You're listening to Cubicle to CEO, Episode 257. Hey, friends, welcome back to another quarterly review in our business. Before we get into the q2 2024 review, I wanted to first shed a little insight from a conversation I had recently with a peer of mine, she had asked me what is the difference between our quarterly reviews that we do here on our public podcast, the one that you're listening to right now, and the behind the scenes or behind the business case studies and debriefs that I share on my private podcast, the C suite, that is an annual subscription. By the way, if you're interested, the link for that will be below in the show notes.
And I was realizing as I was explaining to her that I've actually never explained that to you guys. So I thought for a little bit of context, it might help. Basically, our quarterly reviews like the one that you're going to hear today are a restructure of our income reports that I've shared publicly on this show for the last five years in the q1 2024 review, which I will link that episode below for you to check out if you haven't listened in yet. In the intro of the episode, I actually explain more in depth, why we chose to restructure slightly this year, the format in which we are sharing our 90 Day recaps of the business.
So again, if you want the explanation for that, go ahead and click on that episode link and listen to like the first three minutes and you'll have everything you need to know. And to me these quarterly reviews are a chance for me as a CEO to reflect on the last 90 days in our business running Cubicle to CEO and share kind of like a State of the Union. Like here's where we're at, here's some of the things that we've done. And here are some key insights or takeaways that we learned from the last quarter, the behind the scenes or behind the business debriefs on our private podcast the C suite are quite different because they're not just like a State of the Union. This is what we're doing or what we've done. It's more so each episode is almost like an in depth masterclass on a specific strategy, or a specific launch or a specific endeavor that we are testing in our business.
And we're really breaking it down with all the data and all of the takeaways. And it's much, much more granular. So kind of actually more similar to our Monday guest interviews that you hear on our show. But instead of a guest coming in and sharing their case study, I'm coming in each time with our own case study. And I really treat those like paid master classes, right, and the level of detail and depth I go into for each one. And there's an array of topics. So we've covered things from media, booking your own media tour, getting your SEO boosted, and your Google credibility, boosted from appearing in local media, TV, radio, newspapers, all that sort. Everything from that to covering pop up podcasts to covering launch debriefs to what was the one I recorded most recently, oh, experimenting with popup offer. So again, if you're curious about the C suite, and you want to become a subscriber to our private podcast, the link for that will be below in the show notes.
But for these recaps, I really do look forward to sharing these with you every quarter because I feel like it's almost like a personal audio diary, or documentation of our business and being able to look back on it months or years down the line has been really enlightening for me as a founder on this journey. So thank you for being here with me. Let's get into the month of April, May and June 2024.
Welcome to Cubicle to CEO, the podcast where we ask successful founders and CEOs the business questions you can't google. I'm your host, Ellen Yin. Every Monday go behind the business and a case study style interview with the leading entrepreneur who shares one specific growth strategy they've tested in their own business, exactly how they implemented it, and what the results and revenue were. You'll also hear financially transparent insights from my own journey bootstrapping our media company from a $300 freelance project into millions in revenue.
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Okay, so I have my notes here in front of me. And I think the theme that kind of marked this quarter, if you will, my greatest takeaway from this quarter was that there are so many creative ways to monetize your intellectual property, your IP, the methodologies and frameworks and the unique way that you communicate things, the content that you've poured your heart into and created. There's just so many untapped ways that we as a company can lean into further to leverage our IP for revenue beyond just selling it through a digital product or a live event or what whatever that may look like.
So one example of this is old curriculum. For example, we have this program that we ran for about four years that was very successful, it helped hundreds of service providers, coaches and freelancers reached their first $10,000 month as a one on one service provider, right working with one on one clients. And we retired that back in 2022. And since then, we've only brought it back briefly for like a flash sale last Christmas, and allowed people to purchase essentially a self paced version of the curriculum to work through. And besides that, it's just kind of been sitting in our digital archives. And earlier this year, or in this quarter, I started having conversations with someone about purchasing this IP outright, and allowing them to take the reins of this product and rerecord the lessons, make it their own and actually pass the baton, if you will. And let them use this IP in this framework that we've developed that works really well to continue to go impact more service providers and coaches.
And the only reason that we don't actively sell this anymore is because I no longer are like our business at the time, the whole structure of our business was really meant to serve that one specific niche. And we were primarily in education business, you know, at that point in time. Now, as a media business model, you know, we talked about so many different business topics, through our content, it just didn't make sense to really go deep with that one product like we did before. But that doesn't mean there's anything wrong with that product. And that, you know, it can't, like I said, continue to have an impact. And so we had discussions about selling the IP and you know, her owning it outright.
