Ready To Monetize? How To Get Over The “First Dollar” Hurdle As A Creator.

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Working up the confidence to start charging for your work – not to mention figuring out how to do it – is no small feat. When I launched my first online LSAT prep course, my brother and I debated whether I could sell one copy in my first month. Thankfully, I sold 10 (for a total of $290!) It wasn’t a huge amount of revenue, but that small flurry of sales proved life-changing – boosting my confidence and my resolve to keep at it.?

The road to monetization can be bumpy for any business, but especially for creators. Many of us get our start giving away content and building communities for free, making it tough to know how to value our expertise and output. But making those first few dollars can have a truly cathartic effect – validating our strategy and reinforcing our worth – not to mention our ability to positively impact others. Tapping into the ways your work will improve people’s lives is one way to get comfortable charging for your expertise, but it’s not the only tactic to help determine when, how and what to charge. Here are four strategies for creators to overcome the stumbling blocks on the road to getting their first dollar.

Look to digital products first

I didn’t intend to build online courses until I realized I could reach more people online than I could in a classroom. My first 10 sales were enough to inspire me to build a studio in my one-bedroom apartment to create better content – and more of it. I had moved into a basement suite in Squamish, BC, as rent was cheaper there. One morning I took a break from filming to do some kiteboarding, and by the time I got back, I had sold $1,000 worth of courses. It was my first big day of sales and a crystallizing moment that confirmed I was on the right path. It was also a good reminder to take time off. Good things sometimes happen when you do!?

There are, of course, many ways for creators to monetize their expertise – from advertising revenue to partnership and sponsorship deals, to selling branded merchandise. All of these approaches come with pros and cons – from the need for a large audience base to ensuring the right values alignment with partners or sponsors.

But I believe digital products are the true pot of gold. Not only do you own the product forever, but you can also monetize it with a much smaller or niche audience. And you get to keep the majority of the profits – digital products typically have greater margins than any other product or service. The only potential stumbling block is that initial fear of putting yourself out there – and figuring out what to charge.

Move through the emotional hurdles

Going from freely accessible content to a paid product can trigger all kinds of imposter syndrome feelings , so it’s crucial to get over this hump.

Here’s what’s always worked for me: consciously walking through the fears. Consider the worst thing that could happen. Negative reviews? Lack of sales? Then visualize the end goal, whether that’s supporting yourself and your family, doing what you love or helping other people achieve their goals.?

I’ll never forget the first thank you I got from somebody who passed their LSAT exams after taking my course, or the student who reached out years later to tell me they made partner at a law firm. If you’re looking for justification to charge for your expertise, just think about the difference it could make in somebody’s life.

Don’t undercut your pricing?

Digital products can be challenging to price, and I often see creators charging far too little. I was the same at first – I priced my course at $29 initially. Today it runs for $389, and that’s a better reflection of its true value.

If you’re struggling to come up with a number, consider what you would charge if you were offering the course in a classroom – $100 an hour? $500? Once you’ve got your number, benchmark it against what other creators are charging, and layer in a launch discount if you’d like.

If your product is downloadable, there are other models to consider, too. Perhaps it’s a freebie that acts as a lead magnet. Or, you could charge for it to qualify your leads. Another great way to start small is to create a digital download or mini course and set a lower price. Once that sells you can add on higher priced products that take a bit longer to create.?

There are a lot of factors at play in considering your pricing, and you’ll need to take your overall marketing strategy into account. But the bottom line is: it’s okay to start small, just don’t devalue your offering too much – or for too long.

Empower yourself with tech and tools

Setting up sales systems isn’t always something creative people enjoy doing, but it is a critical part of your business. And you want to make it as easy as possible – both for yourself and for your end users.?

There are many entrepreneurial enablement products that offer professional storefronts, including Shopify and others designed to reduce friction in the ecommerce process. My company just launched its own – an AI tool that enables creators to build digital products in minutes, and launch a proof of concept course in a single afternoon.?

Our rationale for the quick launch? There’s immense value in getting something out to market fast so you can get over the hurdle of making your first dollar. Once you get some feedback, it’s a lot easier to go back and tweak it. For us, the proof was in the pudding: more than 6,500 creators signed up to use this new tool in its first month.??

Of course, it still might feel uncomfortable to put yourself out there – especially if you’re used to giving your expertise away for free. But there are few things more rewarding than earning your first dollar doing something you love. And getting those first few payments in the door is often all it takes to build true momentum in your business.?

Thanks for reading! I'd love to hear your perspective in the comments below. For more insights on taking your business and career to the next level, be sure to subscribe to The Way We Work to have this delivered each month to your inbox.