Because It's F*$%ING HARD! | Tiege Hanley VLOG 223 Don’t be fooled—business isn’t easy—and anyone who tells you otherwise is lying and probably has something to sell you.
In this week’s VLOG, Aaron discusses the complex and unpredictable difficulties associated with running a business. Things like product development, customer retention (churn) and the importance of having redundancy in your business, specifically from a manufacturing standpoint, all present unique challenges.
00:20 Churn is officially at an all-time low
Aaron discussed churn, or the rate at which customers leave Tiege Hanley, in last week’s vlog. Aaron is happy to report that Tiege Hanley’s 30-day churn rate is the lowest in the history of the business—meaning, customers join and don’t cancel their subscriptions nearly as fast. This is a very good thing for Tiege Hanley.
01:35 Product development takes time
Having redundancy within the manufacturing process is crucial. For instance, imagine you run a business that manufactures products in China and the Coronavirus suddenly breaks out. It shuts down manufacturing in the region, what do you do? Or even something less globally devastating, like a fire in the warehouse. If all of your manufacturing or supply chain is done in one place, you’re in a world of hurt until that issue is resolved.
04:10 Tiege Hanley’s retention efforts are working
All of the things Tiege Hanley has been doing to keep customers longer are working. The 30-day churn rate is at an all-time low and that means the business is making more money. Combine that with the customer’s new ability to add new products to their System and things are really trending up.
05:57 Don’t get away from “the System” aspect of Tiege Hanley
Aaron responds to a comment from VLOG 222 urging Tiege Hanley not to stray from the concept of Skin Care Systems. Rest assured, Tiege Hanley is not getting away from the System aspect of the business. There are some things being tweaked, however, to enhance the experience, like the ability to add products to your system, giving you what you want, when you want it.
06:47 Business is F*$%ING hard
Aaron explains that the struggles and challenges you hear him discuss in the VLOG are just a reality of business. When you decide to be an entrepreneur, you are bound to have some highs and lows.
Just remember, nothing great was accomplished simply because it was easy. There are a lot of self-proclaimed “business gurus” out there trying to sell you courses on starting a business. They make it look and sound easy, and a lot of people spend their hard-earned dollars on their content. The truth is, the majority of people selling these courses haven’t ever actually accomplished anything in business. When you encounter these people, don’t walk, run away.
10:45 I came to a realization the other day
If Aaron’s old business partner Linda hadn’t left after their fitness center failure, he doesn’t think he would have been able to be successful the way he is now.
12:15 Something that I was wrong about
A few VLOGS ago Aaron discussed an article MSNBC did on YouTuber Graham Stephan. Aaron suspected he wasn’t making as much money as he claimed to be, but he was wrong. What Aaron didn’t realize was the ad revenue Stephan receives from sponsors from big industries like the automotive or financial industries is far higher than what he assumed. So, let’s just set the record straight—Stephan, not a liar, seems like a good guy, knows what he’s talking about.
Business Questions Answered
14:00 Q1 from Rigel Kent
Hey Alpha, I am 16 years old and was thinking of starting my own business when I get a job.
A1—Aaron’s opinion is, if that’s what you want to do, do it, just be smart about it. Save your money, don’t rush it and don’t buy any crazy courses online.
14:34 Q2 from The Improvement Hub
I’m 19 and I’m currently saving up to build/start a self-care & skin care company. I’m working towards having $15 thousand in startup capital. What are your best tips for starting, is the industry too red ocean or is there still room?
A2—This is a great question. In terms of market saturation—no, it’s not too saturated! If you have an idea for how you’re going to do something bigger or better, do it. If you’re just going to copy another brand, that won’t be ideal. But if you come up with your own unique value proposition and how you’re going to market it, that’s amazing.
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