If you have a social media profile, you have a personal brand.
You might not be interested in growing and expanding your personal brand, but know you have one.
Recently I recorded a video outing 5 ways to monetize your personal brand. These are some of the ways, there are literally hundreds of ways you can do it. There are not “right” or ‘wrong” ways, just ways that work for you.
Some refer to it is a personal brand. Some call it building an audience/tribe. Some refer to it as your reputation.
Why Grow a Personal Brand?
There are several benefits of creating a personal brand.
People Trust You More — When you have a personal brand/following/audience, people trust you more. Obviously, this is built up over years, and not something that happens quickly.
Positioning – One of the reasons I have spent a considerable amount of time this year build up my brand is positioning
Leverage – This might be the most powerful of them all. You can leverage your personal brand to start new businesses, form partnerships, publish book (s), hire talent, run for political office, score free discounts/trips,
Having a personal brand
Here are 5 Ways to Monetize Your Personal Brand:
- eCommerce Store – You could launch an eCommerce store with platforms like Shopify, Woo Commerce or Magento. A wonderful example of this is Kylie Jenner, who happens to be the World’s youngest billionaire. Granted, she started with her foot on third base, with Barry Bonds at the plate. I have an online store, Total Dads, and am doing just that. A few dollars behind Kylie.
- Coaching/Consulting – This is a very lucrative, and a growing space. You could offer coaching and/or consulting to people, a group of people or corporations/businesses in your area of expertise.
- Service Provider — This is another great way to generate revenue, and can be done rather quickly.
- Affiliate Marketing — This might be one of the easiest ways to get started making money form your personal brand as it does not involve creating a product, fulfilling a service, and handling customers. This is where you promote a product, service or a software and get paid a commission. For physical products, it’s typically in the 2 – 10% range. For digital products, it could be as high as 75 – 100%. Software usually is in the 20 – 40% range. Software typically is recurring, so you’re getting paid that each & every month (as long as they stay a customer).
- Online Courses – The easiest one to scale, and probably the one with the highest margins. A lot of people ask why people create courses and the reasons are the two I just listed: Scalability & extremely high margins (90%+). You’d be a fool not to create an online course around a subject matter you’re an expert in.
This is a quick overview, but go into much more detail in the video below.