Do you remember back in the day when your favorite indie band would sign with a major label and everyone would lament “Oh they sold out.” It wasn’t punk rock to be getting a paycheck from the man and anyone with a little rebel streak in them would mourn the loss of a budding musical idol. Ticket prices would go up. They stopped playing small venues. Your job at Subway would no longer cover the costs of their pricey merch.
I think for most entrepreneurs, we still feel that gut check when it comes to earning a good living.
When you’re in that transition from just making it to bringing in some bucks it can feel like a betrayal of your grassroots upstarts.
We get it. But we have to humbly disagree.
We all liked Nate Ruess when he was heading up The Format at Warped Tour. But didn’t we still kind of dig him when he was lead singing for Fun. And fine… his stuff with Eminem is cool too.
Upping your profits does not mean you’re sacrificing your talents. It’s a natural progression. And if you’re trying to resist it, here are a few reasons why you should stop.
No One You Idolize Would Judge You
Odds are you have mentors in this game. People who have ascended to great heights. Some may have done it gracefully, while, sure, others may have gone the way of Gwen Stefani (sorry, not sorry), but you know plenty of brands who have made it big without blowing it.
See if you can articulate why.
Do they still maintain some of the feeling that you first fell in love with? Are they appreciative of the fans who got them to where they are today? Can you still recognize who they are even though they’ve come so far?
It’s not to say there won’t ever be haters. Some people just struggle to watch others rise because it conflicts with their own feelings of inadequacy. Don’t let it stop you. Know that the people you idolize and aspire to be like would never look down their nose at someone trying to do the same.
As long as you know your why and stick to that, you should be able to ascend to whatever height you can imagine without feeling guilty.
Trust Your Gut
Maintain authenticity at all costs. One of the reasons we despise bands who “sell out” is because too often it fundamentally changes who they are. The skinny guitarist with tattered jeans becomes a leather-clad bro you can’t even relate to anymore and we feel repulsion.
In your gut, you know if something or someone is compromising what you stand for. Even if it’s a lot of money, don’t let yourself be led astray. There are hundreds of ways you can level up. You don’t have to choose the first opportunity that comes along if it’s in direct conflict with who you and your brand are.
If your “never” statements are becoming “if the price is right” statements, you’re crossing into dangerous territory where you risk losing the people who got you to where you are today or even worse, yourself.
Know the Bounds of Your Brand
Some elements of your business are going to be more malleable than others. When Kid Rock dropped a country song with Cheryl Crow we went “Okay, that makes sense, I guess.” He’s kind of a country dude doing a country dude song even if he got famous redneck rapping.
But when Britney Spears tried out acting in Crossroads we all went “eeeeek!”
You can branch out in profitable ways, but make sure you know two things:
- Where your skill sets lie
- What your audience is willing to follow you into
Odds are, you have a lot of room to grow in the space you already occupy. If you’ve been a one-to-one life coach, there’s no doubt you’d have success offering a digital course. If you tried to release an apparel line to that audience though, it may not go as smooth. Your audience is made up of information consumers, not fashionistas. That’s not to say a hybrid where you put your catchiest catchphrases on a t-shirt wouldn’t work out, you just have to look at your brand and look at your audience and find that profitable space that helps you grow while sticking to your core.
Research Your Collaborations
If there is anything to learn from the music industry it is this: know who you’re partnering with. Research them obsessively.
Do they have a history of supporting the vision of brands they attach to, or do they overwhelm and consume the brands’ staples?
Before you sign on any dotted line, you need to know the values of that company you’re about to align with. Have you been making a living producing handcrafted goods and you’re about to hand over your product to a seedy conglomerate? Or do you have a community that demands diversity and this particular partner seems a little one-note?
Do they have any bad press in their background that might taint your hard-earned reputation?
The fastest way to become a “sell-out” is to betray the principles your brand was founded on. Your true fans won’t care how much money you’re making. In fact, they’ll probably be right there celebrating you. They will, however, recoil if you begin to choose money over your morals. And you may not even be doing it personally. If you choose to go into business with another brand and they contradict your message, that can still sour your audience. So be very deliberate in how you collaborate.
Give Back
As you make your meteoric moves, don’t forget the little guys. In the early days, we tend to pack our products with value, offer free content galore, and make sure no fan is left behind.
Some of those things that got you started won’t be sustainable as you grow. And that’s okay! But adapt your efforts to give back, don’t abandon it entirely.
Maybe you used to hold calls with all the students who signed up for your online course. That’s great! That’s not exactly realistic once you’re instructing thousands. Instead, do a monthly Facebook live where you answer the frequently asked questions.
Or perhaps you’re thinking of putting your content behind a paywall when before it was free to access. Just make sure you still leave enough free content available so you can attract the next wave of new customers.
Giving back can of course be philanthropic, but it can also just be tossing a thank you out to anyone who has stuck with you through the years.
Your purpose shouldn’t change just because more profits are on the table. It can scale with you, but it should never go away. And if you’re still seeking to serve your community, just perhaps on a grander scale now, then you shouldn’t be hesitant about making money. The more you make, the more people you can serve!