003 How to Monetize Your Business in 3 Steps

#003 How to Monetize Your Business in 3 Steps

Monetization is an interesting topic for me. Any time I start a project, I think, how am I going to get paid IF I continue with this project. Often, I lose interest in the project or have a “shiny object” syndrome where I find something better to occupy my time if I’m not making a return on time/value as fast as I would like. Let me hear yaaaaa if you feel this way! This part of the conversation really spoke to me because I have stayed consistent with the idea on MeganGalane.com, I’ve known I want to build a business helping business owners, but I just haven’t figured out that exact, how am I going to set myself apart — HOW. I love providing these podcasts and sharing these awesome business owners (and their businesses) I have met along the way. Kyle and Rachel stated some very interesting points on how they got started and monetized because they had to! Their goal was to have their joint income coming from their business, but they didn’t have the direction when they first started. If you are feeling like this, I put together a list of the talking points that I felt really helped Kyle and Rachel determine their path:
  1. Create your passion/determine the direction of your business
    • Ex: Rescuing relationships and building intimacy, by bridging the gap between a self-help book and a therapist. 
  2. Create a 90 Day Goal, what do you want to accomplish in the next 90 days? How are you going to accomplish this? Put together you 90 Day Plan. – If you haven’t already checked out 90 Day Year from Todd Herman, you should. I actually met Rachel and Kyle at the annual 90 Day Year Live Event.
    • Ex. Content schedule anchored with a entry price course regarding this material, your listeners know what is coming and you provide more information at a lesser price than your full blown course or service. 
  3. You have your 90 Day Plan, now execution. What steps do you need to take to make sure you reach your goal. Is it providing content every week? What about making 20 calls to potential clients? Asking for help from a mentor. Whatever you do, execute. You are the profesional, don’t overwhelm your viewers with a waterhose method and hope they stick around. Provide valuable, helpful information your subscribers want to learn. – Rachel and Kyle tell their exact method on how they reused popular content (they already had) and monetize from it.  
    • Ex. Follow the steps of your plan and continue building a consistent schedule and consistent paid content. In addition, build a higher priced item around your popular entry level material.
This list is SO basic. When you get into the “nuts and bolts” of a business that you are passionate about, often we lose site in getting paid. This was a challenge for Rachel and Kyle, that they overcame about found different methods to provide for multiple price points. Interviewing the two of them together was pretty amazing in the fact we have two failures that were overcame. Kyle felt his was trusting himself and building confidence in his new position in the business. I will tell you my exact failure in my own business. IT IS THIS! This is a HUGE mindset shift that you (and I) must go through in order to succeed. In the near future I will create an article all about mindset shift. If you would like to learn more information about Rachel and Kyle, you can find their contact information below. Join this course on communication HERE

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