Business Quick-Tips

Thursday, June 25, 2009

How to Monetize Everyday Situations

To monetize is to turn an established process or item into some form of currency. Sounds simple right? You're probably thinking, "Well jeepers, if only earning money was that easy!"

Actually. It is.

Monetization is a good way to take advantage of situations that would ordinarily not provide you a source of income. For example, you mow your lawn probably on a pretty regular basis during the summer. Lets say for the sake of simplicity, twice a month, 5 months out of the year, so 10 times total. Assuming you live in the city, on a average-small lot, mowing the lawn probably doesn't take very much time, maybe a 30 minutes. Instead of putting in your 30 minutes and then putting the mower away, what about asking your neighbor if you could mow their lawn for them, for a small fee? Say $10 each time? Odds are that if you are already mowing the lawn, you could probably spare a few extra minutes to help out a neighbor and in the process earn a little extra cash. That $10 extra bucks starts to add up over the summer; $100 for our example.

A little research shows that $10 per lawn mowing is on the very low side of what could be charged. But hey, you're not out to start taking advantage of your neighbors, you are just looking to make a little cash, right?

If nothing else, you will have recovered your own expenses for mowing your own lawn, such as fuel, oil, and small repairs; and probably had a little left over in the end.

The basic principle behind monetization is to make simple processes effective, efficient and income producing. Mowing two lawns at once is a great way to get maximum use out of your lawn mower, it quickly improves the appearance of two houses, and it can generate enough income to cover your expenses and perhaps a little more.

Have another great idea for everyday monetization? Share it with the rest of us!

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