Monetize your time by productizing your expertise and making it billable. If you are going to help a new brand, service, company or others to launch a product or service, there are three key phases to it that you must be aware so that you can make your work chargeable appropriately.
They may be clear in your mind, but they need to be listed and choreographed on paper so that others understand the hard work that goes into creating some thing new and the process behind it.
Here is a simple attempt to making your time monetizable especially when you struggle with asking people for money. Clearly if you are being asked for help, you have a skill. Let us try and unlock it based on AJs model.
Phase 1 - Market Research
For this stage you would research a handful of market opportunities; some of which you know already know exist. You would speak to peers to explore other opportunities dive into each market to understand the economics and opportunity in depth.
You should provide at least 3 opportunities with recommendations which will include the following for each:
* SWOT analysis
* Key trend data and observations
* Key marketing/sales channels and target ROAS
* COGS estimates and margin analysis
* Ideal SKU count for launch
* Market size, geography, maturity and competitors
* Sourcing overview
* Micro opportunities - key USPs to focus on for each product/market
* Any other complexities, recommendations and observations
Phase 2 - Idea to Brand Testing
Based on your findings from Phase 1 you would allow for your client to choose a favorite market opportunity and develop a virtual product, likely using designers, retouchers, brand teams or UI/UX folks. You would also develop the iteration to the minimal level required to gain meaningful data:
* Brand with logo, brand guidelines and story (this would be built to the minimal level required to test - can be fully developed later based on customer feedback)
* Website/landing page, social media and email automations/collection
* Customer avatar/Personas
* COGS analysis
* Product tech packs
* Sourcing the product and speaking to factories for physical products or identifying resources for logical or digital products
Phase 3 - Market Product Fit - The test of small numbers
At this stage you should test the virtual product and brand to run ads to test the market and get customer feedback. Ideally have $2,000 to $5,000 (not included in fee) in ad spend. Make your customer aware that your fee is not tied to ad spend or the ad-spend number is not linked to the fee.
Following testing you should provide:
* Key learnings and suggestions for the final product
* Opportunities spotted from customer feedback
* Marketing launch plan with marketing strategy recommendations
* 12 month post-launch budget/P&L
Be honest with you customers, set expectations on pricing and value early. Show them the value you will provide in three phases particular to their ask, it will only get easier to monetize your time if you have this or a similar model to break down your work, before you get started. If all the client has as a guide, is the end result document/ppt etc that they perceive to have all the answers, without an iota of understanding the process, they will never value your work the way it ought to be valued.