Here are a few things I know to be true:
You (yes, you!) have what it takes to create a thriving online, service-based business.
Your core business of helping clients directly with whatever obstacles stand in their way is enough — and you can earn six figures doing just that.
You do not have to make your entire life about work to achieve this kind of success.
Simply put, business doesn’t have to be so hard.
However, I also know that many of you don’t really buy into all of this. Maybe you agree at a surface level, but are you really running your businesses in a way that affirms these truths?
Probably not, and I think I know why.
Over the years of working with my own clients and chatting with all of you amazing women who make up our online community, it’s become pretty clear that there are seven big myths holding you back from building businesses that bring in the kind of money you need to thrive.
This is big, friends.
These myths have the power to impact the way you run your business, where you invest your time and money, the decisions you make for yourself and your family, and whether you’ll ultimately achieve that $100,000 goal.
Which is why I’m going to now take them down, one by one.
Myth #1: Work, Work, Work…then Work Some More
This is by far the most pervasive of all seven myths, so I want to tackle this one up front.
Virtually everyone I talk to is under the impression that successful online businesses are built on the blood, sweat, tears, working weekends, missed family parties, and sleepless nights of their founders.
I believe this myth comes from the misconception that more is more, hence the only way to get more out of your business is to put more hours into it.
In practice, this means you’re all working way too f*&%cking hard!
Truth: You can build your online business from the ground up – and grow it to reach six-figure earnings – by working an average of 30 hours per week or less. Tweet that!
It may sound impossible, but it’s totally doable. The caveat is that you have to be working the right way. That means you need systems, a schedule, a clear plan, and laser-like focus.
My Personal Recommendation for YouSetting a New Income Goal? Avoid This Common, Dollar-Draining MistakeMyth #2: Diversify Your Revenue Streams
There’s a lot of advice out there that implies the only way to make big money with an online business is to set up multiple streams of income through things like one-on-one coaching, group programs, evergreen products, etc.
The underlying assumption is that diversification naturally trumps specializing, which, honestly, is total BS.
What you may not be getting out of this advice is a clear picture of what it really takes to create, market, and sell all those different services and products. They each require different skills, strategies and systems, and you won’t likely succeed at all of it the first time you try.
We’re talking a whole lot of time, energy, and money (either in expenses or lost income) spent not putting your eggs in one basket.
That’s why I coach my clients to do the opposite: focus all their energy on one thing (usually one-on-one services) and really KILL IT. You can always branch out later, when you and your business are more financially secure and creatively unconstrained.
Truth: Multiple streams of income is not required for six-figure success (Tweet that!), and heading in that direction is likely to prevent you from reaching your financial goals because it can destroy your focus, scatter your energy, and damage the reputation you’ve built up in your audience.
Myth #3: The Big Money is in the Downloads
After that last one, I know what you’re thinking.
“Okay, Jenny, but surely I need to sell products, programs or courses to really make six figures, right?”
It’s so, so tempting to buy into the myth that the big money is in the “make money while you sleep” products. We want to believe that investing everything for three or four months into developing The Next Big Thing will pay off massively when we launch it.
Betting on big wins like this may seem thrilling, and maybe like what being in business is all about. But you need mega marketing chops and a super-sized list to ensure that 1-3% conversion rate on digital downloads really makes bank.
Truth: You can create a six-figure business doing nothing but offering your one-on-one services, and it’s actually much easier to do it this way than by focusing on multiple things. Tweet that!
I hit my $100,000 goal exactly this way, and it’s what I teach my clients. And no, you don’t have to work long hours (Myth #1) or charge ridiculous prices (Myth #4).
Myth #4: Price Gouge or Bust
If you’re focused on providing one-on-one services, you may believe you either have to work with hundreds of clients or charge ridiculous high prices in order to make six figures.
But the choice between running yourself ragged with that many appointments or price gouging the very people you want to help seems like an impossible one to make.
Well that’s because it’s – you guessed it – totally not necessary.
Truth: It’s all about charging the right prices based on the value you offer and seeking out the type and amount of clients that will help you reach your financial goals. (I love teaching my clients to “do the math” the right way to find these magic numbers!)
My Personal Recommendation for YouHow to Overcome Your Money Hang-ups and Finally Start Charging What You’re WorthMyth #5: You Need a Mega-Sized List
Loads of online business owners believe they need a colossal email list in order to make any real money at their businesses.
