2.11 Why You Shouldn't Depend on MRR Or Affiliate Marketing For Income
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This episode of the Business Millennials podcast, hosted by Safa Harris and Ashley Dreager, explores the critical importance of owning your assets in business for long-term sustainability. The hosts discuss the risks associated with relying on external platforms and programs, using examples from influencer marketing, MLMs, and gig economy platforms. They emphasize the need for entrepreneurs to develop their own intellectual property and controlled sales channels to ensure stability and growth.
Key Takeaways:
- Owning your business assets is crucial for long-term sustainability and control over your income.
- Relying solely on external platforms (e.g., social media, MLMs) can be risky as terms and payouts can change unexpectedly.
- Building a business with owned assets provides more stability and control than traditional employment or platform-dependent income streams.
- While external platforms can be useful for getting started, it's important to have a plan to develop your own products or services.
- Consider the long-term implications and risks when making business decisions, especially regarding income sources and major purchases.
0:00 - Introduction to the Business Millennials podcast
0:58 - Ashley introduces the topic of owning your assets in business
2:18 - Safa provides examples of businesses changing terms (MRR, Beauty Counter)
4:48 - Discussion on the risks of MLMs and influencer marketing
7:05 - The importance of turning influence into owned assets
9:02 - Comparing risk levels of different income sources
9:47 - Example of job instability in traditional employment
11:36 - The current job market and ease of making sales with owned assets
12:48 - Risks associated with gig economy platforms like Uber
14:41 - Conclusion and main takeaway on owning your assets
Is your business just not the vibe right now and you can't seem to get it going, even though you feel like you're doing #AllTheThings? Fill out the linked audit form to give us the inside scoop on your current situation, challenges, and goals. That way we can spot your strengths, opportunities, and outline next steps, keeping a sustainable & scalable business in mind.
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https://businessmillennials.com/pages/free-audit
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