Mar 11, 2021
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:
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 protected], 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:
Share Your Story
What stories can you share of businesses that survived and thrived during COVID? Please join our private Monetization Nation Facebook group and share your insights with other digital monetizers.