How to Prepare Your Business to Sell (Even If You Don't Want to Sell It) with Gwen Lane
Episode 575: Show Notes
Today on the podcast, we have Gwen Lane, who has been through quite the evolution. She was a digital marketer turned lifestyle blogger and is now the founder of a Seven-Figure Influencer Program. She helps content creators and influences monetize through premium partnerships and digital offers. She has worked with crazy brands over the years, and she's also sold her business. Gwen breaks down two strategies: one where she sold her business that she started as a side hustle blog and what it means to be an influencer, what it requires to be in that space, and more. You're going to learn so much from Gwen.
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Building a Business to Sell It
For many years, Gwen worked in the digital world, and she saw celebrities getting all these deals. So, she started the LA Girl Blog, as a side hustle to share her perspective of what it means to be a woman in LA. Brands saw the value of tapping into community. The creator economy then came out of seemingly nowhere. Then so many people turned to her to learn how to build a blog of this caliber. It is quite unusual to sell a personal brand, so how did Gwen do it? First of all, her priorities shifted, and she wanted to help people. She also wanted to diversify the voice to make the LA Girl represent more people. Gwen and her husband also wanted to move to Minnesota to be closer to Gwen's daughter. So, Gwen had to decide what her role in LA Girl would be. A friend asked whether Gwen wanted to sell it, and it was a perfect time! Removing herself from the brand wasn't easy, but it was the right thing to do.
See How Your Business Would Run Without You
If your business is too reliant on you, you are doing something wrong. Even if you are not planning on selling your business, it is always a good idea to make sure it can run without you. When Gwen closed the sale, admittedly things were messy. There were many passwords and other digital property that had to be accounted for, and it took some time to do. From this sale, Gwen saw the value of being organized. Like, yes, she knew that it was important to have things lined up, but it is important to document things. In the same breath, it's important to value the ability to be flexible and pivot. Knowing this, you will understand that things won't always be tidy. Don't worry so much about being a hot mess. It's way more OK than you think.
Taking Your Influencing Full-Time
Gwen's passion is serving her people, which is what drove her to start her second company to teach influencers and creators how to monetize their offerings. The clients she mostly worked with were beginner to medium-sized influencers, and she saw they were getting great results. They were able to make influencing their legit side hustle. Gwen's latest program looks to work with people who have already secured deals. Going from side hustle to full-time requires premium partnerships, but these can take a lot of work. Brand deals are great, but they are not always reliable, and if you are working with a big brand, it can take ages to get paid. So, Gwen wants to help influencers make money while they are waiting for those big paychecks to land. This two-pronged approach truly makes Gwen's offering unique. It can also definitely be exploitative, which is why Gwen is so passionate about educating influencers on how to communicate their value.
Quote This
With any business growth, even if you're not planning on selling, it's just a good practice to know what would happen if you weren't completely in the day-to-day.
Highlights
Building a Business to Sell It. [0:04:19.1]
See How Your Business Would Run Without You. [0:15:53.1]
Taking Your Influencing Full-Time. [0:27:20.1]
#TalkStrategyToMe [0:36:40.6]
You should always be prepared to sell your business.
Have a contingency plan in case something were to happen to you.
Decide whether influencing is your side hustle or a hobby.
Figure out how much you need to make to make it a full-time job.
ON TODAY’S SHOW
Gwen Lane
Website | Instagram | LinkedIn | Twitter | Facebook
Spark School Website | Instagram | Facebook | Podcast
Gwen Lane went from digital marketer to lifestyle blogger to business mentor and now founder of the Seven Figure Influencer program. She helps content creators and entrepreneurs monetize their influence with premium partnerships and digital offers, and has worked with brands like Disney, Facebook, Google, Target, American Airlines, and more. With over 12+ years in digital marketing in LA’s entertainment industry, she launched her own travel and lifestyle brand which she has recently exited and has helped over 5,000 students worldwide through her online programs. When she’s not creating content or coaching, she’s traveling, hiking or backpacking with her husband and business partner, Luke.
KEY TOPICS
Business, Selling, Influencer, Premium Partnerships, Brand Deals
