Growing a Million Dollar Online Course Institution with School of Motion founder Joey Korenman

Growing a Million Dollar Online Course Institution with School of Motion founder Joey Korenman

[smart_track_player url=”http://media.blubrry.com/creativelive/content.blubrry.com/creativelive/PPP-JOEY_KORENMAN-2017.mp3″ title=”Growing a Million Dollar Online Course Institution with School of Motion founder Joey Korenman” social=”true” social_twitter=”true” social_facebook=”true” social_pinterest=”true” social_email=”true” ]

The Nitty Gritty:

  • How it’s possible even when you’re successful to change direction and create something that works better for your life
  • What signals of success let Joey know he was on to something
  • How building a team allows you to focus on what matters most to allow for company’s growth

A few years ago, School of Motion founder Joey Korenman, my guest on this week’s Profit. Power. Pursuit. podcast, had achieved what he thought would mean true business success and happiness. Instead he realized he was so busy climbing the mountain of success he thought he should be on, he forgot to summit the mountain of success he wanted to be on. We talk about the path Joey took to build a $1 million online course institution for motion designers in less than 3 years and some of the lessons he learned along the way.

If at first you don’t find happiness; try, try again

It was a little bit of strategy and a little bit of naivety.

– Joey Korenman

Joey seemed to be living the dream. He had opened his own studio with two business partners. His office was in the heart of downtown Boston with a client list that included ad agencies for some of America’s biggest brands. About two years in, a daily 3-hour commute, all-nighters and client pressure to perform regardless of what it did to his work/life balance, Joey looked up and realized he was depressed and needed to “figure out an escape hatch.”

When he started to consider the possibilities, he didn’t know his new business would be selling training. Joey started a blog (even though he knew nothing about digital marketing) to teach people motion design after seeing Greyscalegorilla, a business in his space, was blogging. At the time he built his website, he had no idea how he was going to make money. After a trial period developing and selling plug-ins for animation tools, Joey realized what he really wanted to do was teach.

The moment he knew he was on to something

If you can bring someone from their head space into yours they will follow you anywhere.

– Joey Korenman

While blogging, Joey was honing his entrepreneurial skills and learning through resources from Pat Flynn, Tim Ferriss and Jaime Masters. He knew there was a need in his niche for an intent 6-week long course for intermediate motion designers where humans would review the work. The only problem? It would take 3 months to create the course he imagined; in the meantime, he had to keep paying the bills.

So, he took a bit of advice from Jaime and he decided to pre-sell a course (yes, a course he hadn’t even created). He sent an email (the email content is included as a case study in Pat Flynn’s book, Will It Fly?) out to a list of approximately 4,000 he built and very authentically told them he was going to build the animation course he wished he would have had coming up and he was going to explain more in a webinar. The webinar sold out in 5 minutes. At the end of the webinar the beta version of the course sold out in 5 minutes, and he made $5 grand in 5 minutes. These were clear signs Joey was onto something.

Building a team

Joey took it slow when building his team by first hiring a part-time contractor in part due to his fear of “having another mouth to feed.” However, every time he’s unable to focus on the work that he should do to build the company—content production and products—he realizes it’s time to hire another resource. Once the right person has joined the team in the right role, their collective productivity soars. And as Joey becomes better at learning to let go, he is finding ways to manage quality control in a different way rather than being involved in every aspect of the business. 

There’s a lot more in the full episode including a conversation about confidence and authenticity, customer acquisition and how Joey’s team is focused on creating systems that will catapult them to a $3 or $4 million-revenue company.

Become a subscriber of the Profit. Power. Pursuit. podcast on iTunes to get insights from today’s creative entrepreneurs about how they built their businesses, made money and found work/life balance.

It’s Not About Doing the Work, It’s About Clearing the Next Obstacle

Imagine this scenario: you’re working at a large, busy bookstore. Every day, people pick up books and put them back. Sort of. They never quite end up in the same place and “alphabetical by author” quickly descends into loosely-managed chaos.

Your task today is re-alphabetizing the Fiction & Literature section. It’s a task that takes several hours on a good day.

