February 2017 Income At-A-Glance
Gross Income: $10,567.00
Total Expenses : $4,396.96
Total Net Profit: $6,170.04
Total Net Profit for JANUARY 2017: $9,166.91
MONTHLY NET GROWTH: -$2,996.87 (-33%)
See below for complete details, breakdown and lessons learned.
Why are we publishing our income report?
I want to share the numbers, our struggles and our winnings with you on a monthly basis. I believe it is one of the biggest value I can deposit into you and your business in the form of tactful knowledge.
Welcome to the 4th edition of myEmpirePRO’s monthly income report.
Product/Service Income: $4,680.76
Network Marketing 2.0 Premium: The most personal 7 Figures Attraction Marketing, Business & Empire Training Portal in the world for home business owners .
- Total: $4,680.76
15 Points Checklist to 6 and 7 Figures Business: A free special downloadable PDF report that breaks down a 6 and 7 figures scalable business into 15 simple execution checklist.
7 Secrets to 7 Figure: A free webinar that reverse engineer all the top producers and earners’ exact branding and marketing activities into 7 top 1% secrets in 1 HOUR.
* We use WebinarJam for our webinar presentations.
Affiliate Income: $5,886.24
Digital Altitude (Aspire System): $5,522.26 (A platform that teaches digital entrepreneurs how to start and grow a profitable business mountain climbing as a metaphor in 18 steps with the help of a human coach.)
My Lead System PRO: $118.00 (The world’s #1 solution for network marketers, affiliate marketers, & internet marketers since 2008.)
Pure Leverage: $245.98 (All the tools you need to leverage your freedom in one spot)
Getresponse: $0.00 (All-in-one Online Marketing Platform to Grow Your Business)
Bluehost: $0.00 (All-in-one Online Marketing Platform to Grow Your Business)
Total Gross Income: $10,567.00
Business Expenses: $2,455.55
- Advertising: $1,827.43
- Amazon Web Services: $31.30
- Fiverr.com: $22.00
- Meal & Entertainment: $59.97
- Merchant/Bank Fees: 488.63
- Noble Samurai (For content marketing): $0
- Office Expenses: $7.22
- Rev.com: $19
Recurring, Subscription-based Expenses: $1,941.41
- 1ShoppingCart: 132.30
- Authorize.NET: $56.20
- ClickMagic: $17.00
- Continuing Education – Audible.com: $15.98
- Digital Altitude Affiliate Services: $17.68
- *Domain Names (Namecheap): 13.74
- Money Funnel System: $97
- *Getresponse: $164.90 (includes annual fee)
- Google Services: $11.98
- *Internet: $0.00
- Libsyn: $30.00
- Meetup: $19.99
- MyPrivateProxy: $11.75 (Used for automating Twitter and Instagram account in FollowLiker)
- *OneSuite.com: $0.00
- Pure Leverage: $173.92
- ScheduleOnce: $34.00
- Social Jukebox: $19.99
- *Taxes & Licenses: $0.00
- Travel: $626.82
- *Verizon: $258.17
- Website Hosting Fees: $225 (We recommend Bluehost)
- Zoom.us: $14.99
- SoundCloud for Podcasting: $0.00 (Paid only once a year)
- SetCronJob: $0 (Paid only once a year)
- *WebinarJam: $0 (Paid only once a year)
Total Expenses: $4,396.96
Total Net Profit: $6,170.04
Biggest Lesson Learned
As you can see, it took me a while to regroup and bring you February 2017 edition of myEmpirePRO Income Report.
A lot has changed and I want to share it all with you. Here are the highlights…
- Eliminated all petty customer products and outsourced to established processes
- Stopped babysitting…
- Focus on writing books, creating videos and high ticket coaching
- Full monetization
- Leverage overkill
Let’s get into it.
Eliminated all petty customer products and outsourced to established processes.
In order to run a successful, growing and profitable business, leveraging processes and systems is key. I have created a few systems but a problem keeps happening. They keep hitting a ceiling in growth. That’s unacceptable.
After stepping back, which was much needed, I diagnosed my business with a “misguided balance of leverage and ego.” I was reinventing the wheels.
So in February, I got rid of that part of my systems that involved memberships with lower than $5,000 entry fee with expectations of ridiculous undeserved amount of customer service and babysitting. I outsourced that whole thing to Digital Altitude which has the processes, a personal coach and more in place already for my customers.
It allows me to focus on the part that I enjoy the most which is “creating” while leaving room to serve the right people more and to make even more profits.
