ASLU 104: A 7 Figure Creative Business?

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Is it possible to have a 7 figure a year creative business? Is it a number we should all be shooting for? Yes... and no... Heather and Melissa talk about what's involved in running a 5, 6 and 7 figure business and how to measure success.

This episode is as much a mindset episode as it is a practical business episode. Far too many of us get wrapped up in measuring our success by how others define success for themselves - which can wind up making us unhappy and unfulfilled.

At the same time, understanding the different levels of commitment, expense and problem-solving that are involved as you hit new financial milestones in your business can help us define the type of success we want. Here’s a hint: hitting new financial milestones in your business will create just as many problems for you as it solves!

This Episode Is For…

This is a great episode for creatives who:

  • struggles with using $$ as their only success metric

  • hasn’t figured out what success is for them or looks to the success of others to define whether or not they are successful

  • is curious as to what is involved in running and scaling a 5, 6 or 7 figure a year business

  • wonders if they have what it takes to make 7 figures a year as a self-employed working creative

  • wonders if it’s ok not to want to have a 7 figure business

If you just want the links to the resources mentioned in this episode, scroll down to the bottom.

Listen To the Episode

Here’s a link to this week’s episode. You can also listen via the player below or on your favourite podcast app (Apple Podcasts, Spotify, Google Podcasts, Amazon Music, Stitcher, and more). Just search for And She Looked Up!

success if about how you feel

not about what you have

in this episode we discuss:

  • have you failed if you haven’t hit 7 figures? (spoiler: NO)

  • is 7 figure a year goal what we should all be striving for? (spoiler: NO)

  • what’s involved in running a 7 figure a year business?

  • success and excess are two different things but we confuse them all the time

  • for most of us, our definition of success will evolve as you grow older and more experienced

  • our personal situations will play a big role in defining what success is for each of us - comparing our situation to that of somebody else, isn’t productive or helpful

  • what success means to each of us, personally

  • why we think all self-employed women should aim to have a business that has the capacity to gross 6 figures a year, whether or not you actually hit that level every year

  • understanding that a 6 or 7 figure a year business is not putting 6 or 7 figures into your personal bank account

  • as our businesses grow, so do our expenses! Think insurance, legal and accounting fees, marketing costs and paying for help

  • understanding why and when to incorporate your business

  • getting your basic business finances in order as early as you can

  • there is an earning threshold you will hit when it’s just you in your business. To keep growing you will need to hire (and pay) help: employees, contractors, freelancers etc.

  • understanding how to value your time as your business grows

  • recognizing how creating multiple revenue streams can help you grow and stabilize your businesses revenue

  • as you grow your business, you will reach a point where you have to spend a lot of money up front to get your business to the next revenue level

  • a $1,000,000 business doesn’t mean it’s a successful or profitable business.

  • you need to make a profit to reinvest in your business to continue growing it.

  • do you know your numbers?? How much does it cost to make that painting, write your book, design your cards, make your candles (and your time has a cost attached to it.

  • you CANNOT continuously subsidize your business - it’s not good for your business, your finances or you health

  • to run a high six figure or 7 figure a year business, you need to get comfortable with making mistakes, spending money and delegating

  • to run a 7 figure a year business you need to learn how to be a CEO

  • success isn’t about what you HAVE… it’s about how you feel

Mentioned In This Episode:

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Podcast EpisodeMelissa HartfielS3, creative enterpreneurshp, creative mindset, business mindsetComment