28: The Profitless Myth Behind "More Products = More Money" - heyhaley.com

28: The Profitless Myth Behind “More Products = More Money”

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I help entrepreneurs use sales psychology to create consistent, evergreen 10k+ months with a course or membership site. Ditch live launching, expensive Facebook ads and slow growth.

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ABOUT THIS EPISODE:

You can make $500,000 with ONE course. Do you realize that? We overcomplicate our offers and think, “more offers mean more money.” This keeps you thinking smaller than what you could do with a single product. Let’s break down the math of this, because I want you to fully understand how you can think way bigger with way less, and make way more of an impact.

[02:44] Haley’s “1 Rule” before you hit 6-figures

[06:00] Why you can think way bigger with way less and make more of an impact

[09:40] The math behind why having one offer is better than having multiple offers

LINKS MENTIONED IN THIS EPISODE

@haleyburkhead on Instagram

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CHECK OUT THIS EPISODE FULLY TRANSCRIBED

[Click Here for RAW, Unedited Transcript:

Haley (00:02):

How can we as entrepreneurs create and grow an online business that generates consistent income so

we can live a comfortable lifestyle without working crazy hours? This show is designed to answer that

question. I'm your host Haley Burkhead and I specialize in the art and science of creating and growing

simple automated businesses that actually work. Thank you for tuning in. Let's press play on today's

episode. You can make $500,000 with one course or one membership site. Do you realize that? I talked

to so many entrepreneurs that want to create a mini course here and a template here and on their

website they're going to put multiple different templates and they would have a product suite because

they just have so many things they want to teach. You want to teach everything? You want to help all

the people and here's the thing, you're helping no one and you're definitely not helping yourself.

Haley (00:56):

We overcomplicate our offers because of several reasons. That's why I want to go over this. I'm also

going to plug in the audio at the end of me actually breaking down the math, which was episode number

three. But I want to break down the math of why having more than one offer, especially if you're below

six figures, is actually draining your bank account. You're losing money every single week by having more

than one offer. So I'm going to go over this and I want to tell you I, this episode may crush your dreams

and I am so sorry. I hope we can still be friends after this episode cause I know so many of you, I mean,

you're talented, you're multi-passionate, you want to do all the freaking things. And what I want for you

more than anything is to be happy and is to be successful.

Haley (01:46):

However you define successful success, however you define success. The super important to me, and I

know what a lot of you do cause I mean I ask, I asked you on Instagram, a lot of your goals, even if it's far

off in the future, is seven figures. You really want to have $1 million business or just a half million dollar,

or at least multiple six figures. But I know a lot of you, if you are really honest with yourself, a seven

vigorous, that's crazy. It seems crazy to want that. But like that's what you're, you're wanting. So if we

were to think like a seven figure entrepreneur here, let's put that hat on and let's listen with that hat on

with to this episode. So let's go back to you want to create a mini course. You have so many ideas, right?

You have so many ideas. You went help so many different people because a lot of different types of

people come to you.

Haley (02:38):

And so with all those types, you're like, well, I could teach sewing. I get to teach this or this or this or

this, right? Here's my rule. Until you hit six figures, you should only have one course. Would that be a

course or a membership site? But one offer that's built for one person that creates one result, it has one

price point with a payment plan option. That's it. I stuck with this until I hit half a million. Shall I hit 40

$50,000 months? I stuck to that one rule, one offer that's built for one person that creates one result

and has one price point with a payment plan option. If you dig to the root of why people, why

entrepreneurs fight this so hard, why that one offer to that one person? All the rule that I just said, if

you dig to the root of what makes entreprenuers bulk wild, when it gets to the bottom of making

decisions for their business and moving towards wherever they want to move to, it's you want to feel

safe because this is the equation and most entrepreneurs mind that I talk to is that the more products I

have equals the more potential for more revenue.

Haley (03:48):

So if I have two products, that equals twice as much revenue. If I have five products that equals way

more revenue. If I have 10 products, wow, I'm going to have so much more revenue and this is why that

equation is happening in the mind. At least this is what I believe. Because if you can sell more things to

your audience and because most people in this, let's, let's actually talk about this, because most people

in this online space, this online marketing space, teach sales and marketing in a way that requires an

audience. Am I right? Like you need an audience. You need to build your email list. You need to be

putting out freebies. You need to be putting out, creating consistent content so you can attract more

people and more people. You want more Instagram followers, you want all this stuff. Um, it's easier to

create more things for one audience to buy, then go build a bigger audience because subconsciously you

think that's what's required is oh, man, if I had one offer and I want, let's say 10, 20K, 30K months, that

means that I have to have a bigger audience and I don't know how to create a bigger audience.

