Joe Wehinger explains how to Build your Business in the Digital World

Hi, everybody. We’re back with another set of tips. Before we jump in, I wanted to say thank you for the comment sections on the other blogs. I love that they’re finding an audience. I love that the audience is engages and interested. Thank you for the emails, the tweets, social media in general. We love keeping the conversation going and we love meeting everybody. So, thank you for reaching out, and I’ll do my best to keep providing interesting content or content that you find interesting, and please let us know what you want to hear about.

So, today is a personal favorite of mine. As a business owner, it’s a way to monetize your passion. It’s a way if you’re an entrepreneur or entrepreneurial feelings or spirit, it’s a way to use your energy and your enthusiasm to create profitable businesses from your hobbies. So, today’s official title is ways to monetize your passion in the digital world. So, let’s just right in.

  1. Create a product of value. So, we’ll talk more about how to measure that value and traits of a product that create value.
  2. Service, providing help or assistance. Maybe you have a certain capability, a skill set, and ability. How do we create that and monetize that?
  3. Shared resource, creating a durable resource that can be used by many.
  4. Subscription, super popular right now with e-commerce. Subscription provides benefits on an ongoing basis for a recurring fee.
  5. Also really important with e-commerce is resale. Resale is buying a product from a wholesale seller, then selling that product to a retail buyer at a higher price point.
  6. Lease, buying a product, then allowing another person to use that product for a predetermined period of time in exchange for a fee.
  7. Create an agency. This actually once again is very popular in the online space. The opportunity to market and sell a product that you don’t own.
  8. Audience aggregation. Collecting the attention of a group of like-minded people, then selling access to a third-party. Selling access to that group to a third-party.

So, these are several ways to create a business to monetize your passion in the digital world. As always, please reach out on the socials. Please ask questions. Happy to have that conversation and we’ll see you next time. Thank you so much.

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