Episode 012: Going Big When You Feel Small with Nadia Finer

Episode 012: Going Big When You Feel Small with Nadia Finer

Do you ever fear you may be hiding behind your business? Could your limiting beliefs be holding you back?

Nadia Finer built a big business around her small voice. Her message around self-confidence and playing to your strengths in your business comes out loud and clear.

In today’s episode, we talk about the importance of confidence when running a business and how overcoming fear can be the key to unlocking the potential that will help you create brand authenticity in your small business.

You Will Learn...

1. Why holding yourself back and hiding behind your brand can lead to bad business decisions

2. Why it’s so important to be ‘authentic’ in business and embrace your uniqueness

3. How pushing through your fears is the only way to build the business you want to create for yourself

4. Why you should re-connect with your message and purpose and focus on the people you want to help

If you’ve enjoyed this episode and want to find out more about Nadia and the way she works with female entrepreneurs just like you, click here to download a free chapter of her book “Little Me Big Business: How to Grow Your Small Business, Increase Your Profits and Go Global (in Your Pajamas)”.

Running A Six-Figure Online Business – Is It Right For You?

If you’re active in the online world and on social media, you’ll no doubt have come across a lot of talk about six-figure businesses. While building and running a six-figure business is a great achievement should all entrepreneurs be aiming for a six-figure online business? Should this be the ultimate goal for every business owner out there? In this post, I lift the lid on what it means to build and run and a six-figure business and help you decide whether it’s right for you.

Having worked on a six-figure business which reached seven figures when I was working with them, I know that running a business that turns over six figures requires a lot of work. And I believe that for a lot of entrepreneurs aiming for six figures is a very artificial goal. And one that I don’t think you should pursue for the wrong reasons.

 

Does ‘six figures’ refer to turnover or profit?

Firstly, it’s important to work out what people really mean when they talk about six-figure businesses. Are we looking at a turnover figure or a profit figure?

  • Turnover, just to clarify, is the amount that your business makes in total before you take off any of your costs.
  • Your profit, on the other hand, is what you get to take home after you’ve deducted all your costs, including VAT (if you go over the VAT threshold) and taxes.

Six-figure entrepreneurs obviously don’t tend to share their accounts online, so how can we be sure they have money to show for at the end of the year? If the figure refers to turnover, we can’t automatically assume that a business is doing well. What we really need to understand, rather than how much a business is making in revenue, is whether they’re making a profit and a return on their investments (ROI).

In my podcast episode The Truth About Building A Six Figure Business, I interviewed my good friend Marie-Helene di Benedetto, who runs a six-figure Social Media and Content Marketing Agency. Coming from a marketing background and feeling tired of the corporate world, Marie-Helene left her day job and started freelancing in digital marketing five years ago. While she managed to turn over six figures by the end of her third year in business, she says her personal income didn’t increase much. She made more money, but she spent considerably more too, because as her business grew and developed, her business model changed.

Image of a white desk with flowers, notebooks, cup of tea, open envelope. Running a six-figure online business.

 

What does the business model of a six-figure business look like?

While ‘getting to six figures’ is the phrase that seems to be bandied about the most in the online space, how much are we actually talking about? 100k (whether it’s pounds, dollars or euros), 999k or anything in between? As turnover increases, so does the size of the business. There is a huge difference between a company turning over 100k and one turning over 750k, not just in the figures but also in size and business model. When a company reaches a certain size you need to start thinking about multiple income streams and about outsourcing or delegating tasks or even entire processes. At some point, you need to start employing and managing people. You need strong policies and processes in place. As you scale, the costs and expenses in your business increase.

If you’re trading time for money, like in Marie-Helene’s case, you eventually hit a glass ceiling, and you either start turning clients away or you push through it and scale. If you decide to scale, you’re able to take more business on and have more money coming in. But you also spend a lot more to run your business. And if your turnover doesn’t increase more than your costs do, your profit may remain the same or even decrease. That’s not uncommon when businesses scale.

 

How long does it take to build a six-figure business?

As Marie-Helene points out in our interview, building a six-figure business isn’t as quick as what some online coaches imply. Realistically, the time it takes to build a six-figure business depends on where you are when you’re starting out and how much time you can dedicate to your business. Are you still working full-time and building your business on the side using your evenings and weekends? Did you already have an existing and engaged network or audience when you started out, or are you literally starting from scratch?