Now, this is not at all the same as what does that trend, the master resell rights, the MRR where like, hundreds or even 1000s of people are purchasing the exact same course. And then they have the ability to go out and resell it, I definitely don't want to play in that game. If I ever sold the IP for any of my old curriculum, it would be just to one person. So one license, and they would have exclusive rights to then go sell and reformat that content to their audience. So anyways, that deal didn't end up going through, unfortunately. But now that we've kind of open that Pandora's box, it's really interesting to me. And now I'm considering it more than ever, I'm kind of going back and looking through all the products I've created over the years and thinking to myself, the ones that I'm no longer actively selling if the information is still relevant and applicable, and it's gotten people results, how can I get this back out into the world through different hands, right?
How can I figure out some sort of IP asset sale and allow someone else the opportunity to purchase and run with it. So that was a big learning for me this quarter. And I'm really intrigued by this concept. So if you've never thought about this, either before, I hope that this is a new concept that maybe percolate some ideas for you as well.
On that same subject of you know, leveraging your IP in different ways and creative ways. I actually met an incredible attorney. Shout out to page at page holsclaw. And this was at my friend's Hannah, and Maritza is Thrive retreat in Vail, Colorado. And she brought this new idea to the table that I also had never thought about before, which is we own as a company to active trademarks. Right now. We have a third that has been filed and is not registered quite yet. But I was talking to her about you know, sometimes we see instances of people infringing on our trademarks, Cubicle to CEO and pay to create our two trademarks, by the way, and oftentimes, I fully believe it's accidental for the most part, right? I mean, I always try to give people And companies the benefit of the doubt.
And so when I see that, you know, I make my best effort to reach out to educate them on, you know why this is an infringement help them have the opportunity to fix it on their own accord and and be very kind about it. So, you know, we were having this discussion and she was like, Well, have you ever thought about in some of those instances, it doesn't make sense for every application.
But for some of those instances, it could make sense, if you feel that their use of that trademark wouldn't necessarily interfere with what I'm doing that we could actually see that as an opportunity to maybe propose a licensing opportunity. So allowing them to legally continue to use our trademark by licensing it to them. And, again, something I had never thought about. And so this was just expanding my brain full of new possibilities. And I knew that I couldn't hold that in and not share with you all in case, maybe that's relevant for you, too. So I say all this kind of as an open loop. Neither of these paths are something that I have fully embarked on yet and completed. So I don't have any conclusions drawn or insights. hindsight, I should say, to share. But yet, that's that's kind of the keyword, I believe that that will be a focus in 2025.
For us, just looking for those opportunities, and really trying to leverage our IP in new ways. So as those situations come to fruition, those behind the scenes debriefs will be shared on the C suite. And I look forward to hopefully having more to report back on right
Now for a month by month breakdown of Q2. So in April, some of the key highlights that happened in April, I got to travel to DC to speak at Dielle Charon's emancipation experience that was incredible. Such a well put on event and the energy in that room. Oh my gosh, that was like off the charts. It's, it's definitely one of the best live events, I think that I've had the opportunity to speak out and so loved getting to be on the panel there.
I also had a partnership with mmhmm in April, they are an incredible company that allows you to bring yourself off your slides and onto the screen. So you can engage better with your audience in any live video presentations or meetings. And we did a workshop together called Grow Your show how to dominate downloads and climb the podcast charts. And it was such a success. I think we had like 400, some people register for the class. And I was able to used mmhmm to present my slides. And it was such a fun partnership, because it is a great example of stacking revenue in your business.
What I mean by that is when you have an opportunity, so in this case, sponsored us creating this workshop for you all right. thinking creatively through how else can I leverage this effort, this event that we're going to be hosting anyways, and create more revenue opportunities from it. So in our case, we opened it to you all at a Pay What You weren't ticket price. So we were able to collect revenue from ticket sales for this live event we had the sponsorship money from. And then on top of that, after the live event or live workshop was over, we now have this fully produced workshop that we can now resell through an evergreen funnel.
And so we essentially took one opportunity and created three revenue streams from it. And I love this approach. Because anytime I do something, I'm always thinking through that lens of how can we make this a revenue stack opportunity. I have a lot of other examples of that, that I won't deep dive into on today's podcast, but it does kind of feel if that feels like an interesting topic for you. And you kind of want to see more examples of what that could look like send me a DM on Instagram @MissEllenYin. And just like voice your interest in that and maybe if we get enough interest that will be a topic that we can get into on the private pod on the C suite.
Okay, so that was a really awesome partnership. And we're going to be working with mmhmm again so I can't wait for you all who are listening to this to see that in real time throughout the rest of the year.
