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A thread on building a personal brand that you turn into a real business . . . a.k.a. grab your tea 
https://abs.twimg.com/emoji/v2/... draggable="false" alt="🍵" title="Teetasse ohne Henkel" aria-label="Emoji: Teetasse ohne Henkel">.
Let& #39;s define a few things before we begin this convo.
I& #39;m defining a "real business" as:
(1) Something that generates revenue and has enough future earning potential that another entity values enough to buy it. In other words, it can be sold. (2) It can operate without you.
I& #39;m defining a "real business" as:
(1) Something that generates revenue and has enough future earning potential that another entity values enough to buy it. In other words, it can be sold. (2) It can operate without you.
Also. Revenue stream, revenue model, and business model get used interchangeably https://abs.twimg.com/emoji/v2/... draggable="false" alt="🔄" title="Pfeile abwärts und aufwärts in offenem Kreis gegen den Uhrzeigersinn" aria-label="Emoji: Pfeile abwärts und aufwärts in offenem Kreis gegen den Uhrzeigersinn">, when they are not the same thing.
Revenue stream = a source ofhttps://abs.twimg.com/emoji/v2/... draggable="false" alt="💰" title="Geldsack" aria-label="Emoji: Geldsack"> earned from a product, service, or other value. Ex: what Netflix earns from people subscribing to access content
Revenue stream = a source of
Revenue model = is the strategy and intelligence that makes a revenue stream work; you must know (1) what value you offer and (2) who will pay for that value, and (3) what to ask for in exchange for that value (a.k.a. how to price it)
https://abs.twimg.com/emoji/v2/... draggable="false" alt="💡" title="Elektrische Glühbirne" aria-label="Emoji: Elektrische Glühbirne">: we& #39;ll return to HOW to do this in a sec
Business model = a framework for a successful business that includes your revenue streams and models, strategies for attracting enough customers and retaining those customers (if necessary), and understanding expenses, profit margins, and financials
NOW. If you& #39;ve built a personal brand (meaning: a style of content, a voice that you successfully use to talk about things that interest you, and the ability to capture and hold the attention of people) . . . how does that become an ACTUAL business?
The two most valuable skills that any individual can learn in order to create true security and freedom for themselves (and their loved ones) are: gaining attention online and selling effectively.
We can& #39;t begin to talk about being entrepreneurs or business owners (small or large) until we know how to get attention and convert some of that attention into sales.
This requires knowing how to communicate value and getting people/entities to exchange money for that value.
This requires knowing how to communicate value and getting people/entities to exchange money for that value.
So, with your personal brand, you have to decide whether you& #39;re going to (A) rent out the attention you get online to companies who want to get in front of your audience—ex: sponsored content, or (B) use the attention to sell your own products or acquire ownership of investments
Example: people follow you for fitness inspiration.
(A) you allow clothing companies, sports drinks, and supplement companies to get in front of your audience in exchange for a payment—$5,000 per IG post, as an example
*or* . . .
(A) you allow clothing companies, sports drinks, and supplement companies to get in front of your audience in exchange for a payment—$5,000 per IG post, as an example
*or* . . .
Another option is:
(B) you exchange your audience& #39;s attention for equity in an athleisure clothing company or fitness app -or- you release your own workout apparel, supplements, or fitness gear
(B) you exchange your audience& #39;s attention for equity in an athleisure clothing company or fitness app -or- you release your own workout apparel, supplements, or fitness gear
You will have a real business when the product, service, or value you decided to sell is earning significant income and can do so without your work (or your face).
So if you build Katie& #39;s Training Co. and people only want to train with Katie (you) that& #39;s a job, not a business.
So if you build Katie& #39;s Training Co. and people only want to train with Katie (you) that& #39;s a job, not a business.
Now, let& #39;s not downplay how awesome of a feat it is for you to create your own job. That& #39;s amazing. You can typically set your own hours, your own prices, and have some new level of freedom.
But . . .
But . . .
If you create a job (by building a "business" that requires you), consider what it will take to turn that job into a business, or use your income from that job to buy or build a real business.
If you want to turn your personal brand, attention, and job you& #39;ve created for yourself into a business . . .
https://abs.twimg.com/emoji/v2/... draggable="false" alt="👉🏽" title="Rückhand Zeigefinger nach rechts (mittlerer Hautton)" aria-label="Emoji: Rückhand Zeigefinger nach rechts (mittlerer Hautton)"> I& #39;m talking to you popular YouTubers who aren& #39;t growing unless YOU are making videos
https://abs.twimg.com/emoji/v2/... draggable="false" alt="👉🏽" title="Rückhand Zeigefinger nach rechts (mittlerer Hautton)" aria-label="Emoji: Rückhand Zeigefinger nach rechts (mittlerer Hautton)"> Ditto podcasters and bloggers and Instagrammers and other influencers
. . .
. . .
If you want to turn your personal brand, attention, and job you& #39;ve created for yourself into a business, the key is to solve for taking yourself (and likely your name) out of the business, or, to convert some of the attention over to a product/service that works without you.
Example: I have a health and wellness brand that makes profits every single month, doesn& #39;t require my name or work, and is an entity that people want to buy.
It gets attention from people who want to detox their home/life and are willing to pay to reach that goal.
It gets attention from people who want to detox their home/life and are willing to pay to reach that goal.
Creating a job for yourself is impressive.
I applaud you if you have a copywriting service, fitness influencer brand, style blog and branded apparel with your name . . . or any other online entity that allows you to make money.
However . . .
I applaud you if you have a copywriting service, fitness influencer brand, style blog and branded apparel with your name . . . or any other online entity that allows you to make money.
However . . .
I believe you have the skills to translate the attention you get online into a real business. Into something that can exist outside of you, something that can be sold (not that you have to sell), and something that is truly meaningful.
If you have a blog, podcast, social media account, or YouTube channel that already gets attention, I& #39;d recommend diving into this guide on revenue streams ( https://publishyourthing.com/make-money-blogging/)">https://publishyourthing.com/make-mone... . . . and thinking about the revenue model and business model you can build from there.
If you haven& #39;t yet started gaining consistent attention online through high-quality content, then I& #39;ll be creating another thread soon on how to do that.
P.S.
Some excellent, additional reading on this topic of building a real business is @nathanbarry& #39;s article: The Billion Dollar Creatorhttps://abs.twimg.com/emoji/v2/... draggable="false" alt="🤯" title="Explodierender Kopf" aria-label="Emoji: Explodierender Kopf"> https://nathanbarry.com/billion/ ">https://nathanbarry.com/billion/&...
Some excellent, additional reading on this topic of building a real business is @nathanbarry& #39;s article: The Billion Dollar Creator
More on the convo of transforming your personal brand into a full-time business coming soon.
Regina out.
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Regina out.
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