Why I Shut Down a $750K Revenue Stream - Rick Mulready
MENU

rick mulready

Why I Shut Down a $750K Revenue Stream

August 12, 2022

 

Is your business aligned with your goals and vision for your life? The word alignment gets thrown around a lot and it has a lot of different meanings. I’ve been in business for a while now, and I really just got into alignment in the last four years.

 

In this episode of Art of Online Business, I am sharing why I shut down a revenue stream that was bringing in $750K because it just wasn’t in alignment with what I wanted for my business.

 

If you feel like something isn’t right in your business or it feels out of alignment but you can’t figure out why, it’s important to take a step back and really think about why that could be. This is especially important if you are heading toward burnout.

 

You may need to make a big scary decision about your business if you are feeling this way. It can be hard to shift out of something that is bringing in money but it will likely be one of the best decisions you make because it will free you up to do the things you enjoy.

 

In this episode, you’ll learn:

  • How my business has expanded over the years
  • The three different audiences I served with my Facebook ad programs
  • Why my Facebook ad programs started to feel out of alignment
  • What to do if something doesn’t feel right in your business
  • What will happen when you get into alignment with your business

 

Links & Resources:

*Disclosure: I only recommend products I use and love and all opinions expressed here are my own. This post may contain affiliate links that at no additional cost to you, I may earn a small commission.

 

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.

 

Follow The Art of Online Business on iTunes and/or Stitcher

           

Please support the podcast by giving an honest Rating/Review for the show on iTunes!

 

Other Episodes You’ll Enjoy:

Can a $600K Business Really Be As Simple As This? with Judy Woods

How to Get More People to Consume Your Content (and Increase Accessibility)

How to Create KPIs for Your VA

 

 

 

Transcript: 

 

Hey my friend. Welcome to the. Art of Online Business. Podcast. My name is Rick Mullaney and I’m an online. Business. Coach. I’m an ad’s. Expert. And most importantly, I’m a dad. And this show. Is where we help established. Online course. Creators and coaches create more profit. More. Impact with less hustle. All right, let’s get into it. Well, hello, my friends. Welcome back to the podcast. This 

is The Art of Online Business, and this is another. Quick tip episode. Here on the show. And today, I want to share with you why I shut off a. $750,000. Revenue stream. The word alignment gets thrown around a lot. Has a lot of. Different meanings, and. Especially. So. I’ve been doing this eight and. A half years now. Right? So my first. Month in. Officially. In my online business, I just made. Air quotes if. In January. 2014. That was when I sort of officially took all this seriously. I did my first webinar and I. Believe it was February 8th. 2014. It was either February 6th or February 8th. I don’t know why that’s going to my mind. But that specific, right? So anyway, eight and a half years. Now and in the past few years, I. Would say in the. Past four years, I’ve really. Gotten into alignment honestly in in my. Business. Especially when. Some people a lot of people call it that I pivoted right that I pivoted away. From. Facebook ads. And maybe one could. Call it that. I just looked at I just look at like I just. Expanded my business. Because. If you’re if you have no idea who I am and you’re tuning in for the first time. Thank you, by the way. So I used. To be known as quote unquote, the Facebook ads guy. That was my. Focus for the first several years. Of my business. And by the way, it’s still. Very much. Is. I just don’t. 

Have a stand. Alone ads course. Anymore. I teach them in. Our accelerator. Coaching program. We have trainings and so forth and we coach people. But it’s not the only thing. And a big reason why I shifted. Beyond. Just ads was it just felt out. Of alignment. And because people were coming to me and saying, Rick, my like, my. Ads aren’t working, my ads don’t work. I’m not getting good lead. My lead costs are too high. And when we started to look at it, it had. Nothing to. Do with how. They were setting up their ads. For example, in Ads Manager. It had. Everything to do with the fundamentals. Of. Marketing where they didn’t understand their target customer. Et cetera, etc.. Right. So they weren’t solving the actual problem that their. Target. Audience had. And then. What kept. Happening. Was they got so good at ads that they’re like. Holy cow, my business is blowing. Up. What do I do about my team? How do I stop. Working, you know, 14 hours a. Day? And I love talking about that stuff. Systems and processes and streamlining your business and and so forth in addition. To the sales. And marketing. Stuff. So anyway, that is what. Caused me, if you. Will, to go. Beyond. What I was just. Doing, quote unquote. And it was. Because I. Felt out of alignment. Now, when I was focusing just on Facebook ads, I ran into, as so many of. You probably have over the over. The years in your business, if you’ve been doing this a. Little while. So my very. First course was called FB advantage. And it. Was capital F, capital B for Facebook. And then it was. Capital A, capital D. Vantage. Right? Fb ad vantage. And it was for the. Audience. That I serve right now is the. Online course creator, online coach, membership owners, and. I taught you how to. Automate. Leads and sales. 

