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Recession-Proof Your Business with Creative Revenue Streams
Episode 14812th August 2022 • Women Conquer Business • Jen McFarland
00:00:00 00:48:25

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Jen:

The Women Conquer Business show is an educational how-to

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women in business podcast.

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That features stories, marketing news and real life experiences

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from fun and friendly hosts.

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Jen McFarland and Shelley Carney.

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Join us as we dive into the details.

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So you can slay marketing, overwhelm, streamline processes

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and amplify your impact.

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You'll learn strategies and tactics, leadership skills, and practical advice

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from successful women entrepreneurs.

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To help you grow, nurture and sustain your business.

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Hello.

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Hello.

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Hello.

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Welcome to Women Conquer Business.

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I'm good.

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We're conquering it.

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We're doing it.

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For those of you who are on YouTube, this is take two.

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Yeah, because when you live stream things happen and I had a power blip.

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And for those of you listening on the podcast, it's like nothing ever happened.

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Woohoo.

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This is the show.

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That's right.

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What we are talking about today is how to recession proof your business

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with multiple revenue streams.

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Having only one revenue stream means taking a chance that it

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will never fail or never get out of date or that it's perfect.

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when the economy experience changes that affect your business

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income can quickly dry up.

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If you realize solely on a few steady clients for all of your income, what

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happens if they suddenly leave you.

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That's why we recommend creating multiple and diverse revenue

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streams to support your business.

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That's what I've been doing and building for over five years.

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And that's a lot of what we're gonna talk about today.

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In this episode, we'll explore both passive and active revenue streams.

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How to open up new pathways to earning new revenue?

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This is good.

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Not only because I can speak to what happened during COVID.

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But it's also knowing that we have some inflationary economy things happening.

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How do we also prepare.

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For what could be a recession?

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We haven't had a recession in 14 years.

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It's actually the longest we've ever gone without an official recession.

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so a lot of economists think that we're overdue for one.

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So that's what we're gonna be talking about today.

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Assuming the power doesn't go out here again, which is what happened.

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There was a little blip on the grid over here, Portland, Oregon.

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How you doing over there?

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Shelley.

Shelley:

I'm recovered now from my, oh, I do.

Shelley:

Where's

Jen:

Jen.

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Ah, the trauma of the lights going out and me disappearing which is rough.

Shelley:

We're good.

Shelley:

That's the story with live streaming and it's all good.

Shelley:

You just try again,

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make it better the story with live streaming and it's it.

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The risk that we take when we each have different expertise that we speak to.

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I was shell sharing with Shelley.

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How, if we were talking about.

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Live streaming.

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I'd be like who wants to talk about apps?

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Like I would, I would just pull something off the shelf and

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talk about something different.

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And because this multiple revenue stream is something that I fell into and it's

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something that I can speak to a lot.

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And it's not necessarily just something that Shelley can pull out a thin air.

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We can each speak to our own expertise, but in this case,

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this is something where I've.

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Doing this, it has become my business model and that I stumbled into.

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And I think that I was taking the lead today.

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So glad to be.

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Yeah, Shelley's glad that she's not having to tap dance anymore

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waiting for me because it took longer than I anticipated to get back.

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And for those of you who don't know, I am heavily caffeinated and very

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chatty today, so I was happy to hop right back on and talk that's

Shelley:

right.

Shelley:

That's right.

Shelley:

Good.

Shelley:

I'm

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I'm glad.

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Yeah, we've been on the phone for two and a half hours this

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point, except for the little blip.

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Yeah.

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For about 20 minutes that I couldn't get on.

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So Shelley, do you wanna talk about what's been going on over in your world?

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Sure.

Shelley:

So right now Toby's on vacation visiting his family in South Carolina.

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So I'm on my lone some here and For messages and methods today, we

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started back with interviewing guests.

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So I'm hoping that's going to go well, we started a new funnel

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for guests this last week.

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Make sure all of our links are working and we can send them through and get

Shelley:

them signed up and tell them what to do.

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And have to see if all of our.

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If it's all copacetic today is our first try at and I'm by myself.

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, it'll be another interesting experiment to see how that goes.

Jen:

Oh, that's right.

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Cause Toby's in South Carolina.

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That's right.

Shelley:

That's right.

Shelley:

That's awesome.

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So last week we taught, we did a show on Saturday since we do normally do one on

Shelley:

Wednesday and he wasn't gonna be here.

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We did a show on Saturday and we're talking about, traveling and boating and

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we're getting into making more travel videos, more vlogs, more unboxing.

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Things, Toby ordered a boat and a motor and a trailer and what yeah.

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Life jackets.

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We got it all.

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And it all came this week.

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So we're like unboxing and doing videos about it.

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And he's doing little vlogs from South Carolina with his family.

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So yeah we're getting more into some travel videos and hopefully.

Shelley:

Entertaining people with that.

Jen:

That's super fun.

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I have to share all that stuff with my brother who at some point

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wants to have a travel blog.

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Yeah.

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He's really, he's always been super fascinated with airplanes and cars

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and travels and all kinds of stuff.

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I'm the one who's traveled a lot.

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And I'm kind like whatever, just get me there, and he's the one who's into.

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He, I remember when we all went to London together, he knew everything

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there was to know about the airplane.

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And was sending us all kinds of information.

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So it's fascinating, but so I'll have to send him your way so that he can

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look at all that, the gadgets and stuff and put all that stuff together.

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Cause I've talked to him about it and he gets, he's not into

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all the gadgets the same way.

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You could actually share more in depth expertise, whereas I'm like,

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just get the stuff and the things, and then it'll work at some point.

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Cuz I, I just love toys.

Jen:

Yeah.

Shelley:

That's Toby, right?

Shelley:

I'm not a professional drone and we have the the Osmo pocket.

Shelley:

Yeah.

Shelley:

And we've got all the toys, so we

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gotta just, yeah.

