Published on:

27th Apr 2023

333: Why I’m Done Building a $1 Million/Year Business

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

You’ll Learn:

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

Mentioned in this episode: 

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

The Old Man & the Three podcast by JJ Redick

The Healthcasters Course

Mentioned in this episode:

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It's at this point now trusted by over 2700 clinicians. And each week we share the latest podcast episode some of the writing that I'm doing on LinkedIn, with regard to my journey as a course creator and making this transition from psychologist and clinical practice to all mine creator and owner of an online business. And we also included a brand new section called on Mel's Mind where I break down a blog post or a video or something that's inspiring me to become a better person and a better business owner. If any of that sounds interesting and would love to have you sign up, you can sign up over at https://sellingthecouch.com/newsletter. Get the FREE A to Z Online Course Guide just for signing up today!

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

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About the Podcast

Selling the Couch
Impact + Income Beyond The Therapy Room
With over 1.5 million downloads, Selling the Couch is a top podcast for mental health private practitioners who think differently.

Psychologist Melvin Varghese interviews successful therapists, top entrepreneurs, business/marketing, productivity, and social media experts.

You'll learn how therapists get referrals, make money, work through fears, and how they've stopped "trading time for income."

Melvin also shares the lessons as he grows his impact + income beyond the therapy room (podcasting, video, online courses, masterminds, investing, etc) and the tips, tools, and tech he uses to grow STC from a single-person business to the CEO of a 5-person 100% remote team.

You get bite-sized and highly actionable tips to guide your private practice and entrepreneurial journey.

About your host

Profile picture for Melvin Varghese, PhD

Melvin Varghese, PhD

Hi. I'm Melvin. I'm a psychologist, girl dad, and online creator living in Philadelphia, PA.

In 2014, I began to think about how to use our therapist skillset in different realms besides clinical work (e.g., podcasting, consulting, online course creation, writing, etc).

This allows us to serve others on larger scales while diversifying our income beyond 1 to 1 work.

I make podcasts and videos about business, tech, productivity, and lessons I'm learning from becoming the CEO of a lean, mean 5 person 100% remote team (we're not really mean..it just rhymed =P).