[00:00:00] My badass, I'm back for some more money chat. And today we're talking about what kind of profit margins you can expect as a coach, a course creator, consultant, essentially this business model that we're working in, where you package up your knowledge, your expertise, your And you use that to help people on a certain topic.
[00:00:20] It could be helping people to regulate their hormones. It could be helping them to land a job. It could be helping them to take the first steps when it comes to investing. It could be that you are a children's book author, and now you teach other people how to write children's books. Whatever it is, whatever you do, it's all about helping people to get from point A to point B.
[00:00:43] And helping them to get there faster. Okay. So it's a very much a service based business model based around a personal brand. So you create content on the topic, you build an audience, and then you develop an offer for that audience that they want to [00:01:00] buy. And that's what you sell to them.
Breaking Business Norms: The Online Business Advantage
[00:01:02] This is a really interesting conversation because online business is breaking all of the rules and all of the norms when it comes to business.
[00:01:10] I'm sure you've heard all of the things around businesses that I had heard as well. And by the way, I had never seen myself as an entrepreneur. I didn't know much about business. I had never seen myself as someone who would start a business. I thought my risk tolerance was way too low. But what I realized is that business doesn't have to be all of these cliches.
[00:01:31] So there are these cliches or these unwritten rules around how business has to feel and how hard it has to be and how expensive it has to be. And I'm sure you've heard things like most businesses fail and profit margins are really tight, especially in hospitality and restaurants.
Understanding Profit Margins in Online Business
[00:01:48] These kinds of businesses that pain so much and ret and product and inventory and electricity and staff that at the end of the day, they [00:02:00] profit margins like 10 percent so it's always super, super stressful When it comes to online business and building a badass empire around coaching and course creation and our kind of business model, the profit margins are really high.
[00:02:16] And in addition to that, this business is free to start. You literally just need your phone and, or a computer and a social media account. And you start posting content and having conversations with people, and you could start coaching those people. It can be that simple. It's really disruptive in that it's free slash very cheap to start, and the profit margin is super high.
[00:02:42] We don't have outgoings like physical buildings to rent, or workspaces to rent, electricity, all of those kinds of things. Yes, we need internet, but we're often paying for internet at our home anyway, or internet on our phone anyway. Okay. [00:03:00] We don't have to hire anyone until we feel ready to do our business model doesn't depend on hiring people.
[00:03:08] If you never want to hire someone, that's a possibility for you. You can keep making good money in this business model. We also don't have any product or inventory. We are selling our knowledge. We are packaging up our expertise and our knowledge into a roadmap, a step by step roadmap that enables people to get results in an area of their life.
[00:03:32] We are facilitating people getting results. We are educating people, we are empowering people, and we're helping them to achieve things. And we don't need to buy stock for that. We don't have machinery, we don't have parts, we don't have materials. So it's a really interesting business model. Now that's not to say that there aren't expenses as you scale [00:04:00] expenses are inevitable.
Stages of Business Growth and Profit Margins
[00:04:02] So I want to walk you through a spectrum of earnings and profit margins because profit is obviously Top line revenue minus expenses. What do you have left over? What is your profit? What is the money that you have in hand that you can either pay yourself or keep in your business as profit as buffer?
[00:04:25] And I think in this kind of world, there are rough profit margin. That are a global kind of guideline of what's possible and what's average. And then within that, you can increase those profit margins if you're willing to increase some of the other factors that I'll walk you through, or you might decrease those profit margins.
[00:04:50] If your priorities. Are that you would rather invest or spend more money in certain areas so that you can do far less work and be [00:05:00] far more hands off. So obviously there's going to be a huge range, but I do believe from what I've seen across my industry peers and masterminds and group coaching programs and coaches that I hire, I'm going to share with you some behind the scenes numbers that are pretty typical.
[00:05:16] But of course, again, your profit margin is going to depend on what stage of business that you're at, your business and delivery model, how many hours you're willing to put in, and how you want those working hours to feel, what you want them to contain. Because if you're happy, Doing certain tasks and you don't want to outsource them and you don't want to delegate them.