This is a trap a lot of us can fall into, especially once we get the importance of list building. (And it is SUPER important!)
But believing that it’s all a numbers game where you just have to send as many emails as you can to as many people as possible can set you up for failure.
How?
Well, you might focus too much energy on adding to your list and ignore the people already on it, who need to be nurtured so they transition to paying customers. Or you could fall into the trap of engaging in shady list-building techniques to boost your numbers, but end up with a pretty useless, low-quality list. Worst of all, you may get discouraged that you’ll never build a massive list and give up on it altogether.
Truth: You can hit six figures with the right strategy and a high-quality list of only 1000 people who you regularly reach out to in the right ways. In fact, 1000 is the magic number where things really start to take off — it’s all about the quality of the list and how well you use it.
Myth #6: It’s Meant to Be (or Not)
When you take something on as demanding as starting and running your own business, it’s tempting to place a bit of the responsibility for its success … somewhere else.
I hear a lot of talk about success being linked to luck, fate, karma, etc. People talk about it like it just happens to you, or doesn’t.
Truth: You create your own success! Tweet that!
This is exactly why I called my three-month coaching intensive Make It Work Online. This is my most successful program to date because it teaches you how to take control of your business and do everything in your power to, well, make it work!
Myth #7: Owning a Business Means You Go It Alone
“It’s my business, so I guess have to figure it out on my own.”
“If I were a real entrepreneur, I’d be able to handle this.”
“I don’t need to get help. All the information I need is online. I just need to find it, read it, and put it into practice.”
In the online business world, this sort of thinking is all too common.
And it’s funny, because I can’t think of any other big, human endeavor where a person is tricked (or tricks herself!) into thinking she has to go it entirely alone, without proper preparation or support.
Truth: Maybe you can learn and do every single thing on your own … eventually… but you really don’t have to! There’s nothing like a coach or mentor to show you the fastest route to success and a group of like-minded women to support you as you go. If you could bring your business to six figures in six months with support or three years on your own, which would you choose?
This myth is exactly why my Make $10K program combines personal coaching (with yours truly!) with the masterminding brainpower of a small group of like-minded, kick-ass businesswomen.
Over to You
I’d love to hear what you think of the 7 myths I identified. Tell me in the comments…
Did I miss any other myths that can get in the way of our success?
Which of these myths hits closest to home for you and your business?
Which of them are the hardest to let go of and move past?
Feel free to share and help each other. That’s what this community is for!
Thanks Jenny! This is great. I think myth #1 hits closest to home for me and I need to focus and stick to my schedule. I spend a lot of time thinking about what might be the next awesome solution instead of just focusing and getting things done.
Focusing on what needs to be done right now to reach your goals is essential. Working smart will save your bacon in the long run, Renee, so keep focused and on that schedule!
Yes, myth 5, mega list, is a great one. There’s a bit of an obsession around having a large list. It’s all in the quality and taking steps every day to grow it. I don’t have a large list but I get great response from what I put out there. With list building you also have to remind yourself that it’s about sharing value and building trust. You could have a mega list tomorrow but until people know, like and trust you then it’s worth nothing.
I put something out to my list last week offering a free session to walk people through the Media Hack Technique which I’ve put together, it’s a quick and easy way to find PR opportunities. People came back to me interested in the session and one, who said they had been onthe list for some time, asked for me to quote for a coaching programme and also to quote for some guest blogging work for one of their clients.
It’s not about the numbers but the value you bring.
You’re so right, Debbie! It is all about the quality. We can have a mega sized list of uninterested, unengaged, wrong targets and it won’t do us a lick of good! The nurtured, focused, engaged list is what build a strong business.
By the way I LOVE “Media Hack” — such a great name! Would you share the link here? I think people would love to know more. Okay, even I want to know more!
Thanks for being here and sharing your experiences. Always great to have you!
Jenny Shih! I love you. Thank you. You always make me feel sane again. And you tell me what I want to hear, which also happens to be what I believe deep down. Myth #2 was really timely because I was just thinking about whether I was crazy for not jumping into creating an e-course. I’m just getting started with one-on-one services, so starting to develop a new service doesn’t feel natural for me at the moment.
