From the archive: This episode was originally recorded and published in 2019. Our interviews on Entrepreneurs On Fire are meant to be evergreen, and we do our best to confirm that all offers and URL’s in these archive episodes are still relevant.
Jennifer Allwood is a dynamic business coach and host of The Jennifer Allwood Show podcast. She has an infectious enthusiasm for helping creative women build their platforms and turn their talents into lucrative businesses.
Jennifer’s Website –Take this quiz to help determine which revenue streams work for you based on your current business model!
The Jennifer Allwood Show – Tune in to Jennifer’s show for business strategies and interviews with small business experts!
Jennifer’s Facebook – Connect with Jennifer on Facebook, and feel free to direct message her!
3 Value Bombs
1) Start by building a substantial audience; then reach out to companies & build relationships with people who have courses or membership groups you wanted to promote.
2) Build followers who trust what you are saying.
3) You have to figure out which revenue stream best fits you and your business and start from there.
**Click the time stamp to jump directly to that point in the episode.
Today’s Audio MASTERCLASS: 6 ways to add multiple revenue streams to your online business with Jennifer Allwood
[0:56] – Jennifer shares something about herself that most people don’t know.
- She decided to celebrate her 40th birthday the non-traditional way: she got a swimming coach and learned how to swim!
[3:41] – Why is affiliate marketing a great option for business owners who want to add an additional revenue stream to their business?
- Being an influencer will help you promote the business.
- Start by building a substantial audience; then reach out to companies & build relationships with people who have courses or membership groups you wanted to promote.
[6:10] – What was something unique you did to generate 6-figures during your recent affiliate launch?
- I grew a substantial Facebook audience and then used Facebook Live to connect with them.
- I also have a healthy email list of very engaged followers.
- Build followers who trust what you are saying.
[10:52] – Ad revenue on websites has gotten a bad rap over the years – like you need a million visits to generate a dollar. Is that true?
- Even though ad revenue is not a huge revenue generator it can be a passive income generator.
- Identify your traffic source and back track from there to identify what your potential revenue could be.
[15:25] – What is “Sponsored Content”, and how does someone get started with that?
- Sponsored Content = any company that is going to pay you to advertise their product.
- Jennifer suggests using SocialBluebook.com as a reference
[20:28] – A timeout to thank our sponsor!
- HubSpot: Building a business is challenging enough; your tech stack shouldn’t make it harder! Learn how HubSpot can help your business grow better at Hubspot.com.
[23:00] – Why are membership sites so popular, and aren’t they like a lot of work to build?
- Jennifer has a membership site with about 350 people and she is paying $47 a month to host that site.
- She only spends about 15 minutes a month working on the site, and it generates $192,000 a year for her!
[26:36] – Courses: How do we know if the material we have is worthy of being made into a course?
- Identify what your audience needs most
- Basic vs. next level course
- Turn you knowledge into a course
- “Rising tides lifts all ships.”
[29:15] – Coaching: The pros and cons of 1-on-1 coaching – let’s get into it!
- Pros – Good for those who like relationship building; who need testimonials for what they’re doing; and for those who get fulfillment from helping people get results.
- Cons – Can be exhausting and can be time consuming in terms of having little time for your own business.
[31:43] – Jennifer’s parting piece of guidance
- You have to figure out which revenue stream best fits you and your business and start from there.
[32:44] – Connect with Jennifer!
- Jennifer’s Website –Take this quiz to help determine which revenue streams work for you based on your current business model!
- The Jennifer Allwood Show – Tune in to Jennifer’s show for business strategies and interviews with small business experts!
- Jennifer’s Facebook – Connect with Jennifer on Facebook, and feel free to direct message her!
[35:51] – Thank you to our Sponsor!
- HubSpot: Building a business is challenging enough; your tech stack shouldn’t make it harder! Learn how HubSpot can help your business grow better at Hubspot.com.
Boom. Shake the room, Fire Nation. JLD here and welcome to Entrepreneurs on Fire brought to you by the HubSpot Podcast Network. With great shows like I Digress. Today, we're pulling a timeless EOFire episode from the archive. So the call to action may or may not be active, and we'll be breaking down six ways to add multiple revenue streams to your online business. To drop these value bombs, we are bringing Jennifer Allwood into EOFire Studios. Jennifer is a dynamic business coach and host of the Jennifer Allwood Show podcast. She has an infectious enthusiasm for helping creative women build their platforms and turn their talents into lucrative businesses. In today's Fire Nation, we'll talk about how you need to start by building a substantial audience, building followers who trust what you are saying, and then figure out which revenue stream best fits you and your business and start there and so much more.