It took Marie-Helene between 12 and 18 months to start making real money. And it took her three years to get her first six-figure turnover. It’s completely normal for things to start really slowly initially and snowball later. When your satisfied customers and clients start to recommend you to others, things get easier. But it’s important to be patient and realistic from the start, which is why I recommend you always set financial goals for your business and define what success looks like for you.

 

Setting financial goals for your business

While I think it’s brilliant to set ambitious goals for your business, even when you’re starting out, I also believe you shouldn’t aim for six figures if that’s not what you want. You definitely shouldn’t set this goal for yourself just because everyone else in the online space seems to be doing the same.

A lot of my clients when they’re starting out want to earn enough to pay the bills and support their existing lifestyle. This was the case for Marie-Helene as well. So if you’re just starting out with your business, look at your basic living costs – calculate how much you currently spend on a monthly basis. And based on your findings (be sure to include all costs and expenses), calculate how much you need to make in your business.

Once they’ve made enough to cover their living costs and expenses, a lot of entrepreneurs aim to earn the amount they used to be paid in their last job (i.e. their last salary). But often once they’ve reached that milestone (assuming their salary was under 100k) there can be a bit of a vacuum. What should your next financial goal be? Is turning over six figures the next obvious step? Only you will know the answer to that question, and I believe it should be based on your definition of success.

Woman sitting at desk writing with tablet and laptop. Running a six-figure business - is it right for you? Jessica Fearnley Business Consulting. Business Coach.

 

Defining what success looks like for your business

Success for you could be working 10 hours a week and making £30k. What’s important is to set goals that you can always review and revisit. But equally, we should be mindful not to constantly and continuously move the goal post.

My top tip is to look at the financial goals of your business while taking into account what you want to get out of your business in terms of lifestyle and work-life balance.

  • Does running your business make you happy?
  • Do you have a good work-life balance?
  • Are you stressed or close to burning out?
  • Do you feel like you’re ‘caught up in the game’ and you’re only pursuing a certain goal because it looks like everyone else is?

I often come across business owners who set a target for themselves to hit the six-figure milestone, but when the reality of what it’s like to run a six-figure business hits them, they realise they would be a lot happier if their business made a lot less. Is it worth turning over six figures if you can’t have the life (or the business) you want?

Personally, having been through burnout, I know that running my business shouldn’t come at the expense of my health and well-being. I value feeling relaxed about life and about my business. I work really hard on it, but I feel very strongly about getting more from the hours I put it while not having to put that many hours in overall. What matters to you in your business?

 

Building a profitable business

Six figures or not, ensuring your business is profitable should be your top priority. There really is no point in having to spend 100k (or more) in order to turn over 100k. And if that’s the case, you may as well not have a business at all! If that’s what happens behind the scenes of some businesses, I’m sure you’ll agree that having a six-figure business becomes an accolade that means nothing. And quite frankly, it’s a ridiculous way of doing business.Running a six figure online business - is it right for every entrepreneur? Find out how to decide whether it's right for you. Jessica Fearnley Business Consulting. Business Coach.

Instead, to ensure your business is always profitable, follow these simple steps:

  • Calculate your cost price. List everything you’re spending over a year for your business, including your own salary.
  • Decide how many hours you can or want to work in your business (taking into account holidays and time off).
  • Set your prices by dividing the amount of money you want to make by the number of hours you’ll work for.

If you’re just starting out with your service-based business, for example, don’t be tempted to think you should be cheaper than your competitors. You’re selling a specific skill set that not anyone can offer, so charge an appropriate amount and don’t undersell yourself. A top tip from Marie-Helene is to always make sure that each and every one of your clients is profitable. If they’re not making you money, you need to be prepared to let them go.

 

Don’t compare yourself (or your business) to others

No one can tell you whether you should or shouldn’t aim for a six-figure online business. Building and running one isn’t easy. It’s not straightforward, and it most certainly doesn’t happen automatically or effortlessly, which is why I find it so frustrating that a lot of the people we come across online make it sound so easy! As I’ve shared in this blog post, if you don’t do the work up front by setting financial goals and working out exactly what you want from your business, you may fall into the trap of going after one thing after the next.

It’s very easy to tell yourself that you’ll be happy and satisfied when you reach a certain number of clients or a specific financial goal. But the reality is that you may find that’s not the case at all. Only by deciding where you want to be and by when you’ll insulate yourself against doubt and comparison and pursue goals that are right for you and your business.

If it takes you longer than what the ‘experts’ on social media say it takes to establish your business, so be it. Remember that you are the benchmark, and no one else. If you want to grow your business, look at where you are now compared to last year or to five years ago. Consider how you’ve grown, how much you have improved, what path you’re on, and most importantly, why.

