Crash Course on Monetizing Your Business

Welcome to Part 5 of our 6-part crash course in business for first-time entrepreneurs! By now, you’ve learned how to:

1. Reach people. ✅

2. Keep them engaged. ✅

3. Earn and maintain their trust. ✅

4. Genuinely help them. ✅

   
   

Now, it’s time to focus on monetizing the value you’re providing in a way that feels ethically fair and sustainable.

This is crucial step in ensuring that you're getting compensated fairly while enhancing the experience of those you serve.

Monetization is the fundamental concept of value exchange: You offer something that effectively solves a problem or increases overall life quality—and in return, a willing recipient pays for the good.

Simple right?

Then why do so many businesses struggle to do so?

Here’s how to approach this step effectively and thoughtfully:

1️⃣ Identify What They’re Willing to Pay For

Not everything your audience loves will translate into a viable revenue stream. It's sad but true. Some people aren't ready to take that step for themselves and better their lives (sad but true again).

To effectively monetize your offerings, you need to dig deep into their pain points and priorities. For more inspo on what this looks like see part 4.

Business, 9 times out of 10, is an emotional sale. You won't be able to close every customer on logistics alone, they need to be emotionally invested and feel the urgency of their situation... even if it's buying a new toothbrush.

• What tangible results are they invested in achieving?

• What factors make them eagerly say, “Take my money!”?

• What parts of your brand do they resonate with? Can that connect them further?

• Have you asked every question possible to gauge where they're at and see what makes sense to offer as a service/product?

  
  

2️⃣ Choose A Revenue Model Aligned With Your Business

There are numerous ways to monetize your offerings, but not every way will monetize your offering.

Picking a revenue stream that most effectively communicates your value and provides it to your customers in a timely and EASY manner is crucial. You may want to write a book but really what your customers want is your mentorship. Or you may want to offer a monthly subscription membership but where your business is at, it can only support a physical product.

Knowing where you stand and what your options are is important because you may want to choose one (or a combination of) revenue stream(s) but if it doesn't align well with your business model or resonates with your audience, it could build ill-will instead of goodwill... which will tank your future endeavors.

Generally speaking, your potential revenue streams include:

• Products (physical or digital): like educational courses, informative eBooks, or tangible items.

• Services: consider coaching, consulting, or done-for-you solutions.

• Memberships: subscription services that grant access to exclusive content, tools, or supportive communities.

• Affiliate Marketing: commission-based stream that incentivizes you or others to promote products.

• Sponsorships or Ads: partnerships with brands your audience loves, is authentic with you, and integrates their offerings in a way that feels natural.

3️⃣ Price Your Offering Right

Pricing is not just a number —it’s your perceived reflection of value and transformation that you can deliver.

When it comes to pricing, we want to charge as much as possible that we think is fair but approaching thoughtfully could mean having to decrease (or increase) or initially amount:

• Do your research: investigate what the going rate is in your industry, you don't want to be the least or most expensive option on the market (unless you have irrefutable evidence as to why).

• Test your pricing: Offer early-bird discounts, waitlist opportunities, or beta pricing to validate the demand of your offer. Gauge from there how your audience responds.

• Anchor your value: Clearly communicate what sets you apart from competitors and why your offer is worth the investment (see part 1 for more inspo). This could involve sharing testimonials, case studies, or content to illustrate your value.

  
  

💡 Pro Tip: Start by pricing low enough to attract interest but high enough to cover your costs. As you grow and gain more insights, adjust your pricing accordingly.

4️⃣ Make Payment Easy

A great offer falls flat if people struggle to pay. People, as great as they are, are inherently lazy and impatient by nature.

So streamlining the checkout process to enhance the user experience could mean the difference between a sale and lost case:

• Offer multiple payment methods (credit card, PayPal, etc.) to cater to various preferences.

• Utilize trusted payment platforms that your audience recognizes, feels comfortable using, and is known to be intuitive.

• Ensure the payment process is quick, secure, and mobile-friendly to accommodate users on different devices.

5️⃣ Focus on Aligning Your Monetizing Efforts on the Bigger Picture

The difference between sustainably monetizing and profiting in your business is profit isn't permanent. Delivering consistent value to keep customers coming back, using your best advocates to spread the word, and offering complementary products/services to maximize the lifetime value of each customer if your best bet in ensuring your business is viable not just in the months to come but YEARS to come.

💡 Pro Tip: Over-deliver! Exceed expectations to build loyalty and encourage referrals. Providing exceptional customer service and valuable follow-up can significantly enhance your reputation.

Quick Recap on Monetizing your Business

1. Understand what your audience truly values and is willing to pay for.

2. Choose a revenue model that aligns with your business and audience needs.

3. Price your offer appropriately to reflect its value.

4. Make payments seamless and user-friendly.

5. Build for long-term growth and sustainability in your business model.

The rest will naturally follow as you build a community of satisfied customers and advocates.

In Part 6, we’ll cover A Way to Keep It Going and Evolving, this ongoing evolution is critical in a rapidly changing digital landscape.

Ready to monetize your impact? 🚀