And a big thank you for sponsoring today's episode goes to Jennifer and our sponsors. Speakeasy will allow you to create content for your audience. Live, earn recurring revenue from monthly subscribers, stream private shows for select attendees and more. I am loving creating daily content on speakeasy and I think you will too. Visit getspeakeasy.com to download the app and start rolling. Being Boss hosted by Emily Thompson is brought to you by the HubSpot Podcast Network and is an exploration of what it means and what it takes to be boss as a creative business owner. One recent episode on the Five Tips for Better Work Life balance is a must.
0 (1m 36s):
Listen. Listen to being boss wherever you get your podcasts. Jennifer, say What's up to a fire nation and share something interesting about yourself that most people don't know.
1 (1m 50s):
Oh, I'm so excited to be here, John. Thank you. So was trying to think of something interesting that most people would not know about me. And I was wanted to tell you real quickly about a story. When I was 39, a friend of mine drug me to a triathlon and I'd had three kids at this point, was not terribly in shape, I just was really going along to the triathlon just to kind of hang out with her. But went to a triathlon when I was 39 and made a decision that day watching a bunch of women swim in an open lake that I was gonna do a triathlon for my 40th birthday the next year. But I didn't know how to swim. And I come from like a really long line of nose pluggers and we're more sinkers than we are swimmers. And so I had to hire a swimming coach at the age of 39, Learned how to swim, was blogging about it on my website.
1 (2m 34s):
And the Today Show, like the NBC Today Show, saw the blog post, picked it up, sent out a camera crew, and did like this whole episode on women who were turning 40 and celebrating in non-traditional ways. And so I got to be in spandex on the Today Show talking about triathlons. Yeah. And I learned how to swim when I was 39 years old. It was amazing. Done. Done nine triathlons since then. Wow. Do my 10th. Yeah. Oh yeah. So it's funny because that part of my life, like learning how to swim and continuing to do triathlons, even though I'm not a good swimmer at all, I still have panic episodes every time I'm in the water. But that really like kicked off this thing in my business in addition to learning how to swim.
1 (3m 17s):
Like when I figured out that, gosh, I'm gonna probably be scared every single time I get in the water. And oh, by the way, every time I do something big in my business, I usually feel the same way, but I won't die. History says I'm not gonna die doing this. So it's interesting, that whole triathlon thing really kicked off business for me as well. And it's been just a really fun story. What
0 (3m 35s):
A good analogy. Except for the fact that there, there is something called drowning. I know you're not that familiar with swimming. There is. So you, you can possibly die swimming just for the record. But I am a big believer that fire nation swimming is something that's every human should know. I mean, that's where we come from. We come from the water and it just blows my mind when I read all these historical fact and fiction novels of the sailors from back in the day, none of 'em knew how to swim. I'm like, how can you spend most of your life on a little rickety wooden boat that's, you know, getting shot at by pirates not knowing how to swim. I just don't get it. I mean, you can get by without swimming, Jennifer, but you know, let's be honest. I don't know how sailors did it back in the day. But anyways, Fire Nation, I know you're listening not because of all of that jazz, although it was a really cool insight, Jennifer, into what you have going on.
0 (4m 23s):
But because we're gonna talk about the six ways to add multiple revenue streams to your online business, and I wanna start Jennifer, with affiliate marketing, why is affiliate marketing such a great option for business owners who wanna add that additional revenue stream to their business? Yeah,
1 (4m 40s):
I love affiliate marketing. It's not a huge piece of my business personally anymore, but it's a great option for people who don't have their own product, John, who don't have their own course or membership group. It's a great way of making an income if you're an influencer. And by the way, you don't get to decide if you're an influencer or not. Social media decides you have to have credibility and an audience to be an influencer and your audience will determine for you. If they see you're an influencer, then affiliate marketing is a really good fit for you. But if you're someone that people trust, you can make money at affiliate marketing in so many different ways. Everything from, you know, being on Instagram and showing where you buy your hair products to doing affiliate promotions for business people.
1 (5m 23s):
I know I personally had a, I was an affiliate for someone last year and made six figures in one affiliate promotion for them. So it is a great way of generating revenue for someone who doesn't have their own products, their own course, or who is highly regarded as an authority or an influencer. So
0 (5m 40s):
How would we start? Well,
1 (5m 41s):
I think you need to start with building an audience first of all. Because if you don't have much of an audience, affiliate marketing is gonna be really hard for you to make any money. I mean, there are a lot of people, John, who have huge audiences and sometimes those numbers are just vanity matrix. They're just, you know, you can see people on Facebook with a million followers and crickets every time they do a post. So it's not that you need tons and tons of followers, but you do have to have a substantial amount before a lot of companies will even accept you as an affiliate. Or you do have to have the followers that you do have, have to be really highly engaged and very much like believing whatever it is that you're trying to promote to them.