 

Do you need any help to up-level your business?

So, do we all need to go out and build six-figure online businesses for ourselves? If that’s what you want, it’s completely possible for you, and I’d be excited and honoured to help you figure out how. But I also want you to go into the process with your eyes open. It will take time, money, and a lot of work. Six-figure businesses don’t happen by accident. And if you decide that six figures aren’t for you, but you’d like some help planning out your strategy, up-leveling your business, and making it a place you love to be again, get in touch and let’s talk about the ways I can help.

 

Episode 013: Getting Things Done with Lisa York

Episode 013: Getting Things Done with Lisa York

How do you run and grow your business with little time available? How is getting things done possible when life and business can sometimes feel stressful and overwhelming?

Lisa York is a podcaster and a business owner and has been growing her online presence organically over time.

In today’s episode, we talk about how to grow your small business in the pockets of time that fit around other responsibilities in your life, how to focus on one thing at the time, and how to grow a business online.

You Will Learn...

1. How you can become laser-focused in your business and go after one main strategic goal while saying no to the opportunities that aren’t relevant for you right now.

2. Why striving for perfectionism can get in the way of making progress in your business.

3. How working strategically towards building the foundations for your business will help you to grow your business more organically and without getting stressed and overwhelmed.

Episode 011 – So What Does A Business Coach Do Anyway?

Episode 011: What Does A Business Coach Do Anyway?

Have you ever wondered, what is business coaching?

And what does a business coach do anyway??

This week’s episode is all about what to look for in a small business coach, and how to tell a good coach from a bad one.

There are some great benefits of working with a business coach, and when done well, it can be a hugely profitable investment to your small business.

I’m sharing some insights I’ve learned as a coach, plus the great and not-so-great reasons to invest in working with a business coach.

You Will Learn...

  1. The difference between business coaching done badly and business coaching done well
  2. The red flags to avoid when looking for or working with a business coach
  3. Silly reasons to work with a business coach – which are likely to mean you either find the WRONG coach or you don’t get results
  4. The really great reasons to work with a business coach, and the ways this will optimise your business for success (and profits!)

If you’re looking to work with a business coach, click below to find out about Catalyst, my Advanced Level Business Coaching programme.

Doors are open until midnight on Sunday 30th September, but there’s only a couple of spaces left and numbers are strictly limited.

You can find out more below:

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Episode 010 – The Uncomfortable Truth About Investing In Your Business

Episode 010: The Uncomfortable Truth About Investing In Your Business

In today’s episode we’re looking at the most important thing every serious entrepreneur and small business owner should be doing to unlock the potential in their business.

That’s right – we’re talking about INVESTING IN YOUR BUSINESS.

This doesn’t have to mean looking for startup investment.

The key to success in business and in particular, growing a small business, is the investment of your time and your money.

If you want to know how to start a successful business, you cannot afford to overlook these vital strategies.

You Will Learn...

  1. The journey I’ve been on when it comes to investing in my own business, and the key shift I’ve experienced that has made investment decisions easier.
  2. The things we tell ourselves we gain when we DON’T invest in our businesses, and why this is setting us up for failure.
  3. Why we are selling ourselves short if we don’t invest in our businesses – and the ways that this leads to frustration in both the short-term AND the long-term.

This week I talk about the difference between a Scarcity and an Abundance mindset.

This handy diagram explains the difference. Recognise yourself?? 😀

And if you’re an ambitious female entrepreneur looking for support and advice with growing your business you can find out more about The Business Club for Grown Ups Membership Programme, and Catalyst, my Advanced Level Coaching Programme by clicking below:

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Episode 009 – Lessons Learned in My Business This Summer

Episode 009: Lessons Learned in my Business This Summer

Want to take a peek inside my business journal as I reflect back on this Summer?

Keeping a business journal is one of the most important ways we can reflect on lessons learned in our businesses.

And it’s a great opportunity to not just focus on your business (even if it’s just a ‘small business’!) but also evaluate how things are going more widely with your family, kids and life more broadly.

In today’s episode I’m sharing the ups and downs from the last 2 months in my business, and focusing on what I’ll be doing differently this Autumn.

I’ll also be featuring some journaling tips and demonstrating how to find topics for journaling.

You Will Learn...

