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:

Check Out PsycCareers!

If you’re a psychology professional who is ready to take the next step in their career, check out PsycCareers, the American Psychological Association Services, Inc’s career center. PsycCareers is home to over 400 open positions tailored specifically for psychology professionals. Start your journey today by exploring opportunities that inspire and challenge you at sellingthecouch.com/apa.

About the Podcast

Show artwork for Selling the Couch
Selling the Couch
Impact And Income Beyond The Therapy Room

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).