0 (6m 15s):
So we built an audience. What's the next step?
1 (6m 18s):
The next step after you're building an audience is reaching out to different companies if you want to affiliate for them or developing relationships with people who maybe have courses, maybe have membership groups. If you are in particular in somebody's course or in somebody's membership group, ask them if they have an affiliate program, Ask them the next time if they're getting ready to launch, if you could promote for them. What I've found is a lot of times people won't even realize that that's a thing. They'll be like, Oh gosh, I never considered paying someone a commission to help me promote my product. And so sometimes then I think it's up to us also to educate them on why affiliate marketing is such a win-win for people. So start with building an audience and then you need to do the reaching out to the people or to the companies that you would really like to promote.
0 (7m 2s):
So what was something unique that you did to generate six figures during that recent affiliate launch that you were talking about?
1 (7m 10s):
I have a, a pretty substantial Facebook page. I have 360 some thousand followers on my Facebook page. And my favorite thing to do on Facebook is live video. And it's really, really great because right now Facebook is giving all of its like preference and all of you know the good you do to people who are doing Facebook Lives. So whenever I do a launch, whether it's for my own course, whether I'm promoting somebody else's program, I use Facebook Lives all the time. Number one, Facebook has said if you go live on their platform, they will show live content to six times the audience that they will just a static post. So you need to go live for that reason because most of my videos reach somewhere between 30 and 70,000 people in the Facebook feed.
1 (7m 53s):
So I did just a ton of live videos promoting a course that I really believe in. I sent out emails. I do have a substantial email list, I'm sure it's not quite as substantial as yours, John, but I do have a healthy email list of very engaged followers. So I did those two things. I relied heavily on Facebook Live and email and you know, when you build followers who trust what you're saying and you tell them about things that you love when you've worked really hard to do that whole no like and trust factor, they really will show up and support the things that you show up. And that's really what affiliate marketing is all about.
0 (8m 28s):
So is there anything that you look back and you're like, hmm, you know, I feel like if I could do that again or next time I'm really getting behind an affiliate launch, I'm going to do this. Is there anything there?
1 (8m 38s):
It's interesting when I ended up getting that, doing that six figure affiliate launch last year, I really hadn't intended to market it as heavily as what I did, John. It was in fact, I had promoted that same course the year before and had only sold it to like two people. And so I really hadn't planned on pushing as hard as what I did on the affiliate launch. And what I ended up doing that worked so well is I really treated it like I would treat one of my own launches when I found out that Holy Smokes are some people who really are interested in this program and this course that I, you know, have found to be really good as well. And I really treated it like my own launch.
1 (9m 18s):
It was super du for successful, but in saying that I didn't do a great job of then giving myself some downtime. Anytime I launch and I only launch a couple times a year, my own products, I need a couple of days like totally off where I'm off social media, I'm with the family, I'm regrouping, I'm doing some self-care. And I did not do a good job of doing that after that particular launch. In addition, I had it too close to one of my own launches. So if I could go back and redo it, I'd make sure the spacing was a little bit better. We have four kids and you know, wild kids at that job. And so, you know, I wish that I had just given myself a little more downtime to recoup after that launch because I treated it like I would have one of my own.
1 (9m 59s):
But otherwise I'm super proud of that launch.
0 (10m 1s):
But I do like that concept, treating it like your own launch. I mean, when Tony Robbins came out with his mastermind course not too long ago, I was like, you know what, I'm not gonna create a course around masterminds, but I'm a huge believer in Mastermind so I'm gonna treat this. Yeah. Like it's my course and I'm gonna support it and I'm gonna go all out. I'm gonna have 'em on the podcast, I'm gonna do some really cool things. And I even created this J LD bonus experience. So I added on top of it. So I said, if you joined the course through my affiliate link, you're gonna get a 20 minute call with me, you can interview me for your show. I'm having 25, the first 25 people that joins down to Puerto Rico for an in-person mastermind. Like I did some really cool things around that to just really make sure people were fired up about going through my affiliate link in Fire Nation.
0 (10m 41s):
I did just under $600,000 in revenue from that, I should say total revenue of which 50% was my affiliate commission. But some other bonuses tool, and you might find this pretty cool, Jennifer, I'm actually gonna be going to Fiji to spend four days with Tony Robbins and the other people in the top 10 of this contest for a four day in person mastermind. So you can see there's some really cool options when you reach out and you look for the right affiliate to be with.