I said leads and sales on autopilot. That was sort of the. Promise. Of that course. Of course. It really, really well. So anyway, long story short, next year. People are like, wait, local. Businesses need. Your help too. You teach online businesses. Be really easy to also teach local businesses. So I’m like, sure. So I just I created the course for local businesses. So FBA Advantage Local was born. Then the next year I think it was the next year, maybe it was a. Year and a half later people said, why don’t you serve. Ad managers? Because ad managers. Have no idea what they’re doing. And I’ll be. Honest with you, that’s still the case for a lot of agencies. And ad managers. Now I hear stories. Every single week. So anyway. So they said, Why don’t. You create an ad manager. A course for. Ad. Managers? And I’m like, Cool, sounds like a good idea. And so. I created a course called. Fb Ad Manager. Shocker, right? Fb Ad Manager and I charged 1997 was the price $2,000. And I did the first launch for it. It was amazing. I think the. Very first. Launch. We did, we did like. 350,000 or something. Like that. It was huge. I was super happy with it. I had no idea how. Well it was going to do. And then when I launched. It, like was like, Wow, this is amazing. Within FB ad manager. I had. Three different. Audiences, so I was. Speaking to. The. Person who didn’t know. Ads but saw the. Opportunity of being an ads manager. Having that as a business. But they didn’t know ads. The next. Audience that I was speaking to and serving with this program. Was they. Knew. Ads but. Didn’t have a business. You know, ads, ads manage our business. But they. Saw the opportunity. The third audience. Was they have a. Business. They’re doing pretty well now.

They want to scale. It. Three different three different audiences, which means. Three. Different messaging for each different person. Because somebody who has a successful. Ad management business, that conversation and the problems and challenges that they’re. Having is very. Different from the person. Who. Doesn’t know ads and doesn’t have an. Agency. So that was red. Flag number one for me. But I kept at it. Right. Keep in mind, at this point. I have three courses. And I. Had a. Membership. I called it the ROI Club, and that was all about. Sending out case. Studies of Facebook ad. Campaigns. Which I didn’t. Love, like. Wasn’t successful. At all. But anyway, so I have these and I also, by the way, I also had a shell, a shell. A minute. Shell. Of a version. Of. What my accelerator coaching program is. Today. Back then it was just on ads. So anyway, I saw so much success. From the. Ad manager course. I was like, I’m going to launch this again. And the next time we launched it, we did like, I want to say like 300,000. Like, it’s like, holy cow, this is doing really, really well. And this was all in a span of. About a year. And so. I was like, All right, let’s keep this. Going. So I launched it again. I don’t remember what the interval. Was, but, you know, we did. Like 200,000 or something like that. And so. When I started. Realizing that my business was not making. Me happy, that I. Was making great money in the business, we’re generating a lot of revenue, but I wasn’t happy and I couldn’t put my finger on. Why that was the case. And so the first. Thing that I. Started to do was look at all the offers that I had. Again, I had fbe advantage. I had fbe. Advantage for. Local businesses. I had a. Fb ad manager, I had a membership. I had a group coaching program. 

