Step Six: Monetize

 

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Step six: Monetize

Most people have very low revenue expectations from

their business

They base income goals on:

1. what their spouse makes 2. what their parents made3. what their friends now make4. what their colleagues make 5. what they last made in corporate

We are taught to do what we do as a one-to-one

service

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Yes, individual clients is the fastest path to cash

(in the beginning) It doesn’t require a list or much of a platform, but you

can only make so much

But there are many different business models that allow you to reach more people

and make a lot more

You can make a lot more when you understand the vast choices you have in

business models

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There are 4 general categories of business

models to add to (or replace) your one-to-one service

1. Leveraged Income2. Passive Income3. Train the Trainer4. Money From Others

Leveraged Income

Leverage your knowledge in a group format

(one to many)

You offer your services at a lower cost, to more people

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You earn more per hour, working less...

...instead of making $200/hr with one person, you make $1,000/hr with 10 people or $10,000/hr with 100

people

Business Model #1

Teleseminar series or telephone boocamp

Business Model #2

Live group sessions

Business Model #3

Live online courses

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Business Model #4

Multi-speaker events

Business Model #5

Multi-day workshops

Business Model #6

Yearlong Masterminds

Business Model #7

Professional associations

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Business Model #8

Membership site or continuity program

Business Model #9

Group VIP day

Business Model #10

Paid livestream of live event

Scale these programs so you can be of service to many, many more clients

and customers

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Passive Income

Leverage your knowledge (info-products) that you set

and forget

Business Model #11

Home study system (training manual with binder,

CD’s, worksheets)

Business Model #12

ebooks

Business Model #13

ecourses

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Business Model #14

Digital audio programs

Business Model #15

CD programs or transcripts of CD’s of

expert calls

Business Model #16

DVD’s of live event (workshop-in-a-box)

Business Model #17

Telesummit CDs and transcripts

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Train the Trainer

Train others to dowhat you do

Business Model #18

Associates you bring on board to support clients

Business Model #19

Train the Trainerevent or course

Business Model #20

Certification program(live or online)

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Business Model #21

Monthly usage fees

Business Model #22

Licensing

Business Model #23

Franchising

Business Model #24

Monthly Done-For-You

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You can hire associates to execute the actual done-for-you part

A note about bringing on associates to work with

your clients...

Break your own rules about “no one will do it like

I would”Michelangelo didn’t paint all

his own paintings

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Art vs. Craft That’s where the curriculum comes in

Money From Others

Others pay you (rather than clients and customers)

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Business Model #25

Paid speaking

Business Model #26

Selling from otherpeoples’ stages

Business Model #27

Affiliate commissions from programs you promote

Business Model #28

Corporate sponsorships

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Business Model #29

Event sponsorships (people rent booths at your event)

Business Model #30

Advertising on your blog

The idea is that you can combine many of these to create your ‘Revenue Pie’

I started with one-to-one...

Coach

192

Then the group one-day

Coach

1-day

Then the Home Study Kit

Coach

1-day

HS

Then the 10-week Bootcamp

Coach

1-day

HS

BC

Then the continuity program

Coach

1-day

HS

BC

Contin.

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Then the 3-day event

Coach

1-day

HS

BC

Contin.3-day

Then the Workshop-in-a-Box

Coach

1-day

HS

BC

Contin.3-day

WIAB

Then Masterminds

Coach

1-day

HS

BC

Contin.3-day

WIAB

MMs

Then online programs

Coach

1-day

HS

BC

Contin.3-day

WIAB

MMs

online

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Then mentor coaches, etc.

Coach

1-day

HS

BC

Contin.3-day

WIAB

MMs

online

Mentor

Create your Revenue Pie

Once you’re shown it’s possible, you can do it too

Once you’re shown how, you can easily model it

You can monetize your message even more by

charging more than you do

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8 keys to Price Elasticity (charge more and get it) For the right high-value

program, people will pay more than you initially think they will (even people with

‘no money’)

When someone wants a result very badly, they will move mountains to find the

money to pay for it

(they always find it if they want it)

1) Exclusivity

How could you position what you offer as so

exclusive that people would pay even more for it?

196

2) Scarcity

How could you limit the number of clients you work with or products you offer?

3) Acceptance not guaranteed

What application process can you begin using now?

4) Direct access

What program could you create with even more

access to you?

5) Done-for-you

What program or service could you offer that does it

for them?

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6) Posturing and Association

Who can you associate with who has already achieved a successful position? (Success by

association)

7) Speed of implementation

How can you help clients implement more quickly?

8) ROI

How can you get a better ROI for clients or showcase more prominently how you

currently do that?

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