1 (11m 8s):
Yeah. And I think you've gotta be super sensitive to not like, you know, doing too many of those affiliate promotions for people. So I have, I have the one that I really, really heavily promote. I would be open to, you know, maybe another one or two every year. But other than that, I want my audience to not feel like I'm constantly pitching them. Yeah. So that they know when I do pitch them that, boy this is something I really am behind and I really want you to be behind. And I can only imagine like how grateful Tony Robbins is for people like you, you know, who really treat a launch like their own. And so that's amazing. What a great like way to really reward his affiliates. That's awesome.
0 (11m 45s):
Add revenue on websites has kind of gotten a bad wrap over the years. I mean it has. Yeah. A lot of people think that you need like a million visits to generate a dollar. Is that true?
1 (11m 54s):
You don't. No. And you know what, the thing with ad revenue is, it's not a huge money generator for me either. I mean, it's a couple thousand dollars a month that I do zero to get, you know, So here's the thing. You ever lost your Facebook page? John, let me ask you that. No, haven't. Okay. So couple years ago, I wake up on a cold December day in Kansas City and my Facebook page is gone. Yes. It's like literally missing from the interwebs. And you know that I, I got a message from Facebook saying that we did something against their terms of service. Hmm. And you know, three years later we still can't determine what that was. And Facebook has said, you know, it was some sort of a glitch, we're sorry. But here's what I learned from that Years ago I was laid off from a desk job that I used to do 20 years ago.
1 (12m 37s):
I felt the same way when I lost my job as I did when I lost my Facebook page. Like very vulnerable, like you know, super exposed, financially, like super holy crap, what do we do now? And so even though ad revenue is not a huge money generator for me, I know it makes a lot of money for women that are in my coaching groups. I have one girl who's in my group who does 10 to $15,000 a month in ad revenue and it's pretty passive. So it's one of those things that you set up on your website, a lot of our ad traffic and we do two to $3,000 of passive revenue a month without me ever, ever. Not even for five minutes a month. Do I have to do anything?
0 (13m 15s):
Well, so let's get specific though, like what exactly does that look like? And then share best practices.
1 (13m 19s):
Sure. Here's what it looks like. It looks like figuring out where traffic is coming to your website from. So in my case, I get a ton of website traffic from Pinterest. So we have tailwinds set up on my Pinterest account, which if you're not using Tailwind then you're not on Pinterest, you're seriously missing some major traffic. Pinterest a lot of people think is a social media site. It's not, it's, it's Google for people that like pretty things. And so I go to Pinterest way before I go to Google and so you've gotta figure out where traffic is coming from your number one traffic source and then just put some efforts into getting people to your website, having good seo. If you don't understand seo, hire somebody who does, I don't know all the things about all the things. So we have somebody help us with Tailwind, with SEO on my team and they just make sure that we are getting traffic all day or not all day, but you know, daily from Pinterest over to my website.
1 (14m 6s):
And then that revenue just hits our account every month. So I have right now roughly 200 to 300,000 page views a month on my website. The Magic Brush, which is an old website, John from when I owned a decorative painting company. We just shut that down a couple of years ago, but I'm still making money off of that, which is amazing. So in terms of page views, I know you can do Google ads, we'll give you ads on your website. If you have between 1500 to 3000 page views a month, you can sign up with Media Vine when you hit 25,000 page views a month. And I highly recommend Ad Thrive who is who we have for our ads. And you have to be at a hundred thousand page views a month. But once it's set up, it's one of those things that just, you know, the money shows up in your account, you've gotta make sure some traffic's hitting your website.
1 (14m 50s):
But other than that, that it's kind of, you said it and it's done, which I really, really
0 (14m 55s):
Love. Identify your number one traffic source and then backtrack from their Fire nation. I like that a hundred percent. That tip, that tool Tailwind. So look into that Fire Nation tailwind. If you're anything to do with Pinterest, and let's just be honest for a second though, I mean very few people are gonna get to 25,000, 50,000, a hundred thousand views on their website every single month. So what I'm a big believer in is if you are gonna do add revenue on your website, you can go find companies and you can promote them on a CPA level cost per acquisition, where it's gonna be much, much higher than just these random ads that could be shown from like a Google assets on your site for instance. I mean it's unbelievable that you can send a $2 and 95 cent client to Blue Host to Yes actually, you know, host your website on their platform and make a hundred to $150 for that one sale.
0 (15m 45s):
I mean that is a real return on investment. I mean you can send 10 people to Blue hosts, you know, again, people are dropping two to $3 per month on hosting and you're gonna get a hundred, $150 per person you send. So there's that kinds of arbitrages that are out there, Fire Nation. But you gotta find what fits, what makes sense for your audience. Of course if you're creating a website on how to build a website, then that could make a lot of sense to Blue hosts. But you gotta see, hey, what works for me for the audience, for the visitors that I actually have. But that kinda leads us to what I wanna talk about next, which is sponsored content. Yeah, you know, first and foremost I think a lot of people are like, what is sponsor content? So talk about what it is and how do we get started?