Thank you, Amy! I definitely want you to feel sane — it’s easier to focus on your biz that way! I’m so glad that I was able to keep you focused on the right things right now. Yes, definitely stick with one thing (one-on-one) and go big with it before you branch out. It’s definitely a quicker way to success. Good luck!
Myth #2: Diversify Your Revenue Streams is such a huge problem when you are starting out. It seems so logical, but it is a strategy to implement over time, as you hear from clients what other types of support would be useful to them. This is definitely a myth that stems from comparisonitis – “I’ve got to be doing what everyone else is doing….”
The whole list is worth coming back to, again and again, Jenny!
Thanks for sharing which one hit home with you, Deb. #2 is a biggie for new business owners and such a distraction from what will actually help their biz!
Thank you for saying it’s a list that’s worth coming back to. I definitely think so, too! 🙂
Hey Jenny,
As always, great advice! I think myth 2 and 3 really resonate with me. I tend to spread myself too thin, then become overwhelmed! Also, I’ve been killing myself trying to get all these workshops prepared for marketing a particular program. I feel like I have been just spinning my wheels. Thanks for the clarity!! I can’t wait til I can afford to work with you!! 🙂
Focusing on the one thing you know you can deliver on (and deliver on well) is a HUGE time and energy saver plus an approach that definitely puts you in motion for making solid money in your biz. You can do it!
You are so wise my dear. Thank you for sharing all your goodies with the world. It has been so helpful to me!
You’re welcome, Amy!
Others Mythos or truth?
You need money in order to make money!
You need to learn and keep up to date with tech know how or you either are doomed or totally dependent on others!
Good ones!
So true, Jenny – thanks for putting the record straight!
I sometimes mini-panic about #2 thinking that maybe I’m doing it wrong by NOT diversifying but to me, creating several income streams feels totally wrong and overwhelming so thanks for the re-assurance!
Another favourite is #3 – when clients ask me about this, I explain from the start that they essentially become a marketing business, doing less of the hands-on work they love. If that’s the route then want to take, cool but I think it’s essential they understand what their business will look like day-to-day before finding themselves stuck in one they hate.
Your myth busting takes me back to when I was looking for a business coach (before I met and worked with you), and was told by a very successful one that to reach my goals I had 2 choices:
1. Grow the business, taking on employees (which would make me a manager of people, taking me away from what I loved to do) and sell it.
2. Franchise.
Neither of these choices appealed to me, and a small voice inside didn’t believe that these were my only options. I’m so glad I didn’t listen and found you instead!
I think it’s easy to go on ‘auto’, following the trodden path and believing the myths without questioning what our options really are, or if there is a different way to do things. That’s what I love about you – you question everything, then prove to us all that we can choose, giving us the confidence to do things differently. Thank you!
Love how you put this, Alicia. You’re right — that digital products are fine, and I definitely know why people love them. But it does make the creator a MARKETER first and a CREATOR (or coach or whatever) second. As long as they’re good with that, great!
It’s fun watching you evolve and grow in your biz. Keep it up!
Hi Jenny –
I look forward to your blog posts each week, your advice is so practical and always timely! I am finally working on #2 and taking your advice of just offering one-on-one sessions. I can’t believe how much the energy has shifted! I am getting more inquiries now, than I ever have. And I haven’t even shifted my website content yet! My whole perspective on how I market and what information I put out there has become so much clearer and dare I say it…easier!
I have lots of work still to do (so I guess letting go of #1 is still tricky, but I feel like I am so new, there is just more to do right now.) But, the path is much clearer!
Happy to hear that the focus helped, Kristi! It can be HUGE!
Yes, there is lots to do, but stay on track and make sure you have a smart plan. If you haven’t grabbed this already, do so: https://jennyshih.com/2014/11/online-business-success-formula/
Best of luck and keep at it. Persistence is what makes it all work out in the end!
Thanks Jenny!
I have been listening to your Launch and Grow series over the last month and steadily working through it. It has been such a fantastic resource!
Hi Jenny,
You’re always so eloquent with great points. As a Gemini, or just as me, I’ve always loved putting my fingers in many pies at once. Your MIWO program is outstanding in clarifying a lot of these steps and I highly recommend it to those who haven’t had the privilege yet of coaching with you. It’s easy to say, I wish I had done it sooner only maybe I appreciate you now more after so many months of experience.
Hugs,
Karen
That’s so incredible of you to share here, Karen! Thank you!! <3