Monetizing Your Business from Day One
Hi Medium fam,
I have to address this:
There’s a common misconception floating around that you need a massive following to start making money from your personal brand.
But the truth is, with a well-designed monetization strategy, you can begin turning a profit as soon as you launch your brand.
In this article, I share in 3 structured parts how I start making money with just 200 followers and why it’s crucial to start monetizing early and effectively to create a sustainable business. Enjoy~
Part 1
Where the misconception come from?
To be able to start making money asap with just a few hundred followers, we have to challenge our thinking first.
Many people believe that building a personal brand is all about amassing a large number of followers and then, only when that critical mass is reached, considering monetization.
The notion that you need to have a large audience before monetizing your personal brand has been perpetuated by a few high-profile examples. We’ve seen start-ups and social media influencers who have adopted a strategy of market subsidization, prioritizing follower growth over immediate monetization.
These entities (or individuals) often have the backing of significant financial resources, allowing them to focus on user acquisition and market dominance with the expectation of substantial returns in the future. The goal is to establish a monopoly or a dominant position in the market, which they believe will yield significant profits once they start monetizing.
However, this approach is not a one-size-fits-all strategy and comes with its own set of challenges:
- Significant Upfront Investment: The path to market dominance often requires a substantial investment, whether it’s financial capital or time. This might involve spending heavily on marketing, product development, or user acquisition strategies.
- Risk of Oversaturation: In the pursuit of rapid growth, there’s a risk of oversaturating the market with your brand, which can lead to brand dilution or audience fatigue.
- Low Success Rate: The truth is, the success rate for this approach is incredibly low. Only a small fraction of companies or individuals manage to achieve viral growth and the subsequent monetization that follows.
- Opportunity Cost: By focusing solely on growing your audience, you might miss out on immediate monetization opportunities that could provide a steady stream of revenue and help sustain your business in the early stages.
- Changing Market Dynamics: The market is constantly evolving, and the strategies that worked for a few high-profile cases may not be applicable or effective in the current landscape.
Part 2
Stop holding yourself back
It’s time to challenge the conventional wisdom that monetization is only for those with a large audience. Here are 4 reasons why:
#1 Focus on providing value to your audience from the outset. By offering valuable products or services, you can monetize your brand regardless of your follower count.
#2 It’s more beneficial to have a smaller, engaged audience that appreciates your offerings than a large audience that isn’t truly invested in what you provide.
#3 Explore various monetization avenues such as consulting, courses, affiliate marketing, or partnerships that can generate income without relying solely on a large audience.
#4 Cultivate a community around your brand that is loyal and willing to support you financially. This community can become your customer base and advocates for your brand.
Reflection Questions for you:
- Have you ever felt held back by the belief that you need a large audience to monetize?
- How can you begin to implement a monetization strategy that values quality over quantity?
Part 3
There are 3 principles I use in my own business which monetisation is based upon:
#1 Sustainability
My framework is “simplified, sustainable, soulful” — so sustainability is a big pillar.
Monetizing early is not just about generating income; it’s about ensuring the sustainability of your business.
When you start earning revenue early, you create a financial foundation that allows you to:
Reinvest the profits back into your business to improve your products, services, and marketing efforts.
Bring on board skilled team members or technologies who can help you scale your operations.
Test new ideas and strategies without the pressure of relying solely on personal finances.
#2 Accountability / Feedback
Early monetization also provides valuable feedback that can guide your business decisions, so that we know what’s working, what’s not in the execution process (you’d probably hear me saying this 10000 times in the Epic 12 execution program) LOL
But accountability / feedback are so important:
Identify Pain Points: Understand where your product or service may be falling short and address these issues proactively.
Refine Your Value Proposition: Ensure that what you’re offering truly resonates with your target market.
Gauge Market Fit: Confirm that there’s a demand for your offering and adjust your strategy accordingly.
#3 Motivation + Confident
The 3rd principle is motivation and confident. The 2 are very much interwined.
Monetizing your business early can also have a significant impact on your motivation and drive since there’s no better validation than customers willingly paying for your product or service.
Seeing revenue come in can boost your enthusiasm and commitment to your business.
If you want to learn the exact strategy I used to start making money with just 200 followers, I’ve prepared 3 resources for you:
#1 Many ask me HOW to build a powerful and magnetic personal brand, I do include the “Magnetic Personal Branding” program in the yearly mastermind, but here’s a strategy session + toolkit for you to jump start now. You can get it here.
#2 You can learn strategically how to Build a Brand on Authenticity and Experiences by joining the yearly mastermind (along with other necessary skills to build a 6 figure business) — give yourself 1 year’s time to create a new you and new life. It’d be the best gift for yourself in the new year!
#3 I’ve also done a series of livestream on “Execution with ease” that you can watch for free on fb group
If you’ve any Qs, feel free to reach me at IG DM @simplifiedbusinesscoach
With love,
Connie