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I like to have fun with discovery, I have my expertise, but then

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I have never had a travel vlog.

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You know what I mean?

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So I don't know the ins and outs so yeah, I'll send him your way and that's so cool.

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And then who are you interviewing today?

Shelley:

We're interviewing John Fallis and he is.

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He calls himself a marketing therapist.

Shelley:

So they talk, he helps new business owners to understand online marketing, digital

Shelley:

marketing and what it is they need to do to, especially if they're transitioning

Shelley:

from a, a mortar, brick and mortar.

Shelley:

Yeah.

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Physical location to a, to an online business.

Shelley:

So he helps them with that transition.

Jen:

That's cool.

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I did read that in your newsletter.

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Yeah, but I, like I said I guess we'll talk about what I've been doing.

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I got away.

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I went to some place.

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If you go to yeah.

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getaway.house, it was, I'm a sucker for Facebook videos and ads and stuff.

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I think this used to be called outpost like years ago, and now it's called

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getaway and they have locations all over.

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The country and it was lovely.

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It's like a tiny home and it has it, they just, it had a

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huge picture window in the end.

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And I was visited every day by a family of deer.

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It was lovely and wonderful.

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It convinced me that I never want to live in a tiny home because I was

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thinking about what that would look like my family to be in a small space,

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but it convinced me that I need.

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A way to just get away like that, and part of it was that I didn't have my computer.

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I didn't have wifi.

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I didn't have, I didn't even have cell service, which was delightful.

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It was exactly what I needed.

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I had amped myself up to like maximum stress, just so many things going on.

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I need to hire somebody working on that actively.

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And I reached a point where I just couldn't think anymore,

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like I just had too much.

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And so I scheduled this last minute getaway so that I could

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kinda reset and everything.

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And it was amazing, taking all kinds of hikes.

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The place is just decked out.

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Like it's not like going to a campground with the state of Oregon.

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It's , the finest of everything is inside this place.

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and it was great, air conditioning, they have heat, they had, they

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it's they thought of everything.

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So it was perfect for me because I could just get away be like in this

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other place and really think about, what I'm working on and things like

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this, like the, all the revenue streams and how all of that is working out and

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how these pieces are really gonna fit together, moving forward, which is the

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complexity of what we're gonna talk about today, which is just, when you have

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multiple revenue streams, you do have.

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You have to be organized in different ways.

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And sometimes when you add new things go a little haywire or sideways.

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And I have these little rough patches sometimes because of the complexity

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behind how I run my business.

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And it's because I have all of, this collection of W-2s.

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Of like this goes with this and this is

Shelley:

how things work.

Shelley:

Mm.

Shelley:

Tax season must be a lot of fun for you.

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That's why I have a person.

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So it, and then also we've started getting people into the Epiphany Courses,

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membership, which is just amazing.

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I released a course last week on Epiphany about making the connection

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between Etsy and creating a lot.

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Graphics for your social media feed that came up with a client.

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So I thought, oh, I might as well just share it over there.

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So that's neat.

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So Epiphany is working all kinds of things are happening.

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But yeah, my, my brain just kinda went and couldn't do it.

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Getting away was wonderful and beautiful.

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We'll definitely put the link to getaway house in the show notes.

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I have some pictures of the deer and some of the hiking I did and

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I think I'll put those on the website as well, cuz it's just neat.

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And I think that they do it so that they are, they say it's in Portland, but it

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was actually like two hours from Portland.

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And I was telling Shelley that so no wifi.

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No.

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Messages, no text, no nothing, which is great.

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And what they said, like print out the map and figure out your stuff.

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And I, but I was stressed out when I left and I didn't think about it.

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So I go to leave and I'm like, how do I get, how do I get home?

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and that's what happened.

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Like I get out there cause I was telling Shelley I'm like, it was like an hour from

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Hood River, which is like the touch point.

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Like I've been.

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I haven't been to Mount Adams before, which is where it was.

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And so I basically had to get from Mount Adams to the river so that I could get

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on the highway to get back to Portland and I'm driving and I'm like pulling

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over when I have a bar to be like, okay, can this Google Map's gonna work now?

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And it like didn't work and it didn't work.

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And then finally I was just like We're just gonna drive and see if we

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can find it, and so I drove for an hour and figured out how to get back.

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And then, then by the time I get to something, I recognize I'm like I

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don't now I don't need Google maps.

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So by the time Google maps worked it, it was over.

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So so that was pretty fun.

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But I would definitely recommend going to getaway.house and seeing

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if there's something there.

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That's near you that peaks your interest because it's it was definitely

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worthwhile to to get away for sure.

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So, are we ready for breaking news?

Shelley:

Go on old school.

Shelley:

Oh yeah, we're ready for your breaking news.

Jen:

Let's do it.

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Okay.

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So my friends over at Near Media.

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Broke some news.

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I guess Facebook has announced that they are doing some B2B targeting.

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So if you've ever run ads on Facebook for your business, I'm

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making this a little bit bigger.

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If you've ever run ads on Facebook for your business, you know that if

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you are in the business to business realm, it can be really hard to make

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sure you're targeting the right people.

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It can be hard to get those decision makers.

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Targeted to your ads.

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It's a real issue.

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It's a problem.

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So what they've done now is Facebook has changed their segmenting to help

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with B2B targeting in particular.

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So you can now search for things like.

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This example here Near Media took Near Media, took this from Facebook.

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We'll put the link to the Near Media.co article in the show notes.

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But for example, you can segment out like it decision makers or

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business decision maker, and then like their titles and interests.

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This is a much more targeted way of Of getting to the right people.

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And one of the reasons why this is really important is because if you

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go down below, when I work with people, I'm like you might wanna think

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twice about LinkedIn because LinkedIn advertising is really expensive.

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The cost per click for Facebook is about a buck, versus.

