Unpopular Opinion: Courses & Digital Products are NOT the Fastest Way to Double Your Income
Episode 584: Show Notes
This episode comes with a bit of a trigger warning. We’re both feeling a bit nervous about this one, which has never happened before. It's based on the conversations that we have privately with each other when we see peers, clients, and students making the wrong assumptions about the topic that we're going to talk about today. We decided that we're doing a disservice by only having those conversations privately. What lights us up is to impact others and to change their lives and to have small business owners be financially and soulfully fulfilled, and to do that we feel that we have to share our take on this.
If this conversation doesn't apply to you, you can skip it. If you are already crushing it and your business is made up primarily of courses and digital products and you're thriving and meeting your financial goals, then this conversation isn't for you. However, if you started as a service-based business owner and have added on courses and digital products and you have struggled financially and stressed yourself out because of it, then this episode is most definitely for you!
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A Quick Self-Assessment To Find Out If The Actions You Are Taking Are Actually Helping You Reach Your Goals
Ask yourself what your goals are for your business, financially and time-wise. What was the dreamiest version of your business? For 99% of small business owners, it's a time-related reason. Some people want to travel the country and be able to work from anywhere, others want to be able to spend more time with their kids, and others still want the time to focus on themselves. If you're more focused on time than money, there's nothing wrong with that. In fact, it's amazing, because it means that you are focused on impact, you're focused on your life, you're running forward with your passion because you, like us, value your life way more than your business. The problem is that running a business takes up a lot of time and a lot of money. That's why we want you to do a self-assessment to figure out the time and money reasons that you are running your business, and once you've done that we want you to determine whether you are achieving those goals right now. Right now, are you achieving the things that you set out to achieve? Where are you at and how are you feeling?
Where Things Go Wrong With the 1:Many Model
You get started as a small business owner, you're offering a service, thinking of launching another one, you're not sure of the direction that you're wanting to take so you're trying on all of these different versions and choosing paths that are in direct contradiction to the financial and time goals you have set for yourself. That's the problem with the 1:Many model. What you say you want and the actions that you are taking will not match if you go with this model. You will not double your income or free up your time. Looking at our own personal take-home paid currently, compared to when we were exclusively doing services, the difference is astounding! We've always paid ourselves well, but the level of complication that our business requires now is literally insane. If your goal is to have more time, don't do what we did! Of course, there are anomalies, but don't forget that the majority of the time you are just seeing the tip of the iceberg of a small business, and not the struggles that they are dealing with below the water.
Why We Use A 1:Many Model
From what we've heard from you, you want your lives to be simpler, you want to have more time to do the things you love, and you have income goals that are achievable in the short term. A 1:Many model will almost guarantee that you will have less time, not make much more money than you were making before, and be under a whole lot more pressure! The amount of money that our team has to make every month to break even is more than our previous salary for an entire year. This is the kind of business that we want to be running, that's why we keep doing it. We like the team and the ads and the marketing aspects. But we know how it feels to be rundown and burnt out, and it took a huge amount of time and money to get to the point in our business where we are at today.
The Simpler Path
We've seen people double their income in 8 months and quadruple their income in 12, by choosing a much easier path than the one we have chosen. We know that many of you have a car payment you want to get rid of, student debt that you are so over, you want to take care of your family; all of these things cost money, and we would rather give you a method of getting there that is easier and faster and simpler than the 1:Many model. The solution doesn't take more of your time. It involves making a few tweaks to four specific elements of your business.
We've never been more sure about how we can help you. We've never been more sure of the steps we need to walk you through for you to reach your goals. We've never been more passionate! We are intentionally choosing to work with fewer people so that we can walk hand in hand with you across the finish line. Apply for an opportunity to work closely with Team Boss Project. You can find out more and apply here.
Quote This
Courses will not double your income, courses will not free up your time.
Highlights
A Quick Self-Assessment To Find Out If The Actions You Are Taking Are Actually Helping You Reach Your Goals. [0:06:45]
Where Things Go Wrong With the 1:Many Model. [0:11:15]
Why We Use A 1:Many Model. [0:16:38]
The Simpler Path. [0:21:38]
ON TODAY’S SHOW
Abagail & Emylee
The Strategy Hour Podcast
We help overwhelmed and creative entrepreneurs break down their Oprah-sized dreams to create a functioning command center to tame the chaos of their business. Basically, we think you’re totally bomb diggity, we’re about to uplevel the shiz out of your business.
KEY TOPICS
Goals, Saving Time, The 1:Many Model, Financial Stress
