Business Mistakes & Lessons from 2023 - round up!
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Can ya believe we’re already stepping into the new year!!
I just finished up a game of tennis, and on my drive back home, I'm totally tuned in to an episode of the Diary of CEO podcast. Seriously, if you haven't checked it out yet, it's also available on YouTube and various podcast apps.
Trust me, it's a total gem, although I'm a tad fashionably late to this particular episode that dropped in October.
Now, the episode I've got my ears glued to is titled 'The Junk Food Doctor: This Food Is Worse Than Smoking.'
It features an author who penned the book 'Ultra Processed People*,' and I can't wait to sink my teeth into it. Lately, I've been all about health and wellness, which is why I decided to give tennis a whirl…
Speaking of health, last year, I had the fantastic chance to meet Richard Branson. He casually dropped that he gets a blood test every six months. His logic is pretty solid: if you can catch a disease early on, you've got a solid shot at stopping it before it causes too much damage.
Trouble is, most folks don't spot these things early on. That struck a chord with me, so I rolled up my sleeve for a comprehensive blood test a few months back.
Most of the results were high-fives all around, but my cholesterol levels threw a bit of a curveball.
Cue the deep dive into podcasts, books, and all things health. I even took the plunge this summer and made some major changes to my diet to try & lower my cholesterol levels naturally.
While I saw some improvement, it wasn’t enough. My doc took one look at the numbers and gave me a reassuring pat on the back, assuring me it's more genetic than anything I did (which was oddly comforting). So, I've been on a quest for better health. Just recently, I got my hands on this beefy book called 'The Biohackers Handbook*,' and let me tell you, it's a beast in every sense of the word. It's become my trusty sidekick in my quest for better health.
Fast forward to now, and I'm back from a game of tennis and a jaunt up to Canada. I spent some quality time with friends, family, and even did some business stuff.
One of the highlights of my trip was catching up with Louise Henry. She runs a YouTube channel focused on business-related content, and we go way back. Anytime I'm in Toronto, I give her a shout, and we make plans to catch up. We spent oodles of time chatting about our businesses, YouTube shenanigans, and our grand schemes for the coming year.
As we chatted, Louise and I realized that many of our business epiphanies were oddly similar. We both had lightbulb moments about the importance of forming deeper connections with our audience.
You see, we both kicked off our content creation journeys by diving headfirst into super niche topics. It made sense back then, but now we're in the mood for a little more variety. For example, I have tons of past students (shoutout to all of you lovely folks watching!) who might find my YouTube content less thrilling after acing my courses. To keep the spark alive, it's time to sprinkle in some diverse content.
Now, consistency in content creation is a golden rule, but staying fresh and engaging is equally vital. It's not just about churning out the same ol' stuff on repeat.
We want our content to be like a fine wine – it gets better with each sip (or, in our case, each video).
We also brainstormed the magic of strategic affiliations. Think partnerships that make our audience swoon and offer some serious value.
Louise brought up the importance of making data-driven decisions instead of letting emotions run the show. We've all been there, right? Emotional decision-making in business?
Yup, me too!
But hey, recognizing it is half the battle. 😉
And oh, the joys of experimentation in business! It's like trying out new ice cream flavors. We all love to hear about the epic wins and hilarious fails. It's like getting insider tips from a friend who's been there and done that.
Back from my Canadian escapade and our enlightening convo, I've been daydreaming about annual planning. But before I dive into that, I'm thinking it's high time to give you a peek a Christmassy Switzerland!!
Let's venture outdoors, and while we're at it, I'll give you a sneak peek of the snow that fell recently & my christmas decorations!
But here's the real scoop, my friends – annual planning.
Oh, I love this time of year! It's like my own private oasis of thinking, reflecting, dreaming, and planning, all without any other work to distract me.
Usually, I'd jet off to a hotel to do my annual planning, and there are reasons for that. Changing your environment often brings fresh ideas, you know?
In years past, I've taken off to Sweden, basked in the charm of Stockholm, and even ventured to a quaint English countryside hotel. But this year, for the first time, I'm attempting the feat right here at home sweet home.
