Ep109 Traditional business to online courses with Melissa Browne

Show Notes:

Connect with Melissa here: melissabrowne.courses

Follow on instagram: @moremoneyforshoes

Follow on facebook: facebook.com/themoneybarre

Resources:

Financial Adulting Plan Course - Doors Close 1st February 2021!

 

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Show Transcription: 

Tina

Hello Melissa, Mel. I said just before we started, should I call you Melissa? But, it feels weird calling you, Melissa. I feel so formal! Welcome to her Empire Builder. So nice to have you on. Okay, so there's so many questions that I want to ask you because there's so much value that you have to be able to share in so many different areas. Can you give us your origin story?

Melissa

Oh, good lord. I'm an accidental entrepreneur. It's probably how I best describe myself. I was incredibly shy, incredibly awkward. Leaving school, I always wanted to be a lawyer. I love debating I loved arguing - I still do my husband will tell you. So, I got to Uni and the reality of that was really different than LA Law, which I loved. Just gave away my age! And so a few years into that, I just realised it wasn't for me. And I was so lost, because my Dad really pushed me into law because if you're a smart girl, you have to do a profession, you can't do something creative. That's the path for you. So he really pushed me into that. And I didn't want to let him down. I had such low self confidence. And he was an accountant. And he just said to me, Mel, look, there's some law and accounting. Why don't you study that, and for the lack of anything else, I just started studying accounting. And at the end of my 20s, I wanted to do a bit more study. So theology of all things, just philosophy and theology has always fascinated me. So I started my business. And I took on a few clients just to support that study for no other reason at all. And then I kind of woke up five years later, realising I had an accounting firm, with no interest in being an accountant. But more than that, I was in a marriage that I was really deeply unhappy with. And it was just time to throw it all up in the air and see what happened? And so that, that sort of set me on a path to studying an MBA, moving into a frat house with a bunch of friends, giving the entire divorce settlement to charity to Opportunity International and set up a bank account.

Tina

Did you really?

Melissa

Yeah, he said a throwaway line, my ex-husband, where he said you're not going to make it on your own.

I wanted to ring them the next day and ask for it back, because I kept quite literally nothing, none for bond, none for wages, none for my business.

Tina

Oh, man. That’s an extreme emotional reaction.

Melissa

Oh yeah. So now when I'm counselling women about money and finances and divorce, I'm like to have a person that's your go to person that you have to run all your financial decisions by them. Because it took me a quite a few years to recover from that. And of course, where I've talked about having quite less than nothing. But I worked out through all of that and reading and an MBA that I loved business. And that was the thing I was excited about. And it didn't matter what shape that was, yes, I had an accounting firm. But that meant that I had access to people's figures, it meant that I'd seen the breadth of businesses, I knew what their pain points were, and I could actually help them grow their business. And that's what I got excited about. So that was my convoluted way into that. And then from there, because I was trying very hard to look like a boy, which I kind of already look like, I've got no boobs and look like a traditional accountant. And I worked out that you know what my point of difference is? I was six feet tall and blonde and yeah, and young, and how about I embrace that. So I started wearing what I wanted, pink on my logo. I wrote my first book More Money for Shoes, which was a full colour illustrated business book that compared building a wardrobe to building a business and worked out the more that I was my authentic self, the more successful that I was, and that has totally led me to where I am today.

Tina

That’s fantastic. Okay, so we kind of came across each other towards the end of your traditional bricks and mortar business. And this is what I think is so helpful for people is there's a lot of people that listen to the podcast that don't have online programs yet and have that really traditional business background and going Can I do it? Should I do it? I don't know. And you went from as traditional businesses, they come with an accounting firm staff and doing that

into this new life. So how long has it been now since you sold your accounting firm?

Melissa

So November 2019, I sold. The first of November. Interestingly, when I launched more money for shoes, I actually launched an online course with that called the business makeover series. But I didn't market it. I didn't push it. I just created it. And I did it again. later on. I called it the numbers lounge again. I told some clients about it and a couple of newsletters, and then kind of let it go. Because I thought, obviously, it's not successful. I'm a typical entrepreneur, and I know how to create stuff. just freaking hopeless at sticking with it, and selling it. What I have learned, you really need to do it online. It's such a different animal.

