6 Ways to Monetize Yourself (BUSINESS MODELS)
Speaker 1: Total transparency, when I first started this channel, I really didn't know much about the whole online business world and I kind of fell into this by accident. And maybe you can relate to that because one of the biggest struggles that I still hear from you is that you're just not clear on the best path forward to truly monetize your knowledge, your skills, your experience, your passion. And that's why I wanted to create this video for you because to be honest, when I started this channel, I didn't even really know what monetization looked like or how to do it. But six years and 20 million dollars later, I have learned a lot about monetizing yourself, your brand, your skills, your experience, and your passions. And so I want to show you the six business models that are really available to you in order to monetize yourself. Speaker 1:
In last week's video, which you can check out here and here, I talked about how to build an uncopyable brand on social media and a big component of that is really understanding what's the purpose behind your brand on social media? What is your why? What is your intention? And that's where this video really comes in. And the reason it is important for me to make this video is because there's been a massive shift in the last couple of years and with the great resignation and so many people wanting to be their own boss. There are more people than ever pursuing entrepreneurship, and it can be, like I said, really overwhelming to navigate through all of the noise. But my whole intention, my whole why over the last couple of years has been to help people of all different walks of life monetize their knowledge and their experience into highly scalable online businesses. Everyone from accountants to bakers, to artists, to musicians, to DJs, to doctors, and everything in between. Speaker 1: So let's break down how you can choose your best path forward. Here's what we're going to cover.
The key to monetization. The six business models to monetize yourself. My business model for monetization, and the income stream breakdown. Because there is such a huge wave of entrepreneurship the entire mission behind this channel is to make entrepreneurship available to everyone, because I know that it is the best vehicle to freedom and equity, and to make the unique impact that you are here to make on the world. So a small thing that you can do to help
us reach more people is just hit that like button real quick and be sure to subscribe and let's get into it. Number one, the key to monetization. At the core root of any business and an entrepreneur is you are solving a problem and you are creating a transformation. Whether you're selling a product or a service. Entrepreneurs are solely here to provide value and to serve. Speaker 1: So in order to create monetization for yourself, it doesn't matter which business model you choose, you need to figure out what am I here to do? What's the impact that I want to make on other people? And I always say that if you have a story, you have a business because all of the lessons that you have learned through your life, through your business experience, through whatever it is that you've been through, those lessons are now things that you're therefore able to teach others and create transformation for others. But it is really important to understand that if you're going to create a business,
you need to know how to do that thing that you're serving other people with for yourself. And I've mentioned this in other videos, and I'm going to put a whole playlist below for you to watch after this to help you get even more clarity on how you can show up and serve and how to truly monetize your skills. Speaker 1: But I wanted to remind you that the entire foundation of your business starts with what we call a transformation statement. And oftentimes whoever you are serving is a mirror for you when
you are seeking out the solution that you now provide. So I wanted to share two real-world examples of what the transformation statements can look like. Number one is my transformation statement. I went from burnt out solopreneur, lacking consistency and visibility to a thriving eight figures scalable business owner so that my business could make an income and an impact without me. My very first career was being a journalist. So I really do know that everybody
has a story and you need to be able to succinctly share your story, the lessons from it, and the desired outcome that you were able to achieve from achieving your own hero's outcome in your story, we call it going from zero to hero. Speaker 1: And from me, I went from this burnt out entrepreneur who was constantly grinding and hitting an income ceiling in my business and didn't know where to turn, and I couldn't hire people, to actually becoming a business owner and having this thriving business that I have today, which is why I'm on a mission to support other entrepreneurs in doing the same thing for themselves. And it's why this is very personal to me and if anyone ever to tells you the business isn't personal, they are lying. Business is personal, and the best businesses in the world are deeply rooted in a solution and a transformation that is aligned with the owner and the founder. So let me share one more example with you from one of my clients in our authority accelerator program. I help single women heal father wounds, embrace feminine energy and go from attracting toxic relationships to healthy relationships so that they can finally have their forever family.