You set about the job and find satisfaction in not just arranging the books but in also carefully “flushing” the books (pulling them to flush along the edge of the shelf). Each shelf you complete has a certain beauty to it.

An hour into it, you look back over your shoulder. All the work you’ve just completed has been mangled by customers trying to locate the books they want!

You’re frustrated. You “complete” the job. But is it really done if customers have gone and messed it up already? Your satisfaction has dissolved into frustration.

When I was a manager for Borders Books & Music, managing this task (and many like it) was an important part of my job. It was easy to assign people a section of books and tell them to get to it. What was extremely difficult was managing the discontentment that would grow among every single employee as they realized just how futile their work was.

Once I became a business owner and a coach, I realized just how endemic this problem is. It’s not confined to odd retail jobs; it’s not confined to bookstores and libraries; it’s a universal adult experience.

It's not about doing the work; it's about clearing the next obstacle.

In school, we have certain expectations and benchmarks. You complete your homework, or you don’t. You take the test, or you don’t. You finish the school year, or you don’t. You do what you’re supposed to do and you advance to the next grade. Everything is clear cut, and the consequences of not doing what you’re supposed to be doing are fairly severe.

But in work or our businesses, your actions are rarely tied to clear consequences or benchmarks. You show up, do work that’s assigned to you, and go home. Most of the time, you don’t know how that work is impacting the bottom line or progress towards bigger goals.

Discontentment grows.

You lose faith and focus.

Your growth stagnates.

This is a serious problem.

In all the reader and customer research we’ve done this year (and it’s a lot), this problem has presented itself.

You’ve told us that you don’t know how the work you’re doing today will get you where you want to go.

You’ve told us that, because you lack focus on a particular goal, it makes it difficult for you to decide what’s next.

You’ve told us that there are so many things demanding your attention that you don’t know how to prioritize.

You’ve told us that you understand a lot of things in theory but that you have trouble when it comes to applying things because there’s just so much to do.

Yes, that’s a recipe for frustration. And, it’s also a recipe for the stagnation that leads to throwing in the towel.

The last thing I want for you is to throw in the towel on your business. I want your ideas to find a bigger audience. I want you to up-level your revenue and earning. I want your customers to experience everything you have to offer.

But you’re not going to get there operating the way you have been operating.

So what gives? How did I approach managing expectations and employee satisfaction when faced with endless tasks at a bookstore? How do I approach my own un-ending to-do list and make real progress on my business?

The key is creating benchmarks that allow you to say, “I’m done.”

It sounds simple and it is. But you don’t do it.

You say “I’m going to work on building my course” instead of “I’m going to complete Module 3 by Friday.” You say “I’m going to post more to social media” instead of “I’m going to post 5 times a day to 2 networks, 5 days a week.”

It’s the difference between telling yourself you’re going to train to run some far off race and actually counting the hurdles you clear, one after another.

What’s more: you don’t tie these ineffective action plans to things you really want. Why are you going to complete Module 3 by Friday? Because you’re aiming at a $25k revenue goal on that course that you’re launching in March. Why are you going to post 5 times a day? Because you’re growing your influence by attracting 50% more followers.

The mindset shift you need to make here is that it’s not about doing the work; it’s about overcoming the next obstacle.

You’re the kind of person who wants to see results, know you accomplished something, and raise the bar of excellence. When you’re feeling productive, satisfied, and fulfilled, you’re not just showing up, you’re leaping over hurdles.

What you see in front of you right now is work, not hurdles.

If you want to up your level of satisfaction and intensify your focus, transform your work into hurdles.

The moment you change each task or goal into an obstacle to overcome, you will accomplish more, feel a greater sense of satisfaction, and make measurable progress towards your greater vision.

You’re a problem-solver and a barrier breaker. This is in your wheelhouse.

Here are guidelines for turning your work into hurdles:

1) Start with what you’re working towards overall. Give it a number (dollars, team members, members, etc…). At Quiet Power Strategy™, we call this your Chief Initiative.