Tina

Yeah. And this is what so many people do is they do like they put it out and they send it out to their email database. And they go, okay, it's out there. Now. I've ran a webinar. But, it doesn't happen overnight and they think maybe this isn't right for me. But it does take a lot more than that. I still remember sitting at a business chicks lunch and looking at you. You said, I've got my online course here. And I asked how many it's sold, I knew you as best selling author, amazing profile all these things. I'm like, that is bullshit that you have only sold that many. I could get you selling so much more.

Melissa

Yes. And you totally. When we first met, you really pushed me. And you would love telling me of how many courses different people had sold. I just thought come on.

Tina

Yeah, something’s not working for you. So what have you seen is the biggest shift, or how was that moment for you going from traditional business and looking at the online courses, and trying to work out? Is this a real business? Or is this a side thing I'm going to do? Like, how did that process go?

Melissa

if I hadn't sold my accounting firm, it would have been a side thing. And I don't think they'd be anywhere near as successful because it needs to be a business in its own right. And it needs to be given the same love and care and consideration as a business. And so I wouldn't have got that, or it would have taken me a long time to get that which would have been a shame.

It still doesn't feel like a business some days. Because there's a lot of time spent with me.

And I'm fortunate in that I have another I have a preschool business. And I've got Lauren, in this online world with me. So it's not just me on my lonesome. But it is a different animal. And I'm sure it will start to feel like a business soon. And but it just, it's still foreign to me, because there's not people, there's not coming into my office, there's not a lot of one on one. But what I know is that I'm an introvert. So it works so beautifully. For me.

Tina

It's great that you can be in your own little world and do that. But it's also in an online course often you are the product, selling your thought leadership and your expertise. And it's very much based on that has that and with having your introvertedness? Has it been hard to be the product?

Melissa

Not really. And I think that's thanks to COVID. And so when COVID hit, I decided I was just going to start serving my community. I've never done videos really before. I hadn't really used social media in that way before to really put out content. So I just decided this is what I was going to do. I didn't think on becoming more of a product didn't think anything like that. It was just this is how I'm going to serve my community. And as a result of that, and people loving that it made me realise, oh, okay, the more I do that, the more I'm prepared to put my head above the parapet and in the risk of being shut up. The more I put myself out there, the more people are going to want it are going to connect and are going to know about my product and are potentially going to feel safe enough to purchase it. And so I kind of became okay with being the brand in an accidental way, which I'm really grateful for.

Tina

Alot of people see course creators and go gosh, you're very extroverted and you're doing all of this stuff, but it's kind of performing and you can get on performance and then you can actually go back into your own little shell where you alone in front of your computer and it's a beautiful business.

Melissa

It’s no different from speaking, when you get on the stage and you do your thing, and you then go into bubble, yeah.

Tina

Okay, so I want to talk about the the road to six figures and doing that to get it from the zero up there and getting it off the ground. When we first started working together, we were talking about launches. And you said do really have to do all of this sort of thing? What's been the hardest part about having to do that for online? That's so different to when you had your accounting firm.

Melissa

I would say sticking to the process. The more you stick to the process and the more you add in the automation, and follow this system that works, the more successful it is, and not to just trial something and say, Well, that didn't work, but actually to adapt it and to trial again, and to try it again. Yeah, I’ve just done my fourth launch, and it was the most successful launch by miles. And if I hadn't kept going, I wouldn't have realised that but it was taking my learnings and adapting them. And Lawsie and I are in the process of preparing for the next launch. And it is all about that process. Right? What social tiles do we want? What automations need to happen, what Insta lives needs to happen, what challenge needs to happen? Which kind of goes against what I love. I'm not a disciplined follow the steps person. But Lawsie is the follow the steps person. So having someone like her that loves process - is really key. We've got a local business that we'd love to talk about where it was a running club. And for the first few months, he just kept turning up on a Wednesday, and they would have one or two or three people turn up to the running club. Now about three years later, there's 100 and more of them. Well, it was that discipline of turning up every week, even though only one person came out. But more people found out and there was that groundswell that meant then that he had this great business. And for me, it's the same for the online world. Yeah, and because you don't have that shopfront, you know Google is your shop front. And it's, it's a different mentality.

