Failure Friday: “I had to take a hard look at my business model…”
In this week’s Failure Friday segment, we hear from Allen Chiang, the owner of Retro Radio Farm. At first, he has too much business to handle—but when Facebook advertising becomes less profitable, he has too little.
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What It's About
When algorithm changes strike, this business changes the radio dial.
Notes from Chris
Episode 1819
Happy Christmas Eve! I believe we can learn as much from failure as we can from success, if not more. It’s with this principle in mind that I offer you a weekly segment called Failure Friday: a collection of short stories all about mistakes, missteps, disasters, and of course, failure. Just like our Throwback Thursday segment, you’ll hear directly from side hustlers who have struggled to get something off the ground. They’ll tell you a short story of something that went very wrong. The stories will vary, but often it starts with an idea, what they thought would happen and what really happened—and of course, what they learned. Today’s short story features Allen Chiang. We told the successful story of his Retro Radio Farm project on Episode #535. 2020 was a strong year—but 2021 he ran into some big problems. Listen to today's episode to learn more...MENTIONED IN THIS EPISODE:
- Thanks to Allen for sharing this transparent and truthful story. Check out his website at RetroRadioFarm.com or see some cool pictures of his work at @retroradiofarm on Instagram.
- IT Guy Earns Extra $50,000/Year Restoring Vintage Radios: He wanted to start a side business and put his engineering degree to good use. When he stumbled across two 1950s radios, he found an idea that was right on his wavelength.
- Orthodontist Spends $500 in Facebook Ads; Produces $65,000 in New Revenue: When a marketing pro discovers a lack of efficient online marketing in the medical industry, he helps a new client bring in 13 new patients and $65,000 in new revenue with the help of Facebook Ads.
- Weekly Recap: Do You REALLY Need a Facebook Page?: In our twenty-second recap of Season II, we'll highlight the lessons learned in this week. Also: listener Q&A!
