The Mindset Upgrade Required to Go from 6 Figure to 7 Figure Entrepreneur
In this week’s blog, founder of The Thought Leader Method, Liv Conlon reveals all, about the mindset upgrade required to go from 6 figure to 7 figure entrepreneur. Whether you are stuck at 6 figures or looking to upgrade your mindset & question your limiting beliefs, we’ve got the inside track on how to get there. Liv shares in all honesty, how she didn’t feel ready for 7 figure success at such a young age, and her accelerated journey which led her down a path of personal development & self discovery. Liv looks at the difference in mindset of a 6 figure entrepreneur versus a 7 figure entrepreneur in detail, and tackles the mental shift needed to overcome the obstacle that is in the way of you reaching your next level: yourself.
The best way to start is to share a little bit about my own journey from six figure business owner to a 7 figure one.
I started my first business at 16 and in our first year we turned over £30k. I started with no goals and that is not something I would recommend to other start ups out there.
Nonetheless, I was young and wanted to pursue my passion, and at the time, I thought £30k was a massive win for us. I thought I was living my best life as I was doing something I was passionate about and living a pretty good lifestyle off the money I was earning.
However, when I sat down to set my goals for the next couple of years in business, that's when the whole idea of mindset really came into question for the first time.
I wrote down that I wanted to turnover £40k in the following year and I thought that £50k would have been incredible. At the time, my mindset really would not allow me to think further or aim much higher.
Believe it or not, we actually hit the seven-figure mark in the next 12 to 18 months.
My mindset journey is of course a little bit backwards, as my business achieved massive success and I then had to play catch up.
So many people that I'm interviewing over at The Thought Leader Chat (TLC) Podcast have had a totally different experience, as their mindset shift led to success in their business as opposed to the other way around. They were the only obstacle standing in the way of them reaching their next goal.
Being your own obstacle is something we can all relate to. A lot of people believe that once they get the house, the car, win awards, that is what success looks like, all their mindset issues are going to go away.
It’s actually quite the opposite. The more you challenge yourself, the more you grow your business and yourself as a person, then the more that comes up in your daily life; questions and sometimes limiting beliefs.
How do we deal with that?
What is the difference between running a 6 figure business and a 7 figure business?
In my experience, a 6 figure mindset is resourcefulness. A seven figure mindset is team and being able to delegate.
One-man band mentality vs team
An example of this mentality would be when I started out in business. I had no startup funds, no degree and no experience.
I had to hustle my ass off to get exactly where I wanted to go, and that would result in me doing everything myself because I couldn't afford to outsource, and it resulted in complete burnout. I got to the point where I couldn't actually do any more.
I was wearing all the hats in the business, and literally doing everything myself.
You will ask yourself: How do I make that shift from being that one-person band? How do I afford employing a team, outsourcing and eventually reaching that elusive seven figures?
Let me tell you, you probably won't reach that seven-figures unless you start to outsource.
For my business, part of transition involved having to let go of perfectionism.
As a six-figure entrepreneur and a one-man band, you're used to everything being in your control. One of the best ways to move the needle is finding those people that are going to help you get there and that you can trust to carry out tasks to a similar standard that you would.
One of the best tasks I have ever undertaken has been to write down the tasks you undertake for your business that could be outsourced. For example, you should only be carrying out tasks in your business that are really going to take your business to that next level.
Here’s an exercise for you.
Go through your to do list, and you can highlight things in three different ways.
If it's a money maker or a needle moving task, then $£1 sign next to it.
If it’s an admin task, meaning something YOU do not need to carry out within your business, put an ‘A’ next to it.
If it is something that can be either delayed but you still need to carry it out, then put a ‘D’ next to if for delayed.
This is the number one way in which you're going to start to really make moves in your business and get to that next level.
As you grow and you scale your business, risk taking is something you will encounter often throughout your journey. Now when I talk about risk taking, my comfort level with that has completely grown and that is partially down to the fact that I have learned to trust my instincts.
As you grow your business, you actually start to learn what's going to work for you, and what you're willing to do to take it to that next level.
Getting comfortable with that is such a massive part of that growth because when you're building your business, the risk only gets higher… and it’s not always something you notice.
The next time that you make a big decision in your business, whether that's taking an external investment or investing your own cash into an idea or marketing, stop and ask yourself; would I have been able to make this decision a couple of months ago?
It most likely doesn't even cross your mind that you've done that and already taken a risk.
One of the biggest moments of reflection for my business, was when I realised how much I'd grown as an entrepreneur, as a business owner and as a person. We signed our first £300k contract with my home staging company, and that level of income for 1 client was more than we had done in the whole of the previous year.
It was an amazing moment & it's moments like these that make you realise how much you’ve grown.
Show up every day consistently.
You don’t need to hit insane goals every day, hit the singles.
When I say hitting singles, think about a tennis ball and your racket, just constantly hitting those single shots day after day. This can mean carrying out small tasks or tasks that you don't particularly enjoy. You know that by doing them every day, you're going to be moving the needle in your business.
Every time you show up, you turn up, you are creating that certainty in yourself that when you say you're going to carry something out, you do! Whether you’re turning up to events when you don’t feel particularly motivated or you’re working when you’re feeling a bit down, it's that resilience and that determination that is going to get you to your next goal and your next milestone.
Most importantly, just remember that this is a journey. You're going to grow but you're also going to experience those hard times where you feel that things aren't moving. Just keep working on it, keep developing and don't forget to reflect on how far you've actually came.