As a branded entrepreneur, you are treating yourself as a product and a business. When I ask my clients about their business financial goals, I often get a rounded number like “I want to break $100,000 this year” or “I’d like to make my first million in the next 18 months”. When I go over how to make these goals SMART by breaking those figures down into monthly sales goals, I usually hear the bells going off in their heads as they realize this isn’t rocket science and with the right marketing plan, these figures are pretty easy to accomplish.
Monetizing My Brand: Can I have it Like That?
Just like Pharrell states that there was a time that his music wasn’t being picked up or noticed, he needed to get his first hit before he could sell anything from records to shoes. He put a plan into place so he could live the lifestyle he wanted.
Before you have Gwen Stefani telling you that “you have it like that” you need to start by figuring out your brand message. Then, you must determine how to deliver your message before you can begin breaking down the numbers of how you are going to reach your desired financial goals.
For instance, Apple prides itself on developing “the best personal computers in the world” and being at the forefront of innovation when it comes to tech products for consumers’ personal use. How they deliver this message is through Macs, iPads, and iPhones. Their financial numbers are dependent on the price points and sales of these products.
As a personal brand, your message and positioning may revolve around being a thought leader or innovator in your field, however if you want to monetize that brand vision, you must determine how you will deliver it and what the appropriate framework is for you.
7 Ways to Make Money with Your Personal Brand
For each example below, I am going to demonstrate how to breakdown your numbers based on the goal of making approximately $100,000 a year (gross) on seven common frameworks. This is a pretty even number and will help you get a feel for how to breakdown your own goals and sales numbers. I’ve also used common price points, but it is up to you to determine what the appropriate price your audience is willing to pay for you and your service or product. A simple way to do so is to go to Amazon.com or ClickBank.com and research what other people in your industry are successfully charging for similar products and services.
1. Book at $27 each
- $100,000 ÷ $27= 3,703 books annually
- 3,703 ÷ 12 = 308 monthly
2. Membership Website at $47 per month
- $100,000 ÷ 12 = $8,333 per month
- $8,333 ÷ $47 = 177 members
3. Webinar at $67 each
- $100,000 ÷ $67 = 1,492 participants annually
- 1,492 ÷ 12 = 124 per month
4. Live Event or Group Coaching Program at $497
- $100,000 ÷ $497 = 201 annually
- 201 ÷ 12 = 17 per month
5. Online Course at $997 each
- $100,000 ÷ $997 = 100 annually
- 100 ÷ 12 = 8 per month
6. Individual Coaching/Consulting Program at $1,997
- $100,000 ÷ $1,997 = 50 clients annually
- 50 ÷ 12 = 4 clients per month
7. Speaking at $4,997 per event
- $100,000 ÷ $4,997 = 20 events per year
- 20 ÷ 12 = 2 events per month
Now, I am not claiming this is easy but I will tell you that it gets easier when you know what your monthly numbers are in order to make your desired financial goal.
Keep the conversation flowing… Which framework makes the most sense for you and your brand?