My $25,000 “Mistake” That Turned Into The Greatest Lesson For My Business
Just like all business owners, I have made one of the biggest business mistakes, too. This business mistake, is by far, the best business lesson I have learned throughout my journey.
This is a story of me investing $25,000 in a group coaching program hoping to upgrade my business. And, only to find out later that it was not exactly what I was looking for.
If you’re interested in listening to the podcast episode, check out our Episode 13. In that episode, I talk about my $25,000 “mistake” that turned into the greatest lesson for my business. To read more about my experience, keep on scrolling.
First Business Mistake
So, how did I get into this?
It all started with my interest in joining a group coaching program that would help me develop high ticket offer.
This program was teaching their students on how to create high ticket offer without needing to hop on sales calls. I would also be able to turn that offer on evergreen. For me, this was a great group coaching program. Because with most high ticket offers, you need to hop on sales calls and it’s not easy to put it on evergreen.
Just in case you have no idea what high ticket offer is, it’s anything over $5,000. So, if you classify your offer as $10,000, that’s a high ticket offer.
And when I found out about this program, I invested my $25,000 just to learn the method. But then, quarterly way through the program I realized I didn’t want to launch evergreen high ticket offer.
An Uncomfortable Decision
Because of this business mistake, I went through so much anxiety and stress. I was doing a lot of activities in my business that were so out of alignment with what I wanted to build. It’s all just because I had already spent that $25,000 in learning the method.
Because of the big investment, I pushed myself to follow through the program. But it turned out to be one of the biggest business mistakes I have ever made. It was not fulfilling for me.
Just to be clear, I didn’t find the need for me to get a refund for that $25,000 I have invested in learning the method.
But the goal of this week’s podcast episode was for me to share about my uncomfortable decision.
I am also hoping for you to learn from my own business mistake and take this as an example for your own business. This business lesson taught me to stop attaching myself to the outcome of creating a high ticket offer.
First Business Lesson - Do Not Invest Out of FOMO
This is probably one of the biggest reasons why I decided to invest my $25,000 into the program in the first place.
Because of my fear of missing out, I made one of the biggest business mistakes in my life.
I was intrigued to learn how to create high ticket offers. I was interested to learn how to create offers that are on evergreen without sales calls. But truth is, I invested into the program because I knew so many of my friends invested in it as well.
It’s kind of embarrassing to say this but I knew I invested out of FOMO.
I define myself as someone who makes decisions myself without caring about what people think. So, for me to invest because of what my friends were investing in, was not my usual decision style. And in return, it caused so much problem in business. All because I saw my own friends who invested and did so well in the program.
Naturally, I was comparing myself to other people. As a business owner, it’s so easy for us to make this business mistake. We tend to think that just because we’re not offering high ticket offer, we feel like we are missing out on something.
We compare our accomplishment to other people. But this is one of the worst and biggest business mistakes you can do to your business.
Just because your friends have higher ticket mastermind, it doesn’t mean you need to do the same thing too. It does not define what success is. It should never define your success because everyone’s success is different.
It might be the right decision for other people and their goals within their business, but it might not be what I want.
Second Business Lesson - No Blueprint For Success
There is no blueprint you need to follow in order to make money and become successful. The most important thing you need to learn is you should build a business by design.
I want you to build a business that you are happy with and feel in alignment with.
The worst business mistake someone can do is building a building that they end up hating. You can’t create a business where you cannot stand any of the activities that are going on in your business. It should not feel like a chore.
For example, you can’t force yourself to be on Youtube if you naturally hate being on a camera. You will never be successful doing the things that you despise doing. It just doesn’t make sense. This is why I am being raw with my emotions in my podcast episode 13. Because that investment of $25,000 in the group coaching program became my best business lesson. I learned to follow my heart instead of the crowd.
The best lesson from that business mistake was when I realized what I wanted to do for my business.
Third Business Lesson - Build A Business By Design
Building a business requires a lot of thinking. You need to really zone in on what you want and what you do not want in your business. You need to be radically honest with yourself about it.
And even if your honesty will probably disappoint a lot of people, at least, you are staying true to yourself. And you should be okay with that because you don’t want to be miserable teaching a course that’s not entirely “you”.
Do not put yourself in a situation where you feel like you are going back to a corporate job all over again. I believe that’s the reason why we are all here, right? We don’t want to live in that state of mind anymore.
So, if you are building a business that’s based on the things that you don’t like, what’s the point of it?
Because your attitude toward your products or courses will eventually affect your students or clients too.
If you are not happy and content with it, how can you expect for them to enjoy it? This is one the biggest business mistakes that you can do. And that is not enjoying what you are doing.
And for me, I don’t want to do that to my students. I want them to come to my course knowing that when they leave, they are fulfilled. When they are finished working with me, their cups are full.
And they can do the same to their students or clients, too.
A Big Mindset Shift
Just because you don’t achieve the outcome of a program that you’ve invested in, it doesn’t mean that it’s not worth the investment.
As a business owner, you need to have a huge sense of maturity. Not every investment will bring you an amazing outcome. And you have to be okay with that.
The only business mistake that you should be aware of is to never learn from your own mistakes. I find so much peace these days knowing that I know exactly what I want for my business now.
I am no longer comparing myself to other people. And just because they are making multiple seven or eight figures, it doesn’t mean I need to follow the same exact steps they’re taking. Because I know I can still get there by doing it my own way.
At the end of the day, it doesn’t matter if I am making eight figures if I am not happy with business. It just doesn’t make sense. I hope you will learn from my big business mistake today and remember this next time you are about to make that huge investment.
Is it for your ego or is it really for your business?
HERE'S THE KEY TAKEAWAYS OF THIS EPISODE:
[01:42] My story of how I invested $25,000 in a group coaching program hat would help me develop a high ticket offer.
[04:27] How my fear of missing out “forced” me to make this huge investment
[08:25] My honest thoughts on hosting live events
[10:24] My thoughts on hosting small masterminds or small intimate group coaching programs.
[18:46] What I learned from the $25,000 group coaching program
Subscribe & Review in iTunes!
Are you subscribed to my podcast? If not, what are you waiting for!? By subscribing to the podcast, you’ll make sure you never miss an episode (especially sneaky bonus ones!)
If you enjoy the content, I would be really grateful if you left me a review over on iTunes, too. Reviews help other people find my podcast and it also acts as a love note between you and I!
Just click here to review, select “Ratings and Reviews” and “Write a Review” and let me know what your favourite part of the podcast is.
Not on iTunes? Here are other places to enjoy the podcast:
Rooting for you, Boss!
PS: Have you attended my free masterclass yet to help you turn your followers into clients, just like I did? If not, CLICK HERE to register before seats fill up!
In my latest podcast episode, I talked about mistakes and misconceptions a lot of new coaches do that contribute to why they are not growing fast enough.READ MORE >
LISTEN TO THIS EPISODE ON: Apple | Spotify | Stitcher | Google Play Do you know what are the different mindsets in entrepreneurship? In today’s podcast episode, I walk through the five different mindsets between a 4-figure and a 6-figure mindset. IfREAD MORE >