Speaker 1: Chantel is so clear on her purpose and her intention that that makes it easier for her to create content across platforms that is super, super relevant to her ideal client, that she can make a really deep impact on. So having this as the foundation allows everything else to flow a lot easier, but without this rock-solid foundation, it's like building a house on you guessed it, a cracked foundation and it's built to crumble. Once you have this, you can make YouTube videos, and write email copy, and post on social media with complete clarity on who you're serving and what you want to be known for which ultimately adds more clarity to the algorithm, which helps the algorithm identify more people that they can show you to in the algorithm by really understanding who you're trying to reach. Speaker 1: But without this, you're going to stay stuck, you're going to stay frustrated, you're going to stay invisible, and you're not going to have a clear purpose and intention behind what it is that you're doing online in order to monetize yourself. And like I said, I have a whole playlist below and the whole playlist will
start with how to monetize yourself. And in that video, I uncover truly what it is uniquely for you that you're going to monetize, identifying the value of it, and really how to price it, and also the secret sauce to long-term success and growth. So you can check out that video next, but in this video, I really want to dive into the business model. So let's get into it. Speaker 1: The six business models. Number one is coaching and consulting. These can be considered two different business models, but in a lot of ways they share a lot of similarities. Oftentimes it means that you're sharing your experience,
your skills, and your expertise in a one-on-one. So working with clients one-on-one or in a group setting, and you can either be working with businesses or you can be working with individuals. Generally, you're charging based on time per hour, or you're charging based on a package for a specific time period or a specific result. With coaching and consulting it's generally very high touch and you have a lot of involvement with the clients, and you're usually involved in the customized strategy for each of those clients, as well as the implementation. And you're taking
them through a method, a process in a system to guide them to the results that they're after in real-time. Speaker 1: Having done both of these business models a long time ago, I can tell you that why I stopped doing this was because most of the time I found that my clients were really relying on me for their results and it was really tricky because inevitably you're going to hit a ceiling because there's only so many hours in a day. And when you're working one-on-one with consulting or coaching clients, you can only fit so many people into your schedule and it does lead to a lot of repetition because you're repeating the same strategy over and over again to each individual person. And if you're not really careful about it, and you're not adequately charging a high rate for it, and for the value of your time, it can lead to feeling super overwhelmed at all times, and only ever being able to work with your clients and not being able to really focus on much else. Speaker 1: The next business model is an agency. So if you have a skillset that you can share with others and that you can do for others,
that's really what an agency is. It's that you put together a team of experts and you're actually going to do the work for the clients to get their results. Now, I've also tried having an agency a long, long, long, long time ago, and in full transparency, I hated it. Mainly because again,
my goal in life is that when my clients work with me, they get what they need and they know how to create success for themselves. I don't really want to be the barrier between my clients and then getting results and then having to rely on me to get the results that they're after. Speaker 1: I really could not figure out how to truly create a scalable agency just based on the fact that you have to have a team behind you in order to do the implementation work, you're needing to hire those team members and then you're having to find clients and run on the hamster wheel to find more clients in order to be able to pay your team and it's just this never-ending cycle and it just was not my favorite business model to run, which is why I don't do it anymore. Number three is courses otherwise known as programs, and courses really became my jam. This is how I have built my business over the last five years.
