Rethinking How You Look At Success In Your Business - Rick Mulready
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Rethinking How You Look At Success In Your Business

September 24, 2021

Most people view revenue as the measure of success of a business.

But I want to offer you a different perspective.

Sure, you might hear about those businesses saying that they’re making seven figures, but that’s often just topline revenue.  What you don’t hear about is how much of that revenue is actually profit  or that they’ve worked themselves to the bone to achieve it.

The danger in this for so many course creators and online coaches is that we hear about all this money and we start thinking that that’s what success looks like.

We start chasing someone else’s version of “success”.

I once made that  same mistake too,chasing another person’s version of success, and it made me both mentally and physically exhausted.This is the reason  I changed how I define success in my business, which comes down to 3 key things:

  1. Profit.
    Businesses need to make profit (duh) otherwise, it’s just a hobby. Topline revenue is great but how much of that is actually going into your pocket? There’s a certain % that I recommend as a starting point for online course creators and coaches. 
  2. Impact.
    Impact can mean a lot of things to different people. It could be helping a million people or offering jobs to  “x” number of people. Take the time to realize what your impact would be, but don’t forget to find a means to measure it.
  3. Hustle Goal.
    Some people start businesses because they want to work less. If you’re the type that loves working long hours, awesome. If you’re not, then it can be something you can work towards. The key is understanding that hustle is NOT a requirement of a successful business. In fact, it’s toxic and I go into why that’s the case in this episode.

This  episode will  offer a different perspective on measuring the success of your business while also helping   you identify what your version of success looks like.

Discussion Points In Today’s Episode:

0:00 Introduction

4:05 First key measure of success: Profit

5:54 The two types of profit margin

9:25 Second key measure: Impact

12:28 Third key measure: Less hustle goal

15:15 What’s the cost of hustling all the time?

18:38 Leverage your time to have the greatest impact by doing less

19:36 Focus only on CEO activities

Are you a course creator or online coach who’s already averaging at least $7-8K in revenue per month from your online business and you’re ready to increase your profit, have a bigger impact, with LESS hustle?

If you’re feeling overwhelmed, doing all the things, and you’re not sure what next steps you should be taking in your business…

Then my Accelerator coaching program may be for you. 

Click here to learn more and apply for my Accelerator coaching program.

Got A Question You Want Answered On the Podcast?

Ask your questions or let me know if there is a topic or guest you’d like to hear from in the comments below or click here to visit my contact page and submit your question there for a chance to be featured on one of my upcoming Q&A episodes.

 

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Other Episodes You’ll Enjoy:

Membership Case Study: How Hallie Sherman Added $10K/mo With a New Membership

How I Define “Impact” In My Business

Why “More” Isn’t Always Better

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