1 00:00:00,160 --> 00:00:02,640 Speaker 1: Once you are already feeling burnt out. You can't push 2 00:00:02,680 --> 00:00:04,879 Speaker 1: your way through it. You can't just muscle your way 3 00:00:04,919 --> 00:00:07,320 Speaker 1: through it and hope that it goes away on its own. 4 00:00:07,320 --> 00:00:11,240 Speaker 1: Trust me, I have tried. You can't push through it. 5 00:00:11,320 --> 00:00:14,759 Speaker 1: You have to do less. You have to rest, You 6 00:00:14,839 --> 00:00:18,480 Speaker 1: have to allow yourself to be bored. We don't like 7 00:00:18,559 --> 00:00:21,199 Speaker 1: to feel bored these days, but sometimes you need to 8 00:00:21,239 --> 00:00:24,640 Speaker 1: allow that space before you can start to feel creatively 9 00:00:24,640 --> 00:00:30,640 Speaker 1: inspired again. Welcome to Imperfect Action. I'm Steph Taylor. For years, 10 00:00:30,679 --> 00:00:33,359 Speaker 1: I read all the books, downloaded all the freebies, and 11 00:00:33,399 --> 00:00:36,640 Speaker 1: did all the courses, but it wasn't until I started 12 00:00:36,679 --> 00:00:40,000 Speaker 1: taking imperfect action that my business had its first million 13 00:00:40,039 --> 00:00:45,200 Speaker 1: dollars year. Imperfect Action is about doing things before you're ready, 14 00:00:45,479 --> 00:00:50,320 Speaker 1: prioritizing consistent action over perfect action, and moving forward even 15 00:00:50,359 --> 00:00:53,759 Speaker 1: when you're not sure you're doing it right. On this show, 16 00:00:53,840 --> 00:00:57,759 Speaker 1: you can expect mindset advice, actionable marketing tips, and strategies 17 00:00:57,799 --> 00:01:01,200 Speaker 1: to build a business that brings you more profit, more freedom, 18 00:01:01,240 --> 00:01:05,599 Speaker 1: and even more joy. You want the list to get 19 00:01:05,640 --> 00:01:08,519 Speaker 1: my daily businesses. Every day, I'll send you a bite 20 00:01:08,560 --> 00:01:11,079 Speaker 1: sized prompt designed to help you grow your business in 21 00:01:11,120 --> 00:01:14,439 Speaker 1: a more Intentional Way. Sign up at Steph Taylor dot co, 22 00:01:14,719 --> 00:01:21,560 Speaker 1: forward slash DBB, or at the link in the show notes. Hey, 23 00:01:21,680 --> 00:01:24,200 Speaker 1: welcome back to Imperfect Action. This is episode eight hundred 24 00:01:24,200 --> 00:01:29,079 Speaker 1: and thirty eight. Today we're talking about setbacks and obstacles 25 00:01:29,200 --> 00:01:32,879 Speaker 1: in business because I think it's pretty much impossible to 26 00:01:33,280 --> 00:01:37,280 Speaker 1: run a business and not face a lot of setbacks 27 00:01:37,680 --> 00:01:41,319 Speaker 1: along the way. I think back, oh my journey and 28 00:01:41,400 --> 00:01:43,920 Speaker 1: all of the highs and all of the lows, and 29 00:01:44,560 --> 00:01:46,959 Speaker 1: even now when things are going good, I'm like, hmm, 30 00:01:47,040 --> 00:01:49,120 Speaker 1: what's the next thing that's going to go wrong? So 31 00:01:49,280 --> 00:01:53,319 Speaker 1: I know they are pretty much impossible to avoid, and 32 00:01:53,879 --> 00:01:55,920 Speaker 1: even if you try your best to avoid them, you're 33 00:01:55,959 --> 00:02:00,359 Speaker 1: probably still gonna end up facing various setbacks along the way. 34 00:02:00,480 --> 00:02:03,280 Speaker 1: So today I'm talking about six of the most common 35 00:02:03,319 --> 00:02:06,000 Speaker 1: ones that you may face as a business owner and 36 00:02:06,040 --> 00:02:09,479 Speaker 1: what you can do to overcome them and in some 37 00:02:09,520 --> 00:02:14,159 Speaker 1: cases even prevent them. So the first setback is slow 38 00:02:14,360 --> 00:02:18,520 Speaker 1: income growth, very common. This one. You're doing all of 39 00:02:18,560 --> 00:02:22,039 Speaker 1: the things and you think you're doing them right, and 40 00:02:22,120 --> 00:02:25,639 Speaker 1: yet your monthly income just isn't growing. And this is 41 00:02:25,719 --> 00:02:29,039 Speaker 1: so totally normal because growing a business can take a while. 