And the reason that I absolutely love courses is because there is no ceiling in terms of your impact and in terms of your income. So it's given me the ability to be able to serve a lot more people with less effort. Speaker 1: In addition to that, what's really amazing about courses is that you're packaging your brain and your expertise to create a transformation for your clients to then be equipped with the skillset and the knowledge to be able to do it for themselves so that they don't have to rely on you and that creates this really incredible impact and success ripple and it's why we refer to courses and programs as legacy businesses because they actually can create that income, that impact, and that authority, without having to rely on you because your clients are getting results and you're sharing your expertise via a curriculum that they can study at their own pace and on their own time. So there is no trading time for money. There is no waiting on you for the results. There's no waiting on the clients to actually do the work. It's self-study and they can go at their own pace and study on their own time. Speaker 1:
The fourth is memberships. So membership really simply put just means that you are creating content and creating a program that is given to your clients in terms of them paying a monthly fee to have access to it. So they're not paying all at once. They don't have one lump sum. There's no one single contract, they're actually paying on a monthly basis and generally,
it's a lower price point that they're paying on a monthly basis fee part of this membership. So there are pros and cons to this, and I'm going to get into some of the bigger challenges that there are with memberships in just a little bit. Speaker 1: The fifth thing is strategic partnerships. So strategic partnerships are great if you are super clear on who your audience is and what they really want and are seeking in terms of a product or a service because it means that you don't necessarily need to create your own product. You can actually sell things for other people. So let's say someone out there has a course that
you really identify with and you believe in and you know that your audience would love, you could then approach them and say, hey, I'd love to sell your program and get an affiliate cut or commission from selling it. Speaker 1: And that is totally doable. They're also known as joint ventures. The only tricky thing about this is that your audience needs to be bought in and the only way that you make money is if you're actually able to convert your audience into paying clients for whatever it is that you're selling on behalf of somebody else. And the sixth model is being an influencer. So this encompasses a lot of things, but let's just touch on a few. So this can be things like ad sense, brand deals, merchandise, affiliate marketing, and speaking engagements. Again, there are pros and cons to this,
and I'm going to break down exactly what it looks like for me in terms of being an influencer in just a little bit. My business model. So what does it actually look like? It's really a hybrid between two of the business models that I just mentioned. Consulting and coaching, and courses or programs. Speaker 1: So essentially I have realized, and I shared this in a recent video about creating an online course that sells. The old way of doing things doesn't really work as well as it used
to. So there's not really as much emphasis on tactic and information-driven courses. People are really wanting transformational programs. That's why this hybrid approach has been so successful and impactful in my business and for our clients and it's also why we only have one program at this point. We just have the authority accelerator and that's it. We wanted to just keep it really simple and focus on one thing. So the delivery and the support of how it works is you have your curriculum and then from there, so keep in mind, this curriculum is self-study. People can go at their own pace and they can work on this and get the results without having to rely on waiting for me and waiting on my time. Speaker 1:
Having said that, I also know that it's really important to have support regardless of what you're going through or the program you're in, because you may have questions specifically that need to be customized to you and your business and your strategy. So we baked in support to the business as well. So not only do you get the curriculum, but you actually get to talk to me twice a week and I'm inside of our private community every single day, giving very in-depth and detailed responses to our clients to make sure that we can accelerate the results. But 99.9% of
what my clients need to know is inside of the curriculum. So people have gotten results without ever having a conversation with me and grown their businesses astronomically without having a conversation with me. But if they need me, I am there to support you along with my team. Speaker 1: Now, the other factor of this is having a community of mentorship. So the community is this private community of a mastermind essentially
with all of our clients, whether they've been in the program for two days or three years, we have clients who've gone from zero to three million dollars in their business who are there and ready and willing to support our newer clients as well. So what this does is it also takes the stress off of me and people just needed me for the answers because a lot of our clients now know our system inside and out and have implemented it successfully so they're also able to mentor. The biggest piece of the puzzle in what makes our program tick and how we help our clients create the same business model is you have to know the transformation, and this is what we really help you identify when you come into the program is what is the zero to hero transformation you're going to create with your online program. Speaker 1:
And like I said, we've worked with everyone from DJs, to bakers, to accountants, to doctors, and you name it. Everything in between. Everybody has a transformation they can share and create an impact on the world with, but it's really identifying that so then you can actually take people through that transformation via your curriculum, your support, and your community. And I mentioned this before, but the business model here is really quite simple and our core factors to what creates growth are also quite simple. So we don't talk about paid advertising. We only focus on organic growth and like I said, our top clients have gone all the way up to $250,000 a month, completely organically using our strategy in selling their online programs and really scaling their online business. So what it comes down to is four factors. You have your program. So we help our clients create the best program on the market.
