November 24, 2020

📈 does steady growth happen in fits and starts? 2

Eathan Janney @Eathan

continued from previous post...

Just yesterday I committed to working with Marketing 360 to convert my website to wordpress and potentially begin managing marketing. The CEO, JB Kellogg has guested on our podcast. The cost will be around $400/month as we begin the relationship and could increase if/when we add more than Website/SEO. I'm hesitant to start paying for marketing like this but at the same time, I wonder if it is the lack of taking significant steps like this that has prevented the business from growing. My fingers are crossed that this will be a meaningful step.

2.c Piano Technicians Masterclasses

Here is another project where I see oscillations between slow growth, stagnancy, and high-growth punctuations.

Here is my Stripe data for all-time revenue:
enter image description here

That most recent revenue spike is for 13,868.25 for the month of November so far. This has occurred because I decided to organize and online convention. I also have noticed that it helps me to create teams of people to work on projects. We set up regular meetings and these meetings keep me accountable and on-task, with the added benefit of having assistance. For this convention I have a team of apprentices that I hired from Acadium

Here's a rough idea of what the primary team is doing:

  • Pooja: Email Marketing and Admin
  • Khushi: Writing, Admin, Ideation
  • Melisa: Organization, Event Planning, Data collection

I'm also trying to incorporate members from another team on this project:

  • Shelly: tracking and optimizing sales, marketing and funnels
  • Isaiah: facebook advertising

Here is my Stripe revenue graph for the most recent 4 weeks:
(The baseline revenue comes from some onoing subscription products I have created at price points of $8/mo, $39/mo, $79/mo, and $129/mo. The majority of that income, about $12K, over the past 4 weeks is from selling sign ups to the convention.
enter image description here

I'm optimistic that we'll raise a good amount of money for the convention. Our modest goal was $10K in revenue (we've already hit it, yay!). Our intermediate goals is $30K in revenue. Our stretch goal is $100K in revenue. I think having these goals helps anchor and focus our intentions. I've also promised a 1% revenue bonus to some of the team members. I think this will help them stay excited and engaged as we continue. The convention dates are Dec 10-12 so we have to hustle to meet our objectives!

So, here is another argument for taking on significant initiatives as part of overall gradual growth. If I had not initiated this convention, my numbers would be stagnating, but now there is a potential to grow significantly, even in the remaining few weeks of the year.

Finally, here is a snapshot of my profit first reports since the end of August.
enter image description here

I'm feeling great about this recent jump in revenue, and in the amount of take-home pay. The next period stands to be as large and perhaps we'll event have a better period after that.

Wrapping up

There's an update on the podcast and the entrepreneurial journey of one of its hosts. Remember the takeaways:

  • feed slow growth by augmenting repeatable habits with new initiatives
  • build teams to create accountability and leverage
  • use Profit First to get a handle on how to pay yourself and feed the business at the same time

Feedback?
I initially reserved about 20 minutes to write this post. That was about enough time to create an outline of my thoughts. Then I spent about 2+ hours fleshing it out. I sacrificed time, but I got more satisfaction in being able to present my ideas clearly. I'd like to still aim for time-limited update posts, if only just to keep this habit manageable and achievable. Let me know what you thought of the post. If it was shorter what would you trim and what would you keep?

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