42 00:02:30,000 --> 00:02:33,199 Speaker 1: But then we're shown all of these beautiful overnight success 43 00:02:33,319 --> 00:02:38,520 Speaker 1: stories that this leads you into believing otherwise. And this 44 00:02:38,639 --> 00:02:41,759 Speaker 1: is one of the hardest places to be because this 45 00:02:41,919 --> 00:02:45,280 Speaker 1: is that point where you've got a business. It's running, 46 00:02:45,319 --> 00:02:47,960 Speaker 1: but you're probably not earning as much as you would 47 00:02:47,960 --> 00:02:51,280 Speaker 1: be in your job, or you are earning as much, 48 00:02:51,280 --> 00:02:53,879 Speaker 1: but you're working much harder than you were in a job, 49 00:02:54,360 --> 00:02:57,560 Speaker 1: and you might be questioning, is this worth running my business? 50 00:02:57,800 --> 00:03:00,599 Speaker 1: Or am I just wasting my time? Would it be 51 00:03:00,639 --> 00:03:04,120 Speaker 1: so much easier if I just got a job. The 52 00:03:04,159 --> 00:03:07,080 Speaker 1: ways to overcome this, firstly, I would say stay focused 53 00:03:07,080 --> 00:03:10,800 Speaker 1: on your vision, because chances are you started your business 54 00:03:11,439 --> 00:03:14,840 Speaker 1: for a reason other than as an income source. It 55 00:03:14,919 --> 00:03:17,960 Speaker 1: might be that you wanted the freedom to travel. Maybe 56 00:03:17,960 --> 00:03:20,479 Speaker 1: you wanted the freedom to be at home with your kids, 57 00:03:20,800 --> 00:03:23,919 Speaker 1: the freedom to spend more time with your family. Whatever 58 00:03:24,280 --> 00:03:28,680 Speaker 1: that reason you started your business for, tune back into 59 00:03:28,719 --> 00:03:32,319 Speaker 1: that and remember that when you feel like you want 60 00:03:32,360 --> 00:03:35,360 Speaker 1: to give up, when you feel like you're getting nowhere. Next, 61 00:03:35,560 --> 00:03:38,960 Speaker 1: identify the source of your slow income growth. Is it 62 00:03:39,000 --> 00:03:42,919 Speaker 1: that your business simply isn't reaching enough people, or is 63 00:03:42,960 --> 00:03:46,360 Speaker 1: it that you're not converting those people into buyers? A 64 00:03:46,360 --> 00:03:48,240 Speaker 1: lot of the time when we think our growth is 65 00:03:48,240 --> 00:03:51,000 Speaker 1: because our audience growth is too slow, it's actually not 66 00:03:51,080 --> 00:03:55,599 Speaker 1: an audience growth issue. It's actually a conversion issue. People 67 00:03:55,680 --> 00:03:57,919 Speaker 1: are coming into contact with our business. They might be 68 00:03:58,000 --> 00:04:01,159 Speaker 1: visiting the website, but then they're not buying, or they're 69 00:04:01,159 --> 00:04:03,319 Speaker 1: not inquiring, or they're not signing up to work with you. 70 00:04:04,719 --> 00:04:07,479 Speaker 1: And then also with the clients that you do have, 71 00:04:08,000 --> 00:04:10,759 Speaker 1: how well are you getting them to come back and 72 00:04:10,800 --> 00:04:14,080 Speaker 1: buy from you again and again. You can do this 73 00:04:14,240 --> 00:04:18,120 Speaker 1: really well with a strategic offer suite right. You can 74 00:04:18,240 --> 00:04:20,240 Speaker 1: ensure that you are selling the right offers to the 75 00:04:20,279 --> 00:04:23,199 Speaker 1: right people and getting those people to come back again 76 00:04:23,240 --> 00:04:26,480 Speaker 1: and again, which increases that lifetime value, increases the amount 77 00:04:26,480 --> 00:04:28,959 Speaker 1: that they're spending with you over their lifetime. It also 78 00:04:29,079 --> 00:04:31,720 Speaker 1: means that you can help them at different stages of 79 00:04:31,759 --> 00:04:34,639 Speaker 1: their journey. And this is what I teach inside offer 80 00:04:34,680 --> 00:04:37,240 Speaker 1: Less Sell More, which is like a three hour course 81 00:04:37,560 --> 00:04:41,519 Speaker 1: to completely redesign your office suite to have that strategy 82 00:04:41,560 --> 00:04:43,879 Speaker 1: in place to speed up your income growth and make 83 00:04:43,920 --> 00:04:46,920 Speaker 1: it more consistent. You can find at Steph Taylor dot co. 84 00:04:47,079 --> 00:04:49,920 Speaker 1: Slash OLSM will pop a link to that in the 85 00:04:49,920 --> 00:04:52,600 Speaker 1: show notes as well. The next way to overcome that 86 00:04:52,800 --> 00:04:56,480 Speaker 1: is to get really good at budgeting. So slow income growth, 87 00:04:56,680 --> 00:04:58,480 Speaker 1: You've got to be really good at budgeting. You've got 88 00:04:58,519 --> 00:05:02,680 Speaker 1: to be really good at minimizing your operating expenses. You've 89 00:05:02,680 --> 00:05:05,560 Speaker 1: also got to be really good at minimizing your lifestyle expenses. 