways to monetize your business. Most of them are free to register or cost very little.
Have you ever used Facebook Messenger to complete transactions? They also offer a free and standard payment system where you receive money with no stress on both parts. Just make sure you do a great job, so people will drop nice words about you.
5. Deliver Quality.
This is the most important step of all and it determines how long you’ll be making money with your talent.
If you fail to deliver quality to your first few clients, you risk losing the next.
For instance, if you decide to sell your skills on platforms like Upwork and Fiverr where star ratings are used to judge freelancers, you’ll be thrown out after your first set of poor ratings. And if you’re not thrown out, you will find it difficult to get new clients.
So, you have to deliver the best results from the first day, and as you keep growing your skills, the results get even better.
It doesn’t have to be new
Coming up with a great idea to monetize your talents may take a few days, but it doesn’t have to be something that has never been done before. You can still take ideas from what others are already doing and add your own set of skills to make it different but not entirely new. Not all novel ideas make it big. All that matters is that you’re putting something valuable out there and people are loving it.
Do you still worry about managing your finances during the coronavirus pandemic? Here’s how to handle it.