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5 56 bucks on LinkedIn, but then it's it was easier to target

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people by position on LinkedIn.

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So if you had an ad, you could be looking for someone who is, a marketing

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specialist or CEO or, whatever it is that your particular target is.

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You could do that a lot easier on LinkedIn, but then the ads are just almost

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cost prohibitive for a lot of people.

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So this is something you'd wanna test out if you're gonna do ads and

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you wanna do Facebook ads, because most of your people are on Facebook.

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You think they're active there, and then you can search based on their

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particular demographic by decision making.

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I think it's a really big it's a really big help for People who are running ads.

Jen:

Yeah.

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So that's a really big thing that's going on in the news.

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The second thing is this report let me pull this up and this really leads

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into what we're gonna talk about today.

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I think Shelley's gonna put this Put the link to the report in the chat.

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It is a form to sign up for the report if you're interested.

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This, so this report is all about recession.

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Recession proofing your business and the marketing that it takes.

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It's like the rules of recession proofing it's pretty nerdy.

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I'll be honest with you.

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the link is pretty nerdy and it is a lot about recession

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proofing and like how you run ads.

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The thing from this report.

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And I also have learned about this from Near Media.

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I just trust, trust Near Media so much.

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One of my trusted colleagues, David Mim is connected to it and

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will put a link to them as well.

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I think that their link is in the article, but they have a podcast

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and they also have a lot of articles that come out and they send them out.

Jen:

This is, this report talks a lot about ads.

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There's a lot in there about billboards and all different kinds of things.

Jen:

The piece that I think is the most interesting for our audience, for the

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people who are listening to this show is that when is this part right here?

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So play the long game for the best odds of success.

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And if I were to share.

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What my philosophy is for my own business and what it means to

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have multiple revenue streams.

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It is very much about playing the long game.

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I go into a lot of things thinking like, in the long term, this is gonna be good.

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Even if the immediate answer, maybe isn't there.

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Meaning if I, even, if I can't immediately say, oh, I'm gonna make

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a hundred thousand dollars from this.

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I don't know.

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I don't just walk away.

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Like I'll look into it and I'll see what'll happen.

Jen:

So here's the interesting thing here.

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So when we talk about the recession and marketing, I actually had a

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prospective client ask me about this.

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Last week.

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And it was like, what do I focus on in my marketing with,

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there's gonna be a recession.

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If money's gonna be tight, what do I do?

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Do I focus on the people I have?

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Do I focus on the people I don't have?

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Do I stop marketing?

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What do I do?

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Cuz a lot of people stop marketing.

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Which is what a lot of people did during COVID in the beginning of COVID and.

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The longer COVID went on, then they had to go back and build up the brand awareness

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again, and they had to do a lot of stuff.

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So what I like about this is you.

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If you're watching this, you can see play the long game

Jen:

for the best odds of success.

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So what that means is you work on the top of the funnel.

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So you're always working on people, knowing who you are.

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You're always working on a lot of the stuff that we do on this

Jen:

show is top of the funnel stuff.

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So marketing, how tos, when we look at.

Jen:

at the top of the funnel.

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That's like when people wanna get more information, they wanna learn some basic

Jen:

tips, that's the top of the funnel.

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And then.

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We Shelley.

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And I hope that some of you will subscribe to our newsletters and learn more in

Jen:

depth about what it is that we do.

Jen:

That's the top of the funnel is like how to informational stuff.

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This whole show is like about getting you the tools that you need.

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And then if you're like I really wanna take action.

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Do I know anybody who can help me?

Jen:

Oh, wait, I've been listening to this podcast, like that's top of the

Jen:

funnel stuff, and then the podcast is top of the funnel and then you

Jen:

hope to get people down into it.

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So when this company did this research about marketing, they found that the

Jen:

top of the funnel gives you the best odd success, like the overall impact.

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If you have like limited resources, that type of thing is if you can focus on the

Jen:

top of the funnel during a recession, it will yield better results than if you

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focus on the people that you already have.

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So constantly be building it constantly, be adding to who

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it is that you have out there.

Jen:

And then you can also focus on the bottom of the funnel, but if you are

Jen:

always bringing people in it's one way of recession proofing your business.

Shelley:

Very good.

Shelley:

So I was listening to a podcast last week with Amy Porterfield and I wrote

Shelley:

about this in my LinkedIn newsletter.

Shelley:

And she said that if she had to go, if she could go back to when she

Shelley:

first started and she could do three things that would make the most

Shelley:

difference for her business, the number one thing she would do would be.

Shelley:

Consistently create content and distribute it consistently every week.

Shelley:

Cuz she had started off.

Shelley:

It was, hit and miss and sometimes she'd podcast and sometimes she'd

Shelley:

send out a newsletter, but it wasn't, there was no rhyme or

Shelley:

reason there was no framework to it.

Shelley:

So when you want to grow your business, Stay on track with it, even when all

Shelley:

kinds of stuff in your life is blowing up.

Shelley:

If you can just, and this was her suggestion, have a weekly podcast

Shelley:

and a weekly newsletter, then at least you are not gonna lose all

Shelley:

that momentum that you've built up.

Shelley:

And you're going to continue to gain in momentum and have

Shelley:

that top of funnel working for.

Shelley:

And

Jen:

yeah, I totally agree.

Jen:

and the research bears it out.

Jen:

, I think that sometimes, sometimes we.

Jen:

Look to like Amy Porterfield and we say she's, what does she know?

Jen:

She's so much further ahead than like where some people are in their business.

Jen:

, that, it seems that's easy for you to say you have a team, you have all of

Jen:

these things, like how, but there's something to that, not being hit or

Jen:

miss being, being available all the time, answering questions talking.

Jen:

Talking to people when they ask you questions, making sure that

Jen:

you're responsive and replying.

Jen:

These are all top of the funnel relation relationship, building

Jen:

relation, relational marketing.