Tina

And I think it's a shift for you, in your mentality, from my point of view, and watching, I know after the first webinar, and this is the thing, you always had huge following on social media, huge amounts of people that came in, and you're so used to serving people giving it all away for free, but not used to selling and so shifting going, you know, I remember we got to the end of one webinar, and I looked at the numbers, I'm like, I would expect your conversion to be so much higher than that. Did you tell them and drop the link in that this is what you can buy? And you're like, no, now your conversion is like sky high. So what were those key things that you change that could do it in a way that suited you?

Melissa

So firstly, accountants suck at selling.

Tina

I don’t think it’s just accountants, it’s just people.

Melissa

Particularly when you’re selling yourself. You know, I can sell you something, like lip balm that I'm holding, because it's the best thing ever, and you totally need it. But to buy me, that's a lot harder. In my accounting firm we used to talk about, this is the benefits, you know, this is how you're going to be able to grow. And so I had to then refresh that mindset to go right, well, I'm not selling. But if I truly believe my course is going to be transformative, transformative financially for people, then I need to tell them about it. And I remember, you put me onto Colin Boyd, and I watched his webinar. Oh, there you go. And that just resonates with me. Yeah. And again, Colin sells a system. And he sells paradigms and he sells templates. He is so good at frame working making. Once I put what I was doing into that it meant that I could understand my customer in a different way. And I could pepper the webinar with what they needed, rather than oh god, oh god. Oh god, here it comes. So once I realised, again, there's a system. And once I realised exactly why my customer needed my product, I've no problem peppering it.

Tina

I do think that's the key is, you know, it's the conviction and that belief, yeah, knowing that what you've got is so valuable that you will bring so much joy. And I think that's easy once you start, because I know, when you saw people start going through and the impact that was making and the change that was making you like, you know what, I need more of that.

Melissa

And you can confidently say, then I know this is the result you're going to have, because you've seen it. Whereas before you you've worked with people offline, so you can say I know the result I have within there, but not the result I'm having inside this course. The more people that go through, the more confidence you have. Yeah, the more confidence

Tina

Was there a moment where you were like, you know what, this is gonna work. I'm doing this thing.

Melissa

I don't want I don't think I'm there yet. Whereas, Lawsie is 100% there. Where she’s like, I’m committed. We're so gonna smash this. So I was talking to my husband about this only last week, I said in my accounting firm, I could predict with almost certainty because people have to come back and do tax, and they have to. In my preschool. I know that once they come in and have git them in to school, I know they're going to stay. Whereas in the online course world, I've never sold something like that where people can choose to use it or not where it's not an essential service. Yeah. And so I know that I have a business. And I am hopeful, like we've done all the work. We've got all the numbers, we're already seeing the result. Like I need to see it.

Tina

My moment was when I ran my first webinar, and three people bought, I was 100% committed from that moment, because I was going, this is amazing.

Melissa

I must admit, it was the last webinar where we had 48 people on, and it was just the energy of it. And I realised that we'd hit the number that we wanted to hit. I'm like, Oh, okay. Now, there is some momentum happening, yet was probably the time when I was when I realised that okay, if we keep going like this, this is a frigging amazing business. And I clearly believe in it, because we're now creating that same on another online course with the preschool. So I know, I know, I know.

Tina

I want to switch and talk about your genius zone. Because you are a genius in this area. And I love it so much. Because I do think that, you know, you look at the stats in the world, and the wealth that women have compared with men and how we do retirement and all the different things. And I think it's so important. And I love that you look at both the money mindsets, there's so many courses out there for money mindset, but doesn't give you the actual tangible skills in going, what do I apply the mindset to? And you've got all of that like looking at it from an insider point of view, man, you guys, this is amazing. It's good. So,  this episodes airing in January, just after Christmas, where people are probably feeling so much more relaxed. Talk to me about what that normal January period is like for people and how you can start to get the year off to a good financial start.