Haley (04:55):

I don't want to be creating content. I don't want to be posting on social media every day. So I'm out. I

am just going to be creating three offers or four offers or five offers. And that's why that equation exists

in our mind is if we have more products, we don't have to grow our audience. We can just pitch more

products to the same amount of people and that's fine. That's logical. That totally makes sense. Now as

you know, you're a listener of the podcast, so I'm assuming you know, and if you don't, then surprise,

here we go. I do not believe in depending your sales depending on your current following. So your

revenue goal should not depend on your current social media following or your email list size to achieve

a result. It shouldn't. We had someone in her Recurring profit just hit 7K recurring after 60 days off the

back end of not her following at all.

Haley (05:49):

She did not email her list. She did not talk to her following. She went out to go get cold free leads. That's

what she did. And that's how she got 7,000 recurring dollars of recurring monthly recurring revenue

every single month coming in. So I just want to say like you don't have to do that. It's totally possible,

but that's not what we're talking about right now. So let me, let me get back. Let me redirect myself.

This type of thinking keeps you smaller. It keeps you thinking smaller. Then what you could do with one

product, you can think way bigger with way less and make way more of an impact. I'm going to say that

again. You can make, you can think way bigger with way less and make way more of an impact. So let's,

let's say, what does that actually look tangibly that looks like you can think way bigger as an, let's say $1

million.

Haley (06:44):

That's you thinking bigger with way less one to two products, one to two offers and make way more of

an impact because you'll be helping thousands of people achieve a specific result through you. And I

want to quickly say it feels safe to be in creation mode. Am I right? Because what's required to build a

bunch of products creating content and it feels productive. It feels super productive to put on your

calendar that I'm creating course content or a template content because you're going to charge for it. So

you're like, Oh, this is a revenue generating activity. This feels, I can do this. This is good. I can justify

using my time for this easily. But instead, if you create one offer and then get out of creation mode, your

time is only spent on what? Growth leads, selling. And those skills seem scary as hell.

Haley (07:40):

It's not safe. So our brains make decisions for us that keep us small. So if you just launched one product

to your small Instagram following and your small to medium sized email list you built with freebies and

follow a DIY launch strategy that you heard on podcast episode, that situation is way too familiar. Am I

right? You are going to follow the safe steps. Make a few hundred or few thousand dollars and repeat.

Create your new product and launch it. But this is keeping you small. And if you're following me, then

you know aye. I push people to think bigger. I don't want to allow entrepreneurs to keep themselves

small just because it feels safer. That's not what my brand, that's not what I'm about. So I don't want

something like that to keep you small. So are you going to be an entrepreneur who chooses to step up

and be a leader and commit to scaling one product to half a million dollars?

Haley (08:35):

Or are you the entrepreneur who's creating more products all over the place because they are

choosing safety and feeling comfortable over thinking bigger instead of having thousands achieve a

result through you? You would rather treat your business like an inexpensive resource library. That

thinking is not helping you. It's not serving you. It's definitely not impacting the amount of people that I

know you want to impact. Now, if you right now are thinking, man, I really want a course or a

membership site, I don't want to have an inexpensive resource library and I'm don't know whether I

should be creating a course or membership site or what the right offer is for me. I'm honestly, I'm just

not sure. I do have a quiz that can help you figure it out. It's Haleyburkhead.co/quiz and that quiz will

help you decide in two minutes or less. Exactly.

Haley (09:28):

If you should create a course or if you should create a membership site. So definitely go take that quiz. If

you're at all figuring out I want an offer that creates half a million dollars, but what is the right offer?

What should I choose? There's so many different options. Don't worry. I got your back. I got, I got you a

quiz. So just go over there. Take the quiz. Haleyburkhead.co/quiz and then now I'm going to add in the

audio clip from episode three that I talked about before where I break down the math behind having

one offer instead of multiple. Um, I want you to see numerically, I want you to see the data behind and

how actually how, how much safer it is if you have one offer versus having multiple offers. I don't want

to just say, Hey, this is my opinion. I want to back it up with proof, with numbers, with math, with data.

Because you know, I love me some math and some data. So here we go. Here's the audio clip from

episode number three.