Jen:

So when you know, and they say 20, 22 is the year of relationship marketing.

Jen:

So building relationships, talking to people, we're seeing such an increase in

Jen:

that personalization, people wanna feel.

Jen:

Because they are special.

Jen:

And the more that we can help people understand that we understand

Jen:

what's going on with them and ask questions and then answer them, ask

Jen:

people to reply to a newsletter.

Jen:

And then when they do thank them and answer their questions, these are all

Jen:

activities that help you grow your business because it's top of the funnel.

Jen:

But it's also about like you just being available.

Jen:

And being responsive.

Jen:

And that's what a lot of, when we start talking about building out multiple

Jen:

revenue streams, a lot of times it is about showing up consistently.

Jen:

Yep.

Jen:

And being that person that somebody thinks of when something comes up, that's right.

Jen:

And they ask you are we ready to move into the training?

Jen:

Part

Shelley:

are we gonna do?

Shelley:

Oh, we have yes.

Shelley:

Training.

Jen:

Okay.

Jen:

Training.

Jen:

I thought we were already in it.

Jen:

are we in it?

Jen:

OK.

Jen:

We kinda had the transition, right?

Jen:

Yeah.

Jen:

So the repro, the, we have the proof.

Jen:

So we shared the rules of recession proofing, focusing

Jen:

on the top of the funnel.

Jen:

The other piece of that is where does the money come from?

Jen:

Okay.

Jen:

Yeah.

Jen:

So I have, so we're gonna, we were gonna start with active and then passive.

Jen:

But the first thing we wanted talk about was brainstorming out like what it is

Jen:

that you do , so you have like your active services that you do, and then.

Jen:

There's we were calling him spinoffs when we were talking before the show.

Jen:

But I would say that, everybody has their own methodology for like how

Jen:

they brainstorm what it is that they do or what the possibilities are.

Jen:

I love this book.

Jen:

So Sally Foley Lewis still one of my favorite interviews of all time.

Jen:

She is in Australia and she did.

Jen:

She did a lovely interview where she was talking about how you always

Jen:

put your own oxygen mask on first.

Jen:

And you know that you have a compass in your heart.

Jen:

And she's just all about leadership.

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And the interview went really well.

Jen:

We really enjoyed each other and she sent me this book.

Jen:

Afterward because it was how she was building her business.

Jen:

And I will say that this is exactly what I've tried to do for myself.

Jen:

And it's, do work.

Jen:

You love with people, you like the way that you want.

Jen:

And it is called the thought leaders practice.

Jen:

And I know that for some people being called a thought leader is

Jen:

people don't like, people don't like thought leaders, but I'll say

Jen:

that they don't like thought leaders.

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If they don't actually know what they're talking about.

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so whether or not you call yourself a thought leader is like your own business.

Jen:

I don't tend to call myself that, but I am a subject matter expert on a few

Jen:

things and I speak to those things and what this book is really great for.

Jen:

And it's the only one that I know of that is this is it.

Jen:

It goes.

Jen:

Painstakingly through how you build a business that is based on your expertise.

Jen:

And it tell, goes into what can I do that?

Jen:

Am I a teacher?

Jen:

Am I an author?

Jen:

Am I it's like kind of breaks it down into all these different areas.

Jen:

And then it's But then it goes further than that into what are the different

Jen:

things that you could talk about?

Jen:

And it's like building that like Rolodex of expertise and it walks you through

Jen:

specifically how to like, brainstorm all of your ideas and you build out

Jen:

and they want you to build out like 50.

Jen:

So this isn't come up with five things that you can do.

Jen:

, this is what are 50 things that you can do?

Jen:

And then it goes through the process then of breaking down those ideas.

Jen:

I think they're called like, Into like yellow sheets, something like that.

Jen:

So you ha so if somebody asks for you for something, you always have something that

Jen:

you can pull and talk to that thing, it's kinda like your quick sheet, and then

Jen:

they have some different ways of breaking down presentations and things like that.

Jen:

So you can draw people in then the other half of the book is about how

Jen:

you build your business around that.

Jen:

And a, and it goes into like how you manage your finances different levels.

Jen:

Of businesses and things like that.

Jen:

So I came across that before.

Jen:

I think I had one passive income stream at that time when I read that

Jen:

book and then it's really laid the groundwork for okay, I'm a teacher.

Jen:

Like how do I build a business around teaching?

Jen:

Cuz that's, I like to teach.

Jen:

And so something like that.

Jen:

So whether it's the thought leaders practice or something else, you need

Jen:

a way that you can start recording all of the things that you can talk about.

Jen:

And then all of the things off of that, that you can talk about.

Jen:

, and like you build off of that and however you go about doing it, think of it as.

Jen:

Not just if I was on a podcast, what would that look like?

Jen:

It could be what would be all the presentations I could give, and then

Jen:

you take this and then it becomes like your offers or it becomes your

Jen:

services, or it becomes courses, and it's like all of the different pieces.

Jen:

And that's how I.

Jen:

Brainstorm, like all the different ways I can make money.

Jen:

all the different things I could talk about to make money.

Jen:

All the things that I could put out into the world that could eventually

Jen:

lead to something else now, but I've done things that led to money that

Jen:

I never even considered could lead.

Jen:

To money or or like I just write things that I care about.

Jen:

And then I get contacted by documentary.

Jen:

What is that?

Jen:

So there's also some luck and kismet, like in the whole thing, there.

Jen:

Things happen.

Jen:

But that's one of the ideas that I have around brainstorming when I'd

Jen:

never seen anything and the thought leaders practice, I'm not a part of

Jen:

their group, but they do have a group.

Jen:

And at that time, Sally Foley Lewis was in their group where they walk

Jen:

people through this entire process.

Jen:

Yeah.

Jen:

They're very.

Jen:

They seem very kind.

Jen:

I actually talk to them about it.