I Stopped babysitting…
This is something I figured out years ago but frankly, people like me are recovering addicts of this behavior; babysitting team members is just very addictive .
I used to maintain a small mastermind group of customers where I help them do everything for a fee of $500 – $1,000 per month; money which goes 100% into marketing. I did it for years until February 2017.
A lot of people’s career took off from it but I also attracted a lot of people that end up paralyzing the growth of my personal business as well as their own business because they did nothing. Even, if they had any chance in the first place, doing nothing is just wrong.
Babysitting people at anything less than the price of premium of $5,000 is a bad business model for me. It doesn’t work for “now obvious reason.” I am handing out the fish as opposed to focusing on teaching “how to fish.” metaphorically speaking.
Expectation was a big issue. I never guaranteed anything but many of the customers interpreted the offer as guarantee results in twisted remote ways. They expect non-average results in unreasonable time frames.
It was my fault.
I was enabling it. I got romantic. It was ego and not “actual caring.” I cared but intentions are simply not good enough. Now I know after losing millions of dollars over the past 7 years with this bad business model.
Needless to say, I wiped out that part of my business model and I now focus on offering me training and coaching. I can afford to deliver that at a price as low as $0 and still simultaneously build multi-million dollar businesses.
It makes sense. It doesn’t involve my personal time beyond one time. What an epiphany…
It’s also a demand and supply issue.
Pay attention here.
You see… we can’t guarantee results of any type in what we do such as coaching, training entrepreneurship, self help products etc; not even remotely. A big part of that formula to getting results depends on taking responsibility to taking action.
We have to avoid guaranteeing results and put out disclaimers for these people out here. Not because what we teach is not valid and works. It’s because people can use their ignorance to pull down your empire even if you have the right intentions.
In fact in the merchant world, self help products are considered high risk products. Do you know why? With all due respect, people (humans) are crazy. Even if they don’t do their part of deal, they complain.
When you offer to teach people what to do to make money, lose weight, become happier etc, not only do they take it as guarantee of results, they expect to do nothing and get results. Crazy right?
With a “done for you” mastermind, the offer may have come or sounded off as selling guaranteed results. It is babysitting. It doesn’t help most people to learn the required skills. It definitely doesn’t help me because I end up producing non-producers.
If you want to win BIG at the game of entrepreneurship, you have to master the art of producing producers and avoid babysitting.
I had to let go a little bit of my ego of knowing how to do it all.
Today, I focus on writing books, creating videos and high ticket coaching ($5,000 or more) rather than charging nothing to help teammates market with the hope that they will magically become top producers.
It did not work.
Just one sentence in one of my books could bring the producer out of a ‘meant to be’ producer. Losers will however be losers no matter what. I mean that respectfully.
There was an oversupply of my time in the marketplace therefore devaluing my time tremendously. That’s why our revenue dropped dramatically over the last 3-5 years. I was not not going to quit. But I am. I did. It’s not profitable.
Also, in re-discovery of my self, I prefer the ABC of ‘always be creating’ because ‘always be closing’ is becoming more and more of a thing of the past. Content is king.
“Content is the gateway drug to opportunity.” ~ Gary V
In addition to the freedom that these new moves bring to my lifestyle and business, I’ve been able to fully monetize my resources, my assets, my list, my brand, my knowledge, my intellectual property and more importantly, my time; FULL MONETIZATION.
I discovered that it’s okay to sell under-performing time for guaranteed revenue as opposed to an overkill of the theory of leverage or spending time on other people’s hope.
I love leverage but I was applying it at a very high level prematurely. I will expand more on that lesson in the near future. I also love using hope in life but I can’t afford to run my business on other people’s hope… not sure you get that… but…
Accordingly, I have eliminated services such as zoom.us and scheduleonce.com. They are beautiful services but I don’t need them at the level I am operating now.
There are also other services they can be substituted with at cheaper prices for my present volume. They are replaceable. For example, I can use Google hangout or Skype to replace Zoom for now.
All in all, it’s another massive leap forward this month. As you can see, it doesn’t always show in the numbers in the short term. That’s why I stay in the game even when things may seem to be tough.
As that old saying goes… When the going gets tough, the tough gets going.
I am the happiest I have been in a long time in my business and even in my marriage all because I stay in the game and therefore master the game. I stop taking other people’s issues too personal.
When people throw tantrums, don’t take it personal. They may just be dealing with their very own demons. Support them, love them, stay out it but support when it’s requested.
It’s all about enjoying every piece of the journey we call life. Life is beautiful and it has a lot more beauty to present more than you’ve even seen.
OLA Tux Abitogun