Haley (10:24):

By having more products, you are literally poking a massive hole in your bank account and you are losing

money every week. Because of it. Not a very good strategy. Don't poke holes in your bank account.

Jen (10:33):

A freaking mess. So the numbers of this, cause I know you can use a lot.

Haley (10:38):

Yeah. Okay. Um, you mean like the numbers of like how to actually for one course, how to get to.

Jen (10:43):

Well, like the, I want them to really seeing the data behind when you have one course versus two

courses versus three offers versus four numbers versus five offers. Like just from like a management and

creation and maintenance standpoint, how much time and energy and how much of your focus is

actually being split versus like when you have one thing. Yes. It requires a lot of patience because you

have to focus your attention on that one thing. Like, trust me, building an evergreen webinar is a game

in patients like truly and refining it and, and tweaking it and trusting you can continue to scale it.

Haley (11:26):

Yeah. Yeah. Okay. So, um, we have people that come into my program recurring profit and they want to

start like three different programs. And I always say, you're gonna have to kill your darlings. We got to

choose one and every time when they choose one and they get to the part of the funnel, I cannot

imagine doing this again. Even if it only took them 20 days to go from literally no course to course

webinar, evergreen funnel up like that quickly. They still don't want to go through the whole process

again because they see how unnecessary it is. Completely unnecessary. So a lot of us, why do we want

to do that? Because we believe subconsciously or maybe consciously, I don't know that the more

products we have, the more money we have at the end of the day.

Haley (12:10):

So I'm actually gonna write this down as I'm talking because I think that's going to be helpful for me. Try

my brain on doing this. Okay. So the way I like to explain it is you right now are in the left lane. Let's say

there's a rubber that is split between you and where you want to be. So are they wanting to be like

10,000 a month? Is that like a number? Okay. 10,000 a month? Yeah. Okay. So you're over here like

making less than 3000 as a coach course, whatever. You want to cross the river and make 10,000

because that grass over there, it looks very, very green. You're like, yeah, let's go over there. So to get

over there, you're having to build a bridge, right? To get from this land to that side of the river to build a

bridge. You're like, okay, well course number one is going to be that bridge that's going to get me to

10,000 a month.

Haley (12:55):

Amazing. Okay, so you draw that bridge. So you start building halfway. You may get 20% done. So like

you live launch, that's 20% you've live launched for the first time. Let's say you got 10 people in your

course at $500 which equals $5,000 but you didn't evergreen it. So now you've also, let me mention,

you've built a sales machine, a sales launch to your warm audience, not based on your cold audience. I

get onto people all about all the time for this. With recurring profit, I make sure that every single person

creates a scalable offer that's built for a cold audience people that have never met you before because if

you build and try to, if you try to build your sales funnel to a warm audience, the people that already

follow you, you are in for very low conversion rates and a lot of tears at night in a lot of frustration.

Haley (13:47):

So let's not do that. Okay. So we get 20% onto course number one, the course number one bridge, but

you have $5,000 in the bank. Um, but like now what, how are you going to scale this? Right? And so

have you heard of the Dunning Kruger effect? I have. Okay. Yeah. This is the Dunning Kruger effect in its

[inaudible]. So what happens is we really want to hit this Dunning and it's hard to sound a podcast cause

I can't actually draw it out. So I'm just going to reference this as a Dunning-Kruger high. When things get

hard and business people want to go and get a Kruger high. So the Kruger high, did you learn that from

James? Curious?

Jen (14:22):

I don't even remember where I learned that, but yeah.

Haley (14:25):

Yeah. Okay. So the Kruger high is is where you want things to be easier. So whenever you launch your

course, that was fun.

Haley (14:32):

That was exciting. It was like, Oh, I have high energy. And then when things got a little bit hard, what

happens is people are like, Oh well you know what my audience is asking for course number two which

is this topic about manifestation. So I think I should just create like a little mini course and then bundle it

together with course number one. Oh my gosh, that'd be such a, Oh this is going to help them so much.

Or even asking for, so I would have to do the market research. Like this is exactly what that books that I

read, ah, that creative, like whatever, you know, like the market research bookings exactly what they

said. Okay great. So now you or have $5,000 in the bank, you're creating course. Number two, you start

creating it, you start creating it, then you launch it. Then you bundle it, and because you've priced it at

like $49 you've now made an extra $2,000 but you don't have an evergreen strategy.