90 00:05:06,160 --> 00:05:08,879 Speaker 1: I don't think we talk about this enough, but especially 91 00:05:08,920 --> 00:05:12,519 Speaker 1: when you are a one person show in your business 92 00:05:13,360 --> 00:05:15,319 Speaker 1: and you feel like you can just dip into your 93 00:05:15,360 --> 00:05:20,120 Speaker 1: business account and withdraw it spend it, and that's when 94 00:05:20,160 --> 00:05:22,879 Speaker 1: you can you can run out of money, you can 95 00:05:22,879 --> 00:05:25,120 Speaker 1: find yourself in a bit of trouble. But because it 96 00:05:25,160 --> 00:05:27,480 Speaker 1: doesn't feel like it's a business expense, it's not showing 97 00:05:27,519 --> 00:05:30,959 Speaker 1: up in your profit and loss, it doesn't you don't 98 00:05:30,959 --> 00:05:35,399 Speaker 1: feel like it's really impacting your business's growth. But by 99 00:05:35,439 --> 00:05:38,519 Speaker 1: minimizing your operating expenses and your lifestyle expenses, that means 100 00:05:38,519 --> 00:05:41,279 Speaker 1: you can invest a little bit more back into your business, 101 00:05:41,680 --> 00:05:46,319 Speaker 1: investing into something like paid advertising, or working with somebody 102 00:05:46,319 --> 00:05:49,560 Speaker 1: who can help you to be really strategic with your 103 00:05:49,639 --> 00:05:52,800 Speaker 1: messaging or your positioning or your marketing so you can 104 00:05:53,040 --> 00:05:55,519 Speaker 1: or your sales so you can reach more people and 105 00:05:55,560 --> 00:05:59,399 Speaker 1: convert those people into paying clients. Buyers and then grow 106 00:05:59,560 --> 00:06:03,920 Speaker 1: your income that way. The second common setback is slow 107 00:06:04,040 --> 00:06:07,519 Speaker 1: audience growth. This is similar to the last one, but 108 00:06:07,600 --> 00:06:10,800 Speaker 1: not quite the same. Slow audience growth. Maybe you are 109 00:06:10,879 --> 00:06:13,439 Speaker 1: posting to social media, maybe you've got a podcast, you've 110 00:06:13,439 --> 00:06:16,519 Speaker 1: been growing your email list, but it's all just feeling 111 00:06:16,839 --> 00:06:21,079 Speaker 1: so slow, and you're ready to start growing faster, but 112 00:06:21,160 --> 00:06:24,959 Speaker 1: it's just not happening fast enough. And that's because organic 113 00:06:25,000 --> 00:06:29,079 Speaker 1: audience growth is slow. I've often said this, Instagram is 114 00:06:29,120 --> 00:06:31,519 Speaker 1: not an audience growth tool. It's a nurturing tool for 115 00:06:31,560 --> 00:06:34,480 Speaker 1: your existing audience. A podcast is the same. It's not 116 00:06:34,639 --> 00:06:38,319 Speaker 1: an audience growth tool, it's a nurturing tool. So to 117 00:06:38,360 --> 00:06:41,079 Speaker 1: speed up your audience growth right now, you have two 118 00:06:41,199 --> 00:06:45,560 Speaker 1: main options. The first one is paid advertising. I probably 119 00:06:45,600 --> 00:06:49,519 Speaker 1: wouldn't recommend doing this one until you've got clear messaging. 120 00:06:49,639 --> 00:06:52,519 Speaker 1: You know that your sales processes convert, you have a 121 00:06:52,560 --> 00:06:55,800 Speaker 1: strategy for taking somebody from cold to buying from you, 122 00:06:56,519 --> 00:06:58,839 Speaker 1: and you know all of this is working. You're not 123 00:06:58,920 --> 00:07:02,000 Speaker 1: just blindly throwing money into paid ads and you're like, oh, 124 00:07:02,160 --> 00:07:03,920 Speaker 1: three people clicked. I don't know if that's good. I 125 00:07:03,920 --> 00:07:06,680 Speaker 1: don't know if that's bad, because you really don't until 126 00:07:06,720 --> 00:07:10,600 Speaker 1: you have some way of knowing that people are going 127 00:07:10,600 --> 00:07:13,160 Speaker 1: through this process and how many of them are converting. 128 00:07:14,680 --> 00:07:16,839 Speaker 1: The second way to speed up your audience growth, and 129 00:07:16,879 --> 00:07:18,399 Speaker 1: this one you can do for free, and that is 130 00:07:18,439 --> 00:07:23,439 Speaker 1: getting yourself in front of other people's audiences. Partnerships and collaborations. 131 00:07:24,040 --> 00:07:28,879 Speaker 1: These are really effective. They sound really lame because everyone's like, yeah, collaborations, 132 00:07:29,720 --> 00:07:32,360 Speaker 1: but there are really effective way to grow your audience. 