And then another big thing that happened in April was I got my business formally valued. So I worked with Matt button and Matt Smith, two amazing guys who run a financial firm and advisory firm called worth that's worttth with three T's. w o r t t t h stands for transform tomorrow together. I love their mission and their message. And they helped me pull all the numbers, all the data, all the assets in our business and actually put a sticker price on it if we were to sell it or Put it on the market, and helped us create a whole valuation report and investment memo, it was just such an eye opening experience to go through this with them, because I really had no idea what my business was worth going into this. And now, I feel very confident in what I've built.
And I also know that there are opportunities for me to make my business even more valuable. And I think that was the biggest highlight of doing this is they opened my eyes to areas of my business that I could be doubling down on or capitalizing or optimizing to increase the value of my business, should I or when I choose to sell. And, you know, through q2, I actually had a few introductory conversations with some potential buyer leads people that I already had relationships with. So I did not put my business on the marketplace, I didn't hire a business broker, I just kind of had some preliminary conversations, exploration calls, if you will, with contacts that could be a great fit buyer for the business.
And if you haven't yet heard the teaser episode on this podcast, where I kind of tease like, why I'm interested in selling the business and who I'm interested in selling the business to, I'll make sure to link that in the show notes, the full episode, kind of behind the scenes of this is posted in the C suite. But go listen to the teaser, because I think it's you know, enlightening gives a little bit more context.
And those conversations were also very helpful because I kind of got to see into my business through the lens of a buyer. And based on the questions they asked based on what they were interested in. It was very fascinating to see what areas of the business certain people valued more than others, right? For some, it was all about the audience asset, like what type of reach and distribution can we get if we buy your business? For others, it was much more strategic, right? For some it was more about content. For some it was, you know, a whole whole myriad of reasons. For some, it was actually just about being able to acquire me as an employee as talent onto their team. And so again, those conversations didn't necessarily lead to anything material yet, but they were very, very helpful to me, and just learning more about how it can make my business more valuable.
So that's something that even if you have no desire to sell your business, or even if it's something that's a super far away thought, I would highly recommend going through the exercise of getting your business valued at least one time in your lifetime as a business owner, because, again, it really just kind of opens your eyes to what are your strengths? What are you doing well, and where are your opportunity gaps or weaknesses that you could potentially be working on.
And if you want to talk with Matt and Matt, specifically, because obviously I'm not an expert. And this is not a sponsored plug, by the way, they're not paying me anything for this, I paid for their services out of pocket, but I really trust them for you know, and they delivered on on this service. So if you want to work with someone that I trust, I will leave their their website. And if if they let me one of their emails in the show notes below, and you're welcome to email them and inquire about the service if you want to do it yourself. But that was really, really cool.
And at this moment in time, I'm not necessarily interested in hiring a broker and putting our business on the open market. I think I would rather sell at the right time to the right buyer. And I have a feeling and Matt also, Matt button also advised me that it is most likely that whoever that right that buyer would be is someone that I would have an organic relationship with already a working relationship with. And so that is something that I am just being very open to and I'm not in a rush. And in the meantime, I'm just going to continue to put my head down and build this business and create more value for you guys in whatever way that myself and my team can.
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Also, in April, we wrapped up our work with our operations consultant, shout out to Mary Carlisle at virtual busy bees. She is an incredible project manager and OBM. So online business manager, expert specialist, and it was really helpful to hire someone who isn't in the weeds with us on the day to day and be able to come in with that fresh perspective and help us really organize our SOPs in a very uniform way.
Because previously, we were all individually creating SOPs that stands for Standard Operating Procedures, by the way, and work instructions, but they were all kind of you know, in our own format it was it was not readily accessible or organized in any streamlined way. And Mary really came in and helped us do that. And so very excited for the solid foundation she set for our team moving forward. She also was instrumental in helping to train one of our current team members on the project manager role and just want to shout out Andi on a team as well for really thriving in that role in and taking the initiative to add and contribute to our team in that way. So that was also a big accomplishment from April of this year.
Now in May, May was marked by a lot of things on the personal side of my life that bled into the business. So for one I turned 30 May 6, so that was exciting, a huge milestone. And also I won Mrs Oregon America, I actually recorded an entire separate podcast on why I decided to compete in my first pageant, what it's been like as a title holder so far, and how it relates to the mission of our business of Cubicle to CEO and the work that we do in championing women entrepreneurs. So if you haven't listened to that episode, and you're kind of more curious about the pageantry side of things, I will link that below in the show notes or in the video description if you're watching this on YouTube, so you can check that out.