Speaker 1: From there, you have to enroll people in your program. From there, you need to create transformation for those people and you're going to do that through your three factors here of delivery. And then from there, these people become your ambassadors. They become your referrals. They become the people
who are saying to all of their friends and their network, oh my gosh, you got to go to this person, because she's the best at x, y, and z. And then that drives more people into the program and all of a sudden this slide wheel starts to turn on its own and it creates the engine that runs your entire business and helps you grow on autopilot and scale to those astronomical heights, which is how our clients are growing and it's how we've really stepped to the fundamentals of how to grow our business. Now I want to get into this model versus the other things that I mentioned and the pro and cons of them in just a second. Speaker 1: But before I do, if this is something that interests you, I highly encourage you to check out my free master class on how to achieve this kind of a business model. You can
check it out with the link in the description. So when you put these business models side by side, how do they really compare? And I can say this from experience because I've done I think all of them. If I were to start all over again, I would've started immediately with how hybrid. If anyone is telling you, you have to do one-on-one first, you have to do coaching first.
It's just not true. And it's actually doing you a disservice because you're only able to help people in silos and you're not really able to test your transformation against multiple people to really see if it actually works. You're essentially limiting your testing group. Speaker 1: You're limiting your research, you're limiting your feedback, which hinders your ability to create more impact and more growth. So let's talk about one-on-one slash an agency. So when it comes to the hybrid model versus one-on-one or an
agency, essentially what the biggest hindrance is with one-on-one or agency is like I said, it's hindering your impact and it's hindering your income. Also, it's really hindering your time because often times you're trading your time for dollars in for these models and you're also having the issue of working with these clients in silos. You're repeating yourself all day, every day. Whereas in the hybrid model, you have your curriculum, which is your core strategy, and it is your core way for getting your clients from zero to hero and creating that transformation.
But you also are able to support them in your container for feedback directly to them instead of your clients coming to you for every little thing that they need when you're in a one-on-one and an agency setting. Speaker 1: In addition to the hybrid model, the really amazing thing about having this mastermind community environment is that one client will ask something and another client will go, oh my gosh, I didn't even think to ask that question but I needed that answer. And so it's fast tracks results. Whereas when you're working one-on-one or an agency model, you're actually creating more work for your client and for yourself because they're not aware of the expectations or what other people are doing or asking or having troubles with and that actually creates slower progress a lot of the times for these clients, in addition to when you're in an agency model, you are doing the work for your client. So again, you only have so much time in the day. So you are at a limit. You're going to eventually hit a ceiling of how many people you're able to work with, which means you're going to have to charge super high rates to create a profit margin, to be able to actually grow your business, and hire the right team under you to continue to do really good work with your agency. Speaker 1:
Let's move to membership. With a membership, the biggest hurdle that you're going to run into is essentially retention because you're having people subscribe and pay a monthly fee to your business. But generally, it's a bit of a lower price point. And a lot of the times people are not going to stay in that membership forever and ever, and ever. It creates an issue of more customer service having to be more on top of your admin and your clients because you need to make sure that people are staying on pace and on track to create the results that they're looking for so they actually stay in the membership, but a lot of the times everyone I've spoken to who has a membership business, and I've done a lot of research on this. They say the biggest struggle, the biggest headache is that they're charging a lower price point so their profitability hurts and they're finding that people are dropping off month over month.
Speaker 1: So it creates this issue of just not being able to retain your clients. And therefore, if you're having clients drop off, you're not able to create the same level of results. And finally, let's talk about being an influencer. So you can be a micro influencer. You don't have to have a massive audience to be an influencer, but you need an audience because essentially that's what you're buying into. If a brand wants to do a brand deal with you, they're buying your audience, they're buying the eyeballs of the audience that you have. So you need to be hyper-targeted in order for these businesses and brands to actually
want to work with you. In addition to that, high tickets at brand deals and sponsorships are few and far between. And so you're kind of chasing after them if that's your only source. Speaker 1: And I can tell you I've done a few of these. I am very picky with them because it is not my core revenue stream or income stream, which I'm going to show you next. And even when I've done them, I set myself up and I set my expectations that it's going to take a long time to actually get the thing complete.