Jen:

It just wasn't the right time or place for me to do it.

Jen:

How do you go about brainstorming some of the different expertise and

Jen:

different things that you can be

Shelley:

speaking well?

Shelley:

Yeah.

Shelley:

And this is a good place for content creators who want to

Shelley:

transition to content entrepreneurs to really pay attention and to.

Shelley:

Have a tool for that transition.

Shelley:

And that sounds like a really great tool.

Shelley:

What we did was we took a step back and said, what do people come to us for?

Shelley:

What are they asking us?

Shelley:

What kind of help do they need from us that we.

Shelley:

Are one we're good at it.

Shelley:

And two, we enjoy doing that.

Shelley:

We enjoy helping people.

Shelley:

And so the first thing was okay, we are great at putting

Shelley:

out livestream YouTube videos.

Shelley:

And we are always being approached by people is to say, how do

Shelley:

I build a YouTube channel?

Shelley:

How do I do live streaming?

Shelley:

What kind of equipment do I need?

Shelley:

But, created a business out of helping people to transition

Shelley:

from a non creator to a creator.

Shelley:

And then of course, this show helps us go take people from creator

Shelley:

to content entrepreneur and by introducing these methods of finding

Shelley:

these ways that, that you have your primary and your passive yeah.

Shelley:

Streams of income and.

Shelley:

Of course, once you start your primary, then other things

Shelley:

start to spring up, as you said.

Shelley:

So we started helping people with live streaming and production, and then other

Shelley:

people came to us and had questions about starting a podcast or Publishing a

Shelley:

book and we said, yes, we've done that.

Shelley:

We can help you with that.

Shelley:

So once you tell people what you do, then they'll start coming to you

Shelley:

and saying, can you help me do that?

Shelley:

Yeah.

Shelley:

And then it Springs from that some people might say I already have this piece of it.

Shelley:

I need this piece of, can you help me with that?

Jen:

Yeah.

Jen:

And so much came up for me while you were talking.

Jen:

I didn't talk about like in the beginning, I'm an accidental entrepreneur.

Jen:

Like I was a, an executive at the city of Portland and I had worked

Jen:

there for 10 years and the job that I had created in my last position.

Jen:

Actually the one that made me an executive, I was like, this is so boring.

Jen:

I wonder what the next project is.

Jen:

And then when I found out that was it, I was like I'm not

Jen:

gonna be able to do this, and.

Jen:

And it ended quicker than I had anticipated.

Jen:

And I found myself, and I had started helping people with websites and

Jen:

with marketing and stuff on the side.

Jen:

And then I ended up like suddenly oh, I guess this is what I'm doing now.

Jen:

But I never really enjoyed building websites.

Jen:

It was never really my thing.

Jen:

What I really wanted to do was help people with a lot of what I do now.

Jen:

A lot of my skills are around apps and helping people build text

Jen:

tech stacks and helping people articulate what it is that they do.

Jen:

But I.

Jen:

Had a hard time articulating what it is that I could do for people, and

Jen:

so a lot of times you don't know how you're helping or impacting other

Jen:

people until you start asking them.

Jen:

And until you start, like figuring out the words that they use to describe

Jen:

what you do and how you help them.

Jen:

And then it's exactly like what Shelley was saying.

Jen:

You figure out what people want and then you go after it.

Jen:

In the process, like I've also continued to develop some of my other ideas and

Jen:

it becomes like the tricky business of finding ways to articulate what

Jen:

it is that people actually need.

Jen:

Which is different from what everybody's telling them that they need.

Jen:

It's interesting.

Jen:

And that's one of the things about what I do is it's very different and I was

Jen:

sharing this with Shelley before we got on, I'm always looking at opportunities.

Jen:

And researching them, even if they come in from people, I don't know, like in

Jen:

a LinkedIn connection, that's how the documentary happened or just some of

Jen:

the emails that I get that everybody I think throws out, I actually read them.

Jen:

And that's how I got my passive income stream for Creating audio

Jen:

content, which then from the audio content became Epiphany Courses.

Jen:

I'll go into meetings with people.

Jen:

And if I think that if I stick with it and I meet people, it can grow into

Jen:

something or the people paying me or a large organization that I know I'm

Jen:

never gonna have to fight for money.

Jen:

They're gonna pay me.

Jen:

I'm more willing to go into it, even if the immediate amount is

Jen:

smaller than o other clients that I could get, I have a very different

Jen:

perspective around how to do it.

Jen:

I feel like once I'm in and I do a good job and I show up

Jen:

like anything could happen.

Jen:

And I feel like that is really what has been happening for me in my business over

Jen:

the last five years is I have met people.

Jen:

I have said yes to things I've said no to a lot of.

Jen:

And then when I'm in there, other people notice and they think of

Jen:

me, when something else comes up.

Jen:

And so I have in my business, my active income stream is as.

Jen:

Of marketing a one on one marketing person.

Jen:

I can, I don't build websites anymore unless it's like super special.

Jen:

cause it's not my favorite thing to do.

Jen:

But I do a lot of marketing coaching.

Jen:

I help people build out their tech stack.

Jen:

I review people's marketing.

Jen:

That's what I do.

Jen:

That's my B2B.

Jen:

One to one let's work together.

Jen:

Thing, that's the primary service.

Jen:

If you go to my website then I have all of the other stuff , that's just happened,

Jen:

the other PAC active income streams are, I work with the economic development

Jen:

division for the city of Portland and I meet with small business owners.

Jen:

I.

Jen:

A coach for accelerate fund.

Jen:

That's a large fund in Oregon that helps women entrepreneurs get access to capital

Jen:

and they have a coaching pool of people.

Jen:

And they send people to me, if it's a match for my skills they may, we work

Jen:

together for a set number of hours.

Jen:

that's a whole other thing that happens.

Jen:

I have an opportunity to potentially teach at an area university to teach marketing.

