4 Phases to Monetize Your Business (+ mistakes to avoid!)

If you’re reading this, you’re considering becoming a wellness-preneur. AKA, a wellness entrepreneur (like yours truly!) You want to change lives, change the world, and be your own boss. Same.

Likely, you’re in one of two camps:

• You’ve just created your wellness brand, and don’t know where to go from creating a website and Instagram account.

Or

• You have the social media following and the ideas, but you aren’t bringing in the cash!

No worries. No matter where you are in your journey as an entrepreneur, you’re in the right place! And you’re reading this post for a reason. 

In this post, I’ll give you 4 phases that you’ll go through as you grow your business. 

This is super important because if you aren’t aware of these phases, you might go through them in the WRONG order….costing you time, money, and confidence! 😱 

P.S…. check out my new podcast, Passion Meets Profit, for a more in-depth look at the 4 phases!

Here’s our scenario: Wellness By Miranda, queen of matcha latte art and non-toxic manis, (which she shows off perfectly while holding her matcha latte) thinks she needs a large following before she starts earning money in her business. So she waits….but this doesn’t make sense! 

She already has 1,000 followers on Instagram hanging on her every matcha latte tutorial. But she’s convinced she needs 2,000 followers before it’s worth it to make a product to monetize. Actually, she’s missing out on converting those 1,000 followers.

Why is this important? If Miranda just monetized those 1,000 followers, she’d be way less stressed about money while she grows her following because she’d have passive revenue coming in.

Trust: no one else knows or cares how many followers you have if you’re sharing value. They just want to be your customers!

The 4 Phases to Monetize Your Business

Phase 1: Passion-Preneur

If you’re in this phase, congrats! You’re a passion-preneur.

Your goal in this stage is to get results. 

How? Create something that allows you to monetize your business. 

Pro tip: deliver your content LIVE! Focus on live workshops and coaching. I teach this in Product Prescription course of the Profit Meets Passion bundle.

Your goal is not to get crazy profit right now. You’re looking for results. You’re looking to help other people. You help them best by charging them–for real! If there’s a monetary exchange, they’ll be way more likely to actually follow through and GET RESULTS.

Results = testimonials. You’ll need these to graduate to Phase 2! Speaking of…

Phase 2: Profit-Preneur

Once you have your testimonials, you become a profit-preneur.

Your goal now is to GET MONEY. 

Pro tip: take the curriculum from Phase 1 and create a passive, rather than live, product. I teach how to do this in the Product Polish course in the Profit Meets Passion bundle.

Create a digital product like an online course or an e-book and focus on selling your product (stay tuned for more tips on how to get those sales!) The best way to make sales, however, is with a sales funnel.

How? Create a launch plan, including live workshops, to collect emails. Now, when they come to your website, they’ll see your product. You can make sales without ever making a sales phone call! BOOM. This is now passive income–a must have for any online entrepreneur.

So you’re making moolah–now what?

Phase 3: Impact-Preneur 

Now, you become an impact-preneur. This is simply when you have a product to sell–a passive product like you created in Phase 2. 

Note: you can’t become an impact-preneur until you have a digital product. To graduate to Phase 3, you have to have a scalable product, and one-on-one coaching just isn’t scalable.

Your goal now is to get recognition. THIS is when it’s time to hit the ground running to grow your following. Now, you have a product to sell to all those new people! 🙌

Pro tip: focus on creating growth by offering free content like recipes and blog posts with pretty, Pinnable graphics. Now, people will come to your website and be ensnared in your sales funnel. 😁

How? Create colleagues. Write a guest post on a colleague’s blog. Say YES to podcast interviews (and pitch yourself to podcasts!) Propose a social media account swap with someone in your field.

Okay. You’re growing your following and creating passive income on the reg–what’s next?

Phase 4: Empire-preneur

HECK YEAH. You’re now an empire-preneur! 🎉

You’ve grown your community. Your website SEO is amazing. You’re converting at an optimal rate. What’s left?

Pro tip: Work smarter, not harder. 

How? Create space. Create more time and ease for yourself so you can focus on providing value. Try out different strategies to make things even BETTER, like using different email systems and sales funnel freebies. Hire a virtual assistant or purchase automation systems. This will give you more time and energy to get inspired, get creative, and get motivated to continue your amazing offerings.

How do I know if I'm ready to start my business?

If you’re reading this and you have the passion, you’re ready. Stop waiting! 2020 is the year of no more self-sabotage. 

I wish I had known all of this three years ago. Instead of profiting, I was just continuously re-investing and not knowing why the money wasn’t coming in like it “should.” 

If you follow these phases–like I should have!–you’ll crush your goals. Get out there and make a difference! The world needs more wellness-preneurs ✨