344 Why I’m Shutting Down The Podcast Mastermind, Even Though It Generated Over $57,000 In 2013

by Cliff Ravenscraft on February 6, 2014

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PodcastMastermind-300In this episode of Podcast Answer Man, I share one of the top five most difficult decisions that I’ve had to make in my business. February 2014 marks the second anniversary of The Podcast Mastermind. In spite of the fact that it was responsible for generating over $57,000 in profit for my business in 2013, alone, I made the decision to completely shut it down. The difficulty of this decision has nothing to do with the loss of the $57K and has everything to do with the amazing benefits that have come as a result of being a part of seeing massive life change in the lives of the members that it served.

This is now my favorite episode of Podcast Answer Man to date. In it, you will learn why I had to shut down The Podcast Mastermind. You’ll also get a valuable insight into the type of commitment that I have to my business and my desire to always under promise and over deliver on every commitment that I make to those I work with in any way.

I hope that you find this episode an entertaining source of education, encouragement and inspiration. If so, I would be honored if you would consider asking others to have a listen in your social media channels. Also, I would love to hear your feedback related to this episode in the comments below.


 
 
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Upcoming Event Schedule
220calOne of my favorite things about traveling to, and speaking at conferences, is meeting members of my community. I always make it a point to host a community meetup wherever I travel.

Below is a list of events that you might be interested in. If you can make it to any of these events, I’d love to have the opportunity to meet you. If you are not able to attend the event, but are in that area, I’d still love for you to come to the personal community meetup that I will host in that town.

Social Media Marketing World
March 26-28, 2014 – San Diego, CA
Affiliate Conference Link – Click Here

 
 
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28 comments
deborahhart
deborahhart

Great show. Obviously from the heart.  It's a great dilemma that we all struggle with-what to leave in and what to leave out.  Podcasting is changing the way  business is done and you are at the forefront of that change.  I believe that podcasting creates niche communities that insist on real relationships not cynical marketing.  It is a more personal media than traditional broadcasting and it is redefining how marketing can be done.  People are hungry for someone and something they can trust and believe in.  Thank you so much for being real.

James Kinson
James Kinson

Cliff, my last week has been a whirlwind with work, travel, getting my podcast out and taking Podcasting A-Z , so I am just getting to this episode. 


Wow! 


Thank you for sharing. I think many people don't understand how hard those of you who have had success in blogging, podcasting, or media actually work. It is very kind of you to share so openly your choices both good and bad. I pray I can be as candid and open in my journey.


Thank you for all you do. I have seen some of how hard you work and how giving you are in your Podcasting A-Z class. 


I wish you all the best in 2014 and beyond. I hope you take your life to the next level!   

Rick Seigmund
Rick Seigmund

Cliff, good call brother. Health, family and being able to live life on your terms is a big part of what this is all about! Listen to your lady, let some things go. Ending up in the hospital just isn't worth it.

Anthony Tran
Anthony Tran

Hi Cliff, just listened to your latest episode of PAM and I definitely understand your decision and applaud your courage to take a minor step back in order to take 2 steps forward.  I agree that your mental and physical health should be your #1 priority for you and your family.  This business lifestyle solely relies on your ability to coach and share your knowledge on your podcast.  In order to sustain your business for the long-term you have to scale back or systemize things.  I have recently had to turn down multiple offers to do paid freelance work because it would have spread me to thin and I wouldn't be able to focus on my goals of creating a podcast and membership site.  Like the 80/20 rule... it sounds like the majority of your profit comes from Podcasting A to Z and you should devote your time and attention to scale that even further.  Wish you much success this 2014.

danieldecker
danieldecker

Great stuff Cliff. Can certainly appreciate the need to remove the GOOD to make room for the GREAT.

VernonFoster
VernonFoster

@GSPN Thanks for sharing. This def has me thinking about mastermind groups from a different angle. Live events are going to be BIG for you.

padredavid
padredavid

Go for it!  May God bless all that you put your hand to this year!

DanMiller1
DanMiller1

Cliff - thanks for your honesty and openness.  Sometimes bigger and "better" comes with a high personal toll.  It's healthy at any time to take a fresh look at our lives and the investment of those precious 168 hours a week.  Sounds like you're making some important realignments in your business - and life.  

CoreyFineran
CoreyFineran

@GSPN Just finished and was about to tweet you. It was transparent, honest and very interesting. Thank you for sharing all of that.

Cliff Ravenscraft
Cliff Ravenscraft moderator

@James Kinson  James, thank you so much for taking the time to leave your encouraging feedback here.  It is always nice to know when someone appreciates how much hard work goes into what you do.  Thank you!  I look forward to continuing to work with you, throughout the rest of February, in Podcasting A to Z. :)

Cliff Ravenscraft
Cliff Ravenscraft moderator

@Anthony Tran  Thanks Anthony.  That's exactly what I'm working toward and I've never felt so free in my life. ;)

Cliff Ravenscraft
Cliff Ravenscraft moderator

@danieldecker  Thanks Daniel.  I appreciate that you took the time comment and let me know that you enjoyed the episode.  I hope you have an amazing week!

GSPN
GSPN

@VernonFoster So glad you enjoyed the episode Vernon and happy that it expanded your mindset on masterminds.

Cliff Ravenscraft
Cliff Ravenscraft moderator

@DanMiller1  Thanks so much Dan.  Your influence has been profound in my so many of the decisions I've made in my business.   


You may recall that you suggested that if my goal was an additional income stream of $10K per month from masterminds, I should consider creating one mastermind where 10 people pay $1K per month.  You had told me that you felt like the Podcast Mastermind that I had proposed seemed like too much work.


I am tempted to say that "I should have listened to Dan on this one.   However, the truth is that I did listen to you.  I weighed your words very heavily and I proceeded with a vision that I had.   Looking back, I am not regretful of what was accomplished through the Podcast Mastermind.  However, there is no question that the COST was high.


I'm so incredibly thankful to be at a place in my life where I can now understand and apply the principle of spending more time working ON MY BUSINESS and not just "in it."


I appreciate you Dan!

DanMiller1
DanMiller1

@Cliff Ravenscraft @DanMiller1  

Cliff - yes I remember that conversation.  We all try things and learn from the experience.  Time is the one resource we cannot extend.  More and more I'm looking at what massive value I can provide for a few - rather than small value for many.  I'm excited about the year you are going to have - new house, modified but growing business, happy family, etc.  

jwilkers
jwilkers

@GSPN You could have stopped at mental and physical health. No other explanation was needed. Now don't overload yourself again!

Cliff Ravenscraft
Cliff Ravenscraft moderator

@DanMiller1 Well said.  Looking forward to it as well.  And now I have the past two years as "real life experience" to help others in the future.    Enjoy your cruise next week!

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