Jen:

I'm currently evaluating that one.

Jen:

I have like all these different things that can happen.

Jen:

The teaching thing came about because when I first started

Jen:

my podcast, I got this random.

Jen:

And this is the passive income stream is I got a random email from a company.

Jen:

It turned out that they're like a really large ebook company in Europe.

Jen:

But they distribute eBooks and they were just breaking into audio.

Jen:

And they asked.

Jen:

If I could edit, this was like back in 2018.

Jen:

If I could edit old podcast episodes and put 'em on their platform and

Jen:

they would pay me and I was like okay.

Jen:

So I did 10 episodes.

Jen:

These were like early shows and put 'em up on this platform and then Three or six

Jen:

months later, they said we wanna pay you.

Jen:

And I was like, okay.

Jen:

And I was like, really careful, cuz I was nervous.

Jen:

I was like, why how you want my banking information?

Jen:

I don't even know you, I sent you something like six months ago.

Jen:

But then when the money showed up, I was like okay, what else would you like?

Jen:

so then I just started making more and more classes.

Jen:

And they, many of which were never podcast episodes ever.

Jen:

I can still send them emails and just be like, what do you need right now?

Jen:

And then I can just make stuff.

Jen:

And it's not an immediate payout.

Jen:

But I just do it once and they send me.

Jen:

Money.

Jen:

It's the most passive thing in the world.

Jen:

It's like a dream, it's like pat Flynn, passive income stuff, do it

Jen:

once and make a billion dollars.

Jen:

So I actually have that and that's a passive income stream.

Jen:

And when.

Jen:

The pandemic hit, I, I help small business owners with marketing.

Jen:

So when the pandemic hit and everybody is whoa, we don't know what's gonna happen.

Jen:

We're gonna stop.

Jen:

We're gonna stop doing marketing.

Jen:

I leaned into teaching because I knew I had this passive income stream.

Jen:

I knew that with everybody being.

Jen:

At home, there would likely be an increase in training for especially

Jen:

big companies cuz the ebook company gig is really for large companies.

Jen:

And I just pressed into that and started saying yes to teaching for

Jen:

Thai, Oregon the small business development center and worked really

Jen:

hard on the passive income stream knowing that I would get paid later.

Jen:

And it's set me on this other trajectory of teaching and I've

Jen:

met a lot of cool people there.

Jen:

And all of that speaking and teaching then also goes into

Jen:

your primary revenue stream.

Jen:

Like you can't just talk about whatever, and, you have to be staying

Jen:

within your lane of expertise.

Jen:

and just being out there and available where people can see you and showing

Jen:

up again, like over and over again.

Jen:

And then people think of you when opportunities happen.

Jen:

And some of them, my best clients that I've ever had came from speaking.

Jen:

Like my best.

Jen:

One of my favorite clients came when I spoke at a group and a friend of

Jen:

a friend told them about me and they asked me for a proposal and

Jen:

then they hired me and it was a huge contract and we're still connected and

Jen:

their business is doing really well.

Jen:

So you can't ever look at something and say don't know what I'm

Jen:

gonna get about out of it today.

Jen:

I'm not gonna do it.

Jen:

You have to think strategically and set yourself up for success

Jen:

by building out the relationships.

Jen:

And I'm not saying do it for free.

Jen:

I do very little for free , but it may not be like that.

Jen:

$10,000 client, like there are a lot of gurus out there that

Jen:

say offer $20,000 packages and then you only have to sell five.

Jen:

And it's they're not telling you how hard it is to sell those five packages.

Jen:

All right.

Jen:

I was like, wait a minute.

Jen:

Is she freezing again?

Jen:

Oh, no, I'm not freezing.

Jen:

no, but they don't tell you how hard it is to do that.

Jen:

It's a lot easier to build out these relationships and then it just

Jen:

means the back end of your business requires a little more effort than,

Jen:

I guess if you have five clients and they're each paying you $20,000.

Jen:

But it means that then I'm not tied in to any one way of doing business yeah.

Jen:

I make a good living and if one thing dries up, then it usually

Jen:

means one other thing is increasing.

Jen:

That's good.

Shelley:

That's good.

Jen:

Yeah.

Jen:

And that's how you have to map it out.

Shelley:

When I wrote the description, I said, what if your clients dry up?

Shelley:

That happened to us.

Shelley:

We had one really strong client that we were very happy with.

Shelley:

And even though we were looking for more clients we were happy and then he died and

Shelley:

then we had nobody . So you can't put all your eggs in one basket and hope that that

Shelley:

it just continues on anything can happen.

Shelley:

So you gotta start padding where you can.

Shelley:

Now we have a couple of passive income sources.

Shelley:

We have a course up on Udemy that we occasionally get money from.

Shelley:

We have YouTube videos that still get views and are monetized.

Shelley:

So we get a little bit of money from YouTube every now and then

Shelley:

we have books up on Amazon.

Shelley:

So every now and then we'll get some money from Amazon.

Shelley:

We have a store that is on Amazon, where.

Shelley:

Put all of the equipment that we use and recommend, and we send people there.

Shelley:

And so we can get commissions from that.

Shelley:

Yeah.

Shelley:

So these little things they can add up, but they are passive.

Shelley:

Once they're up, you don't have to think about them anymore.

Shelley:

And occasionally you'll get a check from it, but you can't

Shelley:

really count on that either.

Shelley:

You have to really always be looking for that next thing to, to

Shelley:

replace whatever you might lose.

Jen:

No, that's totally true.

Jen:

And I, I also know about having one really big client and then,

Jen:

that, and that client left.

Jen:

Maybe close to year at this point, and there, but there were a couple

Jen:

years where, I felt like that client was sustaining my entire business.

Jen:

Yeah.

Jen:

Cause they had just take, they'd take taken over enough resources.

Jen:

That was my big thing.

Jen:

And I was always very nervous about it because yeah.

