Episode #147: Why you're not at 6-figures . . . . yet
The ever elusive 6-figure business. Time and time again my audience tells me that when they hit 6-figures everything will change for them. For most women in online business creating a 6-figure business is the gateway for so much more for them, their families, their communities, and their lives. It’s the way to start to create freedom, space, and a true legacy.
But time and time again I hear women say they fall short of that goal over and over again. So what gives?
In today’s episode I want to dive a bit more into this idea and discuss why 6-figures may not be happening for you.
It’s my theory that every single online entrepreneur can create a 6-figure business, you may have to go off the beaten path and forge your own way because if you fall short of this goal over and over again, clearly there is some sort of disconnect here.
A shift needs to happen in order to open you up to this kind of success.
But do know it’s totally possible for you, no matter how far you may feel or be from that goal. So as we head into Q4 of 2019 and start to put our sights on 2020 it is my hope that this episode will help you to gain massive clarity around the things that may be holding you back.
So let’s get to it.
You may not be at 6-figures yet because…
1. You don’t have a clear bigger picture (which affects the action you’re taking).
This is a big one I see a lot. Business owners not connected to the outcome they say they want. And I think a lot of times we get caught up in this trap of thinking that we should want certain things. So we say we want those things. But those things don’t light us up. And so when we go after them, we’re not really motivated. Which leads to us falling short, not achieving our goals, and feeling ho hum about the whole situation.
What I want to encourage you to do is to have a very clear vision as to where you are going and why you’re going there.
An example: You want to sell everything and move into a RV and travel the country. Cool, that’s what we’re working with. But why? To give your kids more than what you had? Or to live a life unburdened by stuff and instead defined by experiences? To see things you’ve never seen before? Because you think the American Dream isn’t all it’s cracked up to be and you want more from your life?
Now, what needs to actually happen in order to make this a reality? What will this physically look like? Make a list of all the things that need to happen and then start to break this down into the smaller tasks that add up to those bigger results.
And to take this one step further, add in the measurables.
Things like:
When you hit consistent $10,000 months for 3 months in a row, your husband quits his job and you bring him on board.
Six months before you start living in the RV you take your kids out of school and start to home school them to get into the routine.
You cut your hours to those that you are planning on keeping in the RV now to help you adjust and continue to scale your business in less hours.
A clear vision is absolutely necessary to produce measurable results and for you to know how far away you are from your goal. Also, when you fail (and let’s be honest, you WILL fail) having this bigger picture and this strong reason as to WHY you are working towards this goal will motivate you in a deeper way. You’ll fail faster and will start to rewire your brain in how it things about failure through the action you take and the drive you have internally.
2. You’re trying to grow all the things all the time.
For many of us, we are EVERYWHERE. And while that’s not a bad thing, focusing on growing all the platforms doesn’t necessarily work. It spreads us way too thin, making our efforts less than 100% and our results lackluster. What if you were to maintain everything you have right now and focus on growing ONE platform for the next 90 days? How would that change things? I would argue that you’d see a pretty massive change in that one platform.
This is something we are going to be exploring more of in 2020 inside of the Legacy Mastermind. Setting clear goals for each quarter and then really focusing on growing one thing at a time. I’m going to be encouraging the women in the Mastermind to grant themselves permission to maintain certain platforms and only grow one. And while it’s hard and can be a bit scary, I’d argue that simplifying, streamlining, and focusing on ONE THING is going to change our businesses in a big way, and that growth will be more significant because of this new way of working.
3. Not setting boundaries for yourself or others.
This may seem harsh, but boundaries honor your time, your energy, your expertise, and your emotions. If you’re not at 6-figures yet, and that’s where you want to go, you need stronger boundaries. The things you spend your time on need to be the things that unapologetically get you to that goal.
Coffee chats, posting in FREE Facebook Groups, Summits, unless those things are directly revenue producing things, are not the things you need to be spending your time on.
You need to have boundaries in place so that when you are propositioned with any of these things you can confidently say YES or NO to the ask because of the boundaries you’ve set for yourself, no matter how amazing the “thing” may be or seem.
This also helps you to stay in integrity with your commitments. So if you participate in a Summit and part of that Summit is you creating an email, you can confidently create that email knowing that you’re doing what you committed to.
Boundaries keep everyone, including YOU, in check.
4. You serve with expectations.
Now, this one may hurt a bit, but it has to be said. If you’re coming to a platform, let’s say a FREE Facebook Group and serving, with expectations, that’s just bad energy. That expectation is only going to leave you feeling resentful or drained.
You absolutely need to show up, serve, and then have some sort of ritual, strategy, method in place to help you let go of those expectations of receiving something in return. And sometimes this starts with how you approach what it is that you are providing value in.
An example from my business: my Facebook Group used to totally drain me.
Like, I resented the women in my Group.
