Starting and growing a business can be hard, and sometimes you might feel stuck. Our weekly newsletter, Unstuck, gets delivered to over 100,000 people each week to help them get unstuck. We'd love to help you, too.
The simple math that changed my life.
Hi, it’s Pat! 👋
In 2017, one of my business mentors hit me over the head with a coaching session I’ll never forget. Not only did it help me get over a big fear I had about selling, it eventually unlocked millions of dollars in my future.
I’m here to pass on that lesson to you, right now.
Let’s get unstuck…
QUOTE OF THE WEEK
“An investment in knowledge pays the best interest."
— Benjamin Franklin
THE STORY
Six years ago, I set a goal to sell a new online course, but there was one major excuse that kept holding me back:
“If I give away all of my information for free on my blog and podcast, people are going to mob once I start charging for it.
Pitchforks and all.”
I knew there was value in buying online courses — I had paid for several myself that were completely worth it. But when it came to creating one myself, I didn’t believe it would be something more valuable than what I was already publishing.
That’s when my business coach at the time came in and we had the following conversation:
Coach: How much do you plan on charging for the course?
Me: $49.00
Coach: There’s your problem, right there. At that price, it’s technically not that much more than free. That’s why you don’t value what you’re going to put into it and why you’re scared. How many of these $50 courses would you need to sell to make $10,000?
Me: [Thinking.] Two-hundred.
Coach: If your course was $500, how many students would you need?
Me: Twenty.
Coach: What about $2,500?
Me: Four.
Coach: What would a $2,500 course look like to you?
Me: I mean, I don’t think it would be an online course. I’d work with these people in a small group, in person, maybe here in San Diego. I’d create an experience for them, but ultimately walk them through, step-by-step, and make sure they absorb and take action on all the information. It would be a very personalized experience for sure.
Coach: Now, imagine creating the exact same experience, including touch points with your students, but only using an online course platform to deliver the lessons. If your in-person experience was $2,500, how much would this online experience be valued at?
Me: [Thinking.] Not $49.00.
Coach: Right… but how much?
Me: $500, easy.
Coach: And would that online experience be different than what you offer for free on your SPI blog and podcast?
Me: Fully.
[End of conversation.]
It’s amazing how great coaches can guide you to an answer just by asking the right questions. In a quick 15-minute session, my coach was able to help me understand how much more valuable an online course could be than I initially thought. This conversation led me to ensure the course I created had that much value and more.
Fast forward to today, and over 10,000 students have invested in one of my online courses, ranging between $499 and $999. Additionally, I have in fact hosted in-person trainings in San Diego just like we talked about. They aren’t as scalable, of course, but so much fun and definitely worth the effort. Here’s a picture from one of those events (October, 2019 – Online Course Fast-Track Workshop, San Diego, CA):
Your Call to Action
I have three quick CTAs for you today:
CTA #1: If you’re afraid of selling, don’t sell anything you’re afraid of selling.
It’s a funky phrase, but it’s so true. In this scenario, I ended up building something that was worth charging for. In many cases, you may not be charging what you’re worth either. Finally, understand the value of the transformation you’re offering. At the end of the day, what you’re selling (especially if it’s an online course) is not about the course content, but rather the transformation that you will help your students achieve.
CTA #2: Coaches and guides. They’re so awesome! If you can find one (or more) to help you on your journey, I highly recommend it.
CTA #3: If you are interested in creating and selling online courses, I’ll be hosting a no-cost live training on how to do that on April 19th. It’s called Online Courses for Absolute Beginners, and it makes things really simple.
Click here to register automatically and receive more information (as well as a replay of the event sent to you).
I’ll show you how to get started! It’ll be the best hour you spend all year — I promise. Don’t miss out! 👍
Join Forces with Other Creators
Being a creator often means going at it alone. And because you know your email list is your most important asset, you’re always looking for new ways to crack that growth code.
But no matter what you do, you can’t break through those growth plateaus on your own. Especially since so many list growth strategies require a lot of time.
You need to find a way to scale your growth that doesn’t involve busy work like posting more on social media, relying on an algorithm, or other time-consuming tasks.
With the Creator Network, email list growth becomes much easier and faster because you’re collaborating with other creators to grow together.
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SPI NEWS AND NOTES |
We work hard at SPI to remain unstuck and consistently provide you with the best ways to support your business. Check it out:
- Whether you’re a podcast audiophile, recording on the go, or filming your show for YouTube, it's super important to have the right gear. With so many different options, it can be a little overwhelming to make a decision. We’ve made it easy in this guide: 5 Podcast Kits for Any Type of Podcaster. Learn which kit is the right fit for you.
- Listen, learn, engage, and get inspired in next week’s entrepreneur networking event on April 12th at 2pm ET. Connect with the SPI team and fellow creators for a fun-filled hour of business talk. Sign-up here to add the Zoom link to your calendar. See you there!
- The pursuit of financial independence on your own terms is any entrepreneur's goal. But finance isn't just about making a good income and managing your expenses, it's also about building long-term wealth. Join SPI and our friends at Ocho tomorrow for a no-cost webinar all about money strategies for entrepreneurs. Register here!
DAD JOKE OF THE WEEK
Wanna hear a joke about paper?
Nevermind. It’s tear-able.
Get UNSTUCK by Pat Flynn
Starting and growing a business can be hard, and sometimes you might feel stuck. Our weekly newsletter, Unstuck, gets delivered to over 100,000 people each week to help them get unstuck. We'd love to help you, too.
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