133 00:07:32,839 --> 00:07:36,399 Speaker 1: Pitching podcast interviews that's a collaboration. Pitching to teach to 134 00:07:36,439 --> 00:07:41,199 Speaker 1: somebody's online course or membership, that's a collaboration. Speaking at 135 00:07:41,199 --> 00:07:46,839 Speaker 1: somebody's event that's a collaboration. Pitching the media with a 136 00:07:46,920 --> 00:07:50,920 Speaker 1: story idea. That's a collaboration of sorts. These all get 137 00:07:50,959 --> 00:07:54,000 Speaker 1: you in front of other people's audiences, where then you 138 00:07:54,040 --> 00:07:59,120 Speaker 1: can send them back to your audience. Setback number three. 139 00:07:59,199 --> 00:08:02,000 Speaker 1: You might face running out of cash even if your 140 00:08:02,040 --> 00:08:05,839 Speaker 1: business is technically profitable. Your business can be making money, 141 00:08:05,920 --> 00:08:08,439 Speaker 1: it can be super profitable, and you can still have 142 00:08:08,439 --> 00:08:11,560 Speaker 1: no cash in your bank account if you haven't retained 143 00:08:11,720 --> 00:08:15,120 Speaker 1: enough cash to pay your tax bill or your GST, 144 00:08:15,279 --> 00:08:18,040 Speaker 1: or your sales tax bill, or your pay as you 145 00:08:18,120 --> 00:08:20,160 Speaker 1: go withholding, which we have to pay here in Australia, 146 00:08:20,160 --> 00:08:24,519 Speaker 1: if we have employees, these things can be a little 147 00:08:24,519 --> 00:08:27,680 Speaker 1: bit of a surprise and you can suddenly end up 148 00:08:27,759 --> 00:08:31,000 Speaker 1: with not enough cash in your bank account, or maybe 149 00:08:31,040 --> 00:08:33,720 Speaker 1: if you've been withdrawing money from your business account to 150 00:08:33,720 --> 00:08:38,240 Speaker 1: pay for lifestyle expenses. Those lifestyle expenses aren't a business expense. 151 00:08:38,240 --> 00:08:40,200 Speaker 1: They're not showing up in your business profit and loss, 152 00:08:40,639 --> 00:08:43,000 Speaker 1: but they are coming out of your bank accounts, so 153 00:08:43,039 --> 00:08:45,720 Speaker 1: they're affecting your cash balance. And if you don't know 154 00:08:45,759 --> 00:08:49,679 Speaker 1: the difference between profit and cash, please google difference between 155 00:08:49,720 --> 00:08:52,600 Speaker 1: profit and cash because that's one of the most fundamental 156 00:08:52,600 --> 00:08:55,360 Speaker 1: concepts you need to know as a business owner. It's 157 00:08:55,399 --> 00:08:58,159 Speaker 1: more important than how to get more Instagram followers, I 158 00:08:58,159 --> 00:09:02,720 Speaker 1: promise you. So how to overcome this, get really good 159 00:09:02,759 --> 00:09:06,799 Speaker 1: at budgeting for cash flow. Find a spreadsheet. You can 160 00:09:06,919 --> 00:09:11,320 Speaker 1: google templates for cash flow budgeting, cash flow forecasting and 161 00:09:11,799 --> 00:09:15,559 Speaker 1: use this spreadsheet every week. Update it and it'll allow 162 00:09:15,600 --> 00:09:19,320 Speaker 1: you to forecast your cash inflows and your cash outgoings, 163 00:09:19,639 --> 00:09:21,440 Speaker 1: so you can see what your bank balance will be 164 00:09:21,480 --> 00:09:23,879 Speaker 1: into the future. And if you see that three months 165 00:09:23,879 --> 00:09:25,720 Speaker 1: from now, your bank balance is going to hit zero 166 00:09:25,799 --> 00:09:28,840 Speaker 1: because you paid that tax bill, well now you know, okay, 167 00:09:28,879 --> 00:09:31,279 Speaker 1: you need to do something to make sure that you 168 00:09:31,320 --> 00:09:33,480 Speaker 1: are bringing in enough cash now so that in three 169 00:09:33,559 --> 00:09:35,360 Speaker 1: months time you're not going to run out of cash. 170 00:09:36,519 --> 00:09:40,799 Speaker 1: Set Back number four Unexpected tax bills kind of related 171 00:09:40,799 --> 00:09:45,159 Speaker 1: to the last one, but very unfortunately, very much a reality. 