So I have a real bug bear at the moment which I think needs to be openly discussed and this is the illusion in the coaching industry of the 6 figure entrepreneur and what 6 figure financial success looks like. Think fancy Paris shoots, Chanel bags, luxury trips here and there and a cookie cutter, one size fits all approach to building a business!
Having a business is one of the best wealth creation assets we could ever own! We have the capacity to earn unlimited amounts of income and set ourselves up for building real sustainable wealth both in and outside of our businesses however, building a profitable, sustainable business takes time. There are some coaches out there who simply will no longer be around in 5 years time because their focus is simply on creating a business to fund their lifestyle, rather than a business which creates a legacy.
Having 1 five figure month, does not make a successful entrepreneur. Having 1 successful launch does not make you a successful entrepreneur. Telling people to just increase their prices to extortionate amounts and sell more does not make them successful! The 6 figure entrepreneur is an aspiration that many new entrepreneurs or coaches aspire to but they’re disillusioned by many about what that financial success really looks like, how they get it or what having financial success looks like for THEM and THEIR business!
I’m going to let you in on a behind the scenes secret, there are lots ‘successful 6 figure coaches’ who are actually broke! And even more upsetting, money coaches…who are broke!! Don't get me wrong, I know plenty of amazing coaches, building profitable, sustainable businesses.
So this upsets me….….. because those other coaches are selling the illusion to many around building an amazing 6 figure business yet their own business model is broken! So they definitely ain't practising what they are preaching!
Social media and the online world is an amazing place to connect, but it’s also a very dangerous place. We can become very disillusioned by what a successful entrepreneur actually looks like and distort our own measures of success based on the lives of others and how it APPEARS to be.
I have had my own experience with a rogue coach as have many of my clients, and it is frustrating and time to talk about what's really going on! The measure for success in those early stages can be so unrealistic and is quite often set by those who have no means or experience to support the true entrepreneurial journey, so when these measures are not met amazing entrepreneurs question themselves, their ability and their entire businesses because they bought into the disillusion of what financial success looks like and the truth is its far from what is portrayed on social media.
Did you know in the early years of his business Gary Vee only took home $40K whilst his business was turning over millions? Do you know the average millionaire drives a modest car and lives in a modest house? Why, because their focus is on expanding the gap on what they make and reducing the gap on what they spend so they have the capacity to invest in themselves and their businesses to create more wealth and more impact. Is that not success?
A successful entrepreneur always looks the same, in ANY industry!
Firstly, whilst they love their people and are driven to make an impact, they focus on and appreciate the numbers! They are the ones who can generate a consistent revenue, have a margin for profit, and have strategies in place to ensure a steady cashflow. They take their financials VERY seriously! They have clear systems and strategies in place to ensure the sustainability of their business. They are playing the long game!
It doesn’t matter whether your business is generating 5, 6 or 7 figures. Its not so important how much revenue your business is generating, as it is how are you spending.
So is a 6 figure entrepreneur who mismanages their financials and is one payment away from financial disaster more successful than the 5 figure business owner they are coaching, who generates consistent revenue and can afford to pay themselves simply because the coaches revenue is greater?Hell no, their business model is broken and that is out of integrity with that which they are preaching.
So, be honest with yourself about your reasons for earning 6 figures and more importantly, who you align yourself with to get you to that!
Instant gratification is a dangerous thing and can kill your cashflow quicker than you can say king so don’t feel you need to keep up with the jones just to appear ‘successful’.
Do you honesty want to be on a constant cycle of feast and famine just to keep up with the illusion of what someone else deemed financial success to be?
As I said earlier, most financially successful people drive modest cars, live in modest houses and live well beyond their means because they’re playing the long term money game with both themselves and their businesses.
Now I’m not saying that you can’t have a 6 figure business and go on luxury holidays… you absolutely CAN, but only if you can really afford it or your businesses profits allow you that luxury. Unfortunately for some this appearance, is not the reality!
Building a profitable, sustainable business takes time it doesn’t happen over night.
There ARE success stories out there! However my advice to you is pay close attention to who aspire to be as a successful entrepreneur and who you seek advice from when it comes to building your business and wealth.
Do your research, ask around and ensure that those business or money coaches you seek advice from have built a sustainable business and/or are good with their financials because without that, you may quit your entrepreneurial dreams before you’ve even got started because you bought into the Instagram version of Financial Success.
Let me know your comments below and share this with anyone who you thinks needs to hear this today!