Who would have thought pre-2000 that being a Social Media Influencer was actually a career choice?
Yet here we are, in 2023,with the best Australian influencers earning hundreds of thousands of dollars a year!
And if this is the case, can you sell your YouTube channel or Influencer Platform as a going concern?
Your Next Big Move–a podcast hosted by Xcllusive Business Sales founder, Zoran Sarabaca- recently discussed this question with successful Social Media Influencer, Christina Butcher.
Christina’s Platform-Hair Romance–was launched in 2010.Today, Christina has around 504,000followers and 300,000 monthly page views on her website!
And whilst endless hours of work were invested in her business at the start, she now estimates her workload at 10-20 hours a week–earning around $150,000a year!
Hair Romance is all about making the most of your best accessory–your hair. The idea was prompted by Christina’s dislike of her own hair!
“For years and years, I hated my hair. Then I had a haircut that changed my life, ”she said.
“I also met my husband in the same street that I met my hairdresser, and that’s where my two great romances began.”
Making a business saleable
Hair Romance posts hair news daily to offer readers ‘hair-spiration’ and share tutorials, tips, tricks, and beauty advice.
There’s no doubt that Christina loves her business and enjoys every minute of her work. But if she one day decides to do something different, is this a business she could sell?
“I have asked myself if the business is saleable and decided probably not-because I am the business,” she said.
“But then I think it should be worth something because of all the work and hours that have gone into building it.
“I earned nothing for the first three months, but I was enjoying it. Then I reached out for help and suggestions, put them into practice and it really took off. Those collaborations and shares with other people in the industry at the start brought so much quality traffic.”
Christina’s income comes from website advertising (around 30%), sponsorships (about 45%), some affiliates and events–and a book.
She has forged long relationships with several big brands, attracting sponsorship through campaigns and product launches.
Xcllusive Business Sales founder, Zoran Sarabaca said a lot of these types of businesses are being created so there is a real need to consider how to sell them.
He said whilst income was a key factor in valuing a business, it is also about how much time it would take to start the business from scratch.
“I believe the business is saleable-but not as simple to sell as most other businesses, ”he said.
“The attraction of an online business is that anyone can run it-from anywhere. You can even travel and still do it. That’s why these businesses are so popular.
“The question is, how many clients follow the content, and how many follow Christina? If her face goes, how much impact will that have? Would they still follow the site if you sold it?”
Preparing to exit
Zoran believes there are steps an owner can take now to prepare to exit the business in the future, if that’s what they decide to do. He gave Christina this advice:
“If you were thinking about exiting in the future, you should now start costing out using models instead of yourself in the content.
“You could also experiment with different people doing the voice overs-so then you’re not in front of the camera anymore.
“You might even grow the audience by doing that–and increase revenue.”
As for finding prospective buyers:
“The obvious one is to advertise where other businesses advertise.” Such as Coast to Coast Business Sales and Xcllusive Business Sales.
He also suggested going to the industry directly and seeing if there are any beauty or hair dressing businesses–such as retailers-that would be interested in taking over the platform.
And then there is Christina’s audience. She could use her mailing list to reach out and see if someone is interested in taking over.
So, the simple answer is YES, you can sell your YouTube channel or Influencer Platform just like another business. The secret to success is to plan ahead, optimize your business and create something that will be just as successful without your face in front of the camera!
Christina Butcher is not currently selling her business but kindly allowed Coast to Coast Business Sales to use it as an example.
Be sure to check out Hair Romance for yourself, by visiting www.hairromance.com