It’s not fun or sexy. There is nothing glamorous about it. This isn’t the stuff that people post proudly on Facebook or tout on the front page of their websites.
It’s the part of business that is often swept under the rug – brought to life in tearful late night discussions or moments of hair pulling frustration.
It can be REALLY tough to run a business, especially once you hit 6-figures and beyond.
If you aren’t ready to navigate this stage of growth – what I lovingly call the bursting point – then you may find yourself facing some serious consequences in your business.
- You are (finally!) making money… only to see it all go right back out the door again and you have no idea where it went. (Yep, been there)
- Instead of working less, you are now working 24/7 trying to get everything done, there is no light at the end of the tunnel and you have no idea how you got yourself into this mess.
- You started your business to do what you love, but your day is now full of work that you loathe and you rarely have time for the fun stuff anymore.
- You fly by the seat of your pants in your business, not sure what you are going to offer next and suffering from the roller coaster ride of last minute promotions.
- Sadly, your spouse and/or kids are asking you why you are working so much and may even be begging you to turn off the computer or put down the phone so they can spend time with you. (Yep, been there too.)
- Even though you want to grow you can’t possibly take on one more client or project – if you try to cram one more thing in you just might burst!!
This wasn’t what you thought it would be once you hit 6-figures. Bottom line is that you are tired, frustrated and starting to wonder what the heck you’ve gotten yourself into.
The bursting point is when you simply can’t take on one more client, project or idea without having to sacrifice more time, energy or money than you are willing to give.
The bursting point is a rite of passage in business – it means you have created something that people want from you and you can no longer provide it all on your own. It’s the stage where demand outweighs your capacity to serve.
This will either be a painful or exciting phase in your business:
- Painful if you keep trying to do it all yourself and serve beyond your capacity
- Exciting if you embrace that your business is becoming bigger than you and it’s time to do things differently!
This generally happens in early 6- figures – anywhere from $100K to $250K depending on your business model and how much you can handle on your own. The number doesn’t matter as much as the experience of wanting to grow but not having the capacity to do so as things currently are.
You’ve recognized that you are in the bursting point, now what the heck do you do about it?
There are 3 areas of your business that you will want to develop to get through the bursting point:
How you have been making money to date – your business model – may need to change. If you have been the sole provider of services you will need to find a way to leverage your services & offerings in order to grow to the next level.
DIY can get you to 6-figures but it won’t take you past the bursting point. You need to get clear on what your role is as a Leader (we call it your YES List) and bring in the right people to take work off your plate so you can continue to grow.
The only way to create freedom for you and a strong foundation for your growing business is to build out your processes. This keeps everyone on the same page, doing work the way you want it to be done and keeping people productive (vs. flying by the seat of your pants and making it up as you go.)
The bottom line is this – what got you to 6-figures is NOT going to be what gets you through it (and beyond.)
If your vision is bigger than your bursting point it is time to make these changes. If you are looking for support in doing so feel free to book a time to talk to us about how the CEO Business School can support your business.