[00:05:40] You can stay in that place if you want to, but other people are going to be like, no way. My hourly rate is worth way too much money to be doing this and need to start hiring. So it's going to be a very personal decision as well. But again, we're talking about general rules and the potential for this business model.
[00:05:57] Now, as I said, this business model, this [00:06:00] expertise based business model, where you're essentially packaging knowledge or facilitating results and transformation in people, it's a really high profit margin world. And that's because we're building essentially what's called a lifestyle business. A lifestyle business is different from a scale business.
[00:06:17] A scale business is, someone might be willing to develop an app for example, and they might be willing to go into tens of thousands of dollars, if not hundreds of thousands of dollars in debt to start up, to build the team, to invest before they start making money, to develop something and take that risk and have shareholders to answer to.
[00:06:44] And get funding and really sacrifice a lot of time, a lot of energy, and a lot of risk for several years. Make it work, make it big, cash out, get out of that business. [00:07:00] That's if it works, right? We're talking about best case scenario. And that's how they make their money. And that's how it feels. And you've got much higher risk, but potentially much higher reward.
[00:07:11] And that one day, maybe 10 years in, you can sell the thing for 10 million and tap out and walk away. When it comes to a lifestyle business. You're not really aiming to make that 10 million in one big payment and then tap out. You're aiming to create a business that can fund a really dreamy lifestyle of yours.
[00:07:34] You're making two, three, five, maybe even 10 times what you were making in corporate and you get to more or less longer term, right? Figure out how many hours you want to work per week and how many clients you want to work with. If any, maybe you're just selling digital products or courses by that stage.
[00:07:52] So it is super comfortable and super life changing for a lot of people. Like it's incredibly life changing to be able to earn. hundreds [00:08:00] of thousands of dollars, if not that sort of seven figure mark plus per year, obviously that's a lot of money, but it's not necessarily 10 million at once, right? So you have, you're not running at a loss, you're not taking huge risks, you're not, having to go into debt to make it work, you're not having to do any of those things.
[00:08:17] But on the other side, you have, lower revenue over time. It's still super life changing for you, but the revenue builds up gradually and you get really comfortable and you find this amazing sweet spot. And it is really profitable, it would take probably many years to get to 10 million.
[00:08:37] Profitable kind of thing. So different business models, but this lifestyle business model, honestly, if you ask me, I would prefer not having the stress and the risk of becoming this failed entrepreneur who goes bankrupt and is in 300, 000 worth of debt. If you tell me that I can achieve my absolute dream life and earn incredible money and build that [00:09:00] wealth up and that intergenerational wealth up slowly, but surely over time and work less and less over time, I'm like, cool, awesome.
[00:09:08] Let's do it. So just wanted to differentiate those two different kinds of business models and make it really clear that when we're talking about profit, we're talking about profit. We don't have. Angel investors. We don't have shareholders. We need to pay back. This is the money that comes into our bank accounts, our families, our dream lifestyles.
[00:09:30] So I've broken it up into several different stages depending on where you are at in your journey. And again, you do not have to follow this. Pathway, there is no sort of corporate letter when it comes to the coaching world, you have a lot of freedom and how you want to design your business and your business model, but it allows you to get a sense of what's possible and what's typical at certain stages.
The Side Hustler: Balancing a 9-to-5 with Coaching
[00:09:55] So the stages I'm going to walk us through are the side hustler. This is the person who [00:10:00] still has a nine to five corporate job. And is doing this thing on the side and maybe 10 to 15 hours per week. The next stage, I have the solopreneur. So this is typically when you are offering one to one private coaching packages or you're working solo and all your business needs to be able to generate revenue as you, because you are the service provider, you are the coach and you don't need a team.
[00:10:26] You don't need any support at this stage and you're doing your thing. You're in the business full time. The next kind of stage people might typically get to is I've got at the CEO stage because here it's not just about being a one to one service provider. This is where you might have a couple of contractors or maybe even one team member, one to two team members, a full time and a part time or something like that.
