Lifestyle Or Legacy? Your Answer Can Make or Break Your Business...
How do you know you've achieved business success? When do you know you've actually “made it?”
Is it when you can rock your new Louboutins at an exciting business event? Maybe it's when you post a pic of a dreamy day spa in an exotic location on Instagram? How about when you share photos of “food porn” while eating at the finest five-star restaurant?
The answer? None of the above.
The authentic “I’ve made it” moment arrives when you’ve created a sustainable, profitable business that doesn’t leave you exhausted, overwhelmed and constantly hustling for clients.
That's when you know you've built more than just a business. That's when you know you've built a legacy.
Growth over gains
It's wonderful to feel like you can purchase brand name shoes and bags when your business begins to bring in some income but a “lifestyle upgrade” should not be at the top of the priority list when you're beginning to see some success.
When you're nurturing your “baby business” the smartest thing to do is to take a substantial chunk of your profits and invest it back into your business so it can grow.
This might sound absolutely dull compared to buying a Prada bag or spending a week on a beach in Bali but here's why you need to choose the “dull” option - at least at first.
When you're not focused on creating a sustainable business - your legacy - your entrepreneurial journey will continue to be plagued by highs and lows.
You'll feel uncertain and insecure all the time and you'll suffer from the feast/famine syndrome where you're “cash rich” one month and broke the next.
Good people, bad business decisions
A while back, my husband Faiz and I were visiting his hometown, Edmonton, Canada. We were driving through the city when I saw this big sign - Nick Carter was coming to town (in case you're going, 'Nick, who?' Nick was one of the Backstreet Boys from back in the day).
At first I thought, ‘That's fun! A blast from the past!’ Then another thought came to mind, “Why was Nick Carter performing a solo gig?” Even more disturbing, the performance wasn’t at an arena or a stadium where someone like Drake or Rihanna might hold a concert.
He was going to sing at a local cowboy bar. Nick was one of the most famous names in pop at the height of his career but now, here he was, performing at The Ranch.
I'll admit, I felt a little sad. This wasn't someone who lacked talent. He just hadn't managed his money very well. He hadn't focused on building a legacy. If he had, he would have investments and other streams of income, which would mean he could choose to perform only when he really wanted to – not because he was desperate to make ends meet.
This is just an assumption, of course. Perhaps Nick Carter really did want to perform in a cowboy bar in Edmonton, Canada but something tells me that it's far more likely that he needed get back on stage to make a bit of money.
If that can happen to Nick who was known around the world and part of boy band phenomenon, it can certainly happen to anyone! If we aren’t smart with money now, we may have to do a “cowboy bar performance” in 10 or 15 years time. We may not necessarily want to do live events, chase clients or do launches but we might have to if aren't financially secure.
This is why it's critical that your money works for you without you having to do so many outward marketing activities to keep your business income flowing in. Kyle Taylor, the founder of The Penny Hoarder, recently told Entrepreneur, “if you don’t put some of that money back into your business, you’re starving growth. One of your big goals is likely to increase how much you earn, but you’ll earn the same amount year after year – or only make small, incremental increases – if you don’t put a portion of what you earn back into the business.”
Here's something you should think about right now: is your business model going to help you create a legacy ?
Ask yourself if this sounds familiar...
You pulled off a launch for a group program. It was extremely stressful, but you made some (maybe even a lot of) money. But now, you're totally exhausted. You can't even think about continuing your marketing activities or creating new content for your business. You just want to take time off and concentrate on delivering your group program.
If this sounds like you, you probably know what I'm going to say next...
By the time you finish delivering your group program you have to start all over again. You have to put yourself out there, establish your expertise and attract clients.
And so the cycle of boom/bust continues in an endless, exhausting loop. Not only is the inconsistency (of being really on, then switched off) very stressful, it's not going to help you build a sustainable business - a legacy.
A great way to avoid the boom/bust cycle is to use the Evergreen Business Model. This is what I teach in my Business Mastery Certification program. The Evergreen Model is about consistently enrolling clients into group programs so you don’t feel like you're forced to go through the emotional rollercoaster of launching all the time or multiple times a year.
The power of many
It takes more than just one flagship product or program to build a sustainable business and a legacy.
Most people make the mistake of having a single flagship offering that they launch again and again. This is a highly stressful way to run your business. There's also the real danger that new clients will stop being interested in your single, flagship offering (no matter how awesome it may be).
The best way around this is to have multiple products and a powerful, built-out product funnel.
Having multiple ways for people to work with you is the secret to scaling your business. Not everyone is going to be able to afford your 1:1 coaching or 1:1 services. But if you have an eBook or a $97 product, then a $500 product, then maybe something that’s $2,000 or a high-end $10,000 offering, you can connect with multiple target markets. You’re drawing in people who are at different phases and who can afford different price points.
The good news?
People who engage with you at a lower price point will be more inclined to engage with you at a higher price point too because they already know you and they've been exposed to your expertise.
How to build a legacy
I understand the boom/bust, feast/famine cycle (only too well!). I know what it's like to feel stuck on that emotional rollercoaster of having a ton of money one month and then barely being able to make ends meet a few months later.
I managed to survive it and then I found the solution (I've since gone on to build a sustainable 7-figure business)
I share everything I learned about building a legacy in Business Mastery Certification.
It's a program that reveals the latest, most effective strategies, systems, tools and techniques to attract dream clients, create consistently high monthly revenue and build a respected brand and reputation with the unique Evergreen Model™ System.
Here's the truth: what most people teach when it comes to online marketing won't work anymore, and with so many new people entering the industry, you need to do more than just know your niche and target market to achieve the impact you dream of and hit your income goals.
Because true freedom for women entrepreneurs – like us – is knowing we can rely on a consistently high monthly income (and if it can happen pretty much on autopilot, even better!)
Find out more about Business Mastery Certification and how it works here.