172 00:09:45,840 --> 00:09:49,000 Speaker 1: When you start making money, you also have to pay tax. 173 00:09:50,000 --> 00:09:53,840 Speaker 1: I know it sucks sometimes, and you might already have 174 00:09:53,879 --> 00:09:56,639 Speaker 1: spent this money by the time your tax bill is due. 175 00:09:56,879 --> 00:09:59,720 Speaker 1: Here in Australia, if you're a company, our end of 176 00:09:59,720 --> 00:10:01,879 Speaker 1: final actual years at the end of June, and I'm 177 00:10:01,879 --> 00:10:04,320 Speaker 1: pretty sure we don't have to pay the tax until 178 00:10:04,519 --> 00:10:07,679 Speaker 1: May the following year, that money might have already gone 179 00:10:07,840 --> 00:10:11,559 Speaker 1: by then. Now Here in Australia, the ATO, they're really 180 00:10:11,559 --> 00:10:14,120 Speaker 1: good with small businesses. They'll let you pay it off 181 00:10:14,159 --> 00:10:16,960 Speaker 1: on a payment plan with fairly minimal interest, and it's 182 00:10:17,000 --> 00:10:19,919 Speaker 1: really easy to set up. That's one great option for 183 00:10:19,960 --> 00:10:23,039 Speaker 1: managing cash flow. If you're not in Australia. I don't 184 00:10:23,080 --> 00:10:27,759 Speaker 1: know what your local tax departments do, but I would 185 00:10:27,799 --> 00:10:30,919 Speaker 1: recommend always get a good accountant, make friends with them, 186 00:10:31,480 --> 00:10:34,039 Speaker 1: ask them, Hey, what's my tax bill looking like for 187 00:10:34,120 --> 00:10:37,000 Speaker 1: this year? Seriously, because then you can start to budget 188 00:10:37,039 --> 00:10:40,840 Speaker 1: for it. Start putting away a percentage of each sale 189 00:10:40,840 --> 00:10:43,279 Speaker 1: that you make into a separate account for tax only. 190 00:10:43,799 --> 00:10:46,360 Speaker 1: That money is not your money, that is money that 191 00:10:46,399 --> 00:10:50,200 Speaker 1: belongs to the tax department, tax office. And then at 192 00:10:50,320 --> 00:10:53,360 Speaker 1: year end, if your tax bill ends up being less 193 00:10:53,399 --> 00:10:55,960 Speaker 1: than what you saved, great, Now you have a surplus 194 00:10:56,000 --> 00:10:59,000 Speaker 1: amount of cash that you can invest in something like 195 00:10:59,759 --> 00:11:03,320 Speaker 1: a group program or some coaching, or some marketing for 196 00:11:03,399 --> 00:11:05,399 Speaker 1: your business, or you can pay yourself a little bonus. 197 00:11:06,720 --> 00:11:08,679 Speaker 1: But at least you know you've got enough to cover 198 00:11:08,759 --> 00:11:12,240 Speaker 1: that tax bill. And if you haven't read the book 199 00:11:12,240 --> 00:11:16,039 Speaker 1: Profit First by Mike mccullowicks, I would highly recommend it 200 00:11:16,159 --> 00:11:19,159 Speaker 1: Profit First. He teaches a really great way that you 201 00:11:19,240 --> 00:11:22,919 Speaker 1: can start to manage where you're allocating the different amounts 202 00:11:22,960 --> 00:11:26,279 Speaker 1: of money that you get from each sale, and it 203 00:11:26,320 --> 00:11:28,320 Speaker 1: makes it so much easier. You don't end up with 204 00:11:28,559 --> 00:11:31,080 Speaker 1: these unexpected bills that you just don't have the cash for. 205 00:11:32,600 --> 00:11:37,639 Speaker 1: Set Back Number five copycats and impersonators. I get a 206 00:11:37,720 --> 00:11:41,000 Speaker 1: lot of impersonators on Instagram where somebody's literally just copy 207 00:11:41,360 --> 00:11:43,919 Speaker 1: my entire Instagram account and they're pretending to be me 208 00:11:44,159 --> 00:11:48,159 Speaker 1: and then they DM my followers. So just as a 209 00:11:48,200 --> 00:11:51,799 Speaker 1: heads up. I will never DM you and be like, hey, 210 00:11:51,960 --> 00:11:53,799 Speaker 1: you should buy my core or you should buy this 211 00:11:53,840 --> 00:11:56,480 Speaker 1: thing unless you have expressly said that you would be 212 00:11:56,480 --> 00:11:59,720 Speaker 1: interested in it. So just be mindful of that. And 213 00:11:59,720 --> 00:12:02,159 Speaker 1: also so never click a link that looks really weird, 214 00:12:02,279 --> 00:12:05,159 Speaker 1: because that is how you get scammed. So that's impersonation. 