There are so many ways that you can monetize and this can be overwhelming to entrepreneurs. This post was inspired by Sarah in the private Facebook Community Entrepreneurial Moms who was working on researching the various ways she could monetize her blog and wanted the one that would make her the most money.
I will be talking about the Thrive Business Model Training that I did with my private coaching clients last December. This never before released private training is your for free just click here.
When I started my business I tried a few ways to monetize and what took off for me was 1:1 coaching. It made sense to me because I have a background in psychology and nursing and I loved the 1:1 relationships that my previous career allowed me to create, I also learned some very helpful counseling skills in that line of work.
After only a few months, my coaching practice began to get overly full and I wanted to continue to increase my income and also I wanted to decrease my work hours. So I added passive income streams into my business through courses after this interview that I did with Laura Brandenburg it allowed for me to think creatively about what I might be able to offer that would be helpful to people who were not my 1:1 clients.
One of the biggest lessons was that what will be very valuable to somebody else is probably something you already use and you likely use it every day. This single phrase she said allowed me to think creatively at what I was trying to offer as a course. I had tried to sell other courses but they were these big huge courses that were not very practical. This allowed me to see that the consistently visible system that I used with every single one of my 1:1 clients is what I would turn into a course.
This new way of looking at course creation coupled with a strong launch plan that I learned from my mentor James Wedmore, allowed me to create a passive income course that was selling one per day passively for about a month and start to really create passive income in my business.
When you build out multiple streams of income if one of these income streams breaks or somehow decreases you can fall back on the others. When I was focused only on coaching and I felt overwhelmed and burnt out- like I didn't have another option. This put a lot of pressure on me to sell my 1:1 packages making sales even harder than it needed to be.
I have also seen this with almost every mom I have ever coached, there comes a point where your mind starts to sabotage your efforts to get clients because you simply know you don't have that much bandwidth to support another person.
Having multiple ways that you serve somebody will allow you to get repeat customers and some of those people will buy multiple products from you multiple programs.
Example: You offer a course, an affiliate product, and private coaching.
Someone might start off with you purchasing the course, the see your affiliate promotion and get that too because it will help them to do the thing your course taught. After a few months. they think "Wow that course was awesome I wonder what it would be like to work with her privately" and then they buy your private coaching.
When you go through this thrive model that I put together for you, it becomes a natural progression to get repeat customers and it also warms them up to you.
It's so much like dating you don't meet someone at a bar one day and ask if they want to get married to you. That would be creepy right?
This is how a lot of people are structuring their business. They're like I don't know you but do you want to buy my $7000 thing?
That is what I did in the beginning of my business and my sales cycle was much longer. Meaning it would take someone following me for a longer period of time before they would buy anything from me since my offers were higher priced. However, when I started to have smaller offers, it allowed for me to build a list of buyers.
Focus on building one of the streams of income at a time. You would not build 3 rungs on a bridge and then stop and start a new bridge if you wanted to get to the other side? The same is true in your business. For you to get to your financial goals, you will have to build one rung at a time until you have a somewhat steady bridge that can hold itself there while you go build another one.
There is another inherent problem when you take on too many income streams at one time as you are in the building phase. The concept of mastery. As you build out one income stream you will have to go back and tweak things so that it's working really well for you. You will want to make revisions and make that income stream really strong so that it's a sturdy bridge. If you have your hands in too many bridges you won't have the bandwidth to get that bridge as sturdy as possible.
I talk more about what type of timeline you can use as you build out your income streams in the Thrive Business Model Training that I did with my private coaching clients, which you can download for free.
Market research that is! If you want to avoid wasting hours and money do the research first.
This was my biggest mistake when I was starting out and why I love to harp on it because when I was a health coach, I built a couple of courses that flopped based on my own ideas and not on actually what people wanted...wasting time and money. So after those lessons, I never build anything until I have validated it (meaning sold a certain number).
It's easy to get caught up in the deliverables like will I create a course, membership site, maybe an e-book. But that is not what your people want. They want their problem solved.
The only person that can really tell you what they want is your audience (your potential customers). Don't make any executive decisions based on anyone someone else's results or based on anything anyone else has done in their business. Your audience is ultimately who will buy from you so they decide what problem you can solve for them and what they are willing to pay to have you solve it.
"When we step away from what everyone else is doing and focus on the impact we can make with our audience it allows us to make the impact and income we desire."
To recap we had a question come in through the Entrepreneurial Moms Group about how to best to monetize your business and my response was basically why choose only one? You can build multiple streams of income in your business and there are a few benefits to this such as getting repeat customers and creating an insurance policy on your income. I also talked about the fact that you want to build multiple streams of income but you build them out one at a time so that you can build the strongest bridge possible.
Throughout this post, I mentioned the Thrive Business Model, which is a training that I did with my private coaching clients as they planned for 2017. I want to share this training with you for free to download it click here.
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