The Espresso Hour Shipyard Update: What We Learned From A $100k Studio Investment
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Sep 26, 2023 The hosts discuss the updates on their shipyard project, the process and expenses involved in building an in-person studio, the benefits of paying for education and finding the right balance, the importance of pausing and assessing a growing business, and the value of doing boring work.
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Studio Costs and Timeline
- Dickie and Nicolas initially estimated the studio would cost $50,000 and be completed by August.
- It ended up costing double and taking three months instead of two, highlighting the tendency for projects to exceed estimates.
Invest in Growth
- Make investments that encourage personal growth and increased effort.
- Force yourself to rise to the challenge by making an uncomfortably large investment as a bet on yourself.
Pricing and Accountability
- Premium pricing for valuable products fosters accountability, motivating action due to the investment made.
- Finding the 'efficient frontier' means making forward-leaning decisions without overextending oneself.