How do you know it’s the right time to take your influence or fledgling product to the next level? Creators wait for a magic number of followers, subscribers or likes before it’s “okay” to start looking at how to turn the creative into a stable business. There is no magical number or governing body that will tell you it’s “okay” to start. And it’s also scary. Looking at what someone else has done, might not help, so we put together the top five signs that it’s time to stop trying to ‘monetize your audience’ and build a business.
1. You’re turning down sponsorship and business opportunities
This may sound like a good problem to have, but it’s actually a strong sign that you need to up your business model game. Leaving money on the table, even if it’s a good fit or a dream deal, means it is time to scale.
2. You’re Surpassing Your Personal Goals
When you start hitting personal goals (follower count, brand deal amount, working with a person you look up to), it’s a good sign that as a creator your influence is gaining momentum and it’s the perfect time to look at how to scale.
3. You Have 1000 True Fans.
If you offer a product, like a free Lightroom filter or a newsletter, and you can get 1000 downloads or opens, you have 1000 true fans. True fans are not necessarily tied to follower count or subscribers, they are people that trust you and will buy products that you endorse. Once you hit 1000 true fans, there is massive opportunity to scale into a business.
4. You have the infrastructure to sell a product or service…
Even if you’ve never sold anything. Regardless of follower count or number of likes, you have a website, Shopify store or something similar to provide your audience with products or services. Instagrammers sometimes like to cultivate a ‘mystique’ by only having an Instagram profile, with a link to their agent and no other web presence. If you’ve gotten enough requests and DM’s that you’ve built out a website, that you own, so people can contact you or learn more about what you do, that’s a great sign that you’re in a good space to scale.
5. You’re at a Stage in Life With Minimal Risks.
Only scale when you are ready. There’s no such thing as a ‘risk-free business’ or a ‘risk-free investment’ (if anyone offers you such a thing: run). Mountains of student debt, a new baby, a fresh divorce, losing your life savings in Bitcoin, are all things that indicate might not be a good time.
If you said ‘yes’ to four of more of the above, it’s time to scale! You can read more about scaling your influence here or you can click here to set up a call and start building your empire.