2) Then list the projects you’re currently working on to achieve this overall goal. Make sure each is either quantifiable (again: dollars, pitches, subscribers, etc…) or time-bound (has an “by” date).

3) Next, list growth actions for each project. Consider the specific things that need to be done to accomplish each project. None of these actions should begin with “start,” “continue,” “work on,” or any other word that connotes continuation and not completion. If you can’t finish the action in the time given, break it down further.

4) Finally, start tracking your progress. Each and every week, review your Chief Initiative, projects, and growth actions. Take note what of you’ve completed and what standards of action you’ve met. Mark down your progress on the metrics that are important to your goal (subscribers, dollars, members, etc…). Make a plan for the week that takes into account what worked previously and what new things you want to try to create more momentum.

If you follow these 4 steps, I guarantee you’ll make meaningful progress in your business and feel closer to your goals than you ever have before. Your sense of discontentment will start to wain and your sense of fulfillment will grow.

Now, I know most people reading this will not take these actions. Will you?

Our Successes All Look Different: How to Recognize Yours

The other day, I was scrolling through a friend’s wall on Facebook looking for a post. I noticed that, in fact, most of the posts weren’t from her but were other people posting on her wall celebrating this or sharing that. I thought, “Wow, all those wall posts are signs of just how influential she is. Maybe I need to work harder so that I be that influential too.”

See what happened there? I allowed a positive metric of one person’s success tell me I’m not as successful as I’d like to be (or as successful as she is).

I had a similar conversation with a couple clients recently, too. They were concerned that their communities didn’t act the same way a competitor’s community acted and worried that was affecting the performance of their businesses.

When we see disparities like this, our natural inclination is to find fault with ourselves. Self-judgement is the reflex.

What if, instead, you saw this as a result of your personal strategic decisions? What if you decided to express your own results as Key Performance Indicators of your core strategy and then seek additional ways to manifest those results?

For my business, effusive posts on my Facebook wall might be fun but they don’t really reflect the way the awesome people who read my blog or work with me would naturally respond to my work because of conscious choices I’ve made in my strategy. Instead, they write emails, Tweet me, or invest 3 days time to watch me on CreativeLive. For the clients I mentioned above, their own awesome people respond to their work by making taking serious action toward their goals and sharing much more privately.

We all have different ways to “move the needle” on our businesses and each of those methods has different corresponding effects. One person’s strategic decisions create different outward effects than another person’s. What’s more, those strategic decisions (her Quiet Power) are unique to that individual and her business. What works for me won’t work for you. What works for Marie Forleo won’t work for me. What works for Facebook won’t work for Marie Forleo. And as a result, our successes all look different.

Plenty of people will try to sell you one-size-fits-all tactics and give you can’t-lose metrics to follow, but the truth is that there is no correct solution save the one that is most effective for you and your business.

Your business strategy should be dictated by What You Want to Create and How You Want to Connect. The decisions you make in those two areas dictate Who Your Business Attracts and How They Respond. Understanding the interplay between these areas helps you stay out of the weeds and out in front of your business. Instead of making reactive decisions or action plans, you make proactive ones because you’re guided by metrics and indicators that are actually relevant to your own personal strategy.

You should choose who you’re going to pursue and how you’re going to measure their response based on what’s actually going to create results for you.

Look at the unique people your business attracts and how they respond to your business:

  • What strategic decisions have you made that attract those people to your business and influence how they respond to it?
  • What indicators of success can you extract from how your people respond?
  • What reactions would show you that you’re on the right path?
  • What responses or methods of response could you use to track your effectiveness?

You might find that Facebook shares fit both your strategic decisions and the direction you want to take next year. Or you might decide that email subscriptions are where it’s at and you want to do everything you can to have your people respond by subscribing. You might choose purchases as an indicator of effectiveness and work to understand how your strategy influences the way your awesome people choose to buy.

As you look to the coming year, choose one indicator to monitor closely. Experiment with your marketing and sales efforts to see how you can affect that indicator. Then pay special attention to how you can use that indicator to reach your business goals.