1 (16m 25s):
Sure. Sponsored content is any company that is gonna pay you to basically advertise, show off or promote their product. And so I used to, you know, a couple years ago when I owned that decorative painting company, Hobby Lobby would pay me to go into their stores. In fact they, they've done that just a couple of months ago and just show off some of the my favorite merchandise. So that's a sponsored Facebook Live Pier one would pay me to do a blog post showing off their products at HomeStore would pay me for one Instagram photo.
0 (16m 56s):
Now do they just reach out to you or do you find out like who these different companies are and reach out to them
1 (17m 2s):
Most of the time? I think you should reach out to them. There are places that you can sign up online so that different companies know where to find you. And I'm gonna give your listeners a really good tip, and maybe you've already heard of this John, and maybe you've talked about this a million times, but there's a website called Social blue book.com. Have you ever heard of that? No. Okay, so social blue book.com, it's 4 99 a month, but you know it's pennies compared to what you can make in sponsored content. If you go hook up your social medias to social blue book.com and they're gonna wanna, you know, know how many you have on Instagram, Facebook, Twitter, et cetera, they will give you the current rate that you can make for each of your different social medias for posts.
1 (17m 42s):
So I just went and checked this this morning so that I made sure I wouldn't be lying to your audience. So when I went to Social Blue Book do com this morning for my current profile, an Instagram photo right now and I have 75,000 followers is worth $509 and 55 cents on my platform. Well so that means if I was to, you know, get an email from somebody and they'd say, Hey Jen, we have, you know, this new thing that we would love for you to talk about on Instagram, I at least I have a starting point in terms of a price that I could come back and give them to show off their content on Facebook. Right now with 360,000 followers, it's almost $1,200 that I should be charging per post for somebody that wants me to talk about their service, their platform, their program, their podcast, their product, whatever on my Facebook.
1 (18m 28s):
So social blue book.com is just a really great resource for people to even know where to start. But I highly suggest that you reach out to companies and in particular use Instagram and use the dms. That's the best way anymore. It used to be Twitter, but anymore, if you're wanting to promote somebody's product, go to Instagram, DM them and give them very, very specific ideas of what it is that you're looking for. For instance, my husband and I just bought a new home, John about a year ago, and I reached out to several companies and asked them to do things like put in new hardwood floors in our home, do all the brick in our house for free, put in the tile for free in what I would do for that in turn is then I would either blog about their product or whatever.
1 (19m 11s):
So I wasn't necessarily getting paid for it, but I was getting the product for free. And man, that's super fun as well. Again, you have to have followers and you have to have an influence if you're gonna be doing sponsored content.
0 (19m 21s):
Yeah, Like kid and I going to Fiji for two weeks prior to the Tony Robbins thing and there's a resort there that's literally going to let us stay for free for the entire entire time. That's, and this is a really nice resort, you know, this is like an echo resort. I mean it's like, you know, four, $500 per night. So I mean you do the math, you know, multiply that by 14, I mean that turns into real money that we're now not spending as a result of, you know, our social media in the following that we have. Absolutely.
1 (19m 48s):
And you know, so many companies, they've gotten so wise about this John, and what they have figured out is it's smarter for so many of those companies to pay people who have influence in the online space than it is for them to, you know, put stuff in a magazine or the old traditional ways of marketing are just, they're out the window. If they can get influencers to promote their product, they are so willing to pay for that. And it's so much smarter for them financially and as business owners. And I think a large portion of your audience, you know, are business owners. We need to be thinking about the same thing. Who can I pay to promote my podcast? Who can I pay to promote my course? You know, that's affiliate marketing essentially. But I think that as business owners we also need to be really hypersensitive the fact that it is smarter sometimes for us to pay an influencer to talk about our product than it is for us to run Facebook ads.
1 (20m 35s):
That's my personal
0 (20m 36s):
Opinion. And Fire Nation, the reason why you need to be bold about this stuff is like in the example of this Fiji resort, I mean let's be honest, they were gonna have an empty room likely for the time that I was gonna be there. So it's not like, like costing them $500 per night. Like they're not bumping somebody else out now they're just filling a room that would've otherwise been empty. It costs them something to like, of course, you know, I'm eating breakfast and I'm doing either cleaning the room, et cetera. But what if one person, you know from my Instagram, Yes. I mean, and that's what they're starting to understand the power of it and they're starting to make sense to become just like a common known thing to marketing teams at these big companies and corporations that hey, this stuff really works in Fire Nation. Yeah, we are gonna be talking about membership sites, courses and coaching as soon as we get back from thanking our sponsors.
