Every few weeks, I get uber transparent about the steps and the struggles I’m taking to build an online business. Feel free to follow along so you can gain useful internet marketing tactics (and avoid my mistakes). Here is my recent side hustle update:
1.) Online Income: I ended last year on a good note. With lots of promotion, I was able to surpass my revenue goal. And while I don’t yet feel comfortable posting income reports, I’m happy to report it was double my monthly job income. January slowed down quite a bit. And that’s a bummer. I suspect it’s because I slowed down my online advertising and started pushing my $97 per month mastermind.
2.) Monthly Mastermind: If you hire a coach who wrote the book on coaching, then sooner or later you’ll start a coaching program. In my case, I set up a monthly mastermind. And I kept it very simple. For $97 per month, mastermind members hop on the phone with me to discuss business challenges in a safe, collaborative, environment. While my numbers aren’t significant, I’m pleased to report NINE people have signed up.
3.) Company Valuation: Every few months someone will ask if I want to sell my company. When it comes to valuations, I lean towards a three year multiple. And the numbers can be pleasantly surprising. For example, let’s pretend that only ONE customer signs up for your $97 per-month membership. It’s easy to think there isn’t much value in one customer paying $97 for one month. And you’re right.
But what if you multiply the $97 times twelve months, times three years? Now your company is worth $3,492. Again, this sort of money isn’t life changing. But if you get 100 customers paying $97 a month, now your company is worth $349,200. Get 1000 customers, and your company is worth… $3,492,000.
4.) Sales Goals: Given what I just shared, the big question is HOW. How do I get my first 100 customers? It’s not an easy question to answer, but it’s the correct question to ask because it prompts you to get creative.
5.) Life Vision: I’m working to define my big life vision. And I imagine making my living helping other people find success. To do this, I plan on writing (more) helpful articles, putting on talks and sharing the stuff I know through membership sites, masterminds and one-on-one coaching. This will afford me time to spend with family, friends, and do good for humanity.