[00:10:51] So you've got a small team supporting you. And you are focused on scaling yourself out of the business. So this is typically [00:11:00] when you'd move away from private coaching and maybe go more towards a group coaching model. So instead of having 10 private client calls per week, you just do one call per week.
[00:11:12] And 10 people on that call because you have the scale and the audience size and you're really focusing on things like growing your audience and content marketing and you've got team members now and you have a little bit more time instead of service delivery in the strategy zone as well. And then from there, I've called it the sort of founder profile where I guess I am.
[00:11:35] And that's where you have a lean team supporting you of maybe three to five people. Plus you can invest in pop up contractors as and when needed. So that might be, Hey, we need a new website. Let's get a website designer in. Hey, we want to boost our traffic. Let's get a traffic consultant and to work with us and upskill the team and try to get some more traffic coming in.
[00:11:55] You do have the budget to be able to get that support and outsource certain projects. [00:12:00] Whenever you need them, so these are the kind of profiles and stages we'll walk through and we'll walk through different things like what are the kind of revenue numbers that you can expect? What kind of costs are happening at that stage?
[00:12:12] What are the profit margins and what's the amount of hustle? I know I have a really funny relationship with the word hustle and a lot of people do, but it really does capture what I'm trying to say because there's the sense of hustle and grind where you're able to just roll up your sleeves and get in and do work that you don't even enjoy and do parts of your business that you don't enjoy and wear all of the hats and be the admin person and the customer service person and the coach.
[00:12:40] And it does feel like a hustle. It does feel like a hustle. So it's a hustle low meter. of how much you're having to hustle and sometimes do work that you don't adore. So let's talk about the side hustler. So I think as a side hustler, you're going to tap out at a certain point because you only have so many hours in the day.
[00:12:59] And I [00:13:00] would say as a side hustler, you can really expect to max out at about 50 to a hundred K per year in revenue. Because if you're trying to coach and develop a business and do all sorts of things on top of your day job, at some point, you've got to say, Hey, I've proven the concept. It's time to go all in.
[00:13:19] Now, for me, when I was a side hustler, this was actually my personal YouTube channel and I was starting to spend most of my weekends working on my YouTube channel. I was getting sponsorships, doing brand deals, earning Google AdSense on top of my YouTube videos. doing affiliate marketing using links in the description below my videos.
[00:13:39] I was able to make, around this 50 to a hundred K mark per year. And if you were doing more so a coaching model, same kind of thing. There's only so many hours in your day, right? So you can't necessarily be meeting unlimited amounts of clients. When you have to meet them before work after work and on the weekend.
[00:13:59] So I would say [00:14:00] typically you're going to max out as a side hustler around the 50 to a hundred K mark per year. And your costs are going to be extremely low. If anything at all, again, you can start this business model with a social media account and then offer coaching calls and meet them on Google meet or zoom or over WhatsApp and be a coach and be making money.
[00:14:24] But typically, even as a side hustler, you might want to invest in some tools and technology, particularly software programs that make your life easier. For example, if you're a YouTuber, you're going to want to have TubeBuddy because it helps you with your keyword research and just saves you so much time.
[00:14:40] So you're probably going to be investing in time saving software programs. Or maybe even programs that help you to repurpose your content or do a first edit of any videos and things like that. So I've estimated, the cost of a side hustler. If you're making like 50 K per year, then the costs are going to be maybe around [00:15:00] 500 per year to 5, 000 per year, depending on what you're spending money on.
[00:15:05] Maybe you want to already give yourself a website, whatever. So it's going to be in that order of magnitude. So as a side hustler, you really can expect with an online business model like ours to have a 95 percent profit margin. That would be completely reasonable. However, the hustle mode is intense. It's very intense because it requires your time, your energy, you're doing everything.
[00:15:31] You are learning everything, you are sitting everything up from scratch and you are playing all of the roles. In your business in a very limited amount of time per week, and you're also not able to take the time to work smarter, not harder. Take the time to work on your business. You're so in the business.