But one of the things that that sparked was a media tour around the state of Oregon. And I think over the course of you know, two to three weeks, I had six different media features, couple local TV interviews, radio interviews, newspaper interviews, and that actually turned into something really special.
One of the local TV stations, they're an ABC affiliate station up in Portland, Oregon. And so that means that they you know, some of their content is syndicated with like the National ABC channel and then some is live programming that's local. So they have a lifestyle show called afternoon live. And I peered there initially as Mrs. Oregon to celebrate you know, my when and to talk about what I want to do with the platform this year during my reign. But then that actually led to me being invited back as a regular monthly guest as a business expert. So that's really cool because now every single month I get to go on the show I get to go on live television, and talk about business which is obviously what I am most passionate about and get to showcase my expertise and get to share our podcast you We'll call the CEO with a much wider audience.
Again, this is a you know, it's the ABC station for Portland. And so this has been such a huge, I think pivotal moment for me in my career. Because as you all know, my ultimate dream someday is to host my own daytime television talk show. And being able to come on live TV as a regular monthly guest is certainly helping me build that experience that I need to continue to make strides towards that goal. So that's a huge win, that I wanted to celebrate and share.
And again, just a reminder that, as a business owner, it is important for you to get visible, to be visible and to get creative in the ways that you do that. And I think getting featured in local media is such an underrated way to do so a lot of people, you know, ignore local media and really try to go after those national publications, which is awesome. And you know, we've had national coverage as well. But I think that local media is often underrated for how much it can improve your business's SEO, your Google Google ability Google search rankings, you get it like how Google a bowl you are. And you know, every single time you go on for a TV segment, they are publishing a standalone article, and including your video segment with it.
So again, it gives you a lot of just juice on on Google. And that's really powerful as a business owner, so wanted to, you know, just put that thought in your head if you haven't really considered pitching yourself for local television, local newspapers, magazines, radio, the whole nine yards.
Now another big thing that we celebrated in May was our sold out first ever retreat. This was our premium brand partnerships retreat, where we gathered about 16 entrepreneurs from all over the globe, I can say globe, because actually one of the guests flew in all the way from New Zealand to the Oregon coast, I was so honored Chateau Ellen Mackenzie. And we gathered together for two days, and I divulge everything I know about landing premium brand partnerships and sponsorships. So how to get those four to five figure rates for sponsored packages sponsored content, and really be able to add brand partnerships as a six figure revenue stream or even seven figure revenue stream to your business. So that was a huge deal.
I didn't know going in how I would feel about doing another one. It was perfectly content to just test this as a one and done. But I don't know if it was just the magic of the group or what but it was such a fun experience, we are definitely going to be doing another one in 2025.
We're going to duplicate everything that we did it for this one and obviously improve in the areas that we can but it's going to be on the Oregon coast again, in 2025. So if you're interested if you missed the last one, and you're like kicking yourself for it, or you're just really really interested in learning more about how to get things sponsored in your business, how to get your event sponsor, how to get your podcast sponsored how to get your content, sponsored, your courses, your programs, partnerships, how to get creative with getting your stuff in front of new audiences, all of this and much, much more how to leverage your IP, right how to license your IP, all of this stuff we covered in that brand partnerships retreat.
And if you want to be the first person to know, when we make those spots available again, please again, send me a DM @MissEllenYin on Instagram and let me know you want to be put on the waitlist so that we can give you first dibs because it did sell out last time and I anticipate it will again, we are going to keep it very intimate. So similar group size. And I just want to make sure that the people who are best positioned to really run with this and add this revenue stream or grow this revenue stream in their business are the first to find out. So that was incredible.
And I also recorded a whole case study on how we sold out this retreat for six figures. The tickets were $10,000 each. And I you know that was an episode that we posted in Episode Four actually, in our private podcast on our private podcast in our private on our I think it's on our private podcast, the C suite. And I did share a teaser of that episode on this show on Cubicle to CEO. So if you kind of want like a sneak peek of that, again, we'll make sure the teaser is for you in the show notes as well.
What else happened in May? Oh, at the very end of the month I attended a leadership development conference. Conference is probably not the right word retreat. Retreat is a better word. It was actually local. It was hosted by my friend Dr. Christine mid Yannick, and it was amazing because it was the first time I feel like I've invested in an event where the content was focused solely around leadership development.
So not marketing, not business growth, not ops or anything like that. It was just about leader shipped development. And that was really, really helpful for me. And it just kind of reaffirmed that I need to continue to develop in that area because it is, I think one of my weakest areas, in terms of my own skill sets running a business, I think I am a great leader in a lot of other areas of my life. But I think that it's different, right? Leadership shows up in many different ways. But I think the unique position of being a business owner, being a CEO, running a team is just a totally different skill set, and one that I look forward to continuing to develop and to grow in. Alright, that was it for May.
