Happy 5-Reps Friday!
Here's what's new on the Obvious Choice Podcast. Please click to listen:
Moving on, here are 2 coaching concepts, 2 business nuggets, and a quote to consider this week.
2 Coaching Concepts
Trying to lose weight is a mistake for most people.
Instead, set a goal to lose body fat and gain muscle.
The number on the scale might not change but your body and health markers will.
Drink alcohol sparingly, or not at all.
Alcohol interrupts sleep.
Alcohol encourages swelling.
Alcohol inhibits hormones needed for recovery.
Alcohol annihilates health. It is literally poison.
2 Business Nuggets
Things like forming a legal corporation and getting a logo may be hard, time intensive, and expensive but we know we can do them. Then there’s sales. Does anybody actually want the thing? Will they pay money for it? Because if they don’t, none of the other stuff matters.
Well-wishes and intentions don’t matter; actions do. A lot more people fail because they don’t have enough sales than go under from a lack of a logo. The first step must come before the second.
Coaching is a business model that kicks off a lot of ongoing cash.
Done right, margins are high and expenses low. On the other hand, coaching businesses generate income primarily through active work and are rarely sold for big bucks.
As a result, successful coaches tend to be tempted by opportunities promising additional revenue streams, low-cost membership platforms, passive income, or building software.
The thought process is that cash flowing businesses won’t ever make you ‘rich’. That’s not true. It’s the opposite. We have better odds at getting rich with a coaching service than almost any other entrepreneurial endeavour so long as we don’t get distracted.
Todd Herman, the author of The Alter Ego Effect, like me, runs both a coaching business and Software As A Service (SAAS) company. He posted the following counterintuitive truth to his Facebook that I shared.
- Works 8-12 hours per day
- Makes $1-5k per month
- Works the same or less
- Makes $5k - $100k per month
Yet people call SaaS revenue “passive."
And the coaching model “unscalable."
Highly profitable cash flowing businesses are frowned upon. The moment somebody succeeds in one, they often switch to a worse model where they work more hours for less money.
In many cases, yes, we should trade our time for money. But our time should cost a lot. If we’ve found work that is meaningful and fulfilling to us, we should do that work.
Most people are better off trading time for money, getting paid up front, investing intelligently, and increasing their value versus chasing influencer status, mythical scalable productization, low-end subscription services, or passive revenue.
1 Quote to Consider
"Courage is the root of change—and change is what we’re chemically designed to do. So when you wake up tomorrow, make this pledge. No more holding yourself back. No more subscribing to others’ opinions of what you can and cannot achieve. And no more allowing anyone to pigeonhole you into useless categories of sex, race, economic status, and religion. Do not allow your talents to lie dormant, ladies. Design your own future. When you go home today, ask yourself what you will change. And then get started.”
- Bonnie Garmus (From Lessons in Chemistry)
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Had one coffee today. Think it's time for a second. A while back I gave up coffee just to prove that I could. Then I started drinking it again. Life's better with coffee. Good coffee. Not Tim Hortons coffee. Canadian's seem to be genetically predisposed to like it. Which is weird. it's not good coffee. Anyway, hope you're awesome!
P.S. Got em'
In October 2022, five-year-old Nova Kennedy had a dinnertime headache. Within 48 hours, she was in emergency surgery for brain cancer.
Over the next nine months, Nova bravely faced surgery and six grueling rounds of chemotherapy. Without financial support, her family would also have had to face a lifetime of debt.
Her story sheds light on an often-unseen aspect of childhood cancer: financial devastation.
With average costs at a staggering $833,000, many families find themselves facing serious debt and income loss.
Together, we can help.
I'm hosting the first-ever Obvious Choice business summit in Support of the Tyler Robinson Foundation, which provides crucial financial assistance to families battling pediatric cancer, helping with rent, utilities, transportation, and more
This virtual event is:
~100% free to attend
You can learn more and register here:
*Can't make it live? No problem. You can purchase a lifetime access pass with 100% of your purchase going to support charity.
After registration, you will have the option to purchase lifetime access of the recordings for $99 and/or make a donation.
I'm paying all costs of the event. 100% of all revenue collected through recording purchases, donations, and sponsorships will be donated to the Tyler Robinson Foundation (TRF) in Nova's name.
Speakers range from $100 million business owners, 7-figure Mompreneurs, and leading researchers on marketing, focus, and happiness.
- Ben Patrick (@Kneesovertoesguy)
- Dr. John Berardi (Founder: Precision Nutrition)
- Charlie Hoehn (Marketing genius behind Tim Ferriss and David Goggins)
- Dr. Gloria Mark (Leading academic on staying focused in the age of technology)
- And so many more.
We're going to teach you how to market and sell to humans.
And at the same time, we're going to be supporting a great cause.
Here is the link to register:
I hope you join us.
P.S. I'm proud to announce that we're already close to $10,000 raised for charity through the event. I'd like to raise a lot more.
Coach. Author. World explorer. But mostly, Dad.