How Big Does Your Business Really Need To Be?
When I first started my business, I knew I wanted to make money and an impact. I didn’t have a strong clue what that looked like in reality, and I definitely didn’t have a strategic plan, goals, or financial targets.
Over the years, I’ve added goals, structure, and strategy to my business with great success. I have actual revenue targets, know where I am in relation to them, and actively work my plan 90 days at a time to get there.
But I’ve noticed a trend recently, where entrepreneurs feel pressured (guilted?) into thinking they need to build seven-figure businesses. There are countless organizations that tout this as their big vision, and look, I’m here for it. I hate that only 4.2% of women-owned businesses are breaking that 7-figure mark. I want women-owned businesses to bring it and break through all the glass ceilings. I want us to build businesses on purpose, with purpose, so we can live the life we really want.
But here’s the thing: Not every business owner wants to have a million dollar business.
More importantly, as the CEO of your business, you have to forge your own path and know exactly what you want to create.
Early on, I felt pressure to make the million dollar mark my big, audacious goal because it seemed like I needed that in order to make an impact. I knew I wanted to help women open doors for themselves, their families, and communities, on their terms.
But with the pressure and ever elusive goal of hitting a million dollars, I was withering. I tried to mimic what I saw the CEOs of those multi-million dollar businesses and their teams doing, but I was working ALL.THE.TIME., exhausted, and beyond frustrated. More importantly, I wasn’t having fun, and I wasn’t successful.
You see, I was following people who were actively trying to scale and make their next million, and I wasn’t even close. They had resources, funds, and a team to make all that happen, and by following in their footsteps, I was missing some important steps.
In our quest to rapidly build and grow our businesses, we’re missing important steps. And so, I went back to the basics.
You need clear financial targets.
This seems obvious, but many business owners don’t have a clear financial target. I often hear people say something like, “I don’t care about the money; I just want to help people” when asked about the financial goals.
I’m all about helping people. Heck, that’s why I started my business, but I also need to make money. If you don’t know how much you need and/or want to make, how do you know what you’re aiming for? How do you know if you're on track? Or what you need to do to close the gap?
If you’ve been reluctant to set a real target, I strongly encourage you to to sit down and really think about what you need to be making to have the life you really want. Once you know that, it becomes significantly easier to set financial targets for your business.
Then you can set a clear revenue goal. Revenue is the total amount of income generated by the sale of any products or services in your business, and it’s one of the most common financial targets and, perhaps, one of the easiest to measure.
Once you know those two numbers, you can take stock of where you are right now and build a plan to get to your goal.
You need a strong business foundation.
This is a step I see a lot of business owners rush through, especially if they make the leap from corporate with ready made clients. They skip over critical things like their mission, vision, and values. They don’t take the time to really identify who their ideal clients are, and more importantly, what their client yardstick should look like. They have no idea how to craft an offer, struggle with being visible and marketing their businesses, and have a love-hate relationship with sales.
These foundational elements are critical to your business success.
You need a rock solid client attraction system.
Perhaps the biggest challenge I see from most solopreneurs is a broken client attraction system. Without a rock solid system in place to bring in new clients and to support and serve the ones you have, your business will not grow. You’ve probably heard this referred to as the feast or famine cycle or the revenue rollercoaster. These terms both highlight the dramatic ups and downs that businesses without a robust client attraction face.
When I was mimicking those seven-figure business owners, I was trying all sorts of things, hoping something would stick. The problem, of course, was that I didn’t stick with anything long enough to see it through. I was constantly chasing the next best idea - evergreen models, group programs, launches, challenges… - hoping something would actually work.
What I really needed was a clear plan and process for how I was going to captivate the attention of prospective clients, connect with them and capture their contact information, cultivate the relationship, and convert them into paying clients.
Once I set up my own system, started doing it my way, based on my own desires and goals, everything shifted.
As you reflect on your business, here are two questions for you to answer:
What do you really want your business to look like?
How much money do you need and/or want to live the life of your dreams?
These two questions will set you up for success, allow you design a business that helps you get there, and best of all, do it on your terms.
I still want a million dollar business. I still want to make a massive impact on the world and build a kickass life for my family, but I had to make progress my way. Getting back to basics with these three elements was the start.
If you’re struggling to set your financial targets, build out your business foundations, or create a rock solid marketing system, I invite you to schedule a complimentary consultation. Let’s get your business working for you!
