Shinefy: The speaker explains why they aren't giving away more money despite being perceived as wealthy, citing taxes, expenses, and efforts to provide free resources.
Shinefy: Chase is working to shorten his courses and offers them for free, aiming to address feedback about their length.
Shinefy - “If you’re so rich why don’t you give away more for free?”
The speaker addresses the question of why they aren't giving away more money despite their apparent wealth. They explain that while they do give away money, it's challenging to increase the amount due to significant tax payments and personal expenses, such as a $3,000 monthly car payment. Over the past two years, they've paid nearly half a million dollars in taxes. They have been giving away substantial amounts, like $225,000 in free giveaways last month and $24,000 this month. However, their income has decreased from $1.7 million to $600,000 annually due to offering free courses and relying on sponsorships and ad revenue. They are exploring ways to provide more free resources, like negotiating indefinite free access to tools for their group of 25,000 members, but face challenges in maintaining revenue streams. The speaker is committed to finding solutions and encourages feedback from their audience.
Key Points:
- Paid nearly $500,000 in taxes over two years, impacting giveaway capacity.
- Monthly car payment of $3,000 is a significant expense.
- Income dropped from $1.7 million to $600,000 due to offering free resources.
- Gave away $225,000 last month and $24,000 this month in free giveaways.
- Exploring ways to provide free tools indefinitely to a group of 25,000 members.
Details:
1. 💸 Why Not Give More? - Addressing Expectations
- The segment begins with a provocative question: 'If you're so rich, why aren't you giving away more free money?' This question sets the stage for a discussion on expectations surrounding wealth and philanthropy.
- The speaker acknowledges the expectation to give more and expresses understanding of this perspective.
- The speaker confirms that they are indeed giving away money, but implies there could be more done.
- The speaker may have highlighted personal experiences or examples of philanthropy to illustrate their point and show the balance between public expectations and personal choices.
2. 🚗 Financial Commitments and Tax Burdens
- The speaker addresses public expectations for increased donations due to visible financial success, indicating a perceived obligation to give more.
- Despite a clear intention to donate more, the speaker explains the challenges faced, which include balancing personal financial commitments and understanding tax implications.
- The speaker's financial commitments are tied to ongoing projects and investments that must be managed alongside donation plans.
- Tax burdens are highlighted as a significant factor influencing the timing and amount of donations, necessitating careful financial planning.
- Future plans involve reassessing financial strategies to enable increased donations, reflecting an intention to align personal success with philanthropic goals.
3. 🎁 Current and Future Giveaways
- Over the last two years, I have paid close to half a million dollars in taxes, indicating significant earnings.
- My car expenses are approximately $3,000 monthly, reflecting a personal investment in lifestyle.
- Last month, the business conducted over $225,000 in free giveaways, showcasing a major commitment to community engagement and brand loyalty.
- Current month giveaways include $3,500 in cash and $20,000 in refunds, totaling $24,000, aimed at enhancing customer satisfaction and retention.
- These giveaways are part of a strategic effort to increase brand visibility and foster customer loyalty, with a focus on generating positive community impact.
4. 📉 Impact of Free Offerings on Earnings
- Switching to free content led to a substantial revenue drop from $1.7 million annually to $600,000, illustrating the financial impact of this strategic shift.
- The company now depends on sponsorships, ad revenue, and affiliate commissions, which tend to be unstable and less predictable than direct sales.
- Free trials offered through affiliate tools often fail to convert to paid subscriptions, further impacting income consistency and growth.
- Despite the reduced revenue, significant efforts are underway to improve the quality and engagement of courses and video content to attract and retain users.
- The transition was initially motivated by the potential for increased user engagement and broader reach, but has required strategic pivots to maintain financial viability.
5. 🛠️ Challenges with Free Tools and Sponsorships
- The group has 25,000 members, which makes it challenging to secure indefinite free access to tools.
- There is a significant demand from group members for tools that don't require any payment, even beyond free trials.
- Efforts are being made to negotiate with companies for free access to their tools, though securing such sponsorships is difficult due to the large number of members.
- Plans include developing strategies to distribute more funds and potentially provide more free resources to the group members.
- Specific companies and tools being approached include [Example Company A] and [Example Tool B] for potential sponsorship deals.
- The group is exploring innovative methods to meet the demand for free resources, such as crowdfunding or partnerships with educational institutions.
6. 💡 Strategies for Increasing Revenue and Future Plans
6.1. Ad Revenue and Sponsorships
6.2. Community Engagement and Incentives
Shinefy - I’m sorry
Chase acknowledges feedback that his courses are too long and plans to re-shoot and edit them to be shorter, aiming to cut the time in half. He has compiled around 10 hours of content, including the Infinite Traffic System, Local SEO, and SEO Audit courses. Despite generating significant sales, he refunded $20,000 due to some complaints and his preference to offer content for free. Chase encourages feedback and invites people to join his Discord community, where he offers giveaways and free resources to support learning and engagement.
Key Points:
- Chase plans to shorten his courses based on feedback.
- He offers courses like Infinite Traffic System and SEO Audit for free.
- Chase refunded $20,000 in sales due to complaints and his free content philosophy.
- He encourages joining his Discord community for free resources and giveaways.
- Feedback is welcomed to improve course offerings.
Details:
1. 📏 Course Length Concerns and Apology
- Instructor Chase apologizes for the course length after receiving participant feedback.
- Participants expressed that courses are currently too long, affecting engagement and learning outcomes.
- Feedback specifically highlights the need for shorter, more concise courses to enhance participant experience.
- Chase commits to restructuring the courses to better align with participant needs, indicating a focus on more efficient delivery.
2. 🎬 Consolidating and Offering Free Courses
- The main strategy is to reduce the length of videos to minimize viewer confusion, enhancing engagement and comprehension.
- A comprehensive editing process was completed, resulting in nearly 10 hours of consolidated content from various checklist items.
- The checklist served as a guide, ensuring consistency and relevance across all edited materials, resulting in a streamlined and cohesive final product.
3. 🔄 Reshooting Courses for Conciseness
- The existing Infinite Traffic System course is 4 hours long, the Local SEO course is 1.5 hours, and the SEO Audit course is approximately 6 hours.
- Feedback from the Discord group indicates that users find the course lengths to be a concern.
- The plan is to reshoot and edit these courses to reduce their length and enhance conciseness.
- The goal is to integrate new videos and effectively cut down the total time required to complete each course.
- Specific strategies include focusing on key topics, removing redundant content, and using more efficient editing techniques.
- By implementing these changes, the company aims to improve user engagement and satisfaction with the course material.
4. 💰 Sales, Refunds, and Ethical Decisions
- Approximately $220,000 in sales were achieved over a span of three to four days, demonstrating a strong sales strategy and market demand.
- Refunds of $20,000 were issued due to ethical considerations, highlighting a commitment to customer satisfaction and trust.
- Complaints from a small number of customers led to refunds, emphasizing the importance of maintaining integrity in business practices.
- This decision underscores the balance between financial success and ethical responsibility, even at a significant financial cost.
5. 🙌 Free Resources and Community Feedback
- Efforts are made to provide free resources, yet complaints persist, highlighting the challenge of satisfying all users.
- Active solicitation of community feedback through comments, aiming to address user concerns effectively.
- Encouragement to join the Discord Community, where thousands of dollars are being given away for free.
- Participation in giveaways requires users to share their action steps, fostering community engagement and accountability.
- Examples of free resources include educational materials, access to exclusive content, and tools designed to assist users in their respective fields.
- Community feedback is systematically reviewed and utilized to refine and expand the range of resources provided, ensuring alignment with user needs.
