Every few weeks, I will get uber transparent and share the steps I’m taking to build an online business. Feel free to follow along as I work to replace my job income and spend more time with family. Here is my recent side hustle update:
1.) Email Marketing: Took down all my legacy email sequences. I am in the process of rewriting everything. When I’m done, I will run one big engagement campaign and one big promotional campaign simultaneously. So far, I am half way through writing my new engagement campaign.
2.) Revamped my product line: I am breaking all my mega training products into “one product solutions.” I am also consolidating all my product websites into one site.
3.) Looking for ways to cut expenses: I have this weird tendency to spend my business money quickly, always reminding myself “it’s tax deductible.” But it’s now getting to the point where I may need to fund my own account from personal money. And that ain’t fun.
4.) Migrating products: Most evenings and weekends are spent migrating all my info products into one site. In the process, I’ve decided to break some of my BIG products into smaller “action plans.” And even though I have the content, re-organizing it into new products takes planning, time and execution…
5.) My internet sales are way down: This is mostly because I ripped apart my funnels and my email automation. This was a bold decision. Pulling the plug on the old way of doing things without the new stuff in place is not recommended. But for me, losing money provides the extra urgency and motivation needed to get the work done!
6.) Make time for what matters: Carving out time for this project, as well as my family, while working a day job is taxing. Most days I’m up at 4:30AM cranking away at all this stuff. This is where the WHY comes into the equation…
7.) The WHY factor: The reason WHY I’m pushing so hard now, is because I want to buy freedom for my family. At the very minimum, that freedom will cost about $5000 per month in profit over expense… Notice I said “profit.” The good news is, I’m close. The less good news is, it’s going to take more time.
8.) Self doubt is normal, but not reality: At times I feel like everything I’m creating sucks. My website sucks. My podcast sucks. My writing sucks. This is where discipline comes into play. You need to push forward and test new ideas, even if you doubt any of your stuff will work.
9.) Customer campaigns: Coach and I realized that my customer email campaigns have been shut off since November. This happened when I almost switched providers. Oops. While really frustrating, this explains why revenues have been down. Email automation lets you parse out people based on interests and behavior… But it can also be darn confusing. And if you don’t watch it, you can get carried away creating campaigns for all the different people on your list.
10.) Sales campaigns: Since my email campaigns are non-existent anyway, my next goal is to simplify the process. I am going to have one mega campaign for engagement. And I will have one mega campaign for selling. (Both leads and customers get this the engagement campaign.) Over the years I have sent out hundreds of broadcast emails. Some were super popular and profitable. So I am going to take the most popular emails and put them into my automated engagement or sales campaigns.
My sales campaigns will consist of three emails per product. (With a 5-7 day buffer between each product.)
– – Introduce the product.
– – Share benefits of product.
– – Create a final chance email.
11.) Another bit of advice: Don’t cater to the beginners. Going a little more advanced in your email can provide more value and further differentiate you in the market.
Overall, I feel like I’m making progress. But the results aren’t yet apparent. So I will continue to push forward. And my coach is really challenging me. I told him I wanted to think bigger and attain (financial) freedom. And he was like, oh yeah? How badly do you want freedom? That got me thinking. Up until now, I obviously haven’t wanted it bad enough. Or I’d already have it.
I’m embarrassed to admit this, but I estimate the results I get from my work is only 20 percent of what I’m capable of. I’m not kidding. And while these results are enough to buy a comfortable lifestyle, and get some praise from colleagues and close friends, it’s not enough to buy freedom. Suffice it to say, it is time figure a few things out.
First, how much money do we need each month so our family can sustain our lifestyle?
Secondly, how can I grow my business to create this money?
Third, WHY do I want us to be free so bad? Why is this a necessity and not just a wish?
Anyway… this is what I’m thinking about right now. With all of this said, I knew updating my entire online business would slow things down for a bit. In fact, my coach describes it like building an apartment building… You don’t fill it with tenants or become cashflow positive overnight. The prospect of having a few soft months is sort of scary. So I’ll keep you posted.