In This Episode:
- Why Michelle Ward decided to retire as the When I Grow Up Coach to go all-in on the 90-Day Business Launch
- Why a complicated business model (and her peer mastermind) made the decision pretty clear
- How she made the transition and the impact its had on revenue
- How she’s reprioritizing business & life so she’s focused on what she really values
Small business owners are famously susceptible to the sunk cost fallacy.
If you’re not a familiar, sunk cost fallacy is the idea that the more we sink our time, money, and other resources into a project or idea, the more likely we are to stick with it even when it’s not working.
Our resources are limited—or at least feel that way. So we’re attached to them. Deciding to invest precious resources into an idea then creates an attachment to that idea. The more attached we become, the less likely we are to willing detach.
The more resources we sink into a project—and the more attached we become—the fewer choices we seem to have about how to move forward.
This is the work of a mindset of scarcity and limitation.
Now, I don’t want to give short shrift to the drain on material resources any project, idea, or business can be. We can invest money in growth—and not see it shift into a return. We can invest time in a new offer—and not see it sell. We can forgo our own compensation to make a big move—and have it not work out.
Those situations all suck. And the drain on resources is very, very real.
However, where the scarcity narrative starts to wreak havoc is in our perception of choice. Is it possible to peer through the thick fog of disappointment and still see an array of possibilities in front of you?
Maybe even an array of opportunities?
Now, it’s easy to see how the sunk cost fallacy applies when things aren’t going well. But the sunk cost fallacy also applies when things are humming along, doing just fine.
In fact, I’d wager that it’s harder to see different opportunities and make the choice to pursue a new way forward when things are working. When the investments you’ve made are paying off, it’s harder to walk away.
But that’s just what today’s guest has done.
I’ve known When I Grow Up Coach Michelle Ward almost as long as I’ve been working for myself. So when she emailed me a couple of weeks ago to ask if she could come on the pod to talk about how she’d retired the When I Grow Up Coach brand and gone all-in on her 90-Day Business Launch program, I said: hell yeah!
This is a story about wrestling with long-term success and the decision to go a different way. It’s also a story about recognizing that, any time you make a big move, things like money and marketing won’t magically stay the same. And finally, it’s a story about recognizing abundant long-term opportunity over short-term consistency.
Now, let’s find out What Works for Michelle Ward!