 

Melissa

 

Yeah, so often, what happens in January is we've overspent during Christmas. Especially for this financial year, I'm concerned that we're going to hit January. And it will be a bit of a Oh, thank God that year was over. And so we have that twin thing of a financial hit hangover, because we've spent a little bit more, a little bit of hopefulness that this year is going to be different, but I think this see 2021 we're also going to have a bit of fear around. I know I need to do more with my finances. I know that that was a lesson I learned from last year. I just don't know what and that's the that's where we want to come in to say it's more than just money mindset. It's so freaking important and it needs to be the bedrock that you build your finances on. So I I know that and I know that's why those courses are successful because It is the first step. And it's vital. And but we've just made over the course and added in a lot more goodness, because we also know it's about creating that financial plan, figure out where you are now plan to get where you want to go. But also learning about investing, you know, if you started the financial year going on, no, I need to do something more. I just don't friggin know where to start. And I've got no one to ask questions. Oh, yeah. We have three modules within the course on investing. Yes. property and business. Yeah. And then habits for your money types. And we're not selling anything. And I think that's what I'm excited about. You do it. Yeah, totally. And they're trying to sell you their system, not trying to do that. It's just about education and empowerment, and then encouraging you to have a go yourself.

 

 

Tina

 

The the course Mel's talking about is Financial Adulting Plan, which is, it's amazing. It covers everything in there. And it if you're listening to this, when it comes out, it is open now for a very limited time. And then if you've listened late, then it opens three different times of the year. So you can join the waitlist and get in there later. But so coming in to January and doing that, aside from joining the course, which I think is like the most amazing thing to do if you want to get real serious about it. Yeah, but what do you find is like the lowest hanging fruit of something really simple that a lot of people could benefit from.

 

 

Melissa

 

So one would they do a 30 day financial detox the 30 days if not buying anything new and I'm talking needs not wants. Buying groceries, all that sort of stuff, no clothes or shoes. My hubby. It's it's coffees and croissants He's, by the time to check his 30 day detox. He's literally two at a time coffees, croissant on the top, and then he goes back for a third and another croissant? Well, either the day and buying lunches. So that's his thing. But it's a 30 day detox. And during that time, you're asking the question, why am I spending? And what's causing me to spend? You know, am I spending because I'm stressed my spending? Because I'm bored? am I spending because it's a Friday night, and I'm lonely. And I'm sitting here with a glass of wine. And the phones out? am I spending because of a host of other reasons. And it's questioning those, and then unsubscribing unfollowing, for all those things that are causing you to spend and changing your behaviour and your money environment. So that you're not, you're not tripped up by those things. So that would be my really big one. And for anyone listening, it kind of felt a bit sick. That little bit of vomit came up in your throat, you absolute freaking need to do it. Yeah, yeah, that would be my one thing. The other thing I'd highly encourage you to do is go back through three months worth of spending. Because a lot of us have these values, it might be I want to care for the environment, or I want to care for mining and anti mining run very deeply care about Black Lives Matters or whatever the thing that you're passionate about, or modern slavery. And I encourage you to go back through three to six months worth of spending, and just look at how you're spending in light of those values. Because often when we're time poor, often when we just need to get things done, or we're harried, or stressed, we don't realise that we operate with our spending outside of those values. Those just highlighting those times or those things that potentially or outside of those values. And then question was I stressed? Was I time poor? Or have I just never equated the fact that that spend is against that value? And what could I substitute instead, and then going and swapping, pausing or cancelling those expensive, that's a couple of really easy things you can do. Just to start to bring financial consciousness to you and already start to make a difference.

Tina

You know, love that. I mean, for me, I've gotten out of control this year.

Because of no travel life, I've pretty much like drilled it down to not having the excitement of travel because I travel a lot. I go overseas four times a year, I'm on a plane usually every second week, and that kind of lights me up and gives me a different change of scenery and something to look forward to. And I found 2020 with the the consistent weeks ,Yeah, you needed to bring in some happy I needed to my manufacturer, so I'm happy and I found myself following all of these amazing places on Instagram. Every time they would post something, I go, Oh, yes. And it got exactly like every day if something was arriving. I think I have a problem. And then you said, we just unfollow everything.  And I went through and literally went from 1300 things that I was following down to 800. So like, 500 of them when I was going through was like, Oh, yeah, they're making me buy. They're making, making me buy. And I haven't bought anything since because I haven't seen it.