And then for June, really two big things happened in June. 1st was I got to speak at Create & Cultivate seven figure founder retreats on the Kajabi panel. So Kajabi invited me to come out and talk about, you know, my experience selling courses and digital products through their platform. And, you know, what are some of the things that have helped us sell over a million dollars in digital products specifically. And that was an incredible experience, I actually met someone who has now become a consultant client of mine.
And that was just another reminder that you never know what connections will come from attending a live event, I think that is the number one reason to go to any live event is the connections, the contacts. And that's why, for me, I don't prioritize as much what is going to be talked about on stage as I prioritize who is going to be in the room. And so I don't know if that's helpful for any of you, as you're considering you know, what things you want to attend and be part of for the rest of 2024. But I cannot overstate it enough how game changing attending live events on a regular basis can be for your business. So just want to plug that there.
And then the latter half of June, I actually spent in Europe with my husband, we first were in Portugal, in Lisbon for a week, on a brand retreat with flodesk, it was absolutely incredible flodesk, I just I want to thank flodesk for truly spoiling us and showing me and all of the other creators and business owners there. They invited and curate. It's such a wonderful group of female founders and creators, it was a very small, intimate group. And I think what they exemplified so well to us is what it means to really lead with service and create an experience that's just about the people there. And the connections.
What really surprised me going on that brand retreat was I expected to spend quite a bit of time in conversation with their leadership team, you know, both the co founders, Martha and Rebecca were there, a lot of their execs, like their head of marketing was there, their head of community was there. And you would think that, you know, for all expenses, they paid for our flight, they paid for our hotel, they pay for all the excursions and activities and food and everything we got to experience in Lisbon that week. And you would think, in exchange, they would spend a lot of time with us doing market research, having us provide our, our insights on their product, and and you know, just really trying to maximize that time with us in that way.
But in reality, we really only had one, I think kind of more brainstorming session on product development and getting to vocalize some of the features that we wanted to see on their platform. And then we also had a fireside chat with Martha and Rebecca. But outside of that all the other experiences that week, were just for us were just about being present in the moment, making those friendships and enjoying each other's company.
And I think I was so impressed by that, because it really, again, exemplified what it looks like to put relationships first. And not enough companies do that. And not just companies at their level of success or their team size, company size, revenue size. But all of us how are we really showing up for communities and investing in things that sometimes don't produce an immediate ROI, but they matter in the long term because of the relationships that we're building. It really kind of got me reflecting on that in in our own business and how we could be doing that better.
And so I just wanted to share that story because and I remember specifically I think it was on one of the nights we did this like sunset boat tour, which was so or not boat tour boat boat ride, I don't know, sunset boat ride, and it was so much fun. And I remember Martha, the CEO of flodesk on that boat, she was saying, you know, the investment that you put into experience like this, if you try to put it into a spreadsheet and prove the ROI, you can't like, it's just not possible, you're going to look at it on paper and say this, this is a financial loss or an expense, right?
But she said something to the effect of but these relationships and these memories that are formed, there is no amount of ROI that could accurately capture that in some things are not meant to put an ROI lens on in that way, you're not supposed to try to find a way to make the ROI for the math to math, right, the math isn't supposed to math. And I just thought that was again, just such a profound thought and really a refreshing way of thinking about the longevity of your business, not to say that ROI doesn't matter. Of course it does. We're all in business to make money right to to not admit that, I think is a lie.
For most people, we have to make money actually to survive as business owners, not just for our own livelihoods, but literally for our companies to continue existing, and to create the impact that you know, that we want to create in this world, in addition to the income that we want to create, we need to make money and that is foundational, but I think there is truth to the fact that not all things in your business are supposed to have an ROI or are meant to have an ROI. And being okay with that. And really thinking through what are the things I'm doing in my business on a quarterly, monthly yearly basis, that are just about pouring into people and have nothing to do with the ROI.
So that's that's the question I kind of want to end on today for you to ponder to think about with me. And again, thank you so much for giving me the space each quarter to come in and share what we're doing the State of the Union, what I'm learning, I love doing these, these quarterly reviews for you all and there's anything in specific to that you want me to add to these quarterly reviews since this structure is a little bit. Like I said, it's different and newer to me than the income reports we've been doing for the last number of years. If there's any requests that you have, please, my DMs are open. I want to hear from you. I want to make these as valuable as possible for all of you. All right, that's all I have for you today. Thank you for tuning in, and I will catch you in the next episode.
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