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entrepreneur Archives - Jen DeVore Richter

Productize To Monotize

Productize To Monotize Expertise

By | branding | No Comments

Let’s examine ways you can monotize expertise by turning it into various products that your audience would love to buy.

What are Your Unique Gifts & Talents?

Often as a business owner we start a business based on a unique hobby, talent or skill that we have and we absolutely love to do. You may be a makeup artist, a hairdresser, a cake baker, a jewelry designer, a business coach, a life coach or in some other creative type of business.

One of the major mistakes that I made in my career was about 10 years ago when I had a photography business. I really loved photography. It was my creative outlet and a way for me to express myself and make money at the same time. I thought that I had hit the jackpot because I got to wake up every day doing what I love serving people.

One of the reasons why I was able to build a successful photography business was because I loved it so much that I really invested in myself and became an excellent photographer. Plus my passion for my clients showed through and I always wanted to deliver an amazing experience for them and a top quality product.

My Mistake

But looking back there is one mistake that I made and that was not building the business to run without me in the day today.

I could only make money if I was pushing the camera button on a photo shoot. So over a period of seven years working nights, weekends, holidays, and special occasions when other people were enjoying their families I began to feel resentful and like I was missing out on life. So while my business was flourishing my personal life was suffering.

We Need Multiple Sources Of Income To Achieve Freedom

I made a mistake in that business in that I didn’t have multiple sources of income. I failed to create different revenue streams. And looking back I realize that I left so much money on the table and missed out on lots of opportunities because I was so busy working in the business that I failed to work on the business and see it as an empire that could be used to give myself freedom.

Now that I am on my second entrepreneurial journey I have it figured out. I have many types of ways that

This was a pivotal moment for me. After my book Amplify Your Business started attracting media attention, I knew I had figured it out!

people can do business with me. I have multiple streams of income and I have turned my expertise and my unique gifts and talents into products that other people can buy. Because I’ve taken the time to do this I sell books online on Amazon.com while I sleep, sell memberships into my online marketing Academy, and I have turned my unique approach into a proven process that can be taught to other professionals. I now have systems built into my company where other people can execute my vision and execute my dream freeing me up to be with my family, involved in the missions at my church, and giving back to my entrepreneurial community in large and meaningful ways.

Reach & Empower A Larger Audience

By taking the time to develop books, courses, workshops and experiences I’m also able to reach more people with my message. I’m able to empower more women to build businesses that give them the freedom to continue to be awesome wives, mothers, and members of their community.

I wish I would have known then what I know now : that productizing my expertise and monetizing it into multiple revenue streams and different types of products is the best way that I can make use of my talents and serve not only my business audience but my family as well. I have found new levels of enjoyment in my career and new ways of finding time for my family.

Don’t Just Trade Time For Money, Serve Multiple People At A Time

So if you’re finding yourself frustrated by trading time for money and trading your services for a paycheck and wondering if there is a better way I’m here to tell you that there is. You just need to take the time to think about how your business could be set up for success so that you could turn your approach and how you do things into a process that could be taught to other people or built into a scalable business with products where you could serve more than one person at a time.

Example:

If you are a makeup artist and you’re only able to generate income when you have a new bride in your makeup chair please consider taking your expertise and creating different ways for people to learn how to apply makeup from you. You could simply create an e-book and sell it on your website or you could create an online course with training videos or you could create a hands-on workshop experience teaching available on itunespeople the makeup application techniques. You could also become a speaker and take your message to the main stage empowering women to become a more beautiful version of themselves and to love how they look and feel.

Create Products To Make Money Efficiently

In general, productizing your expertise so that you can monetize into different revenue streams is all about thinking about how you can serve a larger population while creating freedom in your career and life.

Shifting Your Mindset

This approach of productize in your expertise will require a mindset shift for you. You will need to think beyond your existing business model of trading time for money and begin to see a new bold vision for your career as an educator, entertainer or inspiring thought leader in your industry.

Take Action

An action that I would like for you to take this week is to simply think of one way, one new idea that you could do to to translate your expertise into a product. This could be setting the bold vision to write a book, create an online course, hold a training event, or simply write a small e-book and sell it on your website.

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finding your why

Looking for Motivation? Learn How to Find Your Why

By | inspiration, professional speaker | No Comments

And how you can determine the true purpose behind your business

Identify the WHY

There are challenges every day that will feel like you’re taking one step forward and 2 steps back. There will be times when you feel frustrated, discouraged, beat up, unappreciated, and worn out. There are times we all need motivation. 

Most people in the spotlight in business don’t want to talk about the tough times. They want to only focus on the successes and gloss over the hard parts. But, that’s not reality. So, when you hit the tough times, you’ll feel like you’re doing something wrong or aren’t good enough, don’t have the right tools, education, training or whatever they’re trying to sell you.

But, the truth is that failure and setbacks are part of the entrepreneurial journey. They’re part of mine and they are part of yours.

Jen and Will Wedding in Paris

My Why: Life with my husband Will. This photo was taken by photographer Catherine O’Hara in Paris on our wedding day in June 2013.

So, identifying the WHY, is important because it will keep you focused, inspired, and motivated in a deeper way that goes beyond a catchy Instagram quote.

Your WHY goes deep. It gets to the root and will motivate you to keep going when others quit.

Most people haven’t taken the time to really think about the core reasons of Why they do what they do. A lot of people think money drives them but money alone is worthless. Of course you can buy things with money but are you working for things? Do things really drive people?

