You’re a passion-based entrepreneur, which means you’ve created a business you love, that feeds your soul, fuels your passion, and gives life to your purpose.
And for that business to be viable – to *really* make a difference – it – and you – needs to be profitable. What most entrepreneurs don’t understand is that there are revenue plateaus. You reach a certain level. You stay at that level.
At any level you can’t keep doing the same things you’ve been doing and expect to double your sales results. There are only so many hours in the day.
Here are some of the revenue levels, as well as their breakthrough points, that I’ve worked my own business and my clients through.
$25,000 Breakthrough – You are at a choice point. Is this a hobby or a business? You have to choose to truly be in business. Which means it’s time to attract more clients. Decide that you do want more clients and are willing to put yourself out there to increase your visibility through a website, blog, writing and speaking. Then, you claim your clients and step into the next level.
$50,000 Breakthrough – Not only do you have a breakthrough to work beyond, but you are also at a choicepoint. To break through this level, you have to decide that, in fact, you are not just in business as a coach, consultant, speaker, author or whatever your service is, but that you are a business OWNER. There is a mind shift that happens when you decide to be a business owner delivering your particular services. You stop running your business haphazardly. You make different decisions. You market your business at a new, deeper, committed level. You also have to trust that you can still enjoy your business, even as it grows into a “real” business.
$100,000 Breakthrough – This is a big one for many business owners – it’s that place where you know you are a business owner (see the previous breakthrough), and seems to be the point at which you really feel legitimate – breaking through six figures. This means that you have to move from delivering your services hourly to creating and offering packages of your services.
You shift how you spend your time. You apply more of your creativity to marketing - building your visibility and credibility within your tribe. To shift into six figures, you need to start hiring more team members so that they can take care of your behind-the-scenes to-do’s, and you can be out there developing relationships, creating new programs and content, and delivering your services.
Here is where you realize that systems = freedom. Implementing systems, procedures, and checklists for your team will make things go more smoothly, which is where you get to be free to create, attract, and connect. Here you have to let go of those things *you* can do but that aren’t your genius. Having other team members do what’s important (and doesn’t need you personally doing it) is what will move your business forward.
$250,000 Breakthrough – First of all, at this level and beyond, self-care becomes non-negotiable. Your business won’t grow if you aren’t taking care of yourself and you are stressed and tired. To grow your business bigger--reach more people, have more clients go through your programs, launch bigger programs--you have to do things differently. There aren’t more hours in the day to expand your business – it’s about doing things more efficiently and effectively. It’s also about letting go of control so that you can let your business grow. Any money issues or limited beliefs about how much you can charge, how much money you can make, or how having more success will change your life or impact your family need to be shifted into supportive and empowering beliefs. This is a time for strong, clear boundaries to protect your creative time and your life enjoyment time. To more than double your income at this l evel, you’ll need to reexamine your systems, teams, pricing, packages and your time to see what needs to change, shift or be let go of so you can reach more people, attract more visibility and make more money.
What’s interesting about these breakthroughs is that it’s not necessarily about creating more products, programs, or services, although that’s certainly part of it. It’s really more about the limiting beliefs you have to change and the mind shifts you have to work through.
What do you need to break through in order to get to your next desired revenue level?
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Laura West is an award-winning online entrepreneur and president of The Center for Joyful Business. If you are ready to shift your marketing and mindset for more success with joy and ease, get your free report: Business Attraction Success Kit