I believe that now more than ever you need to find a way to monetize your identity.
Machines are taking people’s jobs.
Corporate America is dying.
And monetizing your identity is the surest path to adding the most value to the world and ultimately providing for yourself and others.
Your identity is the one thing you have that no one else has.
If you figure out how to monetize it, no one and nothing else can take that from you.
Victor Pride discusses in depth how you can start a company based on your identity.
How does he know how to do it?
Because he has grown his own internet business from 0 to $1 million total revenue in just four years!
Let’s talk more about how this is possible with a blog.
If you’ve read other articles on my blog, you know that I really like blogging as a business model.
I’ve written about 10 pro bloggers making six to seven figures a year.
And I didn’t even include the most famous 6+ figure bloggers like Neil Patel, Brian Dean, or Jon Morrow on that list
These and so many other bloggers are making good money on the web monetizing their identity!
How do they do it?
They create content about what they care about, what they think about, what they love.
Why does this work so well?
Because people are starving for good content!
As of 2016, Americans spent nearly 11 hours a day in front of a screen! (source)
People are always on their phones, tablets, computers, or TVs because they are dying for great content!
I’ve written before about how to create great content.
But if I had to sum it up, I think you have the best shot at making great content when you write about your passions or what you think about the most.
Did you know that the best blog posts I’ve ever written were based on concepts I have been thinking about for years?
And this is why blogging about your passions is so critical – if you blog about anything other than your passions, it’s unlikely you will add anything meaningful to the web conversation about it.
And if you don’t add anything meaningful to the conversation, then you won’t add value to others and you won’t make money.
Blogging is such a great medium for creating this sort of high-quality content because blogs are versatile and scalable.
They are versatile because there are countless ways to monetize a blog and they are demonstrably successful in nearly every niche.
From health and fitness, to politics, to marketing, to personal finance, to adult acne, to language learning – pick any the niche and there’s almost certainly a successful blogger writing about it.
And blogs are scalable because you can do a fixed amount of work and reach an unlimited number of people.
Unlike a service provider who eventually runs out of time available to provide services or must charge more per hour to make more money, someone who sells products via blog can sell those products forever to an unlimited number of people and make unlimited money for a fixed amount of work.
As billionaire investor and business genius Seth Klarman says:
Today’s most profitable businesses are those in which you sell a fixed amount of work product – say a piece of software or a hit recording – millions and millions of times at very low marginal cost.
According to this definition, a blog is well-positioned to be extremely profitable.
And the best way to blog is to write about your passions or what you think about the most.
Another way to monetize your identity is through vlogging or video blogging.
It’s essentially the same concept as blogging except usually vloggers typically get their start on a video platform like YouTube, not on a blog.
Shay Butler became a YouTube sensation and he certainly didn’t have “the credentials” for success.
As a college dropout, manual laborer, and someone who bought his first laptop at age 27, he didn’t seem like a likely candidate for becoming one of YouTube’s most successful stars.
Nevertheless, his YouTube success enabled him to co-found Maker Studios which Disney purchased for nearly $1 billion! (source)
So what does Shay talk about or do on his YouTube channel that has made him so successful?
He just films his life.
Sure, as his channel and resources have grown, he’s invested more in the production value of his videos.
But he started out simply filming himself without any fancy equipment, team, or substantial monetary investment.
In short, Shay has monetized his identity with stunning success.
There are countless vloggers having incredible success monetizing their identity on YouTube.
These fitness YouTubers take everything they learn from obtaining incredible physiques themselves and explain it to anyone interested on their YouTube channels.
Fitness isn’t the only niche that is positioned to do well on YouTube.
There are wildly successful YouTubers in nearly every niche from videogames to fashion and makeup.
So if video is something that interests you, know that starting a vlog is a tried-and-true method for monetizing your identity.
3. Live (or nearly live) Streaming
If you’re interested in video but don’t want to go down the YouTube path, there are plenty of other ways to monetize your identity with video.
(Nearly) live-streaming is incredibly popular across platforms from Snapchat to Instagram to Facebook.