Traveling has been a bit of a theme lately, and frankly, I'm not in the mood to pack, unpack, and spend more time away from my husband, even though we've had a bit of a "Where's Waldo" situation recently. So, I'll give this at-home annual planning a whirl and see how it pans out. If it goes sideways, there's always the option of a last-minute hotel booking just down the road!
My sweet husband volunteered to make it as hotel-like as possible here to help. He's got dinner reservations every night, and he even told me I can send him a coffee order via text.
So, here's hoping my at-home annual planning goes smoothly - I'm aiming to wrap it up by Sunday. And in that case, it's Christmas market time! I haven't been to one yet this year, and Switzerland offers a whole new festive experience. Fingers crossed I can breeze through my annual planning in just two and a half days.
Now, speaking of annual planning, let me give you a sneak peek into what goes on in my head for this…
Want a full breakdown of how I do annual planning - check out this post
Hold on a sec, let me grab my trusty laptop.
Okay, so during annual planning, I reflect on several aspects, such as how I spent my time and the effectiveness of various projects on a scale from one to ten.
I also turn my gaze to my fantastic team, considering what they were up to and what major projects took the spotlight. It's like a walk down memory lane, reminiscing about the tasks and projects that kept us busy.
I delve into what went swimmingly last year and what went a bit off the rails.
Love and dislike lists also make an appearance – what brought joy and what, well, not so much.
We also get into the nitty-gritty of money: what was well spent and what felt like a cash toss into the void.
Then, I revisit my goals from the previous year. Did I achieve them, or did they elude me? If they slipped through my fingers, I dissect why and what changes are in order to score big in the new year.
Here's an interesting twist I heard on a podcast:
I ask myself what an outsider might recommend for my business. Sometimes, we're too close to see the forest for the trees. Seeking an external perspective can be enlightening.
There's more, of course, and if you want the full document, you can grab it below. I find this process invaluable, and while it takes days, it's one of the best investments I make as a business owner. It's not just about doing; it's about thinking, envisioning, and setting a course.
Now, let's get our planning groove on…
Fast forward to day 3!
I can't wait to spill the beans on my thoughts and conclusions for the year.
OK so during the preparing for planning process - yup it’s a thing - I stumbled upon two questions that I absolutely recommend asking yourself during annual planning or any business strategizing.
I caught wind of these gems in a podcast episode featuring Colin & Samir and Ali Abdaal. Ali had this clever approach to decision-making – he uses two questions:
What would I do if I couldn't fail? If I knew success was guaranteed, what would I dive into headfirst?
What would I do if I knew it would definitely fail? Even if it's a flop, would it still bring me joy?
These questions really got the gears turning in my head. I mean, for example, it makes total sense for me to consider starting a Squarespace template shop. I've got the audience, and I've noticed plenty of others in the web design realm rocking these template shops.
Given my knack for tutorial videos and all things Squarespace, it's like a match made in heaven.
But then, I had to apply those two questions to my YouTube channel. Growing this channel is no small feat, let me tell you. It demands way more time and effort than you might think.
So, here's the conundrum: do I stick to the YouTube path, or do I venture into the realm of additional revenue streams?
What if I could cook up something I know my audience would love, and it would sell like hotcakes, making my bank account very happy, maybe even in a few weeks?
Many would say, "Follow the money!" And hey, who doesn't want to make more dough in their biz?
But I've got a long-term game plan. I want to steer this ship toward a deeper, more personal connection with my audience through a platform that's bursting with discoverability – YouTube.
It's the kind of investment that'll pay off big in the long run. So, while the allure of raking in a few extra six figures is tempting, I'm setting my sights on something greater.
Now, back to those two questions – what would I do if failure wasn't an option, and what if I knew failure was inevitable?
When I pondered the template shop with success as a given, I saw the potential. It'd likely do well, and the joy of creating those templates would be off the charts.
But when I imagined it crashing and burning, I hesitated. I'd enjoy the design aspect, sure, but running a second business? Dealing with tech, customer support, and all that jazz?
Not exactly what I signed up for.
I've got a soft spot for focus in my business – I believe it's the secret sauce of my success & adding more things leads to less focus.
On the other hand when I did the same process with Youtube - I realized even if I didn’t get a single additional subscriber - I really love it! I learn a bunch & it’s so interesting to me, so it ends up being a no-brainer!
So, what's my game plan?
