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Don’t rely on brands for your main income
You may have seen content I’ve created on my social media or YouTube channels from companies I’ve worked with.
When I talk about influencers, I am talking about those of you who want your only income from building brand partnerships.
I’m here to speak to those looking to make money online, make money on Instagram, or make money from influencer marketing on YouTube.
Those of you who rely on brands to pay your bills have to find a different business model.
Reasons Why You Shouldn’t Rely on Brand Partnerships for Your Main Income
Using brands for your income hurts cash flow. Usually there is a mess with payment terms and even if you get a deal for $ 10,000, you will likely get part of it upfront and the rest of it when the deal is closed.
This lack of income consistency creates challenges when planning your finances.
Business expenses aren’t always black and white because there are too many damn cooks in the kitchen. And frankly, you don’t run your own business. You are still promoting other people’s products.
Own your own business
If you want to run a business, you own your shit!
Create your product or service that offers value and sell it to your audience. You make a lot more money and have a more predictable cash flow.
Be careful not to underestimate yourself
There are people in industries where there is so much competition that entrepreneurs are giving away too many products or services for free. In doing so, they are underestimating themselves. Since there are many people who undervalue themselves and give away products and services for free, you may not charge fees that value your time and work.
If they don’t hire you, they’ll find someone to do it for free. This is common in several industries. When you see this in the market, you need to create another business model where you have a lot more control.
Build your platform, gain followers and see what they are looking for from you. Once you’ve spent time building your audience that loves you and that follows you as a business model, you can do market research to tailor your business model to their needs. This gives you a much better chance of figuring out what to create in order to be successful in your new business.