There is oodles of talk about there about “hitting 6-figures in your business”… and yet I don’t think people realize the bigger impact of reaching this milestone. Although it rocks in many ways, in other ways it brings up different/new challenges for you as a biz owner.
As my coach says, “new level, new devil”. 😉
In this first installment of my “What is it like to hit 6-figures?” video series we are going to look at the financial impact, and how it might mean that YOU actually make less money than you were before.
The good part is that as your business grows and you employ more people, you are also contributing to growing the livelihood and businesses of others. The biggest businesses are those that have the biggest hearts and contribute most to the welfare of others.
Tina – Excellent points and thanks for talking about this. It seems everywhere you turn these days there are all kinds of programs that promote and promise a six figure business to the solo entrepreneur.
I think these programs do a disservice because they aren’t talking about the growing pains you talk about here AND they can be responsible for totally deflating a small business owner’s dreams if that person is just starting out and is expecting to jump to six figures in three to six months.
I don’t know about you, but the journey from new business owner to six-figures took me several years and lots of learning curves. It simply just doesn’t happen overnight.
An excellent topic and great points made Tina. It was a rude awakening for me when my business revenue crossed over the 6-figure threshold quite a bit. I was doing just as you said – I was reinvesting pretty much all of it back into the business… A high-level coach and mentor, a stellar team, better and faster technology, and ugh, tons of travel, etc. It’s only in the last several months that I’m keeping a nice sum in my own personal bank account. Growing pains (and aches!) but I believe it’s a necessary step in the journey.
Everyone I talk to these days is chasing after that 6-figure mark. I think it wise to have an honest conversation with yourself to fully understand your why, and determine if this indeed, is the path you want to follow. Sometimes uncomplicated is nice too!
Very true Tina. You bring up good points here and very helpful for those who don’t have this mind set.