[00:15:52] All you can focus on is delivery. And so it's a very intense feeling when it comes to the hustle, [00:16:00] when it comes to the grind. So again, high profit margins, but how sustainable is it? How long until you burn out? Is it worth it? At some point you'll reach these decision points where you're like, okay, it's worth having a lower profit margin in order to relieve myself of these things, of this pressure.
The Solopreneur: Going Full-Time and Scaling Up
[00:16:18] So moving on to the next stage, we're talking about the kind of solopreneur profile who is doing it alone, but they're all in at this point, they're working on this thing full time. And I really think as a solopreneur doing it all alone, your revenue is probably going to cap out around the hundred to 200 K mark.
[00:16:38] It's very difficult to push it much further than that without any support. Because again, you need to free up your time to be able to work on it. On the activities that are in your zone of genius, the things that only you can do and make strategic decisions and start building up assets for your business.
[00:16:57] This could be product development, offer [00:17:00] development, different revenue streams. It's very difficult to have the time to work on those proactive things when you are full time in the delivery mode and you need to be the admin person. You need to be the customer service person. You need to be the marketer.
[00:17:13] You need to be the accountant. You need to be everyone and everything, let alone the coach, the service provider. The client experience manager, everyone at once. So typically I would say you can stay a solopreneur if you like, but you're probably going to max out around the 200 K mark in revenue. And in terms of your costs, you're going to have more advanced systems.
[00:17:37] You're going to want to have some more support. Port of investments, like a landing page provider and an email marketing software, and maybe even a website and those kinds of investments that will support you. You might invest in technology like mini chat, which is around DM automation. So when you post and you say, comment word below and I'll send you my [00:18:00] freebie.
[00:18:00] It gets sent to that person on your behalf. So there are going to be investments that typically start to scale up with the size of your audience. And so if your email list charges you X per thousand people, and now you're at 10, 000 people on your list. Okay. That's a really big list already for a solopreneur, but your email software is going to start costing you more and more money as you scale.
[00:18:21] And many chat will cost you more and more depending on how many contacts you have. Thank you. So there's a sort of scaling up as well of the systems and the technology, the quality that you're investing in, but also how much they're charging you as you grow. So I'm estimating the costs as a solopreneur.
[00:18:37] You could probably get away with around 10 to 20 K in investments per year, all by yourself in terms of supportive software and systems. And that makes your profit margin roughly say 80 to 90 percent would be something that you could keep in mind. Now, again, the hustle, we're still really intense here.
[00:18:57] I've said high to intense. Okay. So [00:19:00] there's still a lot of hustle and you're still doing a lot of work that you shouldn't really be doing if you want to get to that next stage in business. Because if you are bringing in 200, 000 in revenue and you're working 40 hours per week, That means your effective hourly rate is around 100 an hour.
[00:19:20] So every time you're working on tasks that could be outsourced for less than 100 an hour, you're losing money. So it gets to a point where I understand people don't want to necessarily work with other people and delegate an outsourced task. source and that kind of thing, but you'll be stuck doing jobs and doing work and doing tasks that aren't in your zone of genius.
[00:19:45] Don't light you up and aren't necessarily things that you should be focused on as a CEO, which is fine. Again, you might want to stay here. This might be your sweet spot, but it does come with that sacrifices, [00:20:00] very high profit margins, 80, 90 percent come with that as a sacrifice. So that's your decision to make, right?
The CEO Stage: Building a Small Team
[00:20:07] The next classic stage is that CEO stage where you are no longer a solopreneur, you are still obviously the face of your business, the service provider of your business, but you've started investing in contractors or maybe even a team member or two. And You really do need team members to free up your mental space, your mental real estate, and be able to work on your business to scale to that next level, in my humble opinion.
[00:20:34] And that level of revenue is typically around the 100 to 500 K per year kind of mark. I personally could not have reached my first half a million dollar year if I didn't have my small but mighty team of three people alongside with me. Just in terms of the sheer amount of marketing needing to happen.