I found myself feeling like I HAD to respond to all of the questions and ideas that were thrown around and posted about. That I HAD to show up every single day. That I HAD to coach and prove my worth.
And then one day, after writing up a ridiculously long response to a question that those expectations were not only sucking the joy from my Group, but were making me into a stressed out, resentful, ball of anxiety. And those “rules” were imposed and created by myself, so why was I making these rules for myself?
So to counteract these expectations I set for myself I made a rule for myself. No coaching in my Group. That’s what my clients get and pay me for, to be coached. Why would anyone buy from me if they can just get free coaching from me in my Group. So now I show up in my Group to offer advice, encouragement, and ideas, but no coaching.
And ever since I made that shift, that expectation that I had to turn everyone I talk to in my Group into a paying client has lifted, and I totally love my Group again.
Serving with the expectation of being financially rewarded for your services doesn’t work and it’s up to you to figure out how you can get rid of that resentment.
5. Your model isn’t scalable.
Your business is set up so that you’re trading dollars for hours. And while this is good, most of us love it, and it’s a way to get some experience under your belt and client testimonials, it’s not scalable. Now, I’m not saying coaching or done-for-you services are bad, it’s how I grew my business to it’s first 6-figure year, but what I am saying is that it’s not scalable and you need to know that on the onset. The only way you make more money is by working more. And that doesn’t facilitate the freedom that so many of us crave. And we’re going to hit a cap at some point and that’s when the income will stop.
This type of model can also put you in a feast or famine mode. You book a bunch of clients at once and you feast! You have an influx of cash and activity into your business. Then you put your head down and work with your clients. You don’t book a new client for another two or three months, which puts you in famine mode. You have really high months and really low months. And yes, there is a money management component here that needs to be considered, but at the end of the day having a business that doesn’t bring in consistent cash month after month is hard to manage. If you don’t know where your next dollar or client is going to come from, it’s hard to outsource, invest, and scale your business because your cash flow is inconsistent.
Most 6-figure and beyond businesses don’t rely on 1:1 or done-for-you services to scale.
6. Your money is tied up in the wrong things.
I would bet that if you’re not at 6-figures yet, you’re outsourcing the smaller things. It’s my opinion that you should first outsource the bigger things that are directly revenue producing. Things like Facebook Ads or email sales funnels. These are the directly revenue producing components in your business. And let’s be honest, unless this is what you do in your business, you’re probably not the right person to do this in and for your business. There is a strategy that goes into these things that not all of us possess, are good at, or even want to do and so we shouldn’t be doing these things.
So you try to do them yourself and maybe you buy the fancy course that promises the amazing results. And it’s not that course is bad, it’s that courses can only get you so far. So the Facebook Ads or the funnel totally flops and then you tell yourself a story that your ideal client doesn’t respond to Facebook Ads or email funnels, and that’s simply not true. Your ideal client will respond when it’s done RIGHT.
I see a lot of entrepreneurs missing these components in their business. They’re not bringing in leads daily (or if they are, it’s not done in a way that is sustainable), which means they’re not growing your email list, and they don’t know why their business isn’t growing. And it’s because the lead generation machine in their business is non-existent. Instead of investing in these components, they’re investing in fancy branding, or a perfect website, or the VA that is doing piddly tasks in their business, instead of going all in and investing in what actually makes them money.
Now the other side to this is lack of direction. If you don’t have a clear path to achieving your goals, like a specific step-by-step pathway that is specific to YOU, then all of this effort is for nothing. It’s important that as you scale to 6-figures and beyond that you know how the heck you’re going to get there. And this is where a mentor, someone who has gone before you, can come in a help. Direction-less investing doesn’t facilitate results. Intentional, thought-out, and purposeful investing does make sense.
And if you need more direction in your business, I want to invite you to apply to the Legacy Mastermind. Doors are now open for 2020! The focus of this unique mastermind experience is to equip you with your what’s next, to help you figure out how you’re going to scale to 6-figures and beyond, and for myself and your mastermind sisters to walk alongside you as you make the big changes that need to happen in your business as you move closer and closer to making those big, heart-centered goals of yours, a reality.
For the entirety of 2020 we’ll work together to figure out what a 6-figure (and beyond) business looks like for you, the way you want to serve, your life, and your family. After all, we’re here to make an impact not just on ourselves, but in the world around us. Your business affects all of those areas and can be an amazing catalyst for facilitating massive good in the world. Together, we can figure that out through the Legacy Mastermind.
There is a pretty phenomenal enrollment bonus for anyone who enrolls in October so if this something you’re interested click here for more details. You’ll see opportunities for you book a call with my team to chat more about if the Legacy Mastermind is a good fit for you and your business.
RESOURCES:
If you have a clear vision for a 6-figure business in 2020 but aren’t sure of the HOW, then the Legacy Mastermind might be a great fit for you! Enrollment is now open for 2020. Learn about the program and check out October’s enrollment bonus!
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