215 00:12:06,039 --> 00:12:09,559 Speaker 1: Copycats are more somebody who is copying your intellectual property, 216 00:12:09,639 --> 00:12:12,480 Speaker 1: your IP. And that might be your business name, it 217 00:12:12,559 --> 00:12:15,440 Speaker 1: might be your course name, your course content, your podcast name, 218 00:12:15,480 --> 00:12:19,440 Speaker 1: your ebooks, your designs, your logo, anything that is your 219 00:12:19,639 --> 00:12:23,440 Speaker 1: property that you have created. It's like digital property that 220 00:12:23,600 --> 00:12:27,000 Speaker 1: is theft. If you think back to the two thousands 221 00:12:27,039 --> 00:12:30,080 Speaker 1: early two thousands when they had those wonderful ads, you 222 00:12:30,080 --> 00:12:32,639 Speaker 1: wouldn't steal a car, you wouldn't steal this, you wouldn't 223 00:12:32,679 --> 00:12:35,039 Speaker 1: steal that at the beginning of like every DVD that 224 00:12:35,080 --> 00:12:40,240 Speaker 1: you hired or every video that you hired IP is similar. 225 00:12:40,320 --> 00:12:44,240 Speaker 1: It's property that you can't physically hold on to and 226 00:12:44,320 --> 00:12:46,840 Speaker 1: keep and somebody can go and copy that and it 227 00:12:46,919 --> 00:12:52,480 Speaker 1: is still stealing. So if your business name isn't trademarked 228 00:12:52,919 --> 00:12:56,000 Speaker 1: and somebody goes and copies it, most of the time 229 00:12:56,000 --> 00:13:00,320 Speaker 1: there's not much you can do now this very from 230 00:13:00,360 --> 00:13:03,759 Speaker 1: country to country, so always talk to a lawyer in 231 00:13:03,799 --> 00:13:07,960 Speaker 1: your country. My general understanding in Australia, I'm not a lawyer, 232 00:13:07,960 --> 00:13:11,480 Speaker 1: but my general understanding is that your course content, your ebooks, 233 00:13:12,559 --> 00:13:15,440 Speaker 1: content that you've created on social media that is all 234 00:13:15,759 --> 00:13:18,360 Speaker 1: under the Copyright Act, so you don't need to go 235 00:13:18,399 --> 00:13:22,600 Speaker 1: and trademark the actual content. But if your course has 236 00:13:22,639 --> 00:13:26,279 Speaker 1: a really cool name, like launch Magic, for example, I've 237 00:13:26,320 --> 00:13:28,720 Speaker 1: trademarked that name so that nobody else is going to 238 00:13:28,720 --> 00:13:32,840 Speaker 1: go and create a launch Magic. But if you have 239 00:13:33,080 --> 00:13:35,200 Speaker 1: a course and somebody goes and copies all of your 240 00:13:35,200 --> 00:13:38,039 Speaker 1: course content and then start selling it to their audience, 241 00:13:39,080 --> 00:13:42,519 Speaker 1: that is copyrighted content, and then you can take action 242 00:13:42,639 --> 00:13:46,519 Speaker 1: against them. That is my general understanding. Talk to a 243 00:13:46,559 --> 00:13:50,600 Speaker 1: lawyer if you have a copycat. But prevention with this 244 00:13:50,879 --> 00:13:54,159 Speaker 1: is always better than having to deal with it when 245 00:13:54,200 --> 00:13:59,440 Speaker 1: it happens. So trademarking brand names really really important. I 246 00:13:59,519 --> 00:14:02,039 Speaker 1: know it's it's not cheap. It's kind of annoying when 247 00:14:02,080 --> 00:14:04,519 Speaker 1: you're like, well, I'm spending, however, many hundreds of dollars 248 00:14:04,600 --> 00:14:08,039 Speaker 1: doing this thing and I'm not really seeing any kind 249 00:14:08,080 --> 00:14:10,759 Speaker 1: of result from it. It's one of those things. That's 250 00:14:10,799 --> 00:14:13,559 Speaker 1: like insurance, right. We don't pay for insurance because it's 251 00:14:13,639 --> 00:14:15,919 Speaker 1: giving us a win. We pay for insurance to cover 252 00:14:15,960 --> 00:14:19,000 Speaker 1: our butts when something goes wrong. And if it could 253 00:14:19,000 --> 00:14:21,480 Speaker 1: be expensive if somebody copied you, Like if somebody copied 254 00:14:21,559 --> 00:14:24,240 Speaker 1: launch Magic, it would be really annoying because I would 255 00:14:24,279 --> 00:14:26,399 Speaker 1: have to go and get a new logo done. I've 256 00:14:26,559 --> 00:14:28,919 Speaker 1: built up a lot of brand equity around Launch Magic. 