Melissa

Its the consciousness, right? It's no problem buying it. If you choose to, yes, but it's there. I'm not even realising that's why I'm calling 500 sites that are causing me to buy. And of course, if I'm jumping on my phone and seeing one of those 500 old, let's be honest, 100 of those 500. Because we know the algorithms that the more you look and click on those things.

Tina

I love wearable art, which have someone right now I like to wear blah. But we did they do limited runs. So you saw me sign on? Yeah. Oh, yes. And so I think just just that alone, is such a great tip. Because Yeah, I'm not alone in that especially with COVID.

Melissa

Yeah, and I call it curating your money environment. You know, we're so careful with different environments that we create here, right? It's doing the same thing for our money environment. But we're the ones in charge of our spending and saving, and investing decisions and goals. And I love those hacks, you know, the simple things you can do. One of my favourite is that I do, because I'm bit lucky, I get a bit bored. I miss the thrill of going and speaking and travelling and doing all the things despite being an introvert. So I have a rule that I can. And I've just changed it. So it used to be if I spend $1, I have to invest $1 in shares. Yeah, that way. It'll happy coming in. But I'm also looking after my future self has to be able to afford twice and it can't go on credit. Yep. Now I added a third.

Which is I have to if I want to spend a dollar have to put $1 into shares. And I also have to give $1 to charity. Wow. Yeah, not why I now have to afford three times as much. Yeah. Therefore, I'm then really being conscious around. Yeah, what's coming? Do I really need this?  Yeah, I just need to be out of four three times. Yeah, like that.

Tina

So with all the uncertainty that we've had this year, like, I think finances usually is uncertain. Like, I know what the best of times people talk to me about shares, I invest in property because I understand property. And I've got very small amount of shares, because it's always like, it blows my mind how company shares can go up and down. announcement, but I'm like one that's so out of my control, and so volatile.

So I think at the best of times, we're confused, and especially after COVID, there's so much uncertainty. It's still it's still a good time, like any time is a good time like that Chinese proverb. You know, the best time is 10 years ago, the second time is now should you still just go for it?

Melissa

Look, I absolutely think so. And I have a thing where you're not timing the market. It's time in the market. When COVID is I’d had two cohorts go through the financial accounting plan. I reckon half of them contacted me during it and said, Mel, I realise that shares are on sale, and I've bought my first load of shares today. So they were buying shares when COVID hit. They understood that sure, they didn't know when if shares were going to keep going down. They also didn't know how long it would take to go up. But they understood. They're on sale. And if I've got a long term timeframe, and I've got this money that's not earmarked for something in the near future, I can invest so that we're only investing small, but they were investing and I was so freaking proud of that. Yeah, because so many people during COVID in 2020 invested in shares, and more young people invested in shares than ever before, because they kind of given up on property. They realised Oh, hang on this sharemarket thing. I can get into that with 500 bucks. 100 bucks. Yeah. Um, so I'm really and I was jumping on Insta lives and doing things like when Adore Beauty did an IPO I jumped on and said should we be buying Adore Beauty just so that people could start to realise this is something that we can make up our minds about. We don't have to believe the hype and we're all equipped to make to choose whether we want to invest in shares or not, and you're amazing sharing all of the knowledge like that, Oh, well, it just shares for something is that I totally hear what you're saying around volatility. But it's that thing where it's so accessible. Property is not accessible for everyone yet shares is accessible for everyone. And it can be a way that you can start to invest without feeling like you're never going to be able to get ahead.

