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333: Why I’m Done Building a $1 Million/Year Business
27th April 2023 • Selling the Couch • Melvin Varghese, PhD
00:00:00 00:37:08

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Is your goal to build a business that brings in $1 million each year? I used to be that entrepreneur, too, but something’s changed. Even though I always feel some vulnerability in sharing the ups and downs of entrepreneurship, I find joy and feel a sense of responsibility in being honest about my journey in building STC with the simple hope to inspire others. I’m sharing five realizations about why I don’t have that same goal anymore. Join me for this solo session!

You’ll Learn:

  • Five realizations that came to me about striving to build a $1 million/year business:
  • I can’t build a lifestyle business and a high-revenue one. It is OK to choose to optimize lifestyle over revenue.
  • I don’t actually need that much money. Living a life congruent with my values is more important to me. 
  • More growth equals more complexity. Entrepreneurial growth brings me more stress and anxiety, and it is OK to want simplicity.  
  • My self-worth is not tied to a number, even though excellence has always been my calling card. Being excellent all the time is exhausting.
  • I had to redefine what success means to me, and it is no longer purely financial. Winning at what I do is not tied to revenue. 
  • Practical aspects of my entrepreneurial journey around income, expenses, taxes, charitable giving, and living a healthy and holistic life
  • Why each product you launch and market costs energy and effort
  • Why it’s important to me to grow less in my business so I have more time to be the husband, father, friend, and person I want to be in the world
  • How capping business growth causes the pressure needed to optimize and accomplish new goals in the future

Mentioned in this episode: 

Dr. Ali Abdaal on YouTube: "How I Failed in 2022"

The Old Man & the Three podcast by JJ Redick

The Healthcasters Course

Mentioned in this episode:

Thrizer

Thrizer can help private pay therapists transform out-of-network therapy into an in-network experience to help you attract and retain private pay clients! First, Thrizer can help you instantly verify your client's out-of-network benefits ahead of their first session using Thrizer's free Instant Benefits Calculator. Then, just by charging clients via Thrizer's payment platform, you can automatically submit claims for them and even let your clients just pay their co-insurance for sessions (similar to in-network copays) to help them afford therapy upfront and skip the reimbursement wait post-deductible. Thrizer covers the rest of your fees upfront and waits for reimbursement on their behalf! They also have a Superbill Uploads feature if you'd like to instead offer your clients a resource to manage their own superbills. They manage all claims end-to-end so you or your clients don't need to deal with any of the insurance stress. Please visit the Thrizer link below and enter the promo code “STC” and receive waived fees for your first $2500 in charges.

Learn More About Thrizer

We'd LOVE To Partner With You!

➡️ Want to launch your online course? Please check out our free 7-Day Course Creator Starter Kit For Therapists: https://sellingthecouch.com/coursekit  ➡️ Looking to launch a successful podcast? Please check out our free "Using Podcasting To Grow Your Business" workshop for therapists: https://sellingthecouch.com/podcastingworkshop

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