Do you dream of a 7 figure business, but can’t work out why it isn’t happening for you?
In this episode, I explore the reasons holding you back from being a million dollar business owner. And more importantly, how you can break past them!
In this Episode:
01.24: How mindset can hold you back from your 7 figure business
06.17: Finding clarity about what you want and why
08.25: Why a scalable business is key to reaching 7 figures
10.16: Learning about money management
In my nearly 5 years as a Business Coach, I have worked with many business owners, mostly in the 6 figure range, who come to me when they are ready to transition to the 7 figure or million dollar a year sale level. The challenges they face are mostly the same. Today, I want to explore what is holding your business back from being a million dollar a year business, whether you are already in the 6 figures or still aspiring to that level. Let’s get started.
You’re listening to the Clare Wood podcast, where we talk all things business, finance, marketing, and mindset for entrepreneurs, sharing practical tips, and actionable advice to help you take your business to the next level. Introducing your host: me! I’m Clare Wood, I’m a numbers geek, a travel lover, and a reality tv addict, and I’m here to empower you to create an extraordinary business and an amazing life, because I believe you don’t have to choose between the two. Now let’s dive right in to today’s episode.
How mindset can hold you back from your 7 figure business
What are the things holding you back from that 7 figure business? Well first and foremost, it’s your mindset. Do you believe that a 7 figure business is possible for someone in your industry? And specifically, is it possible for you? If you don’t believe it’s possible, you are in between a rock and a hard place. Money mindset is so powerful. What you believe about money is what you attract in terms of financial result. So what are your beliefs about money and where have they come from?
I grew up in a household, where my Dad continually said, money won’t make you happy. Now on the face of it he’s right. Money won’t make you happy, but there is a subliminal message in there, that there is no point making more money, because it will never make you happy. It’s incredible how powerful these messages can be. I certainly didn’t grow up in poverty, but equally money was tight in my family. I am one of 5 children, my Dad was a Travel Agent and my Mum stayed at home with us kids and also a Family Day Care Provider. As you can imagine, there wasn’t heaps of money to go around, in fact, 4 of us children shared 1 room. So although we weren’t poor, you can imagine how these messages have played into money stories of mine. I’ve had to do a lot of work in myself around fears of scarcity, specifically beliefs around what people with money are like. I’ve also had stories about feast and famine and I’ve had to work through these stories.
Here’s the cool thing about beliefs… you can change your beliefs at any point in time. Right here right now, I’d love for you to take some time and reflect.
- What beliefs have you developed around money from your childhood? From Adulthood?
- What has played into your beliefs about money since you started your business?
- When you think about money, what do you think? How can you start to reframe these beliefs around what is possible?
Working on money mindset is a journey, it doesn’t just happen overnight, usually you’ll need some sort of support to transition to a million dollar mindset. But, the great thing is, it is possible.
If you are keen to lean in a bit more into the million dollar mindset, and immerse yourself in the people running million dollar businesses, I’d love for you to come and check out my stories on IGTV because this week on Instagram, I have been chatting to some of my biz buddies who are at the million dollar mark in their results. Make sure you check them out!
One of the cool things I’ve realised is, the more you surround yourself with million dollar energy, the more it becomes normalised. And you realise it isn’t just for others people, it can be for normal, everyday, lovely people just like you. So tune into my IGTV stories.
Finding clarity about what you want and why
Why do you want to make a million dollars a year? There is surface stuff, a nice home, financial freedom, but I’m sure there is a higher purpose. Yes, money is great but there is usually something more we are chasing… connection, status, ability to impact change on a global scale. If you are chasing million dollar sales per year I’m guessing there is something bigger going on, because once you reach a certain point you get comfortable, why you want to grow above that. Dig into that.
If you aren’t at the 7 figure mark yet, it may be because you don’t know what you are chasing. Or maybe you don’t know why you are chasing it.
In my first call with my private coaching clients, this is something we spend a lot of time on. We spend time getting clear on the long term vision and the why that sits behind it. People usually have an idea, but when we get down to the nitty gritty, there is a bit of lack of clarity about what is being chased and why.
Why a scalable business is key to reaching 7 figures
My business has primarily been built on one-on-one coaching. People always say I bet you can’t wait to get away from it, but I actually love it and my bigger vision, still has 1:1 coaching as part of it. But guess what, you can’t scale that. I am currently fully booked for 1:1 coaching, so you need to look at how to scale your service based business.
The first way is to serve more clients at the same time, a group offering.
The second is to build a team and have other people offer a service as well.
Thirdly, you can create an online, scalable offering such as a course, a membership, a program, a training platform.
If you want to scale to 7 figures you need to come up with a why to scale your services to the next level.
Learning about money management
What does money management look like? Perhaps you aren’t leveraging opportunities to invest back into your business. This can be so complex, making sure we have the balance right, but really it’s understanding, am I making smart investments to grow my business long-term. The next way you might not be managing your money properly is, you might not be saving money. Maybe you are spending all the money being earnt in your business, and that isn’t really how 7 figure business owners think.
The next thing I see go wrong, is you aren’t looking after the money you already have – the leaky bucket syndrome. If you think, when I have a million dollars I will have plenty of money and won’t need to look after it, but this couldn’t be further from the truth. I have definitely worked with a client that made over $1M in sales and was still making a fraction of it in profit. A lot of times when business sales grows, your business expenses grow at the same time, you upgrade the people you work with etc. So as quickly as you earn it, the money starts disappearing. You find you don’t have as much cash leftover that you hoped. I have shared this before, Tony Robbins said “If you aren’t donating 10% of your money when you have $100, you won’t do it when you have $1M”. This applies also to managing your money. If you aren’t managing your money now, you aren’t going to managing it when you reach 7 figures.
You might have heard the saying, I love money and money loves me. The question is, if you want your money to love you, are you loving the money you already have? Are you looking after money? How do you expect money to keep showing up for you if you don’t even love, treasure and manage the money you do have? Truthfully, this is the biggest thing that I help my 6 figure clients to do to transition to7 figures. It’s getting right across their numbers and understand them, love them, dance with them, and make decisions based on the numbers. If you haven’t learnt to manage your money, this is one of the biggest reasons why your business isn’t at the level you want yet.
To sum up today, the 4 things holding you back from a 7 figure business:
- Your money mindset
- A lack of clarity around what you want and why
- You don’t have a scalable offer yet
- You haven’t mastered managing your money in your business.
I really want each and every one of you to be a million dollar business owner and I hope you take something away from today’s episode. The 7 figure energy is what I am all about right now.
I hope you have an abundant week.
Thank you so much for joining me today, if you enjoyed this episode, please make sure you subscribe to receive future episodes, and I’d be so grateful for a review on apple podcast! If you’d like a copy of the show notes or any of the links mentioned today, please jump over to clarewood.com.au/podcast and remember that Clare is spelled CLARE, have a wonderful week and look forward to chatting to you again soon!