Fun Business Fun Money Podcast
EP 064 – Money isn’t all its made out to be
Money isn’t all its made out to be.
In fact, its kind of irrelevant in a lot of success claims you see, particularly on social media.
What are the other hidden costs of those big revenue launches and milestones?
In this quick tip episode we’re picking apart some beliefs about numbers and reinforcing your money mindset so you can congratulate everyone else AND stay focused on your own goals.
KEY MENTIONS
Ep 3 – Unlock the power of your money personality
Contact Deirdre via email, Facebook, Instagram or LinkedIn
TRANSCRIPT
Hey there, and welcome to the Fun Business Fun Money podcast!
Today is a quick tip, tool or tactic episode, a snack sized bite for your business that you can implement immediately.
Thats in contrast to the slightly longer coaching episodes, where we dive a little deeper into a specific area of business or money.
Sometimes that happens over several coaching episodes as we come at it from different angles and build out the full picture so you can really nail that thing.
This one is actually a money mindset tip that I think is pretty darn important for all of us trying to make a buck or two on the internet.
Money isn’t all its made out to be.
In fact, its kind of irrelevant in a lot of success claims you see, particularly on social media.
Woah, big statement there, especially coming from a money coach! Let me explain…
You’ll see people posting on social media about how much money they’ve made in their business each month. Its worn like a badge of honour, a measure of success and all that.
But at what cost?
What did they invest in order to achieve that financial outcome? We’re talking in terms of time, energy, team costs, marketing costs, their overall health and wellbeing, connection with their family and friends – and of course money.
This came from an interesting insight recently around revenue/sales vs personal income or profit.
I’ve known this person that shared it for a good number of years both online and met in person, and watched her success with awe. She’s incredible, had some massive launches and results, and I couldn’t be happier for her. She shared her revenue and profit numbers, and the actual money she took home was shockingly low by comparison.
I’m always fascinated hearing people talk about six or seven figure launches, six or seven figure years.
I’m looking at it from both the practical and mindset aspects of money.
Let’s just be clear that what they’re generally talking about is REVENUE, not profit. They didn’t magically make $100K in sales and end up with $100K in their personal bank account and live happily ever after.
In reality they have marketing costs to cover. Depending on how skilled they or their team are with social media ads they may have completely blown their budget to achieve that result.
And lets face it, social media ads are costing a LOT more now than they did just a few years ago, back when you could throw some out there and see what sticks for a relatively small investment.
They also have support teams to pay, at least a VA or maybe several VAs, supporting them with the admin and social media side of things. The bookkeeper, accountant, legal advice, course platform fees, all the things add up.
Those are the obvious costs which all come out of your total revenue. What you ACTUALLY take home is a lot less than the 6 figures you see them being congratulated on.
The other thing that doesn’t get talked about so much is how much energy is required to go into it.
If we go back to this incredibly successful lovely person I mentioned earlier, I’ve also watched her burn out and get sick, over and over and over again. Almost every launch was followed by a period of exhaustion and illness that would take her out of the game for a week or more.
I don’t know about you but thats not very appealing.
Its not how I want to live my life or grow a business, and its definitely not what my clients get excited about either! I started out coaching people on how to be happier, its still one of the core principles I work on with clients when we’re talking about their business and money stuff.
Here’s my big question for you today…
If you’re running yourself into the ground to reach a sales or revenue target, what is it actually COSTING YOU?
Its costing you time.
That target becomes all consuming and theres no room for anything remotely fun outside of that. You can say how much fun you have with your work all you want, it doesn’t erase the fact that you’re living to work.
When you’re burnt out and unwell its forcing you to take time out from working all the time, literally putting the brakes on your business. I don’t know about you but I’d rather be sitting on a beach enjoying some amazing relaxation time than being sick!
Its costing you energy.
If you’re giving everything you’ve got to this one thing, you’ve got nothing left for anything else.
Unless you’ve got effective support systems in place on the home front or with your business team, you’re going to have to invest a lot of energy yourself to get it done.
Which is absolutely fine and you can plan for it, but it really sucks the fun factor out of it all if you’re ill in bed, chilling out watching Netflix to try and recover for days.
At the end of the day, how you run your business, the business model you choose, is 100% up to you.
What I’ve described here is classic Ruler money archetype behaviour, where you’re so focused on a particular goal that your own health and wellbeing falls well down the list. I’m just saying it doesn’t have to be that way, even for Rulers.
If you’re not yet familiar with the money archetypes, they’re personality traits that define and influence your relationship with money.
I did a whole episode to explain what each one is, so head on back to episode 3, “Unlock the power of your money personality” when you’re done listening to this one. You’ll find the link in the show notes.
I couldn’t care less how much money you make in a month.
I’m far more excited about what that money actually DOES for you in terms of time freedom, the energy you have and the resources you can utilise.
You deserve to have a fun, profitable, sustainable business.
One that stands the test of time and doesn’t burn you out.
One that enables you to work less hours, make the same money or more, and actually enjoy the freedom you imagine when you close your eyes and think about your dream business.
Money isn’t all its made out to be. Don’t let someone else’s success posts on social media take your focus off what YOU are doing. They’re not doing anything special apart from making sales.
Let’s talk more about being profitable, sustainable, having freedom and fun instead.
Thats what I’ve got for you today.
Take care, have fun building your profitable AND sustainable business without burning yourself out, and I’ll catch you in the next episode.
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