According to the Bureau of Statistics, more women than ever are starting their businesses. This statistic is excellent news and a trend we should all celebrate.
But here’s the problem.
While we’re starting businesses, women are not reaching the same financial success as many men’s businesses.
Here at HerBusiness, we are more committed than ever to turn that statistic around.
So, where do we start?
How do we shift our mindset and reframe for 6 to 7 figure business success?
Your thoughts drive your actions
Mental blocks to reaching 6 and 7 figure businesses play a big part in how quickly you reach your destination. Unfortunately, this is the piece that might be keeping you from your next level for many business owners.
Because until we think bigger, we stay small.
The counterintuitive step to thinking yourself into a 6 to 7 figure business
Whenever we ask women what’s holding them back from being more successful in their businesses, we get a litany of responses.
We recently spoke to Amanda Farmer, a lawyer and founder of the very successful business, Your Strata Property. Before she changed her thinking, she was looking down the path of building a legal practice the traditional way.
“… you need junior lawyers, associates, junior partners and then partners. And you need a lot of people billing a lot of hours to make money. And when you become the most senior partner, one of the owners, you might actually get to do less and still make some good money. But, I looked at my colleagues in their sixties and seventies, and they’re still working really, really hard. So, I thought that’s not the path I want to go down.”
Like Amanda, we might think we can’t make good money or headway in our business unless we’re working hard all the time. Or we think if it feels fun or easy, it’s not “real work”, and we won’t get anywhere. And we have a niggling feeling that time off or time away is bad for business, and it will sink without us.
When Amanda became a member of HerBusiness, she was already employing a few lawyers. Then, in one of the Mastermind sessions she is part of, she dumped all of her angst and said, “I don’t want to be employing all of these people. I don’t want to work like that.”
And the response from Suzi and the team at HerBusiness?
Amanda explains, “They said, you don’t have to do that. You can run your own race. So, in terms of a mindset shift, first of all, I had to believe I could do it differently. I didn’t have to do it the way everybody else was. So, I then set about building the plan around how I could achieve that.”
Today, Amanda has a successful 6-figure, soon to be a 7-figure business. So, how did she do it?
Well, it starts by building in time for a pause. LRN CEO Dov Seidman is known for saying, “When you press the pause button on a machine, it stops. But when you press the pause button on human beings, they start.”
Begin by taking a moment… and getting clear about what type of business you want and how you will get there.
But where else do we go wrong, and how are we holding ourselves back?
The three mistakes we make when thinking about growing our 6 to 7 figure business
1. We don’t have a clear vision
You’re going to be in business for a while. And you want to do what you love every day. It might sound self-evident, but it starts with having a clear vision.
Your vision is about what your business looks like when it works well for you. Your vision is about whatever pulls you forward and whatever makes your heart sing.
Over the years, visions change. They change as your family grows or as you build a team. You may lose sight of your vision because you get too busy or the business takes off. So, you need to revisit and make sure your vision is ideal for you.
Your vision may be about helping people with diabetes, or sore feet, or high electricity bills. It may be around how many people you can impact or how far you can extend your reach. Some want to automate and scale without having to work hard. But, for many of us, it is about creative expression and how we put our stamp on the world. And it’s about legacy.
But mainly, it is about your heart’s desire. Not Oprah’s, not your parents’, and not what the books say. It’s about getting clear on what your vision is.
2. We don’t have a clear roadmap
What is your plan? Is it to go from being a solopreneur to being a micropreneur? If you want to make that transition, you need to think, do and be what a micropreneur does. Just like you need to think, do, and be what a six and seven-figure businessperson does.
Maybe you want to scale.
You want to build a team.
You want management.
You want out of the day-to-day.
That’s great too. It just requires the RIGHT roadmap.
Planning enables you to focus on the keys to your business success. You want to know who your ideal client is and the best product or service to sell them. You want to show up where they are. You want the right suppliers and team around you and have the technology figured out. When you plan this out by focusing on the key areas that make a difference, you can get to a point where you’re sustainable, whether that’s as a solopreneur, micropreneur and beyond.
3. We think too small
We’re all guilty of thinking too small. We think we’re stretching ourselves, especially if we haven’t got anyone on the sounding board to say, “Oh, come on, you’ve got that.”
“Why don’t you aim bigger?”
“Why don’t you charge more?”
“Why don’t you go try this new thing?”
You can think bigger!
You can achieve this by being around people who see the possibility and potential in you and your goals.
You don’t want to tell your six and seven-figure goals to people who don’t think you can get there.
That’s why it is SO important to surround yourself with mentors and peers who think bigger and allow you to think bigger.
Overcoming the barriers to a 6 to 7 figure business starts with how you think.
Do you want to stop exchanging time for money? Do you want to rewire your business for sustainable growth? Do you want to run your own race, beyond the traditional path?
As Amanda Farmer said, “I had to believe that I could do it differently. I didn’t have to do it the way that everybody else was.”
Take a pause, reframe and start with these practical steps:
- Get clear on a vision that makes your heart sing
- Create a roadmap that focuses on the key areas to get there
- Surround yourself with people who help you think bigger than you would alone
The HerBusiness Network is the most collaborative and supportive community for women business owners ready to grow and scale their businesses.
Inside the network, thousands of women get more clarity and focus — discovering the EXACT steps to take NOW to get on the road to your healthy six and seven-figure business.
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