Jen:

You never know what could happen.

Jen:

And I was very blessed that when They, we stopped working together cuz

Jen:

they were just in a different place.

Jen:

And I was in a different place that I was, I had a pretty soft landing,

Jen:

and part of it is because I had set up all of these other opportunities and

Jen:

think of it as like a garden, really.

Jen:

You're planting seeds with everybody that you meet and.

Jen:

They blossom over time.

Jen:

And like I said, no one thing was super lucrative, but now.

Jen:

Some of the parts is much more lucrative.

Shelley:

You don't just want zucchini in your garden and nothing else.

Shelley:

You want some tomatoes, you want some peppers, you want some other

Shelley:

things in there to make a nice salad.

Jen:

exactly.

Jen:

So I've been very fortunate in that I have all of these different

Jen:

things and I'm always looking for other opportunities as well, and

Jen:

it's a different way of doing it.

Jen:

Honestly, it's a lot less effort.

Jen:

I've tried to sell the $20,000 package.

Jen:

I know what goes into that.

Jen:

Could I do it?

Jen:

Yes.

Jen:

Is it fun for me?

Jen:

No, , my way of doing it and I still get the big sales, but they just come

Jen:

through different channels because I've built a lot of relationships.

Jen:

So really for me, it in.

Jen:

In my own business, a lot of stuff has happened because of building strong

Jen:

long-term relationships with other people.

Jen:

That's

Shelley:

right.

Shelley:

And speaking of long-term relationships, if you haven't yet signed up

Shelley:

for Jen's newsletter, get on it.

Shelley:

Cause she puts out great content every week and additional

Shelley:

resources are in there.

Shelley:

So how do they do that?

Jen:

Oh, you can go to women conquer biz.com/newsletter.

Jen:

And yeah, with this last newsletter we talked about.

Jen:

Twitter is a great place.

Jen:

Now they've got something that's very similar to Google business profiles.

Jen:

You can also add your products there.

Jen:

So that was, I'm always highlighting one thing that's really going on

Jen:

and giving small business tips for helping your business and

Jen:

Shelley, what do you have going on?

Shelley:

I have a framework that can help people.

Shelley:

If you were paying attention, when we talked.

Shelley:

Putting out content and being a content creator.

Shelley:

And that's the first step, then go to framework dot educate

Shelley:

media.studio and get your framework and schedule and get started on

Shelley:

your consistent content creation.

Shelley:

That's right.

Jen:

Yes.

Jen:

That's awesome.

Jen:

Does anybody have any questions about passive income streams?

Jen:

We haven't.

Jen:

I know people are watching.

Jen:

I can see you out there.

Jen:

, but we don't know if anybody's got any questions.

Jen:

All right.

Jen:

So are, do you have any else, any, anything else to add or should

Jen:

we move on to tweaks of the week?

Jen:

I

Shelley:

think I'm ready to move on.

Shelley:

I think we've covered it.

Shelley:

You guys better have your main, your primary and you gotta have

Shelley:

your your backup passives and and keep adding in revenue streams

Shelley:

when they become available.

Shelley:

Okay,

Jen:

Carl Jody's here.

Jen:

I'm here.

Jen:

No questions.

Jen:

There you go.

Jen:

All right.

Jen:

Cause we're thank you for answering everything.

Jen:

That's right.

Jen:

All right.

Jen:

So I love this listen being productive.

Jen:

Yep.

Jen:

Let's know how works see productive, highly productive listen,

Shelley:

Highly does at work.

Shelley:

I like

Jen:

it.

Jen:

All right.

Jen:

Let's get into

Shelley:

some tweaks a week.

Jen:

So today I wanted to share it's called looped in.

Jen:

It is, as it says, here on their website, keep your customers in the loop.

Jen:

All in one tool for collecting feedback, building roadmaps, sharing, change

Jen:

logs, and publishing knowledge bases.

Jen:

Okay.

Jen:

So what this is.

Jen:

If this is something I'm using for Epiphany Courses,

Jen:

and you'll find this a lot.

Jen:

If you do a lot of apps, like the people are always sharing their roadmap.

Jen:

This is what I'm building.

Jen:

This is, these are the features that you can expect next.

Jen:

So it's but it's also a place where you can collect feedback

Jen:

from people they can vote.

Jen:

They can comment and leave some reactions.

Jen:

All different kinds of things.

Jen:

So there's a lot of bells and whistles on here that I'm not going to use,

Jen:

but for Epiphany Courses, we have a whole slate of courses that we want to

Jen:

offer, but we're not the hugest team.

Jen:

There's not a lot of us.

Jen:

And so we need to figure out the best courses that are really gonna hit the

Jen:

mark with people as, as good as possible, as close as, as much as possible.

Jen:

What I am using.

Jen:

So I decided to use, I'm trying it out.

Jen:

And I liked it.

Jen:

I like it is for Epiphany Courses.

Jen:

We are using looped in, this is what it looks like here.

Jen:

I just put in a few, I'm gonna add more later.

Jen:

And so it's a place where we can say, Hey, these are the

Jen:

courses that we're working on.

Jen:

These are the topics that we can speak to.

Jen:

People can vote, you can add a vote or.

Jen:

Oh, I just voted for myself.

Jen:

Okay.

Jen:

I should probably take that off.

Jen:

just UN voted.

Jen:

They can also submit like ideas for what courses they want, which I love.

Jen:

So we're gonna open this up to our members.

Jen:

I haven't even added everything yet.

Jen:

And then as we get more information about what it is that we're doing

Jen:

next, this will be where we'll keep our roadmap so that people are.

Jen:

In the loop around the different classes that we're offering what it

Jen:

is that is coming up next, I feel like that builds excitement around

Jen:

What's in the membership what's coming up next, keeps people interested.

Jen:

And I think that you can use it.

Jen:

You can certainly use it for an app.

