Welcome back to another episode of Monetization Nation with Michelle Dale. Previously, we discussed how Michelle began an online business while working from home, traveling abroad, meeting her husband, and becoming a mother. We also discussed her business model with the different services and consulting she provides, tips on how to build connections, and suggestions for those starting YouTube videos. Today we will be focusing on the way that Michelle’s digital business has evolved since COVID and the 12 strategies that helped her business to grow from zero revenue to $20,000 in one day. So for those wanting to start an online business with the freedom to live anywhere you want, this episode is for you.
From No Revenue to $20,000 in One Day
When Michelle created her very first online course, she was earning around $20,000 per month just from services. After she launched this brand new program, she made $20,000 in one day! “I was spending the whole month with my team, working, and servicing clients to make $20,000. Then suddenly, I do this one product launch, and I make $20,000 in one day. It was a moment where I knew I had to evolve.”
Many of Michelle’s courses use different types of recurring revenue, beginning with payment plans. It’s more important to her that she has someone sign up for £200 a month recurring for two years than to call it good with one payment. This is a great way to set up courses because first of all, there is stability in knowing how much money will come in every month. Second, it’s convenient for students taking the course because they can spread their payments out. “I think it helps build trust because I know at any time if they feel like they’re not getting a good investment in my business, then they can cancel their payment. But, many people end up completing a full year or two of payments because they’re getting the value from it. So for me, recurring is better,” Michelle said.
I agree with Michelle because this way we’re not locking people into long-term contracts. They can get out any time they want! This forces us to keep the customers’ best interest in mind and strive to keep them happy every month. It also forces us to elevate our services and not rely upon customers having to stay with us, but doing so because they choose to stay.
Here are strategies Michelle has taken to monetize her business, and tips that helped her generate $20,000 in one product launch:
1. Start with a “why.” She had a purpose to help, support, and walk others through starting or growing an online business. She did this by providing services to consult, mentor, and provide resources through the steps she took alone.
2. Choose a niche & build an audience. Michelle chose to focus on services for clients involved with digital operations. This allowed her to build an audience of 500 email subscribers in 3 months by doing daily YouTube videos and creating blogs.
3. Offer a course for individuals to test. With a specific number of individuals, Michelle gave her course for free to accumulate feedback and testimonials.
4. It’s all about value. If people feel they’re getting the value out of what we’re investing in, they will stay if it’s possible for them.
5. Charge more for courses. Michelle took Yaro Starak’s advice. Instead of offering her course for free, she saw the value in her products, provided that value, and charged $1,000 for her course.
6. Revise courses and create more. Michelle has since revised her courses and launched additional courses for others to choose from.
7. Be impartial. Michelle is very impartial in terms of people who come to her. If individuals go to her, want to work with her, and feel happy with her services, then she of course wants her customers to stay. However, if they’re not happy, she would rather they invest somewhere else.
8. Don’t build a business around fear. Many individuals can be afraid of losing clients or their competition. That is something we need to let go of. Michelle puts it like this: “If I believe in what I’m doing and I know it gets results for people, I don’t want to cling on to people who don’t feel they’re getting results or a good investment from me.”
9. Make sure to coach and train the right kind of people. We need to make sure we are best for our clients regarding the niche, style, etc. Understand that we can’t please everybody. “You want to provide a lot of value for the people who are going to derive the most value from you,” Michelle said.
10. Be our best every day. Show up and make sure that we’re there for our customers. They need to be able to have access to us. Be present, be available, and provide good support so if customers need us, they have a place they can go to with questions or needs.
11. Be open. Michelle encourages opening our hearts to people so they can trust us and buy more from us. She gets a lot of repeat customers because of the care she provides to others, and this helps in building connections with them.
12. Go the extra mile. Sometimes Michelle likes to do “one-off workshops,” “one-off coaching sessions,” and more. She has a lot of faithful customers who join or buy her offers because they feel that she cares. “And it’s true, I do. I think a lot of that is missing from the digital world these days,” she said.
COVID: A Virtual Awakening
The individuals Michelle is working with during COVID have had many different experiences working online. “Different people experiencing different situations have had very much to do with their mindset,” Michelle said. She has had virtual assistants who have seen this time as an opportunity, and they’ve been able to grow their business since. However, she’s had other virtual assistants who saw this as the end of days, and their businesses had to shut down. This shows how much attitude actually does shape a business.
Michelle has found that this time has allowed her more opportunities and success. “I specifically had a vision for growing the consulting and program side of my business, and COVID has allowed me to do that,” she said. Many individuals are wanting to learn how to work remotely, so Michelle has begun focusing more on the marketing of her digital products. She has had to take a step back from servicing her clients, which has meant more opportunities for some of her virtual assistants. She said, “For me, it’s not so much how COVID has affected my business, it’s more about how COVID has allowed me to put changes in place which I wanted to do anyway.”
Because Michelle has focused on monetization and building a recurring revenue early on in her career, she can now focus on things that have more meaning in her life. Before she began this switch, many individuals were contacting her with questions such as: How can you do what you do from abroad? How is it working with kids? How are you able to move around? Michelle took so much time answering these questions when she had the realization: “I’ll create a digital program. I’ll create a product where I can answer all these questions without having to answer everyone individually,” Michelle said, and she did just that.
Connect with Michelle
If you enjoyed this interview and want to learn more about Michelle or connect with her, you can find her on LinkedIn at https://www.linkedin.com/in/virtualmissfriday/, email her at any time to email@example.com, or check out her website www.virtualmissfriday.com.
Thank you so much Michelle for sharing your stories and knowledge with us today. Here are some of my key takeaways from this episode:
1. Attitude can shape a business.
2. COVID can allow for more opportunities that were not possible before. Evolving and innovating are okay.
3. Recurring revenue is beneficial for two reasons: First, there is stability in knowing how much money comes in every month. Second, it’s convenient for students taking the course because they can spread their payments out. They can also cancel anytime so they don’t feel locked in.
4. There are many different types of recurring revenue. Which ones will best work for your business and niche?
5. Have a certain number of individuals test your course. This will help you make adjustments where needed, and receive feedback and testimonials.
6. Be impartial. If you can’t best help your clients, don’t cling for them to stay. But if you can, do everything to go the extra mile for them such as providing them with unexpected things.
7. Don’t build a business around fear of losing clients or the competition. If we believe in what we’re doing and know it will provide a good investment for clients, don’t fear.
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