0 (21m 22s):
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0 (22m 4s):
I'm going live on speakeasy Daily Fire Nation and I know you're gonna love this platform. So what are you waiting for? Come join me for my next live show visit getspeakeasy.com to download the app. Follow me at John Lee Dumas and I look forward to chatting with you live. That's getspeakeasy.com. As an entrepreneur, you want tools and software solutions that will help you scale and grow. And we know that scaling a business is unique. So flexible apps and integrations that can scale with you are critical. But finding tools and software solutions that will help you scale and grow without adding a layer of confusion and overwhelm to your business, that's a challenge.
0 (22m 44s):
Maybe you finally found a great software solution only to realize that it could take weeks or even months to implement and now you're seeing hidden costs of popup like consultants or having to hire new teams to help you manage your platforms. That's not cool. Wouldn't it be nice to have flexible apps and integrations that can scale with you? Great news. That's why there's HubSpots HubSpot Scales with your business. So there's no need to add another point solution or switch to an overly complex system From your first hire to your first million and beyond, HubSpot is impossible to outgrow. Learn how HubSpot can help your business grow better at hubspot.com. So Jennifer, we're back in, we've already been dropping some massive value bombs on affiliate marketing, on ad revenue on your website, sponsored content, but we have just begun.
0 (23m 32s):
So breakdown membership sites for us. Why are they so popular? I mean aren't they just a ton of work?
1 (23m 40s):
Oh they are not a ton of work John. They are. Okay. This is where like I feel like the heavens open up and halelujah. Okay. Membership sites are the cats meow. This is where we focus so much of our efforts in my business. So I currently have two membership sites, as you remember I was talking about how I used to own a decorative painting company in Kansas City. Yeah. So I still have a membership site with about 350 people in it. It's $47 a month. I spend, me personally about 15 minutes working on this membership site every month. I don't do anything in there other than go in on occasion and make comments cuz people are painting things and they're pretty, and this generates $192,000 a year for us.
1 (24m 21s):
For me working, you know, 15 minutes a month on there. I have a community manager and she takes care of all the details. We find other really talented painters to come in and paint in the group. For me, it used to be me doing all the painting and then as I transitioned outta the painting industry and into the coaching industry, I'm like, I don't wanna be painting anymore. But oh, I know all these super talented people. And so I will never forget, I was at a coaching event once with Stu McLaren. I'm sure you know who Stu is. And Stu was talking about how you don't always have to be the Beyonce, you can just be Beyonce's manager. And I had like all these bells go off in my head where I thought, oh my goodness, I don't have to be the painter in this group anymore. I can just bring in other people who are super talented and I'm just basically providing them with a playground that, oh, by the way, is generating me almost $200,000 a year requiring very little time in me.
1 (25m 12s):
So that's one of my membership sites. The other membership site is I have almost 2000 members of $47 a month. These are all entrepreneurs and I'm teaching them how to use social media to grow their business every month. I've had this group for almost four years. This group generates well over a million dollars a year in revenue for us. And I'm in the group an hour a week. So I do have a community manager that's in there, you know, answering questions, directing people on where they can find things. We do have someone on my team who is in charge of like handling accounts, meaning credit card numbers, change cards get declined, you know, when people are wanting to leave, how does that work? So she handles that part of it.
1 (25m 52s):
But in terms of what's required of me, it's an hour a week and this is well over a million dollars a year in revenue. So it is work to get new people into the group. Yes, that is work. We launched that twice a year. It's also work to keep them, It might not necessarily be ours that I'm working, but for my team to make sure everybody's happy that we're doing the right things, that we're not overwhelming the members. But man, once you figure out who the group is for and and what they need and how you can help them to be successful, I'm just, I'm obsessed with membership sites, absolutely obsessed with it. This is a huge piece of revenue for our business
0 (26m 28s):
Fire Nation. Once you build it, you can automate it. Now of course that building process is a process. You need to build it, but once you do build it, you can automate a massive part of it. I mean, again, Jennifer's going in, there's two launches per year. She's in, you know, the the Facebook group from time to time, but she's got her team massively running it. And it's the same thing with us. I mean, we have 4,500 members in Podcasters Paradise. And those members, you know, they get access to our 200 video tutorials. I'm actually in the Facebook group between 10 to 20 minutes every single day. That's just my commitment. I'm in there liking comments, supporting guidance, answering questions, but that's 10 to 20 minutes a day. Fire Nation, that's just part of my morning routine as I'm going through that kind of initial morning wrap up that I call it.
0 (27m 12s):
So let's talk about courses because how do we know if the material that we already have in our mind, in our brains is worthy of being made into a course?