[00:20:53] You've got to schedule those posts. You've got to caption those posts. You've got to share those poster stories. You've got to answer DMs. You've got to answer comments. You've [00:21:00] got to answer inbox inquiries. And because I was doing career coaching, there were resume reviews. And if I were even just doing, content and resume reviews, my week would have That would have been my 40 hours gone, right?
[00:21:12] So in order to be able to free up your energy, to be able to do what I did, which was scale from private coaching to group coaching and the ultimate group coaching experience, to be able to plan and execute incredible launches, to be able to set up evergreen funnels. All of those things that take you to the 500k, the systems, the automations, really, I could not imagine doing that without my small, but mighty team, really.
[00:21:41] So at this point, because you are investing in people, your costs at this stage could be anywhere from 50 to 200 K, right? And this means that your profit margins are going to go down to that stage. 60 to 70% kind of range. Typically. Again, typically, but [00:22:00] why would you do this? It's because 60% of $500,000 is $300,000 profit that you get to keep, that, you get to pay yourself.
[00:22:10] Compare that to the solopreneur life. If you made $150,000 as a solopreneur and you've got to keep 90% of it, that's awesome, but that still only works out to $135,000. So that's why you're willing to have lower profit margins because still it's worth it in terms of what you're able to take home that's almost tripled even though your profit margins have gone down.
[00:22:36] It's because you're investing in people who can take away repetitive work or high volume tasks that take a lot of time or tasks that you're simply Not as good at right. If you want to hire out a marketing profile to help you research and design your content, that's not something that I've done because I love creating content.
[00:22:58] That's something I really enjoy [00:23:00] in terms of researching and writing content. But some people do that. Some people aren't very into the organization and the project planning and the launch technology and that kind of thing. So they hire more of an operations profile, like whatever it is. But at some point, you're going to find out which areas you're good at, or you can learn to be very good at, and which areas just aren't worth your time and energy, and you might as well just get someone in that role who's better at that thing than you are.
[00:23:27] In terms of the hustle at this stage, I've put it at medium to high. So it's not as intense. It's not as grinding. You get to spend a lot more time in your zone of genius. You get to spend a lot more time doing work that you love doing all of your favorite parts of running your business. So for me, that was content creation and delivery.
[00:23:46] So doing the group coaching and being in the community with my clients and helping them to get results while all of the social media management and the scheduling and the admin and the customer service. Was taken care of and the [00:24:00] business operations and automations and tech and all of that kind of stuff and all of the technology that goes into funnel bills and pulling off launches and that kind of thing.
[00:24:09] So I was really happy, but it was still a large volume of work because now I had a team to train and onboard and manage as well. So you do have to spend a proportion of your time, obviously, on your team, even if you're not doing those tasks anymore. However, the enjoyment factor, I think of your work and that the proportion of work that you're doing being work that you genuinely love is so much higher.
[00:24:35] So I would say that's why it feels more of a medium kind of hustle because, you still got a lot to do, but it's really enjoyable. Most of the time you've really delegated all of those things. And it's such a relief to not have to do those things anymore. And to be able to play in the CEO mode.
The Founder Stage: Scaling to a Million-Dollar Business
[00:24:54] Now, the next step up. And that sort of founder model where you are the founder, you're the [00:25:00] CEO, and you've got this nice lean team of three to five people supporting you. And they're often, actual team members who are full time with you and focused on your business with you. And so it's. More engaging for them and you're creating a culture around these people to say you've got three people on that team and then you just invest in those pop up contractors that you need from time to time.
[00:25:22] This is where you can really scale your revenue to around that million dollar mark or a million dollar plus and your costs on the other hand are going to be a lot higher, especially if you want to pay your people good money and really reward them. And that's something that I really like to do. You want to pay people good money and invest in them and people who are going to stick with you and build your business and your mission with you.
[00:25:46] And so that would mean that if your costs are now like 500 K per year, your profit margin has dropped now to that 50 percent mark. And I would say that is actually pretty typical for a larger personal brand based business [00:26:00] who is making that multi high success. Figures million dollar mark, they will sacrifice a bigger chunk of that revenue in order to build a more sustainable business using the talent of other people and helping you to design grow and deliver this business.
