Small Business Interview: Nicole Walters, Monetize Thyself ™
Meet Nicole Walters founder of Monetize Thyself™! Nicole is a Baltimore, MD transplant and Washington, D.C. native who relocated to the Baltimore area while attending The Johns Hopkins University and studying Political Science. Soon after, she entered the corporate world of Business Development and Marketing. She however decided to leave her very successful career where she monetized multi-billion dollar corporations to pursue her dreams of owning her own business and now uses her expertize to help small business owners do the same thing via her affordable and entertaining webinars and private monetization coaching - Monetize Thyself is now a multi million dollar business. I first learnt about Nicole via Periscope and fell in love with her super fun personality and spirit. I'm so excited that she's here sharing her amazing story and advice with the Clever Girl Tribe! Grab your notebooks ladies - It's lesson time. Enjoy!
"The most important element for running a successful business is having a heart of servitude- for your current and future client."
Please introduce yourself and tell us about your business. What is it called and what services / products do you offer?
I’m a Baltimore, MD transplant and Washington, D.C. native. I relocated the Baltimore area while attending The Johns Hopkins University and studying Political Science. Soon after, I entered the corporate world of Business Development and Marketing.
Now, I use my expertise in monetizing multi-billion dollar corporations to help everyone from stay at home parents to small business owners. I create affordable, entertaining webinars and offer private monetization coaching. My signature program is called the 1K1Day Academy, where I help entrepreneurs embrace the #monetizethyself™ mindset, and realize their brand’s fiscal goals.
Can you share a bit about how you choose this line of business?
Monetizing everyday entrepreneurs is a natural transition from providing the same service for multibillion dollar corporations. While I learned my skills in corporate America, they transitioned easily to helping business owners- or want to be owners- plug in the gaps in their income and increase revenue in their passion. From a personal standpoint, helping people- just like me- with stories, families, and missions- is deeply enriching.
What transition did you make to owning your own business?
I built my business in tandem with working my 9-5 corporate career. After working a full day, I’d research ways to translate my corporate knowledge into readily accessible, affordable tools that would help business owners meet fiscal goals. In August of 2015, I quit my 9-5 job, live online in front of 10,000 people to begin enrollment in my course, and working in my purpose.
"Grow a business that is true to who you are"
Do you have any special training?
I majored in Political Science with a minor in Business and Entrepreneurship at The Johns Hopkins University. I am also a Fortune 500 corporate trained sales and client management expert, nationally licensed insurance producer, and CRM software specialist.
What are some of your biggest accomplishments as a business owner?
The biggest to date would be the establishment and creation of the community within my course 1K1Day. This community is EVERYTHING! The most supportive entrepreneurs, in different stages of their journey- sharing, supporting, uplifting, and engaging in eachothers businesses. It’s a one of a kind network, and I’m proud to be a part of it.
How soon after you started did you start seeing profits? Or when do you project to begin earning a profit?
Unlike many new business owners, I saw profits very quickly - almost immediately. However this is because from day one, I focused on keeping overhead low and also because I don’t align with ‘six figure’ thinking- the idea that you’re not making it, if you don’t rake in the big bucks. Any day my business is pulling in profits - even small wins- $200 or $1,000 dollars, I count it as something that is positive growth of my business.
How did you decide how to price your services? How did you determine what your services were worth?
I determine the pricing of my business based on the marketplace and looking at what my competitors are offering, but I also factor in the overhead and expenses in order to run my business. Once I’ve calculated that, I build in a profit margin and I am able to launch my products at a reasonable price that will continue to earn revenue. I'm fortunate because of my financial background to have not experienced issues in the pricing area, however it is something that I do watch closely to make sure that it doesn't happen in the future.
What have some of your biggest challenges been? What did you learn from the experience and how did you bounce back?
One of the biggest challenges I’ve faced as an entrepreneur, full-time -for the first time, was embracing the mindset that I was truly in control of my own destiny. I didn't have to conform to society's expectations and that I am able to drive my own experience and shape my journey, any way I want. Surprisingly, having this freedom for was a huge adjustment and I had to train myself in the mindset of success. To do this, I made sure to engage in a networking, regularly connect with a strong mentor and lean on my seasoned entrepreneur friends around me. When I encounter a difficult moment, I am able to turn to them and they encourage me and say that this is just ‘part of the process’ and I had everything I needed to keep going.
What do you consider the most important elements of running a successful business?
The most important element for running a successful business is having a heart of servitude- for your current and future client. If you are not prepared to serve, you are not prepared to lead. You must listen to their needs, find the gaps, and fill them with innovative and effective solutions. You will not find success is an entrepreneur, if you are unable to respond to the dynamic needs of the marketplace, and your business will not sustain.
Do you have any start-up advice you can share with women reading this who would like to launch their own businesses?
The advice I have for women who are looking to launch their own business, is to ignore societies stigmas about our capabilities as women. The very attributes that society stereotypically tells us makes us less effective in business - passion, prioritizing family, and being invested in our clientele - these are all things that actually make us uniquely poised to serve our audience better than ever! Listen and leverage these innate skills, and grow a business that is true to who you are.
Do you have any advice on managing your small business finances?
The biggest piece of advice I have about managing your small business finances, is to make sure that you always have a handle on your numbers. Maintaining familiarity with how your business is doing, both profits and losses, is a huge part of success. Even if it can be difficult to confront that your business might not be doing so well fiscally, it's important that you know these numbers because the only way to tackle the problem is to be aware of it.
How do you balance work and life owning a small business?
I’m still working on this process! I love sharing these tips on my live Periscope broadcast (@napturalnicole). My viewers will see me go from handling business meetings, to making grilled cheese sandwiches for my 4 year old - because that’s the reality of an entrepreneur mom. The best tip I can give here, is to utilize self care and avoid burnout. While it’s easy to throw on our supermom capes and be everywhere at once, the reality is we work 24/7 - in the business, and the home - and it’s so important to take time for yourself to recharge and continue to give your best to your clients and your family.
"I measure success in lives changed,not dollars gained"
Where do you see yourself in 5 years
It’s an interesting exercise to visualize your business future. I definitely see my company growing, more employees, and an office - presently everyone works virtually. In terms of my client offerings, I see a larger impact upon the world - I measure success in lives changed, not dollars gained - so I hope to have hit the million or more mark by then. Lastly, I see my 3 daughters graduating college, attending prom, and entering middle school - happy, stable and successful. While it’s easy to offer financial projections- true success is seeing my clients and family conquer their goals and realize their dreams.
Please share a fun fact about yourself
I’ve always looked for new and innovative ways to earn passive income! In college, I knew I was limited in the number of hours I could work, while maintaining my studies so I decided to be on a game show! I applied to be a contestant on Wheel of Fortune and was accepted! I came in second place, won a few thousand dollars and a trip to Iceland!
How can the Clever Girl Finance readers find you?
Readers can interact with me directly via social media. I manage all of my accounts - @NapturalNicole. Read more about my background, and enroll in my Income Makeover tools at www.NicoleWalters.tv. And catch up with my daily entrepreneur journey, live on Periscope App, @NapturalNicole.
Thank you so much for such an amazing interview Nicole!