1 (27m 21s):
Okay, so I have all these people in this membership site, John, I'm teaching them, you know, how to use social media, how to grow your Facebook, how to grow your Instagram, how to grow your Pinterest. And then it occurred to me, okay, there's like this whole next level. And so I think sometimes you will see a separation, especially if you have a membership site of people who really need what you're giving them. But then there also comes a time when they're like ready for the next step. Well, when we were trying to figure out what do we do for the next level people, I didn't wanna do another membership group, but I decided I think the next level content could be a course. So in my opinion, a course should be a deeper dive that will get people really fast results. That's a much shorter amount of time for people who don't need ongoing support. So we have a course, one course called Creators Roadmap, which teaches people once they've built that social media following now how do you monetize it online?
1 (28m 6s):
Basically teaching them everything you and I are talking about right now in a six week program. And for one week, you know, every week we focus on one week's on affiliate revenue, one week is on membership sides, one week on ads. And so it's basically taking them really deep pretty quickly into each of those things. And that's a $1,200 course that we open up just once a year. We had over 700 people that took that course in February of this year. So it's a great revenue generator for my business as well. And then after those six weeks, it's over. It's over till the next year. And so, but essentially what I'm doing, John, is I'm telling people that are in my membership group, Boy you need to, you're growing, you're growing your Facebook followers, you're growing your Pinterest followers, but you really need to monetize it.
1 (28m 46s):
You need the course. And I'm telling people that come into the course, Hey, it's awesome that you've taken this course and figuring out how to monetize your platform, but you're gonna make more money if your platform's bigger. So by the way, you should probably be in the monthly group. So I'm, you know, I'm trying to do this consistent, like telling people that they need both and, and that's just worked really, really well for us the last three years.
0 (29m 5s):
Fire Nation, you have knowledge right now about what's working in your life in your business. Turn that into a course because if you have all these other different streams like Jennifer's talking about as well, then you can just see how they can just work together. They can really work so well together to just have that all ships rise in a high tide mentality.
1 (29m 25s):
Yes. Oh, I was just gonna say the same thing about that. Yeah,
0 (29m 28s):
We're on the
1 (29m 29s):
Same rising tides lip all ship.
0 (29m 31s):
1 (29m 32s):
It's like we are sailors or something, John.
0 (29m 34s):
I know. We're definitely drawn to the water, that's for sure. Yes. Let's talk about coaching because a lot of that we talked about now is like, you know, you spend a lot of time building it and then we can build either some automation, some systems, some teams around it, but when it comes to one-on-one coaching, you really, it's you and it's another person and it's one-on-one. So there's pros and there's cons to that. Break it down
1 (29m 54s):
One-on-one coaching is the, my least favorite revenue stream for the online space. And I'm hopeful at the end, John, here, that I could give your people a quiz. Oh yeah, a free quiz of ours and we'll talk about that in a second. But for me, now that we've made the quiz, I know why one-on-one coaching is like the, the last thing on the list that I should be doing one-on-one coaching is great for people who really, they really like relationship for people who really need some testimonials to what they're doing if they get deep satisfaction from really seeing people get results. But when I did one-on-one coaching, I just was exhausted all the time. I was completely drained. I found that a lot of times people would hire me to be their coach and I would care more about their results than what they would.
0 (30m 34s):
And sometimes you start like, wow, I feel like I'm caring more about their results than my business too, which is a, a problem as well.
1 (30m 40s):
And then I would feel like, okay, I just got done coaching, you know, four people today and I have very little time left to focus on my own business today. And so I felt like I was, you know, busier trying to build other people's businesses than I was building my own. And so I no longer do one-on-one coaching, but for some people one-on-one coaching is really great. And I love that. Like with Skype and with FaceTime and with Zoom one-on-one coaching is easier than it's ever been before. It can be simply a matter of, hey, hit me up in the dms. If you're interested in a one-on-one coaching session, it's a hundred bucks a half hour, it's a thousand dollars a half hour, whatever. And there's never been an easier time to do one-on-one coaching. But for me personally, I can't scale it. I mean I we're getting ready to open my Inner Circle membership site again in September and we're hoping to add 2000 new members.
1 (31m 23s):
I can't scale one-on-one coaching to that degree, you know what I mean? There's just only so many hours in a day. So it's not my favorite for revenue streams, but I know a lot of people love it or a lot of people will start there and launch into the one of the other areas.
0 (31m 35s):
So Fire Nation, it's a great place to start. Like when you're, yes, bare bones baseline, like the first generate revenue that I generated was way back in 2012 in the podcasting world, was coaching somebody one-on-one, how to help start their podcast. And like that was where I started. And it's great because it gives you proof of concept about what you're doing. Yes. It gives you your finger on the pulse of like what the real struggles and real obstacles and challenges people are having. But then you need to be saying and thinking to yourself, how can I scale this? How can I leverage this in the form of these masterminds We're talking about courses sponsored content, potential affiliate marketing, all of this stuff. So Jennifer, six value bombs have been dropped.