And the only time that I will do a brand deal is if I'm super aligned with who I'm working with and the mission behind the campaign. And if I'm not, then it's a no for me, because it's a lot of work. You essentially have a boss because they create guidelines and rules around the content you're going to be creating. They want to bet and check every piece of your work, which I'm not used to as an entrepreneur. And I have waited upwards of six months to actually be paid even after completing some brands deal contracts. Speaker 1: So it's a little bit of slow a game. It's really inconsistent and you need to have an audience in
order for it to actually work. And this goes for merch as well. You need to have an audience who's actually going to buy that merch. I've created merch in the past and it's a very slow play-in again, it's a volume play. If you have a massive audience, amazing, it could work wonders for you, but you're probably selling at a low price point and you actually have to fulfill, so you have costs, you have hard costs of the goods or products that you're selling and so that hurts your profit margins as well and your scalability. And even when it comes to things like affiliates, unless you have traffic and an audience coming to you and wanting whatever your affiliate link may be, you're not going to make a lot of money from that affiliate link. Speaker 1: It takes time and it has to compound in order for it to actually start working for you. So when I look at all of these and like I said,
I have researched and I've actually done the majority of these models. This is what it breaks down to now. My business is very simple. I like to keep things simple and I've found that I make the most impact when I keep things very, very simple. So that's why we have one program and that's it and that's all we focus on. So we can really pay attention to the main thing, which is ensuring that we're actually working with the right people and our clients are getting the results that they're after from the program and we can give them the best support possible. So if you look at my income streams, 2%, no joke, 2%, this is even a little bit high. Speaker 1: 2% comes from the influencer bucket. So brand deals, ad sense, affiliates, et cetera. This is influencer and then the rest 98%
comes from the hybrid model. So that is the truth behind how I've been able to grow my business and how I chose to monetize my business and monetize my knowledge and my skillset. And like I said, it is deeply personal. I went through massive burnout from trying to tackle all of these other business models. I literally did it all and I was trying to grasp at straws and figure out which one was best for me. So a part of why I made this video is to
hopefully save you some headaches and help you understand which path is going to be the path of least resistance for you. No business is easy. Let's be honest, but ultimately because I focused on sharing my skills, my knowledge, my expertise, that has allowed me and afforded me the opportunity to build an audience and get some of this influencer bonus on top of the core of my business. Speaker 1: But the reality is that it doesn't take a big audience and we have lots of clients we work with who start from absolute zero. We're able to generate five, 10, 20 all the way up like I said earlier to $250,000 a month completely organically by having a hybrid program. So it's
up to you and the path you want to choose. But I think it's really important with anything in life to fully know what you're getting into before you actually start doing it because otherwise, you could be heading down a road with a lot of work with very little return. I really hope this helped you navigate through all of the noise out there and get some clarity on the best path for you moving forward in order to monetize yourself. If it did let me know in the comments below. And of course, if you want to take a step further, take a screenshot of this video and share it out on your Instagram stories and tag me because I do see it. Speaker 1: And I'd love to hear your thoughts and repost you to my story as well. The whole mission behind this channel, like I said,
is to make entrepreneurship available to everyone. So a small thing you can do to support that mission and reach even more people who want to create their own business and be their own boss is to hit that like button and be sure to subscribe and hit the bell for notifications for new videos every single week. Be sure to check out this video next on how to build your own copyable brand on social media and be sure to check on my free masterclass below on how to turn your story into a six-figure online business. I'm so excited you're here. I'm so grateful that you stuck with me until the end and I really can't wait to hear how this helped you because that's what we're here to do. Thank you so much and I'll see you in the next video. Bye.
2022-02-02 18:46