[00:26:22] But again, 50 percent of 1, 000, 000 in revenue is 500, 000 in revenue that you get to keep as profit going to your bank account, obviously after tax, and you get to pay yourself. Also it changes the relationship with the hustle. I've rated it at the low to medium mark at this point, because you've got a great team working with you, working for you.
[00:26:46] And a lot of those bitsy, time consuming tasks have either been absorbed or deleted entirely as you've been able to invest in processes and standard operating systems and really smart [00:27:00] tools and automations and things that make your business easier to run. Because having a team forces you to make it as simple as possible and as clear as possible.
[00:27:10] And by this time, you've often done the hard work, like you've answered hundreds of customer service emails. And so you've got a frequently asked questions. Customer service document that people can refer to, and you've got all sorts of really supportive things going on. And this is really where you can either hire yourself out of the business in terms of client delivery.
[00:27:31] So over at Badass Careers, I hired other career coaches to do the career coaching. And I got to a point where I wasn't actually coaching anymore. And actually my business model now is self study courses anyway. But you can hire yourself out. You can step away from that delivery, or you can hire that support in terms of, Hey, can you help me grow my content and help me with the marketing?
[00:27:53] And there are just so many things that you can optimize and streamline at this point that ironically you get [00:28:00] to finally work less than ever before, but be making a lot more money. So it's less profit, but you're making more money and you're working less and you're focused even more on the things that you enjoy and the things that you love.
Personal Insights and Future Goals
[00:28:15] So with those general guidelines said and done, what am I shooting for? Where am I at and what kind of profits am I looking for? So for me. And I want to use me as an example, because I think it illustrates really well how at any point in time, these are the general kind of guidelines, but at any point in time, you can decrease your profit margins if you want to hire more people, but then you get to work way less, or you can delegate less and hire less people.
[00:28:45] And still make the million dollars in revenue, but the hustle is going to be intense because you're going to be doing a lot of things all by yourself. You get to play with these factors, almost like dials, and turn them up or down depending on what's important for [00:29:00] you. So for me, where I'm at in my phase of life.
[00:29:03] I knew that this particular phase in life, going through pregnancy for the first time, having a newborn baby and committing to working part time pretty much all of 2024, as well as taking my typical one to two months off per year, going to France, working part time over there. If at all, plus other holidays that I want to enjoy, in New Zealand or in Australia or in the Pacific islands or whatever that looks like.
[00:29:33] And the fact that badass careers is completely changing its business model towards passive evergreen. Funnel kind of core sales model, and I'm actually over on badass empires and build mode, which means that it's not going to be a high sales focus, a high marketing focus, because I've got to spend time and invest time into building my strategic profitable business that I can leverage [00:30:00] next year.
[00:30:01] All of that to say is that I have calibrated my goals. And my expectations this year in terms of my revenue and my profits. So to be completely transparent this year, I'm aiming for about 800 K and business revenue across the two businesses. And that's the sweet spot that allows me to do all of those things and have all of those things at about 55 percent profit.
[00:30:25] It means that I can stay super low complexity with a tiny lean, but really talented and really engaged team. And it means that I can step away to a huge extent and really just focus on a few core activities per week that allow me to work part time. So creating content and loving on my existing clients.
[00:30:48] And there are going to be sacrifices in that because I also have to build out new offers and products and group course experiences for empires. [00:31:00] And there are other things going on. So realistically in the time that I have, that is why I have scaled back my goals for this year. But that's 55 percent profit margin.
[00:31:11] That's still my sweet spot. That's still my lifestyle business dream. That gives me enough to holiday in France and other places to be able to treat my father in law when he came over to this beautiful trip around the South Island of New Zealand, to be able to have things like getting my nails done and my hair done and my private pole lessons every week on top of my standard studio membership.
[00:31:38] And it's enough to hit other personal financial goals. Like we have a quarter of a million dollars of our mortgage coming up on our rental property this year. And I would love to whack that off and pay that off in full. So it's more than enough for me. It's more than enough for me to still be living the dream life without necessarily reaching my [00:32:00] full business potential And I can dial that up and down depending on What's working for me in this season of life, could I have achieved a 2 million revenue year this year?
