(#4 is the most important for EVERY SINGLE Entrepreneur)
Most people who have never grown a 7-figure company will believe it’s the “holy grail.”
People have some weird belief that…
- It’s difficult; and
- It help them do whatever they want.
The typical margin on $1million in revenue is 20%, maybe 25%.
After tax, that means that you’re left with somewhere around $150,000.
And that assumes you’re not paying too much “dumb tax” for simply being a first-timer.
In my experience either you:
- pay dumb tax for making mistakes; or
- pay a mentor to ensure you don’t make ‘em.
(They both cost a lot.)
I work with a lot of businesses who are typically at the $60,000 – $150,000 range on a monthly basis. And here’s what typically stops them from thriving, growing and being sustainable.
The most I’ve ever helped someone grow is to $1 million per month, and this pattern seems to be about the same from about $50,000 until around $400,000 per month. Upwards from there, however, it changes in a big way.
1) You don’t have an evergreen marketing system.
Most people I see that are in the six-figure range have no evergreen marketing system. When this is the case, they are 100% on the six-figure hamster wheel.
This is even more true if you’re growing your business and you’re simply relying on referrals, launches, or your network.
This “luck” will one day turn your current business into a zombie and it will derail everything in your entire business.
Now, if you did get it to seven-figures without this…
Congrats, you’re now on the 7-figure hamster wheel, where the stakes are higher and the chances of failure are even greater.
2) You are the gridlock inside of every choice inside your Business
If you are the singular person who can make a choice inside of your business, you need to learn how to delegate and let go.
If not, you will continue to stop the growth of your business.
Yes, delegating is scary.
Yes, other people will make mistakes.
However, you have a LIMITED amount of brain capacity.
Use it on things where it’s your super-power, versus making dumb choices that someone else can.
As long as they are 80% as good as you… it’s enough to ensure that you’ll be fine.
3) You put off what you feel is boring in your business, instead doing what you “enjoy.”
You’re your own boss…
You can do what you want, right?
Most of us will orient ourselves towards what we are good at…
Good at marketing? You’ll write another sales letter.
Good at content? You’ll write another blog.
Good at operations? You’ll create processes before you even have cash coming into your business.
I’m not saying that you need to master everything in your business. However, most entrepreneurs DON’T do what they NEED to do because it’s assumed to be either too difficult or it’s not the “sexy thing” to do.
Business isn’t sexy.
It can be. However, the real work… takes WORK.
You can’t just do what you want, all the time.
4) You have nearly ZERO financial visibility.
Most entrepreneurs don’t fix their financials until either it’s too late or they had a close call.
For a minute, ask yourself…
- Do you know what your profit was last month?
- Do you know what expenses you had?
- What are your fixed expenses this month?
- What’s your fixed revenue this month?
- What are your 9- day projections?
- Were your last 90 day projections within 10% of the goal?
- Do you still run your financials out of an excel spreadsheet?
You’re either running your business by how much money is in your bank account, or you have visibility of what’s ACTUALLY happening.
Take your head out of the ground…
Most people can’t run a company simply because they don’t have the right financials.
Having a marketing system might work.
However, if you don’t have true visibility you will always make short-term emotionally-based choices that will haunt you, forever.
5) You don’t have a real team.
Most people start off having a few freelancers and trying to get their people for as little as possible.
Your business requires good people.
So hire good people.
Your business requires a good culture. Freelancers won’t allow you to do this. If you want to grow, those on your team must have RESPONSIBILITY for YOUR growth.
It’s not about them having tasks. It’s about them having specific results and outcomes.
Yes, this will cost more…
However, do you think you can just continue to do everything yourself?
Have a good time in the hospital recovering from your heart attack. :
3 BONUS REASONS
6) You’re mindset is stuck in your current growth pattern.
As you grow your business, you’ll need to grow your mindset and character.
The roadmap that brought you to this point won’t bring you to the next place.
This is where having an ever-expanding mindset will serve those who have it. Instead of believing they know everything, entrepreneurs who have the opposite mindset – that they know nothing – typically will have the most growth.
Arrogance is the #1 killer of businesses. Everything starts with your mindset being lucid, dynamic and ever-changing.
Just because you believed “X” doesn’t mean it’s true to get you to “Y.”
Let the roadmap of your life change as you change.
7) You’ll self-sabotage.
Most people I meet don’t enjoy success. They actually hate it!
Most people start their first business (or the one that makes the most money) and it isn’t based on their “why.” Because of it, you will self-sabotage.
From your team…
From the fact that you won’t want to keep money…
From the fact that you can’t deal with success…
From the fact that you ask “why me”…
All of these things will stop you from progressing. In my experience, it’s the #1 thing that will stop an entrepreneur from growth.
Forget everything else.
You have to change your mindset in order to grow.
The roadmap that brought you here won’t bring you to the next peak.
8). You expect insane, not-possible growth because “X” got it.
Did you know… that MOST companies don’t turn into a 7-figure business for years?
Did you know that in business school they teach you that you won’t make a cent for your first three to five years in business?
Did you know that the whole “build a 7-figure business in 30 days” is mostly B.S? 🙂
Stop comparing yourself to others.
You’re on your own path.
Those who have patience win.
Fix those key issues and your growth will be explosive…
And your impact, massive :).
Stay crazy, stay humble, stay silly…
…and more than anything else:
Remember… you and me both, we know nothing.
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