257 00:14:28,919 --> 00:14:32,360 Speaker 1: People know the name, so if it would be expensive 258 00:14:32,480 --> 00:14:34,519 Speaker 1: for somebody to copy you, it would be expensive for 259 00:14:34,519 --> 00:14:38,360 Speaker 1: you to change things, then go and trademark them. Get 260 00:14:38,440 --> 00:14:43,120 Speaker 1: legal advice as well. My friend Riz from found Legal 261 00:14:43,240 --> 00:14:47,320 Speaker 1: that's found with two d's found d. She and her 262 00:14:47,399 --> 00:14:52,120 Speaker 1: team have created this fantastic copycat kit. I'm pretty sure 263 00:14:52,120 --> 00:14:54,639 Speaker 1: if you even just google copycat kit you'll find it. 264 00:14:55,320 --> 00:14:57,039 Speaker 1: But we'll also include a link to it in the 265 00:14:57,080 --> 00:15:00,320 Speaker 1: show notes. And essentially what it is is it's a 266 00:15:00,320 --> 00:15:05,000 Speaker 1: little kit of legal things for if somebody has ripped 267 00:15:05,039 --> 00:15:09,080 Speaker 1: off your trademark or has copied your things, and what 268 00:15:09,200 --> 00:15:11,519 Speaker 1: to do and all of the templates and things that 269 00:15:11,559 --> 00:15:17,039 Speaker 1: you need to fix the situation. Okay, set back number 270 00:15:17,279 --> 00:15:23,159 Speaker 1: six burnout. I've experienced this a few times in my business, 271 00:15:23,320 --> 00:15:26,559 Speaker 1: and I've seen this happen to a lot of my 272 00:15:26,600 --> 00:15:31,200 Speaker 1: business friends over and over again. And it's a big spectrum. 273 00:15:31,200 --> 00:15:34,159 Speaker 1: Like on one end, on the extreme end, burnout can 274 00:15:34,200 --> 00:15:37,919 Speaker 1: look like severe depression. But on the less extreme end 275 00:15:38,039 --> 00:15:42,080 Speaker 1: and maybe like the earlier warning sign is when you're 276 00:15:42,200 --> 00:15:45,360 Speaker 1: experiencing a creative lull or you're not feeling inspired, you're 277 00:15:45,360 --> 00:15:49,200 Speaker 1: not enjoying what you do anymore, super super common, especially 278 00:15:49,240 --> 00:15:52,399 Speaker 1: in the missy middle stage of your business, when you 279 00:15:52,480 --> 00:15:55,360 Speaker 1: might be working really hard, spinning your hamster wheel and 280 00:15:55,399 --> 00:15:59,080 Speaker 1: you feel like you're not getting anywhere and it's exhausting. 281 00:16:00,080 --> 00:16:03,639 Speaker 1: Now with burnout, preventing it is much easier than fixing it, 282 00:16:04,600 --> 00:16:09,120 Speaker 1: but it's really hard because it goes against what most 283 00:16:09,320 --> 00:16:14,840 Speaker 1: business owners naturally what then natural tendency is, which for 284 00:16:14,960 --> 00:16:17,759 Speaker 1: most of us, the tendency is to work harder, the 285 00:16:17,799 --> 00:16:23,600 Speaker 1: tendency is to be overachievers. But preventing it means prioritizing rest, 286 00:16:24,159 --> 00:16:28,600 Speaker 1: it means doing less. It means prioritizing exercise, connection with 287 00:16:28,679 --> 00:16:33,200 Speaker 1: friends and family, eating well, not living off coffee and 288 00:16:33,240 --> 00:16:36,919 Speaker 1: adrenaline NonStop, which I have gone through stages in my 289 00:16:36,960 --> 00:16:40,000 Speaker 1: business where I have literally been living off coffee and adrenaline, 290 00:16:40,799 --> 00:16:43,519 Speaker 1: and it's not good for your body, it's not good 291 00:16:43,519 --> 00:16:46,879 Speaker 1: for your mind. And then that's when you stop feel 292 00:16:47,200 --> 00:16:49,879 Speaker 1: feeling inspired, you stop feeling creative, because you are literally 293 00:16:49,919 --> 00:16:54,000 Speaker 1: in fight or flight. You're literally in survival mode, and 294 00:16:54,159 --> 00:16:55,799 Speaker 1: it gets to this point where your body's like, I 295 00:16:55,840 --> 00:16:59,360 Speaker 1: actually cannot do anymore. And that's when burnout sets in. 296 00:17:00,360 --> 00:17:02,399 Speaker 1: So once you are already at that stage where you 297 00:17:02,440 --> 00:17:05,319 Speaker 1: are burnt out, and I know that some of you 298 00:17:05,359 --> 00:17:07,240 Speaker 1: listening to this will be because this is a question 299 00:17:07,279 --> 00:17:08,640 Speaker 1: I get a lot of the time, like how do 300 00:17:08,720 --> 00:17:11,799 Speaker 1: I deal with it? Once you are already feeling burnt out, 301 00:17:11,839 --> 00:17:13,960 Speaker 1: you can't push your way through it. You can't just 302 00:17:14,079 --> 00:17:16,599 Speaker 1: muscle your way through it and hope that it goes 303 00:17:16,640 --> 00:17:19,559 Speaker 1: away on its own. Trust me, I have tried. You 304 00:17:19,599 --> 00:17:22,839 Speaker 1: can't push through it. You have to do less. You 305 00:17:23,000 --> 00:17:26,440 Speaker 1: have to rest, You have to allow yourself to be bored. 