January 12, 2010
TCB Tuesday: M is for Monetize
I love car rides because Forest and I often have our best conversations on the road, usually turning to business and our goals for the future. On our last drive we started talking about the idea of monetizing your business and creating profit from the by-products of your business...a lot of boring words, but interesting when you start thinking about it! This idea is not new and I won't pretend to be breaking a revolutionary idea, but it has not been on my radar pertaining to my businesses until very recently. I guess I thought I didn't have anything extra to offer or didn't have the time to set it up. But who doesn't have time to make money? Really.
Forest told me a story about the lumber industry and how when it started, they didn't do anything with their waste such as sawdust. Eventually, they figured out sawdust could be packaged and sold for a profit. Now sawdust and products like mulch and fuel pellets are a huge money maker for the lumber industry. And they were throwing it away...
Here is a link to a great post about this and how various industries have created profit from their by-products.
I think photographers have done a good job of this recently: workshops, Photoshop actions, instruction manuals, books, etc...All these products they've created from running their businesses and they are able to profit from their knowledge and hard work. Pretty awesome.
The wheels have started turning in my head and I encourage you to think about how you can apply this if you have a small business - or even if you don't. You might have something of value to others that you would otherwise toss out...you never know.