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Growing your business into seven figures isn’t that hard. But it is not easy. To say the least, it’s not easy to maintain a seven-figure business and keep it growing.
I’ve learned this after building several businesses and growing them to seven figures and beyond – as well as consulting and investing in dozens. It’s strange how much lighter you feel after building up some energy. Progress leads to progress and all seems well. Until suddenly, no.
Having gone through this cycle myself, I’ve discovered a few common mistakes many of us make during development. I’m sharing these things not only to inspire you to take your own business to new heights, but to keep breaking through one glass ceiling after another by maintaining these standards.
Related: 4 ways to build a seven-figure brand and a business that sells
1. They hire very quickly
No matter what industry you’re in, expanding your team is important as you grow your business. You can only do so much. You have to delegate on The business instead of trying to do everything yourself. However, the timing around all this has to be right. If you push too fast, you can jam and stop all movement.
So while you need to grow your team – and constantly think about the different types of roles you need – it’s vital that you get your priorities straight. By fulfilling the highest-paying roles, you’ll ensure you maintain momentum without putting too much pressure on yourself, your existing team members, and most importantly, your cash flow.
2. They make too many offers
I see this mistake all the time, often an entrepreneur gets caught comparing themselves to other business owners. You’ve heard the advice before to diversify your portfolio and add multiple streams of income. It’s good advice, in part. But you have to tread carefully because launching so many offers so soon will put a lot of pressure on your shoulders. Worse, it creates a disconnect between you and your audience because they don’t know what to do next.
Should they buy your course? Maybe they’ll hire you to train them? What about that membership you can sign up for? Or that other course, program or product?
The last thing you want to do is get overwhelmed and confused. Adding new streams of income is important, but you don’t have to do it all right now. Make sure you are the “go to” authority in one or two areas and offer great value to those you serve.
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3. You increase your expenses
This error is a result of the previous two because as you grow your team and add new revenue streams, your costs will increase exponentially. It may seem manageable at first, but soon it can spiral out of control. I experienced this myself as my monthly expenses doubled month-on-month. It’s a disaster waiting to happen unless you’re clear on your finances.
This is a constant habit for you to maintain which ensures that you check your income and expenses every month. When you spend a lot, you don’t have to spend a lot of money, but you have to give everything you spend with a purpose. Whether it’s a new team member, improving your lifestyle or putting new resources into the business, you should always have a reason to spend your money. If not, you may run out of it quickly.
4. You haven’t reinvested in your business.
This is a huge mistake and I made it again. There are many tips on how to invest your money. The problem is that most of it doesn’t relate to the entrepreneur because most of it encourages you to take money out of your business and put it elsewhere (stocks, stocks, bonds, pensions, etc.). This is reasonable for someone with a predictable income. But for an entrepreneur? no way! The best thing you can invest in is your business because that is what you have the most control over. So before you give your money to someone else to invest, make sure you fully support your business with the time, money and resources it needs.
Related: 4 ways to invest more in your business
5. They don’t take money from your business
It’s important to constantly invest in your business, but you should also continue to invest in your own life, lifestyle, and personal growth. In the early days, I advise entrepreneurs to take as little as they can and reinvest into their business. But this can only last for a long time. Once you build momentum and enter the growth phase, you have to embrace this yourself – not just as a business owner, but as a person.
I see this mistake played out many times when successful entrepreneurs struggle to bounce back and enjoy life. It’s a fine balance, but it’s important if you want to find compromise. The alternative will soon become toxic as you begin to resent your business. It’s an easy fix because all you have to do is commit to growing as a person as you grow your business. This means you also need (and deserve) an investment of money, time, energy and attention.
The rollercoaster ride you are on is full of ups and downs. Just because you’re making it to seven figures and on the fast track and beyond doesn’t mean there aren’t obstacles in your path. Avoiding and overcoming these five mistakes will help you navigate your way to success.
