I heard this term from Russell Brunson. It refers to when someone has success in business, gets too confident and fails, then crashes and burns.
This happened to me recently. I’m going to write about how I recovered and got back on top. I’ll be updating this article every day so if it doesn’t look finished, come back tomorrow 😉
Steps I Took To Recover My Success
It sucks to fail. It’s a risk we take as entrepreneurs but that doesn’t mean it doesn’t hurt. I saw it coming too, I was just not working efficiently like I should have been.
felt the pain
I had to take a breath and feel the pain. I was embarrassing to borrow money, I felt horrible looking at my wife and kids knowing that I had to get on top of it just so they could have a place to live and food to eat.
Feeling the pain and internalizing it was important because it’s fuel to move forward.
Made a Plan
Realized I was not happy with my current clients and the services I was providing.
Mostly I found myself in a spot providing super premium services for way too little money. The clients hated me, and I hated them. I should not have taken on these deals. It was a favor for a family member so part of my plan was to cut ties working with family.
I realized I can provide services that WILL dramatically help the majority of businesses without trying to be a “premium service provider”
I told myself over and over to provide profitable services for both me and my clients, NOT premium.
Profitable, not premium.
Let that sink in.
I noticed some of my most successful clients are ones I built a basic template site for and optimized their listings to get them ranked higher. Once client went from almost bankrupt to over a million dollars in 3 months and I didn’t have to offer the world to them.
I can help businesses succeed then choose the clients I want to offer premium services to.
I still want to be the best, I just want to choose who I’m offering the best services to.
Added new services
I added profitable and easy to sell services to the front end of my pipeline.
- social posting and curation.
- Local SEO
- Basic template sites for lower upfront but ongoing monthly fees
- SMS marketing for restaurants
This might seem like a lot, but they are very easy services to sell and you can get yourself to a solid $5k – $10k pretty quickly in recurring revenue.
Wealth is Time Not Money
You make enough money. But are you making it in the time you want?