And the biggest. Revenue. Generator, the piece the biggest. Percentage of revenue was coming from FBI manager. But that business right there. Was not. Or that course, I should say. Was not making me. Happy at all. I think the biggest. Reason. Was because there were. So many. People who weren’t. Willing to. Do the work. They were just like, Wait. I learned ads. Now, like, why. Aren’t people just coming to me to run their. Ads? I was like, Well, are you going to do the. Work, my friends? And so I think that was. The biggest thing. That was sort of the big start of, you know what? This doesn’t feel in alignment. And when I. Decided to start. To change the business and the direction. I decided to close that course. That was a three. Quarters of $1,000,000. Offer that. I’d had in a very short amount of time, I want to say, in like less than two. Years. And. Was super happy with the. Revenue. But. It was out of alignment for me. And so. I share these this. Story and these stories with you. Piggybacking on Wednesday’s episode with anime, where we. Talked about the whole five P’s. Of alignment, if you haven’t heard. That episode, by the way. Definitely go listen to it. But I want you to look at your business and. If something is feeling. Off. If something’s feeling out of alignment. If. Something just not right, but you can’t put your finger on it. I want you to kind of take a step back. And look at. Maybe why that’s the case. Look at your business. And if you’re just starting out, you. Have a big advantage because. You get to put. This in place right now. But if. You’ve been doing this a while, like I know so many of you have been and you’re seeing a lot of success in your business. But. Yet something doesn’t feel. Right or you’re. Just heading towards burnout. 

That’s one of the big things that I see. And I went through that. I went through burned. I’ve been through burnout probably, I mean, more times than I care to remember in eight and a. Half years, probably. Three times. One of them was. Really, really dark, which I’ve talked about here on the podcast before. But anyway. Look at your. Business. What are those areas? Why, maybe are. You not feeling. Good about it? Why are you working all of the hours? Well, a big part of that, very likely, is you’re. Out of alignment in some way. One of those. Peas, if you will, is out. Of alignment. And you may need to make. A big decision. A big, scary decision. I was scared, so scared to be like that’s a lot. Of money that I’m turning off in the business. But it was also the best. Decision I made. Was because it just freed me up and I was. So much. Happier by not. Having that offer in the business. And today I. Feel completely in alignment. With what we do. In the business. It’s funny because we went I went full circle and who I serve. Right. Online course creator, online coach. Or maybe we’ve got a membership and. Specifically established like you already have a business, you’re. Already doing well in the business. And then I help you. In our coaches and everybody else in Accelerator. My one offer in the business. Is accelerator, right? If you want to work with me, that’s the way that you do it. I do. Some one day where we do one on one coaching for one days. But. All in all, that’s one offer. Accelerator. It is in alignment. With me what I want out of the business. How I continue to grow the business around my life, not the other way around. And so I want to share that with you today because that was a big, scary decision of. Turning off that revenue stream. But I did it because. 

Things were out of alignment. They didn’t feel. Right. And so I wanted to make that make that choice. And you might be in a position where you’re like. Yeah, but I got to keep. That revenue stream coming in because I need the money and that’s. Okay. But just know. That if you stay. Out of alignment in the. Business. And you don’t do anything about it, burnout. Is is ahead. And I’m not. Trying to, like, scare you, but that’s just the reality, right? So do whatever you. Can. To get. Into alignment in your business. Do that audit, if you will, of of. Your business and. Yourself. And see where you’re falling. Your business will thank you for it. And you’re in your emotional and physical. Health, your relationships. Everything else will. Thank you for it, too. So thank you, by the way. For tuning in today. I appreciate you. I love talking about this type of stuff. If you. Want my eyes on your business, if you want me. To help you identify maybe those areas that you’re too close to be able. To see in your own business. Where maybe you’re. Out of alignment and shine some light on that and. Help you get through those things and help you scale your business. And your impact while working no more than 25. Hours a week or. Less. And yes, you’re. Established. In your. Business. Then. I’d love to be able to help. You inside. Of our accelerator coaching. Program. Shoot me an email. Rick at. Rick Mulrooney and tell me a little bit about what’s going on in your business. You can. Also visit our accelerator page. Over on my website, which is Rick Mulroy. Forward slash accelerator. All right. My friend. Appreciate you. Have an amazing rest of your day. Thank you again for coming to hang out with me. Until next time. Be well and I’ll talk to you soon.

uncover the hidden hurdles keeping your business stuck

Keep reading...

Take the Quiz!

Answer these 11 questions to clear the hidden hurdles holding you back so you can crush your next big launch.

ditch your business blindspot quiz

take the quiz

SITE DESIGN CREDIT   |  © 2022 RickMulready.com  |  All rights reserved    |  Privacy Policy    |  Terms of Use