306 00:17:27,599 --> 00:17:30,799 Speaker 1: We don't like to feel bored these days, but sometimes 307 00:17:30,880 --> 00:17:33,799 Speaker 1: you need to allow that space before you can start 308 00:17:33,799 --> 00:17:38,359 Speaker 1: to feel creatively inspired again. If you can try to 309 00:17:38,400 --> 00:17:40,640 Speaker 1: cut back on your work, take time off, if you 310 00:17:40,680 --> 00:17:44,359 Speaker 1: can maybe bring in some support, maybe hire an assistant 311 00:17:44,440 --> 00:17:47,759 Speaker 1: to help take some things off your plate and then 312 00:17:47,880 --> 00:17:50,119 Speaker 1: create some time to do a few things that you 313 00:17:50,200 --> 00:17:53,119 Speaker 1: love each week, catch up with a friend, or do 314 00:17:53,160 --> 00:17:55,960 Speaker 1: a pottery class, or do yoga, whatever it is that 315 00:17:56,000 --> 00:17:57,839 Speaker 1: you can put in your calendar, so you've got something 316 00:17:57,880 --> 00:18:00,880 Speaker 1: there that you enjoy and you look forward to that 317 00:18:01,119 --> 00:18:05,160 Speaker 1: isn't related to just the monotony of every single day, 318 00:18:05,359 --> 00:18:10,119 Speaker 1: and it's not related to work. Okay, So prioritizing those 319 00:18:10,160 --> 00:18:13,519 Speaker 1: things they are so important. You know, we talk about 320 00:18:14,000 --> 00:18:16,440 Speaker 1: we talk about self care a lot in our society, 321 00:18:16,480 --> 00:18:18,640 Speaker 1: and we talk about putting your oxygen mask on first 322 00:18:18,640 --> 00:18:22,559 Speaker 1: so you can help other people, But how often do 323 00:18:22,640 --> 00:18:28,240 Speaker 1: you actually practice that? How often are you prioritizing yourself 324 00:18:28,279 --> 00:18:30,680 Speaker 1: so that you can show up for everybody else in 325 00:18:30,720 --> 00:18:34,359 Speaker 1: your life, your clients, or your family or everybody who 326 00:18:34,359 --> 00:18:38,720 Speaker 1: depends on you. So I mean this is like this 327 00:18:38,799 --> 00:18:41,079 Speaker 1: warrants an entire episode on its own. I've talked about 328 00:18:41,119 --> 00:18:44,279 Speaker 1: burnout a bit in the past, but this is really 329 00:18:44,319 --> 00:18:47,960 Speaker 1: just an overview, like you need to prioritize yourself otherwise 330 00:18:47,960 --> 00:18:50,559 Speaker 1: you will burn out. You need to rest otherwise you 331 00:18:50,599 --> 00:18:54,880 Speaker 1: will burn out. Okay, So there you have at six 332 00:18:55,200 --> 00:18:58,920 Speaker 1: very common setbacks that you may face as a business owner. 333 00:18:58,960 --> 00:19:00,519 Speaker 1: I hope you don't face all of them at the 334 00:19:00,519 --> 00:19:03,720 Speaker 1: same time, but it's not uncommon to face a couple 335 00:19:04,160 --> 00:19:06,480 Speaker 1: at once, and it can feel really hard, and you 336 00:19:06,480 --> 00:19:08,359 Speaker 1: can feel like you want to give up. But I 337 00:19:08,400 --> 00:19:11,240 Speaker 1: promise you they will pass, and you will become stronger, 338 00:19:11,279 --> 00:19:13,440 Speaker 1: and you will learn lessons from them so that they 339 00:19:13,440 --> 00:19:16,279 Speaker 1: don't happen again. But in the meantime, I hope this 340 00:19:16,359 --> 00:19:20,519 Speaker 1: episode really helped you to overcome these stepbacks. Thank you 341 00:19:20,559 --> 00:19:23,000 Speaker 1: so much for listening. If you haven't already left a 342 00:19:23,119 --> 00:19:26,319 Speaker 1: rating and a review, please do take two minutes to 343 00:19:26,519 --> 00:19:29,960 Speaker 1: do so, probably even less like thirty seconds. Hit the 344 00:19:30,000 --> 00:19:32,160 Speaker 1: little number of stars for however many stars you think 345 00:19:32,160 --> 00:19:35,119 Speaker 1: this show is and write a little sentence about what 346 00:19:35,200 --> 00:19:39,000 Speaker 1: you enjoy about this show. I really appreciate every single one. 347 00:19:39,039 --> 00:19:42,039 Speaker 1: I read them all, And if you're not already subscribed 348 00:19:42,039 --> 00:19:44,920 Speaker 1: to the show, hit subscribe or follow and it'll just 349 00:19:45,079 --> 00:19:47,200 Speaker 1: mean that you get every new episode straight to your 350 00:19:47,200 --> 00:19:50,359 Speaker 1: podcast app every Monday, Wednesday and Friday. Thank you so 351 00:19:50,440 --> 00:19:52,079 Speaker 1: much for listening. Catch you next time.