To get to the core we’re going to go several layers deep into the Why you really do what you do.

Start by answering simply why you do what you do? When you answer, ask why again and repeat six times until you truly find the core.

This exercise is from Frank DeRaffele (www.frankderaffele.com) who spoke at a BNI conference. He told the story of how he was working with a man that seemed to be dissatisfied with his life despite the facts that he had a good paying job, a great family and had a lot of material things. On the surface, he appeared to have it all. But, in reality he was uninspired, unfulfilled and unmotivated.

Frank asked the man to find his why by asking this series of questions:

When asked Why he did what he did he answered “To get money.”

When asked Why again he replied “To be able to afford nice things.”

When asked Why again he replied “To make my wife and kids happy.”

When asked Why again he replied “To be a good father and husband.”

When asked Why again he replied “Because my father was not able to support me.”

 

The core of the reason he worked hard was not to get money it was to be a better father for his kids than his father was to him. Money has been proven not to buy long term happiness. Money can not fuel a fire forever. When you have much more money than you’d ever need, what would be your motivation then? Finding the true reason for his efforts gave him something to stay passionate and committed to.

The same can be said for the Why behind starting a business. The reasons Why you do what you do affects many factors that can contribute to your potential for success.

So what is the real reason you’re in business? What is that inner purpose pushing you? How can you share it with the world and in your marketing?

Why am I Telling You This Story?

To force you to dig deeper so that you’ll have a tool that will keep you motivated when times get tough on your entrepreneurial or business journey.

The main takeaway here is to really dig deep to find WHY you are doing what you’re doing. Because it may be for a different reason than the one you think. By finding your WHY, you will have something to stay motivated about. If you let that be the driving force behind your business, then there is no reason why you should ever doubt what you’re doing.

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avoid business burnout, put purpose over passion

Avoid Business Burnout : Focus on Purpose Not Passion

By | inspiration | No Comments

Follow your dreams. Find your passion. To me, these well meaning phrases meant to inspire have lost their luster. While I do agree that having big dreams and living with passion sound like good ideas, my eyes have been opened to the unintentional disservice they do to the business owner.

When I decided to leave Corporate America in 2003, I did so after starting to believe that if I could just find something I was “passionate” about, I could easily turn it into a successful business. Since my job at a Big Pharma Fortune 500 company left me feeling empty and uninspired, I picked up photography in order to fill my need to be creative. I jumped right into the photography industry investing tens of thousands of dollars in training, education, and programs that would make me a better photographer. Over a period of 7 years, I was able to build an award-winning photography business that had loyal clientele and even earned the prestigious Certified Professional Photographer (CPP) designation.

But, it wasn’t easy. The industry was saturated because digital cameras were making it possible for nearly anyone to become a pro overnight. During that time, I noticed many other photographers who were equally as talented struggling to make their businesses work. They too were “passionate” about photography, but it just wasn’t clicking for them (pun intended.) They were working so hard, but struggling to stay afloat.

Going Deeper

When I closed the doors on my photography business in 2010, I was at the top of my game. I was winning awards and earning six-figures, but I had burnt out from shooting 30+ weddings a year, working tirelessly on week days, weekends and holidays, and wanted my life back. The decision I made to walk away from an industry I loved wasn’t easy, but I needed to go deeper.

I set out to build another business and used my experience to build a new business model that would sustain me in more ways than one. Now I have a business where I can have fun and use my creative talents, but also allows me to serve others by empowering and inspiring them. As a business speaker, I am accomplishing my bold vision.

I’ve been reflecting on why so many small business owners that attempt to turn a passion into a business burn-out and I’ve come to realize that it’s because they aren’t focusing on their purpose, which is the key to success in business and life.

Passion vs. Purpose in Business

Passion– a strong feeling of enthusiasm for something

Purpose– the reason why something is done


When we are passionate about a project, a hobby, or our work and attempt to build a business out of it, we turn our sights internally to what is making us happy in the short term.

When we are purposeful about a project, a hobby, or our work and attempt to build a business out of it, we turn our sights externally to what is filling a need and making others happy.


Instead of focusing on building a business on passion, instead focus on building a business with purpose. This will sustain you long term and build a solid foundation for growth.

How to Build a Purpose Filled Business:purpose filled business

  1. Find Your Why – your reason for being in business must go deeper than just making money. Do you want to leave a legacy, make a dramatic change in your industry, right a wrong? Reflect on your why.
  2. Create a Movement – if your mission were a movement, would you join in? Your business needs to be built on more than just selling products and services. What impact are you making?
  3. Build Your Community – the most successful people didn’t get to the top on their own. Open the channels of communication with your customers, partners, vendors, and supporters to build a community of like-minded individuals.
  4. Design Your Business Around Your Life (not the other way around) – start with the end in mind. Would you like to be able to work from anywhere? Does your family take precedence in your life? Imagine how free you would feel if you ran your business and it didn’t run you.
  5. Serve Others – giving back and lifting others up on your journey should be part of your business plan. Don’t lose sight of the greater purpose for your life. You are worth more than your job description. Incorporate ways to share your knowledge, provide encouragements, or be of service to others.

My hope in sharing this article is that your eyes will be opened to the greater potential your talents could serve. While starting a business in something you are passionate about may feel good short term, to avoid burnout, you’ll need a stronger foundation. Make time this week to reflect on how you can build more purpose into your business.

If you are able to reflect on this, I’d love to hear your thoughts! Please leave a comment below.

 

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