Well, this year, it's not about adding more or doing more. It's about taking a long, hard look at what's already working, doing more of that, and giving the boot to anything that doesn't spark joy or isn't pulling its weight.
First off, no new self-made revenue stream on my plate – I'll dive into that later. I'm convinced there's room to grow in areas I'm already rocking, like our affiliate program and, of course, this YouTube channel. Until I hit my goals in those areas, I won't complicate matters with new ventures.
And speaking of launches, we're scaling back – just once a quarter. Last year, we planned to launch every other month but decided to call it quits after October. We hit a revenue milestone we were thrilled with, and honestly, five launches were plenty for the year. So, four launches it is.
The game plan for non-launch months?
Strategy and content creation.
One major realization is that I shouldn't attempt to create courses on every possible topic.
It's not feasible, and honestly, there are areas that I might not be the best person to cover.
Take, for example, my good friend Erica from Big Cat Creative. She's been running a Squarespace template shop for as long as I've been creating courses. If you want to learn about Squarespace templates, she's the expert to turn to. There's no need for me to replicate what she's already excelling at.
Similarly, I've noticed that my audience often craves more advanced content, such as strategies for scaling their web design businesses. Many specialized programs cater to these needs, while my courses are primarily designed for those starting out or streamlining their processes. So again that’s an area where I’m thinking of partnering with someone who can offer that.
Now, let's talk about copywriting, graphic design, and brand advice.
These are incredibly valuable topics, but they aren't necessarily my strong suits. So, instead of reinventing the wheel, I'm focusing on finding programs that perfectly align with my audience's interests. During our non-launch months, I plan to affiliate with these programs. It's a far more efficient approach than creating something entirely from scratch!
Now something I’ve been putting off for quiiittee some time.
Branding.
It's time for a revamp. I began my business at 25, and I'm now 32. My branding needs to reflect my evolution, so I'm thinking about new visuals and a refined brand identity. It’s going to be a bunch of work, but I’m thinking that now’s probably the right time.
When it comes to content, I've decided to phase out the talking head videos.
They've started to feel a bit uninspiring, and I believe I can deliver content in a more engaging manner. For instance, discussing my current thoughts, decisions, and lessons learned creates a more dynamic and relatable experience which is what I want to do as I build a deeper relationship with you!
I also recognize that my content might no longer cater exclusively to beginners.
That's okay. By introducing more advanced content, I can appeal to a broader audience, including those just starting out and those further along in their business journeys.
I remember a mentor had said this at one point, and I thought it was such an incredible point.
She said that if you create level one content, for example how to get your first client, that is only interesting to someone who is at the beginning of their biz.
Whereas if you create content on like how to, let's say scale to seven figures - that piece of content is interesting to people at the very beginning of the business because they're curious.
They're thinking and preparing for like one day when they get there.
But it's also interesting to people who are in the middle of their business or just doing client services or they're thinking about scaling or they're maybe even at multiple six figures. And they're also interested in that piece of content.
So if you're creating just level one type content, then you're only going to attract level one type people.
Whereas you create this type of content, you're going to attract the level-one people and then you're also going to attract everyone else along the way too. And that's a way to build an audience, which is a bit more advanced in business.
If you feel like, oh, I'm just like only getting new newbies to my audience. It might be because you've only been creating level one type of content, whichif you shifted to include some more advanced topics could also potentially interest those beginning people and also the ones later along. And it has sort of a broader reach. Of course, there's such a thing as going like too wide on topics… but that’s for another day!
Sooo annual planning - that’s a wrap!
Now this gal deserves dinner & a potter around the Christmas market that I promised myself once my planning was done!
Lucerne turned out to be breathtaking, with fewer tourists than during the summer, making the experience even more enjoyable. They've even added Christmas lights to a modern bridge, which looks fantastic next to the old bridge. Want the story of the bridges & how by visiting I was fulfilling a 10 year old promise to myself? You’ll have to watch the video!
Lastly, a sneak peek—I recently had an interview with Nancy Ray about the Contentment Challenge. It's an intriguing concept where you refrain from shopping for three months.
I'm considering taking it up again, although I might've slipped up a bit when I bought socks at the Christmas market. Oops!
So, stay tuned for Nancy's interview and follow along with my Contentment Challenge journey…
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