Our host, Paul C. Brunson, started off the night with maybe one of the biggest shocks in #MentorMonday history! In #MENTORMONDAY HISTORY! But you have to watch the show to find out what it was. (Spoiler alert: Red Stripe and Blue Moon may be heartbroken.)
He also took the time to remind us of one of the most phrases uttered on #MentorMonday. Yes, Chris Burns (who was in this week’s Spreecast audience) gave us this bit of wisdom and quite possibly the most retweeted #MentorMonday quote from his time on the #MentorMonday Entrepreneur Panel: simply, “Get money.”
But how do you “Get money”?
And just as important, if not more so, how do you monetize your business and then build several streams of revenue? Our #MentorMonday monetization panel with Tionna Smalls, Jullien Gordon, and Trent Shelton share how they do it.
We all know Paul has a few ways he makes money, but he started off with an even deeper glimpse into the mind of a millionaire. He brought up how businesses are cyclical and, specific to him, how matchmaking tracks the weather. December and the colder months are known as “cuffing season” and people want to be in a relationship which means the matchmaking industry grows until the weather gets warmer.
And that’s when the matchmaking revenue gets less plentiful.
What’s a matchmaker to do? Having a hustle/additional revenue streams to sustain them for the remainder of the year is a must. That’s one factor that lead to Paul launching other businesses.
When #MentorMonday first started one of the audience members, Chris Kazi Rolle, suggested Jullien Gordon be on the show. Jullien’s side hustling Ted Talk is a perfect fit for some further learning on this #MentorMonday Monetization Panel.
Paul was participating in his first professional panel when he met Tionna Smalls, a fellow panel member. Though it was his first pro panel, he was super confident, but blown away by Tionna during their first time speaking together. Paul’s advice? If you don’t have an MBA following Tionna on Instagram is the next best thing.
Here’s the thing with Trent Shelton: Between 2009 and today, Trent has one of the most recognizable inspirational brands. In fact, EVERY WEEK Trent reaches 35 million people with #RehabTime! That means he has more influence than some small cable stations.
Paul started off the panel revealing he has about 16 different ways to make money. 16!
Tionna has books, film, retail, hospitality, and television. She is at this point focusing on three big things to work smarter and not harder even though she has nine ways to make money.
Jullien has speaking gigs, college and corporate, live events, coaching, books, licensing of his curriculum, AirBNB, and more. He makes half of his revenue in a three month period.
Touring, speaking, merchandising, books, “training on the side,” and courses are part of #RehabTime and makes up Trent’s areas of revenue.
All speakers were very clear on where they are making money and agreed that with this economy you need more than one way to make money.
This session was so informative and the panel provided invaluable insight on all the things necessary to make more money in your business:
- When do you start in on product #2 or #3?
- How do you build a team and what does a great team look like?
- What’s your hiring process?
- What’s going to be HOT in 2015 and what should entrepreneurs consider when creating other revenue streams?
- How do you determine pricing?
- Should all your products and services be related to one another?
- How can you determine the viability of a potential revenue stream?
- Can you start a business even if your credit is not on point?
- Should focus on building a large customer/fan base or making a profit?
As we love to do on #MentorMonday, we had questions from the audience with some of them winning prizes for their awesome questions posed live! And as always, our panelists answered with proven wisdom.
Although the show wrapped after one short hour, the experiences and education are still available to you through the magic of Spreecast. You can view it here:
Tionna Smalls’ upcoming book available for pre-order: #Dashology: The Entrepreneur Principles of Former Hip-Hop Mogul Damon Dash & How They Can Help You Succeed In Business
Recommended reading from the show:
Paul: 1,000 True Fans by Kevin Kelly
How to follow and learn more about our panelists:
Want a “Cuffing Season” shirt? Check out TeesInTheTrap.com
This post was written by none other than the #MentorMonday Director Of Operations, Ella Rucker (@EllaLaverne).