Owning a business takes hard, often grueling, work. It’s worth it when you tap into the limitless financial potential. I coach women through the steps to entrepreneurial financial success in my $50K Wealth Multiplier Mastermind. Here’s how.
If you are a business owner who is frustrated and exhausted by your career choice, you certainly aren’t alone. Working hard and long hours in your business but still not experiencing true financial success can be incredibly deflating. After all, if you aren’t running a profitable business or building personal wealth, what’s the point?
Many people who start a business do so with the dream of living a financially free life. You imagine a life where your time and schedule are your own, and your income is exponentially higher than what you could earn working for someone else. However, reality can quickly become disappointing if you wind up spending years working for what seems like minimum wages.
While there are plenty of courses, coaches, seminars, and books that teach you how to create high business revenue, there are few opportunities to learn how to turn revenue into a personal financial empire. Here are the four ways entrepreneurs can build a profitable business and multiply your personal wealth.
The Framework for Entrepreneurial Success
Let’s first start with the framework for financial success. In my experience as a financial advisor and wealth coach to hundreds of very successful business owners, wealthy entrepreneurs possess a valuable combination of mindset and skills. On top of that, most of them build a financial advisory team that includes legal counsel, tax planning and preparation, investment management, and financial planning. These individuals capture and keep enough wealth to afford their own life dreams. So what’s their secret? What do they know that the rest of us need to know, too?
Whether your business earns $100,000 per year, $1,000,000 per year, or $10,000,000 per year or more, if you don’t pay yourself some of that revenue and save it in accounts in your own name, that money isn’t yours and it can all go away in an instant. Here is the well-established 4-part framework for entrepreneurial financial success.
1. An Empowered Mindset
So much of the research we now have on success says that wealthy business owners reverse engineer their own success. They start with the end in mind and work strategically to get there. They regard what others see as insurmountable problems as an opportunity to discover a creative solution. They are intentional, yet nimble in their business strategies. In other words, they discover what works and they do more of that.
What separates successful business owners from the crowd isn’t their ability, it’s their psychology. They see running a profitable business as their way to leave a positive mark on the world, their way to fund their family and the people and activities they love, and, ultimately, their way to live a successful life.
If you find yourself plagued with disempowered beliefs about business, yourself, money, or any combination therein, you may have a Money Operating System® problem that you’ll need to solve before true financial success can come your way.
2. Profitable Revenue Streams
Wealthy entrepreneurs partner with their accountant to be totally clear about both revenues and profits on every unit or hour of product they sell. Too many unhappy business owners are simply focused on selling more, but with no real goal in mind. When you analyze the profits on everything you’re doing, you can set baseline profit expectations that guide where you put all of your resources: your time and your money.
3. Run the Business Like a Pro
Successful entrepreneurs who start with no employees quickly grow and learn to delegate. That means hiring. And hiring means managing. Successful business owners know when to hire interns, part-time employees, and consultants or outside firms for strategic tasks and roles. They become (or hire) experts at leadership and development and create powerful relationships with the people who work for and with them.
The daily management (and sheer number of problems to solve) in a business can be overwhelming. Successful business owners avoid as many of these problems as possible and have systems in place to keep things running smoothly even when problems arise. Having pre-written company values and standard operating procedures for nearly every business process is critical when you or your team needs to be empowered to make a decision in a tense moment.
Successful entrepreneurs don’t leave financial success to chance. They educate themselves on what they’re spending money on, when, and how much. You should minimize or eliminate expenses that aren’t contributing to the bottom line. Pay close attention to the areas of your expenses that are leverage points for increased profits. These leverage points are unique to your business, but you need to know what they are so that you can steer the company’s strategy to success.
>>> If you think you’d like a little more one-on-one on some of these skills, go here to jump to the bottom of this article to find out how I might be able to help you multiply your own business and personal wealth.
4. An Entrepreneur’s Financial Plan
Financially successful entrepreneurs operate with a plan. You know that it’s important to know how to think about money and to create a plan for reaching your financial goals. In order to do that, you need to give each dollar that comes into your ecosystem a job. Learn how to save in tax-advantaged accounts and do that on a regular (at least annual) basis. Calculate how quickly your savings rate is moving you toward your own financial and lifestyle goals. Invest your hard-earned money in evidence-based, low-cost investment portfolios that leave you confident that you’ll earn generous rates of return over the long-term, as well as be able to plan for the future.
Taking Action on What You Know
Yes, you really do need to pull all of these pieces together. I know that it’s a lot to think about and manage, and if you feel you need some extra assistance or a coach to move you closer to your goals, I may have just the offer for you.
Consider applying for this year’s cohort of the $50K Wealth Multiplier Experience.
This wealth coaching program is for you if…
- You want to break into the next level of income and success in your business, but you don’t know what it’s going to take to get there.
- Your history with money and your mindset around it are limiting your ability to move your business forward to reach the goals that you desire.
- Or if you don’t even realize how your thoughts around money are limiting your ability to take control and tell yourself that you deserve more.
- Your Money Operating System® is affecting your business and you want to move past those limiting thoughts and stride into abundance.
- You’re ready to step out of a past where you never wanted to (or had to) think about money, but now that’s no longer an option.
Why the $50K Wealth Multiplier Experience is So Effective
During the $50K Wealth Multiplier Experience mastermind sessions and coaching calls, we ask you the questions that will help unpack why your Money Operating System® is what it is today and what you want it to be in the future. You are walked through a powerful and effective framework that can shift your thoughts, your feelings, and your results.
Plus, you’ll have the support of your $50K sisters in the intimate group of ten women to provide you with accountability and encouragement to meet and exceed your goals and financial aspirations.
Through the $50K Wealth Mastermind Experience, you are given the tools and coaching resources that afford you with financial clarity and how to make life-changing progress toward your goals. Discover where your money is coming from and where it’s going, and make empowered financial decisions that can increase your wealth.
Actual Results from the Program*
During the 2018 program, one participant, a Marriage & Family Therapist, increased her income by 600%. Another participant, a real estate agent, started the program with $400,000 in expected business income in 2018 and actually finished the year with $832,000 in revenue!
Apply now to be considered for this year’s cohort of the $50K Wealth Multiplier Experience! There is no cost to apply. Program details are on the website.
* Disclaimer: Past results do not guarantee future results.