Jen:

I think a lot of people do that where they're like, feature building excitement.

Jen:

I've been really happy with it so far.

Jen:

We were using a different tool called canny.

Jen:

And it wouldn't do what I wanted it to.

Jen:

And it was partially because the, I was using the free version and the

Jen:

paid version was like, $400 a month and I'm like, I'm not gonna do that.

Jen:

I'm never gonna do that.

Jen:

So I went on the hunt for something that was more cost effective

Jen:

and so far it's been great.

Jen:

And if I pay for it, it's affordable.

Jen:

I think that the pricing is, let me take a look here.

Jen:

The free product is pretty, pretty substantial.

Jen:

And then, the startup plan is like $12 a month, so that's pretty cool.

Jen:

Oh, you have it up.

Jen:

Look at that.

Jen:

Oh, I have it up.

Jen:

You just shared my screen.

Jen:

that's right.

Jen:

So it's pretty neat.

Jen:

You can have like feedback boards.

Jen:

We can do an awful lot on the free plan.

Jen:

But I'm thinking about bumping up so that we can have in embedable pages,

Jen:

cuz a lot of what we're doing with epiphany is we wanna keep everything

Jen:

on one platform as much as possible.

Jen:

So we're not saying go here for this and go here for this, but it is important

Jen:

I think to constantly be working on feedback and getting information.

Jen:

If you go down here.

Jen:

There are a couple things that are on.

Jen:

So this is CSTAT.

Jen:

So this is a really important metric in marketing that

Jen:

doesn't get talked about enough.

Jen:

It's like we are going through like the lifetime value of a customer.

Jen:

A lot of that is, is done by.

Jen:

Polling people and making sure that they are happy.

Jen:

And this is something that is you can get like the sentiment of

Jen:

the people you're engaging with.

Jen:

You can get more information about how they're interacting with their,

Jen:

with your product, how likely they are to recommend it to somebody else.

Jen:

These are all things that are really important.

Jen:

. So that was one of the reasons why I decided to go with this product too, is

Jen:

if you're trying to build something and you're trying to get attention around

Jen:

it, and you're trying to find out like, one of the best things that you can do

Jen:

is ask the people who are already here.

Jen:

what it is that they like and how things are going.

Jen:

And then you can continue to build that credibility and

Jen:

that relationship with people.

Jen:

I guess that U unbeknownst to me, the real theme of today is

Jen:

about building relationships.

Shelley:

That's always great when you discover things as you're doing the show.

Shelley:

That happens to me frequently, and sometimes I discover it is I'm

Shelley:

writing the blog post about the show.

Shelley:

I'm like, oh, look at that.

Shelley:

Oh we discovered this together.

Shelley:

Yeah,

Jen:

it's good.

Jen:

Yeah.

Jen:

Yeah.

Jen:

So that's the tweak of the week looped in it is at loopedin.io

Jen:

and I would suggest using.

Jen:

If you are building an app, if you're building a community if

Jen:

you need to collect feedback from people, I was thinking about it.

Jen:

Like we could actually do something with the show as well, if we wanted to oh.

Jen:

And have a roadmap where we're talking about the different

Jen:

topics and get people to vote on show ideas and things like that.

Jen:

Yeah.

Shelley:

Very good.

Shelley:

All right.

Shelley:

I guess we are ready for our inspirational moment.

Shelley:

If you are.

Shelley:

All right.

Shelley:

So today we're talking about the world and the shape that it's in and how we want

Shelley:

to make the world a better place to live.

Shelley:

First we have to accept what is before we can move forward on changing what

Shelley:

it is into what we want it to be.

Shelley:

That acceptance has to come first.

Shelley:

And begin where the world is, change it as we think it should be.

Shelley:

There are plenty of small steps that we can take on the way to that bigger goal.

Shelley:

I talked about this again in my LinkedIn newsletter this week that sometimes

Shelley:

all we can manage is to get that little bit of content out that week.

Shelley:

And that's all we can manage.

Shelley:

We have too much going on in our lives.

Shelley:

Like Jen, get burned out, need to be back and away a little bit so that you can

Shelley:

come back with fresh eyes and fresh ideas.

Shelley:

Maybe there's some.

Shelley:

We all have stuff we all have stuff going on in our lives

Shelley:

that overwhelms us sometimes.

Shelley:

But if we can eek out just one little piece of content that week to keep our

Shelley:

momentum going so that we don't slide into oblivion and podfade and whatnot then we.

Shelley:

We are accomplishing something.

Shelley:

And that is important.

Shelley:

That is the thing that's going to make the changes that change the world.

Shelley:

Those little things, just like adding on that one little revenue stream that

Shelley:

Jen added on, and then eventually it grew bigger and adding on those little

Shelley:

pieces onto what you're already doing.

Shelley:

Just one little extra thing that can make a big difference in the.

Jen:

Absolutely.

Jen:

And I think that you're doing it, Shelley, you're doing it.

Jen:

I'm

Shelley:

I'm working it,

Jen:

working it that's right.

Jen:

And that's what all of you out there are doing as well

Jen:

is you're doing it every day.

Jen:

Focus on the top of the funnel, build on those relationships and just be

Shelley:

consistent.

Shelley:

Be consistent show up and that's what we plan to do.

Shelley:

We showed up today.

Shelley:

We're gonna show up again next week and we hope that you show up as well.

Jen:

Yeah.

Jen:

Thank you so much for being here.

Jen:

Have a great week.

Jen:

Everybody.

Shelley:

Thank you for joining the Women Conquer Business podcast hosted

Shelley:

by Shelley Carney and Jen McFarland, please subscribe and leave a comment or

Shelley:

question regarding your most challenging content creation or business problem.

Shelley:

Then share this podcast with family and friends so they can find the support

Shelley:

they need to expand their brand and share their message with the world.

Shelley:

Check the show notes for links to valuable resources and come back again next week.

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