6 Ways to Monetize Yourself (BUSINESS MODELS)

6 Ways to Monetize Yourself (BUSINESS MODELS)

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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

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