On Track to Miss Your Q2 Course Income Goal?
A friend of mine posted the following:
“Q1 2022 we hit our revenue goal. Q2 2022, we are on track to miss it by approximately 20%. “
His course business makes around $500k per year and was growing at 15-20% annually until this quarter.
A few things to consider since there are signs of problems.
Inflation is high, VCs are funding less startups, stocks down, corporations are cutting costs again & low skill employees are again having trouble finding decent jobs.
That said I don’t believe the sky is falling.
Slowdown, sure.
This year also the trends in online education changed…
Again.
When covid hit and people were staying at home, bored and looking for things to do. Courses that normally would have never sold well… did.
Niches such as health care, remote work, mindfulness, home workouts were riding an artificial high.
Now we’re starting to see a mix of “getting back to normal” + “mix of new habits” that people developed during the lockdowns + economic market pressure
Solving problems is what running a business is all about.
If you are missing your income goals or experiencing a downturn…
This month is the time to:
- Get proactive.
- Re-evaluate your funnel (Small tweaks can increase conversions in each step).
- Re-evaluate your course (Change pricing, adjust outcome, cut the fluff etc..)
- Focus on sales systems (Platforms change. You might get a better bang for you buck elsewhere. Change audience. I’ve had a couple of clients switch from b2c to b2b in early Q2 and that fixed it. Get help with marketing/sales if needed.)
- Dial in your operations (If the systems are good, things will head in the right direction)
- Start to build your authority (top 20% make 80% of the money)