[00:32:15] Absolutely. My businesses absolutely have that potential, but it would have seen me working full time, hiring more people, investing in things and systems that I don't necessarily want to be investing in right now. And the complexity of that and learning about that, it's just, it's not the year for it, even though it would have been possible, but respecting that in this season of life and doing the groundwork and setting myself up for success and filling my cup with my baby and with my family and with the time off.
[00:32:50] And. Respecting my energy levels and respecting what I want to achieve this year and being in build mode and allowing myself to build out something really exciting. It means [00:33:00] that if I want to switch gears next year and focus on content and marketing and go hard on that, again, within the boundaries of how much I want to hustle and how many hours I want to work per week or how many team members I want to have, but I can design that so that could I make the 2 million next year?
[00:33:18] 100 percent every confidence in the world that would be possible if it was something that I wanted to do. So hopefully that will illustrate for you how you can turn dials up and down depending on what's important to you right now. So if you are the side hustler. Who doesn't want to take any financial risk, who wants to start this thing up for free, who wants to start making money and to start getting sales and revenue in and start learning the game and keep all of the money for yourself and do everything yourself and not delegate yet respect to you that is perfect.
[00:33:53] And if you want to get to the point where you've only got a 30 percent profit margin because your business can essentially run without [00:34:00] you entirely one day. Also amazing. So there's no good or bad profit margin. There are different options and different levels to unlock at certain points. And again, I will say that you can't get there alone.
[00:34:15] If you want to get to the seven figure business, doing that all alone is going to be harder than necessary. It's not a smart business decision. Your earning potential is much higher than what it would cost you to outsource a lot of those activities. So eventually having that support in the form of contractors, consultants, or team members is going to be really key.
[00:34:39] But if that's not something you're interested in right now, or not something that you're interested in for the first three, five, 10 years of your business or either. Respect. All good. It will depend on you. We are building your empire that feels like you, that works for you. It is a lifestyle business for a reason.
Conclusion and Call to Action
[00:34:57] So I hope that this is super interesting for you. I [00:35:00] really haven't heard anyone else sharing this level of detail and this level of transparency. So I would love to hear some feedback from you. If you've enjoyed this episode, you can share it on your stories over an Instagram and tag me to show that you're listening.
[00:35:13] You can send me a DM. I'd love to hear from you. And if it surprises you how high or low potentially you find these profit margins to be, I know as a business owner, I think we have found a unicorn business model to be completely honest to have profit margins this high. Doing work that we love centered around our purpose.
[00:35:35] Are you serious? Such low levels of risk in the grand scheme of things. This is definitely my sweet spot. With all that said and done, I'm not going to stop you from going out there and getting that profit any longer. Go out there badass, keep building that empire of yours, design one that feels good for you.
[00:35:54] That is that sweet spot of revenue and profit and the kind of work that you want [00:36:00] to do and the kind of hours that you want to put in and make it work for you, because that's how you're going to still be here two, three, five, six, seven, 10 years later, and making this work for you. A lifestyle choice and a way of working and not just something that you started for six months and then got burnt out or got bored of or just don't want to do anymore.
[00:36:20] Okay. We are in it for the long run and we want it to be able to feel good every step of the way. So have fun, stay badass, keep building this thing on purpose, and we will talk next week. A shit ton of income, crazy impact, a business that you adore. Just by listening to this episode, you will one step closer to your very own badass empire.
[00:36:43] Now I want to hear from you. Tag me in your stories or send me a DM over on Instagram. So I can learn what resonated with you most. Oh, and if you're the kind of badass who is willing to help us out big time and take a few minutes to rate and review this podcast, make sure you send us a screenshot of that review at hello at [00:37:00] badass empires.
[00:37:00] com. So I can send you a juicy freebie to say, thank you until next time. Keep showing up for your future and we'll keep smashing goals in the next episode.
