In business, making money is invigorating. In ministry, serving God is fulfilling. For a person of faith who works in business, monetizing your idea and gaining insights for faith and business is a challenge. When you are committed to biblical standards, accomplishing this goal requires regular self-inspection. As you explore strategies to monetize your faith-inspired idea, stay encouraged. When you know how to turn your idea into a Marketplace Ministry, making money becomes easier. Use this guide to help you monetize your idea with purpose and profit while staying true to your values.
Money with ministry is a sensitive subject. It’s easy to find people who have given themselves to ministry and lack an understanding about money. It’s also easy to find people who care so much about money that they miss the mark with their ministry. While money with ministry is a touchy subject, there is a way to balance them both. At MIB, knowing how to monetize your idea doesn’t mean putting money first. It means putting your ministry first while finding creative ways to use your gifts and talents for business purposes. Yes, you can do more than one thing with your gifts and talents.
In Chapter 8 of my book, How to Make Your Business Your Ministry – The New Marketplace Ministry (Build and Multiply; Manage Your Money and Your Motives), you find the question, “If money wasn’t an issue, what would you do?” It’s easy to describe what you want to do. The challenging part is finding the money to do it. The ideal situation happens when you do what you love, make the money you need and have plenty left over.
Pursuing financial success doesn’t mean you don’t love God. In Marketplace Ministry, it means aligning your entrepreneurial spirit with your biblical beliefs.
I started my business twenty-one years ago. I started this ministry in 2014 after going back and forth working in ministry and business. I had the idea of pursuing faith and business (Marketplace Ministry), early in my career. Unfortunately, it took me over ten years to follow the idea and even longer to monetize my ideas to support my ministry. Here are a few suggestions to help you avoid unnecessary delays.
Start with Prayer
In Marketplace Ministry, your biblical commitments come first, even while you navigate the business world. When you are monetizing your idea, the insight for faith and business comes from God. The only way to be sure of your decisions is through prayer and discernment. Begin by seeking God’s will to be sure your ideas align with Scripture. Spend some time in prayer, not just once, but as a routine for a period of time until you are clear about God’s perspective about your idea.
Develop a Solid Business Plan to Monetize Your Idea
The best way to determine if the idea will earn money and is workable is by crafting a business plan. Outline your vision, target audience, and marketing strategies. Conduct a thorough market research to understand your industry. Identify potential customers and what it takes to reach them. A sound business plan provides a roadmap for profitability so you won’t waste valuable time and money. Even when financial success comes, the business plan will keep you on track so you don’t compromise your values while striving for success.
If you start on a business plan and realize that your idea won’t work or needs to be altered, don’t take it personally. That’s the reason for the business plan. It saves you money, time and gives you the opportunity to make changes.
Develop Genuine Strategic Partnerships
There are many people who feel like you and want to monetizing their Idea using insight for faith and business. Collaborating with like-minded people and organizations will amplify your effectiveness. A faith-inspired idea still needs connections. Seek partnerships with individuals, businesses and ministries that share your values. Talk, hangout, listen and collaborate. Use the alliance to expand your network and be of value to them as well. The goal is to enhance your business reputation while gaining new ministry opportunities.
Leverage Your Idea on Digital Platforms
Technology offers many opportunities to monetize your idea. Create an online presence through your professional website and social media platforms. Create videos and posts that promote your vision and attract potential customers. Develop interesting content, then connect and engage with your target audience. When you post, place an offer in the post that leads people to your website and product. Be sure to connect to an e-commerce platform like PayPal, WooCommerce or Shopify to sell products or services. Make it easy to spend money with you. Make people want to be a part of what you are offering.
Get Help
Monetizing your idea using insight for Faith and business may seem difficult, but it is possible. Many others have found the answers and if we can do it, so can you! Ask questions, read helpful books and listen to people who have proven success in your idea. Find several podcasts that you like, then listen and learn. Stay away from negative conversations and people who don’t see your value. If someone can’t appreciate your idea and encourage you, that’s a sign to move away. Let them see your idea when it’s live and profitable. Instead, talk to people who have a positive outlook about your success and live with the freedom and desire to pursue their own creative ideas.
Make Strategic Moves Toward Your Idea
Look at your business plan and make a strategic move forward. It’s time to stop talking about what you are going to do and actually make it real. The sooner you make a move, the sooner you make money. When the money comes, that’s when you feel the momentum that pushes you even further.
Here are some beginning moves to start monetizing your idea.
- Get a required license or certification
- Get your assumed name
- Pay a deposit
- Get a location
- Post a video
- Hold a class
- Participate in an event and display your service or product
- Set goals and finish them on time
- Place your products and price list on your website
- Send announcement via email and social media
Stay motivated and let your creativity soar. Operating a marketplace ministry gives you the opportunity to enjoy your work and a feel a sense of purpose. Remember to treat people who work with you with care and love. The goal is not just profit, but also to make a difference in the lives of other people.
Like what you are reading? Take the next step and get connected.
- Click on “Grow With Us” below and get new articles, videos and resources.
- Get the Book: How to Make Your Ministry Your Business and discover life-changing Marketplace Ministry principles that catapult you forward.
- Request an invitation to join the MIB Women’s Online Bible Study on Thursdays at 7:00pm central.
- Take a power step and participate in the MIB emPOWERment Coaching Cohort.