It may seem contradictory, but a business can have greater headaches as it gains more commas behind the dollar sign.
I often took face value of what I read or heard from other business owners who had “made it.” I believed within a few years, I would be traveling, purchasing new vehicles, and never having to work 40+ hours again. But as soon as my company reached that significant “success” marker, I saw that everything wasn’t as it appeared. I’m not lounging about making sales calls while sitting at the beach, or taking photos at the wheel of a brand-new Lamborghini. All of that is untrue.
Certainly, you can make a million dollars in your business with a lot of effort and a solid support network, but the reality is learning the actual steps millionaire business-owners take, the level of consistency that’s to be developed, and what it really feels like to own and manage a million-dollar business.
1. You can earn $1,000,000 but still be in financial trouble:
Regrettably, most ambitious business owners neglect to consider cash flow until it is too late. The total amount of money entering and leaving your firm is known as cash flow. As a result, any out-of-pocket costs you incur—including those for taxes, office supplies, and vendor or team member invoices—are deducted from your revenue. 82% of small firms collapse due to cash flow issues.
I frequently encounter business owners that just list their total income without accounting for charges like travel expenses, office rent, and team pay. Therefore, keep in mind that an entrepreneur’s claim that his or her firm has reached “seven figures” may not necessarily refer to the amount of money in the bank. It’s most likely “total revenue” they are talking about.
2. Your obligations have increased, not decreased:
Most of us ambitious business owners consider the daily grind to be a necessary part of life. Before we can even order our grande no-whip mochas, we’ve already got a thousand things to accomplish, most of which we complete on our own. We look forward to the day when we can stop working so hard because we will have finally made a lot of money. But in reality, earning more money typically entails taking on additional obligations. It’s critical to assume a leadership role in your company because of this. Honesty and effective communication are two traits that make a difference in a leader’s ability to inspire followers to success or failure. Focus on working smarter, not harder, as you establish your own business. Do this by taking a step back and assigning roles. To ensure everything goes well, capitalize on your team members’ abilities. The staff will take care of the behind-the-scenes work, allowing you to concentrate on your greater duties of managing the company and fostering its expansion.
3. You should make wise hiring decisions:
When you first start up, it’s simple to recruit friends and family since, well, they’re probably free or at the very least inexpensive labor. However, your relative who dropped out of high school might not be the greatest person to manage your finances after your firm starts to make money and you have customers who depend on you. You may find yourself needing to let some of them go if you don’t have employees you can rely on and who are skilled at what they do. But if you build the appropriate team from the beginning, you’ll be less likely to need to fire all of the family members and friends you employed.
You may find yourself needing to let some of them go if you don’t have employees you can rely on. But if you build the appropriate team from the beginning, you’ll be less likely to need to fire all of the family members and friends you employed.
You should search for specific traits, such as a strong sense of accountability, whether you engage an HR expert or do the interviews and hiring yourself. A well-known tactic employed by prosperous businesspeople is “try before you buy.” Give workers a trial period before permanent full-time.
4. You acknowledge the existence of “imposter syndrome”:
Even prominent figures in society, such as politicians and celebrities, can suffer from imposter syndrome. Imposter Syndrome is described as “a chronic sensation of self-doubt, insecurity, or fraudulence despite frequently overwhelming evidence to the contrary” by Scientific American. The condition doesn’t discriminate between the wealthy and the poor, famous individuals and average people who work 9 to 5 jobs. Everybody has had the feeling of being an impostor at some point, and it can be hard to shake it.
In her TED Talk, educator and TED Ed speaker Elizabeth Cox argued that we should talk about impostor syndrome in order to prevent it. For me, I am aware that when these uncertainties surface, I strive to use them as a springboard for development. The majority of my success is due to this push, which serves as fuel for me to keep moving forward and becoming a leader.
5. Rather of focusing on the daily grind, you place more emphasis on cultivating connections:
Your time and effort when you initially start out as an entrepreneur are devoted to learning new things. To aid you on your journey, you speak with people, attend networking events, seek out mentors, and devour the top business literature. However, there comes a time when you need to stand back and concentrate on forging stronger ties and connections in your business.
Successful CEOs spend less time socializing and more time cultivating their professional networks, which includes meeting with team members and building connections with clients. I truly mean nurture. Being truly present when you communicate with such folks will show them that you appreciate their relationships. This is another reason why having a strong team behind you is crucial. When you are at crucial meetings, you can’t be looking at your phone or responding to comments on social media.
Even once you’ve reached those hard-earned seven figures, attention is the new money in business, and you frequently receive back tenfold what you invest.