Haley (15:21):

Now you have 7,000 amazing. You have $7,000 I mean you could have already had 20,000 but we'll get

to that later. That's the whole poke a hole in your bank account. So then you were like, well, I don't

really want to live launch course number one again. I'll just put it up on my website and then maybe

people will just, it's, yeah, basically to die. But you think people will stumble across it if I have a podcast

or Pinterest. People just find it and buy it. I have a great sales page. I spent 30 hours on my sales page

because I don't no how to be efficient with my time. So then we're going to create course number three.

And let me see, and I'm not anti sales page, but when I went from zero to 36,000 a month, in six months,

I didn't have a, I didn't have a sales page until month nine and I didn't run Facebook ads until months 10.

So Mmm. Like that was like all organic and I didn't have a big audience. I had zero email list. I literally

piggybacked off of other people's audiences and networks. Like that was how I did it. So you don't I say

that because you don't have to have a sales page. Mmm. I mean they're very helpful because I mean,

they do help people buy.

Jen (16:30):

There's like a misconception that the sales page is going to close the sale and that's not the truth.

Haley (16:35):

Yeah. Yeah. Most of the time, if you don't know how to create one correctly actually confuses people

and actually leads people away from the South. So you have to be careful of that energy, your sales page

is presenting. It's all energy at the end of the day. Everything isn't it energy. So yeah. Anyways, I didn't

mean to be rude about sales pages, but yeah, I have a lot of opinions about them. Okay, so then we

have course number three, you see you anyways, you guys see the pattern. I'm not going to keep going,

but you have course number three and you might price it at another $500 course. You made another

4,000 now and then you have like 11 12,000 right? Okay, so now I want to present a different scenario

to you to wrap this up.

Haley (17:14):

Let's say you just stuck with course number one. You made 5,000 like that's amazing. You had 10 people

buy your program. If your goal was 30 and you shot for 10 people view that as a failure. Let me tell you, I

never hit my goals and I do that strategically. I always set goals that I know I will never reach because if I

hit a goal, I know I said it wrong. I want to fail at every sale. This, I know, this is really weird, really

backwards. You might be saying like, Haley, you're drive me crazy right now. Um, but the reason why I

do that is because I, everything I do to be a failure, I want to get so comfortable with failure that I'm not

scared of anything. And so what I do is I create a goal that I already think is hard and I like five exit and

then now I'm doing all the marketing and sales for the five X gold.

Haley (18:06):

And that helps your mindset. It helps me become more abundant. I'm not saying the strategy is going to

work for everyone, try it out, see if it does. It helped me really uncover a lot of mindset issues that I was

dealing with. I was like, I have a lot of thoughts around this and then I can say I wrote all the thoughts

down of like I am too ugly. Like what if someone saw my eyebrows on a Facebook ad those kind of

things. Like it brings up all these thoughts that you didn't even know were there. And then you start a

self coaching yourself through that. So, okay. Anyways, so let's go back to course number one. Course

number one, let's say that you had this and you actually did it correctly from the very beginning and you

created a webinar that was built for a cold audience.

Haley (18:52):

Um, then you, after you did the live launch course, you immediately went evergreen immediately. So

then from your evergreen, what if you now spend all that energy that you spent doing? Course two

course three, getting 1500 leads at a 5% conversion rate. We see in recurring profit an average of five to

12% conversion rate, but I just want you guys to know industry average is one to 2% so 5% is like above

average. That's the thing. That's the average that I'm seeing, but I just want you guys to know like the

average is actually one to 2% so don't feel bad about numbers, okay, so 1500 let's say 5% of that is 150

divided by two. So that's 70 75 people, 75 at $500 we're just going to do math live. This is so much fun.

75 times 500 equal $37,500 okay, here we go.

Haley (19:52):

Are you ready for the math? Scenario number one was two thousand, five thousand, plus 4,000 so that's

nine 11,000 so scenario number one, you made $11,000 you're going to say, Oh my gosh, I had a five

figure month. So you're going to be like one of those people. I have a 5 figure month online, right?

Which is not a bad thing. That's like excited. That's totally brag worthy. It's like super exciting. I'm not

dissing those people because like I do income reports online. I am that person. I am very transparent

about how much I'm making. Um, but we have 11,000. Scenario number two, we actually took this

seriously and we did not let mindset issues trip us up. That is the one thing that's going to trip you up

more than anything is you self-sabotaging. So you got 1500 leads, you spent the energy getting 1500

leads and bringing that bridge to completion across the river and you made four times, almost four

times the amount of money. $37,500 that's the math. That a long answer. I'm sorry, but I hope that

helps.

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