Why I Decided To Make $6,000 USD Less Per Month in My Business
Here's a crazy story for you.
Last month I made the decision to make $6K USD less each month. Yes. You read it right. This means 72k a year!
My accountant is like…
Maybe a little.
But the fact is I started this business to help women-owned businesses to grow their revenue primarily using Instagram. but I go beyond that too and talk about business strategy, Social Selling, partnerships and email marketing.
Today that mission is even more important to me, as a Latin mother of two girls at a time we are watching women's and minorities have their rights stripped in front of us.
Women and minorities don't just need cis men allies. We need financial independence to start empowering other business owners like us to trickle down in the community around us.
But I digress. I know you're here to know why I decided to give up 72 thousand dollars in yearly in the brink of a possible recession.
I decided to revamp my training & support membership and lower every single member's monthly rate to a new, super-low rate. We also gave partial refund to all annual members.
Six thousand per month, or 72 thousand U.S. dollars per year is how much it lowered for us.
In fact, this will cause me to not reach a huge revenue milestone for this year. But I am still certain it was the right move (damn you, ethics! haha).
But why did I change it all?
I did this because I no longer believed my old training membership model, a classic educational membership where members would get monthly classes, guest classes and lives, was the best way to help busy business owners and social media professionals moving forward.
I started my training membership almost 4 years ago and implemented lots of improvements since, but things have changed a lot in the past few years as it comes to running a business. social media, our relationship with it all and our need for boundaries. So it was time for a complete redo.
First and foremost, when I started this membership, women in business who used Instagram organic to market their services and products, needed to learn more about Instagram. Back then, I was the only one offering a membership in this style in my circle or area. Fast-forward to today and there are so many more offers. And this same demographic is now "learning too much".
They are part of several business memberships they hardly visit, they buy courses they never finish and they follow dozens of coaching who are posting about tips and hacks, sometimes contradictory.
There’s an education overload happening to women in business right now and no one is talking about it. No wonder everyone is stressed, overworked and putting more time into learning (or browsing through all this programs sales pages) than in implementing real change in their business.
I want to see real impact. Not just in your business but also in entrepreneurs's mental health and lifestyles. Because you can have an amazing business, but if you, the founder or CEO or all the above, are operating at a breaking point at all times, the business will eventually come to a crash too!
So here’s why we decided to do things differently:
I don't want people to pay for lots of classes that they don't need or have time to watch
I am not keen to one size fits all business and social media advice
I definitely don't want to offer a membership that requires people to put x hours they don't have into it each month, leading to guilt and adding to the overwhelm
I also don’t want people to know every single aspect of an Instagram feature before they even try it! Imagine the pressure of keeping track of 12 micro strategies instead of just freely try something and improve as you go!
So we changed the name, the branding, all the content and approach. It's now a much more minimalist model, if you will. You have a short library of mini classes with only the key points people need to know about each topic and really focus on the individual support inside the members group.
We lower the price by 75% (ear muffs tif you're my accountant, please!) and now we have a sustainable membership that is not adding to the hustle culture problem, but instead being accessible to people no matter their budget and giving them tailored advice and accountability.
Whether we will see the 72k or even more revenue back from this change, I am yet to see. Most likely within 6 months, yes. But I am lucky enough not to have to worry about the change if we do not.
Have you ever made hard decisions in your business? I would love to hear what they were!
Happy day,
Manu
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Manu Muraro is the founder of Your Social Team, an Instagram training membership and content shop to help social media managers and Instagram savvy women entrepreneurs to beat the algorithm and grow their organic engagement (yes, even in 2021).
This year she also launched Your Template Club, a Canva Template subscription to provide social media managers and Instagram savvy business owners with content templates designed for engagement in their inbox.
Born and raised in Brazil, Manu moved to the U.S. in 2000 right out of college to work for Cartoon Network, where she made an award winning career in creative and strategy. In 2017, Manu started Your Social Team with the mission of helping women entrepreneurs and social media managers grow engagement and sales through Instagram without the overwhelm.