And the wonderful thing about live-streaming is how low-production value it can be.
Since it’s live or close to it, your audience doesn’t expect the same level of quality you might expect in a YouTube production.
This doesn’t give you license to do a shoddy job (because shoddy work doesn’t make money), but it is a great opportunity for the bootstrapping entrepreneur looking to validate before investing significant time or money.
It’s also a perfect example of how you can monetize your identity – by simply filming your life.
A great example of how little you need to get started in live streaming is the most watched live stream on Facebook as of 2017, the mom with the Chewbacca mask.
All she used was her phone and a cheap Chewbacca mask from a toy store to make internet history!
Tanner Fox uses SnapChat as a sort of behind-the-scenes of his YouTube channel and the rest of his life, admitting that he loves the impromptu, low production-value videos he can make with SnapChat.
(I know SnapChat technically isn’t technically or exclusively for live video but the concept is similar and I wanted to include some inspiring success stories from platform users.)
Chris Carmichael also has an inspiring SnapChat success story earning 7 figures from his social media presence.
And this is after several failed startup attempts over the course of 4 years.
In short, live streaming is one more great way to monetize your identity with video.
One great aspect of podcasting is that, like live-streaming, you typically don’t have to invest much in startup costs or production value.
Tim Ferriss’ podcast consistently ranks number one on iTunes in the business category and he has spent ~$500 on his entire setup – not bad for startup costs on an aspect of his business that makes at least six figures a year.
Ferriss uses podcasting to monetize his identity by leveraging his vast personal network to capture his conversations with the world’s thought leaders in several different niches.
But you don’t have to start your podcasting journey with an all-star network in place.
You can also do what John Lee Dumas did, recording a podcast every day for 9 months to establish your credibility as you gradually interview more and more successful people in your niche.
Dumas’ technique has paid off; his podcast consistently nets 7 figures a year in profit.
Podcasting is such a great way to monetize your identity in the 21st century because it’s the opposite of a commodity job.
It’s not like say accounting, a skill thousands have where accounting positions could be filled by any number of accountants.
And it’s unlikely podcasting could be done by a machine anytime soon because it revolves around building relationships and having great conversations – two things computers aren’t good at as of now.
Selling is a required skill for all of these ways to monetize your identity.
But I wanted to write a separate section about it because I think it merits close attention.
You or someone you know is probably a great salesman.
You know a great salesman when you see one because he’s usually the evangelist, the extrovert, or the one who’s always talking about how great xyz is.
Though I believe anyone can improve their ability to sell, some people have greater natural sales aptitude than others.
If you’re one of these people that’s naturally gifted in sales, you’re in luck!
I believe sales is at the core of any good business. (And I admit this as someone who doesn’t have much natural aptitude when it comes to sales)
Whether you’re starting a web business and selling on the web, selling yourself in a job interview, or selling a product for your employer, everyone needs to sell something at some point in their careers.
David Oglivy, the legendary marketing exec who made ad campaigns for massive companies like Dove soap and Rolls Royce, got his start selling kitchen stoves door-to-door.
He was so successful at it that his company asked him to make a sales manual that has turned into a classic.
There are countless other successful sales men and women including Dale Carnegie and Mary Kay Ash, the creator of Mary Kay skin care and makeup lines. (source)
In fact, it’s hard to find a great business person that doesn’t have good sales skills.
If you have natural aptitude for sales, there are a myriad of ways to monetize this aspect of your identity.
Most companies always want to hire a good salesman.
You can also leverage your sales skills to start an online business and sell something on the web.
Regardless of what you choose, know that making money with your sales skills is a great way to monetize your identity!
I hope this post serves as a reminder that creating web content is one of the best ways to monetize your identity.
This is why I recommend bluehost web hosting.*
Whether you monetize your identity with a blog, podcast, or even a video platform, at some point you will need a website.
You can start a WordPress website today with the click of a button with Bluehost web hosting.
It’s inexpensive, easy-to-use, and if you buy through my link* you get 50% off the standard price and can get started for just $3.95 a month!
How else can you monetize your identity?
I’d love to hear about it in the comments.