0 (32m 16s):
Break it down for us. What's the one thing that you want Fire Nation to walk away with from this conversation we had today?
1 (32m 23s):
Well, the one thing I would want people to know is that you have to figure out which revenue stream really makes sense for you to do first. Because what I see a lot of entrepreneurs doing is they're trying to do all of them at once and that's, you know, a real quick way to burn out and frustration. So I think it's super important you figure out which one you need to do first, that is the best fit for both your personality, your business type, your natural bent, and the way that you wanna run your life. I mean, if, if you're somebody that hates consistency, then a membership group is not gonna be good for you. If you don't have any sort of a social media following, then affiliate marketing isn't good for you either. So I think you need to be really careful of coaches who are telling you there's only one way to be sex successful in the online space because that's not true.
1 (33m 4s):
But you do need to figure out what way makes the most sense for your business. And to start there,
0 (33m 9s):
We have a lot of ways that we can get in touch with you. I mean, you're on the social medias, your Facebook page, Instagram, you have a podcast, all that jazz. Let's do this. Give Fire Nation the way that you want us to interact with you. You said you have that great quiz, so give a call to action us now and anything else that you wanna share.
1 (33m 26s):
Here's what we figured out. Everybody in the world loves quizzes. I mean, you can get on Facebook today and find some quiz that you know, what kind of cheese are you? And you take a little quiz or what kind of Disney princess, you
0 (33m 37s):
Know, I'm definitely go by the way, no doubt about,
1 (33m 39s):
Okay, gotcha. A cheddar, a sharp cheddar. So anyhow, we made this quiz, it's at jenniferallwood.com/fire and it's basically 25 questions that will help give you the result of which of these, based on your current model of business, based on your personality, Bens, what you've got going right now. It'll tell you which of those six revenue streams you should start implementing first. And I have found that that's really the most helpful for people because so many times when I was doing the one-on-one coaching, John, people would say, Jennifer, I'll do what you tell me to do. I just need somebody to tell me where to start. So this will tell you where to start. So they can go to jenniferallwood.com/fire and then find me on any social media or on my Jennifer Allwood show podcast.
1 (34m 21s):
I'd love to connect with them in any way there. And the dms are a, Oh man, I'm obsessed with dms. True. Feel free to DM me. Yeah, that's true. Isn't that the truth? Yes,
0 (34m 29s):
Fire Nation, you're the average of the five people you spend the most time with. You've been hanging out with JA and JLD today. So keep up the heat and head over to EOFire.com type Jennifer in the search bar and her show notes page will pop up with everything that we've been talking about today, all the tools like tailwinds and everything that we've been talking about. And of course your direct call to action. Jenniferallwood.com/fire. Get over there, Fire Nation, take that quiz. Find out what kind of cheese you are. I mean no, not the cheese. Yeah, it was the other thing. And also I take the other thing and also Fire Nation, make sure that you're just really absorbing all this great content that Jennifer's sharing with you today, because this is the step-by-step process start to build your empire.
0 (35m 9s):
So Jennifer, thank you for sharing your truth with Fire Nation today. For that we salute you and we'll catch you on the flip side.
1 (35m 18s):
John, thank you so much. Have a good one.
0 (35m 20s):
Hey, Fire Nation, today's value bomb content was brought to you by Jennifer and if you've ever considered creating and running your very own masterminds, well it's a great idea. As you can tell from this interview, I've created a completely free course to help you do just that. This also includes a two hour training with Tony Robbins. Also free. Visit mastermindonfire.com to check it out today. Fire Nation, I'll catch you there or I'll catch you on the flip side. Speakeasy will allow you to create content for your audience. Live, earn recurring revenue from monthly subscribers, stream private shows for select attendees and more.
0 (36m 2s):
I am loving creating daily content on speakeasy and I think you will too. Visit getspeakeasy.com to download the app and start rolling. Being Boss hosted by Emily Thompson is brought to you by the HubSpot Podcast Network and is an exploration of what it means and what it takes to be boss as a creative business owner. One recent episode on the Five Tips for Better Work Life balance is a must Listen. Listen to being boss wherever you get your podcasts.
1) The Common Path to Uncommon Success: JLD’s 1st traditionally published book! Over 3000 interviews with the world’s most successful Entrepreneurs compiled into a 17-step roadmap to financial freedom and fulfillment!
2) Free Podcast Course: Learn from JLD how to create and launch your podcast!
3) Podcasters’ Paradise: The #1 podcasting community in the world!