Episode 77 | The 4 Lessons I’ve Learned from Million Dollar/Year Business Owners
I’ve been doing the online business thing for a hot minute now.I got into blogging back in 2010. Then shifted into teaching and creating courses in 2017. And in that time, between the programs I’ve enrolled in, peer masterminds I’ve been a part of, and conferences I’ve attended, I have been around a lot of entrepreneurs who make more than $1million/year in their businesses. I have had a chance to chat with them, understand their business model, and get a sense of the back-end of their operations. Here are some lessons that being around $1m/year business owners have taught me…#1 --> They don’t necessarily know anything more than you or I do. Sometimes it’s just the fact that they’ve been doing it for longer.Bottom line: Consistency and time in the marketplace matter.#1 --> They don’t necessarily know anything more than you or I do. Sometimes it’s just the fact that they’ve been doing it for longer.Bottom line: Consistency and time in the marketplace matter.#1 --> They don’t necessarily know anything more than you or I do. Sometimes it’s just the fact that they’ve been doing it for longer.Bottom line: Consistency and time in the marketplace matter.#4 --> A lot of them have huge expenses every month. Team costs and ad budgets are usually the two biggies. There’s nothing wrong with a lot of expenses, so long as your profit margins remain healthy.But behind some of the doors I’ve been privy to, there have been many who make a million dollars a year, but are only profiting say 10% or 15% of it. In the course creation business model, that kinda sucks.I’d rather have a smaller, simpler business that puts $150k in my pocket every year than a giant company that stresses me out and pays me $100k a year. Bottom line: Gross revenue doesn’t really mean anything. Look beyond the click-bait number. Sure, we all want to make a million a year in revenue.I think it’s a great goal to shoot for. But I’m far more interested in growing a business that, although it may not look as “big” on paper, pays me a stellar salary so that I can live my version of a dream life outside of my business. When you get past the fancy, click-bait numbers, isn’t that exactly what you want too?Be realistic about the type of business you’re building and whether it’s in line with what you truly want. Oh and know that it's totally cool to be doing a bunch of random things to make cash, while you're building that "ideal" business.I've got an episode coming out next week all about the super weird gigs I've had that made me revenue, while I built up my course business.The list is long + hilarious!If online courses or group programs are part of that future for you, grab your seat for Online Course Prep School if you haven't already.(the 5-day free event I have coming up at the end of the month!)Register here: https://gemmabonhamcarter.com/prepschoolSupport the show