  1. Why reflecting on our progress and mistakes is one of the most significant ways to build a successful business.
  2. The six lessons I’m taking from my business this Summer.
  3. What I’ll be doing differently this Autumn – and why we shouldn’t beat ourselves up if we don’t get everything perfect 100% of the time.
  4. The key advantage we get as entrepreneurs when it comes to rolling with the punches!

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Episode 008 – How to Grow Your Business on 6 Hours a Month

Episode 008: How To Grow Your Business on Six Hours A Month

How do you grow a business?

Work more hours, right?

Wrong!

In today’s episode I share my experience of scaling back my business in 2017, and the amazing impact it had on my income and profits. So often we try to achieve business growth by pushing ourselves SO HARD, creating content on a gruelling schedule that leaves us feeling exhausted.

Time to stop the non-stop hustle, and switch to a growth strategy that helps you achieve your business goals with less stress and more fun!

You Will Learn...

  1. Why ‘working more hours’ doesn’t always equate to a more successful business
  2. How to assess whether your content strategy is achieving the goals you need it to in your business.
  3. The mindset shift you need to make in order to work smarter, not harder – and enjoy your business instead of hustling non-stop without the results you’re looking for!

Want to find out more?

If you’ve enjoyed this episode, we have a special treat for you. In fact – we have two!

If you’re looking to increase your productivity in your business, you’ll love my free PDF, ‘How To Have Your Most Productive Day’ and you can download your copy here.

Not only that, but last month in the Business Club for Grown Ups membership programme our Expert Content was ALL ABOUT improving our time management and productivity.

To access my exclusive masterclass, ‘Manage Your Time and Maximise Your Productivity’, plus a stack of other must-have content and video goodies, sign up here.

Loving the Show?

I’d love it if you could leave a review on iTunes. Thanks for listening!

Episode 007 – The Truth About Building A Six Figure Business

Episode 007: The Truth About Building A Six Figure Business

There can be so much hype online about building a six figure business.

But it’s way more important to set our own definition of success and build the business that WE truly want, instead of following online business trends and fads.

Social Media expert (and fellow Six Figure Business Owner) Marie-Helene di Benedetto joins me for a chat about the real milestones you should create for your business, and why you shouldn’t waste time comparing yourself to other people.

You Will Learn...

  1. Why ‘Six Figures’ can feel like such an important milestone, and why this can be deceptive when you are building a business.
  2. The difference between ‘turnover’ and ‘profit’, and why this matters!
  3. The two metrics that will help you meaningfully assess your business, instead of just aiming for six figures.

Want to find out more?

If you’ve enjoyed this episode, we have a special treat for you!

Marie-Helene was my Guest Expert last month in the Business Club for Grown Ups membership programme.

To access her masterclass, ‘How To Find The Perfect Social Media Channel for Your Business’, plus a stack of other must-have content and video goodies, sign up here.

Loving the Show?

I’d love it if you could leave a review on iTunes. Thanks for listening!

Episode 006 – How To Feel Good About Your Business Even When You’re Not Where You Want To Be

Episode 006: How To Feel Good About Your Business Even When You're Not Where You Want To Be

How do we feel good about our businesses, even when we’re not getting the results we want?

Today I dig a little deeper on what lies behind our expectations of ourselves, and why we need to be able to see the progress we are making, even when we’re just starting out.

You Will Learn...

How to benchmark our progress and make realistic business goals

Why there is so often discord between our aims and our achievements in our businesses – and why this leads to discouragement

The key question we need to ask ourselves – and the mindset shift it leads to

Why slow growth is considered to be the sign of a strong business

How to know that we’re on the right path, even when it feels like we’re playing catch up.

Feeling Lost With Your Business?

I’ve created a short quiz to help you!

It’s called What Stage Is My Business At, and you can access it here.

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Episode 005 – How To Live More Gently Without Compromising Our Goals

Episode 005: How To Live More Gently Without Compromising Our Goals

In today’s episode Emily Hodge shares her story.

Emily was in her 20s and newly married when she received a shock cancer diagnosis. It changed her whole life, and she was left with a huge range of emotions to deal with, even after her physical treatment successfully cured her cancer.

However, through this deeply difficult period of her life, Emily found that it truly opened her eyes to the need for all of us to ‘live more gently’.

Emily talks about the ways we can start to do this, and how to recognise when a more gentle way of living could help.

Want to find out more?

If you’ve enjoyed this episode, we have a special treat for you!

Emily is my Guest Expert this month in the Business Club for Grown Ups membership programme.

To access her masterclass, ‘How To Digitally Detox and Still Work and Connect Online’, plus a stack of other must-have content and video goodies, sign up here.

Resources

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