Tina

Do you? Are you on a different strategy for each person, depending on their situation, or you think if people want to get started, they should go for like the common blue chip shares, or pick the things that you use or totally different depending on your risk profile, depending on your situation. And that's all stuff we talked about in the course. Yeah, but, and it depends if it's active investing or passive. So some people just love an exchange traded fund and ETF, you buy the top 200 shares, you don't have to think about it, and you can keep contributing to that. And then if one drops out of that every quarter, you don't have to do anything, you just own the top 200 shares. So it's got a little bit more volatility than a blue chip. And a blue chip just means a bhp or something super safe, and it's going to pay dividends. And so there's a bit more volatility, but also, there's potential, potentially, there's a bit more return as well. And we certainly have seen them go great guns over the last few years. whereas others love and have got the time and inclination and want to pick individual shares. And so what I do is I actually open up my share account, because I think that we don't, what we don't know, we don't see what we don't know, we know how many we drive past it, we see it. We know people that are buying it, we know how to buy and sell it. We don't know that for shares. So actually open up my account and show people how to do that in the course. Well, I just think I mean, it was difficult. It was humbling to do it in May, it was a bit fair. It was the Feb cohort. As my shares have just been smashed, I was behind. Yeah, I opened it going, right. Let me just explain why I'm not stressed and why I'm not selling. So it was humbling, but also that good lesson to be able to show that you don't sell just because the market takes a dip. You don't look at it if you need. Yeah, you don't necessarily sell. Um, so yeah. I think part of it is, is it is showing people this? Yeah. practicality of it.

Tina

Yeah. I know, the only shares I've ever bought, or the shares that I companies I use that I think and going well, if I use it, I know what it is.

Melissa

That can often be a great way to start. You know, I used to say to my accountant, you know, zero to zero. Yeah. And when they floated, I would say to them, we go to zero calm. You get the they talk about the figures, they talk about the uptake? Yeah. And I was, I was probably the most I've ever pushed. Of course, none of them bought it, because they felt unsure. So I would then be the person that every week come in and go well. But because we had the bang on about it for two or three years Lawsie when COVID he went and bought Xero shares and a few others that she knew, because she'd been hearing it and as you said, she felt really safe with it. If that's your strategy, that's fine. As long as it's the same thing as buying, it's only buying property in the suburb. You don't want to do that. You don't have that.

You don't have that diversity with shares. You don't just want to buy what you know, if all you know is retail or medical. Yeah. needs to be there too. Yeah. All right. I could bang on about this.

Tina

One last question I want to ask is, is like what are you focusing on for 2021? Because I know that 2020 it's messed with a lot of people in going what I knew for sure and what my beliefs were and and how we conducted business and sure that it's going to be different in that has also something for you that you like you know what, this is what I'm focusing on in 2021.

Melissa

Absolutely. So 2020 to big things I know what I stand for. So I'm so excited about helping women empower them financially and through their business. That is my absolute go to. I know what I'm not so I've noticed so much work, anything to do with the buy now pay later site. And I just I just saw too many people saying yes to it. And I inherently know buy now pay later calls you to overspend. They'll say it's a budgeting tool, but it's not aimed at retailers and they tell retail as you put this on your site, your average spend goes up. They know that. Yeah. And so I know what I know who I'm serving. I know what I'm absolutely going to say no to. But I also learned that I want to work no more than three days a week. Yeah, just, I want to have some, I don't need to hustle for my wordiness anymore. Yeah. And really let go of that the ego is associated with the large firm, and everything that came with that. I just don't have liberating to let that go. Well, you know what, it was a basket case I was when I was trying to do all the things and I look at my diary now, back then, and I feel physically sick. But isn't it like that when you I mean, the last five years of my last business, I did 12 hour days. And the thing is, when you're on it, you it's just so habitual and the adrenaline so pumping that you but now I look at it, and I go, what was I even thinking?

At the time, you're like, No, of course, this is this is just what you do. Whereas next year, we're going to be we've already put our plan together, we want to make more than half a million through online courses alone, then plus everything else that Lawsie and I will do. And then the following year, we want to hit a mill. So and that's where when you said to me gee blade, this could be a business. That's where I think Yes, it can. Yes. If that's mainly profit, making good business ideas, yes. Without people without social media.

Tina

Yeah, I love it. I love you. I love what you do. I love the impact you have for so many people and I've seen it with so many people I've worked with as well that have worked with you. So everyone get on it. I will link it in the show notes. But it's also Melissa brown courses.

Melissa

With an e on the end of browne just because I'm a strange one and only for for you to gosh, I'm so grateful that at that retreat, you were there and gave me the prod to realise that actually, you can do this. And you don't have to think traditional there is another way so I’m inherently grateful that I discovered you.