#SmallBusinessSuccess #GrowingYourBusiness #MillionDollarRevenue
Did you know that only 1 in 20 or 5% of all businesses make over a million per year in revenue? 😲 That means if you’re in that elite group, congratulations! You’re among the top earners in the business world. But if you’re feeling like you’re not where you should be or that you’re falling behind, you’re not alone. It’s common for successful business owners to have those feelings of self-doubt and worry, even when they’ve reached impressive milestones.
So why do you feel this way, even when you’re in the top 5% of all businesses? Let’s delve into some reasons why you might be feeling this sense of unease, and how you can overcome it to continue growing your business and reaching even greater heights.
##Comparing Yourself to Others
– It’s natural to look at other businesses in your industry that are more successful or seemingly doing better than you. However, it’s important to remember that everyone’s journey is different. What works for one business may not work for another. Focus on your own growth and progress, rather than comparing yourself to others.
##Setting Unrealistic Expectations
– Sometimes, we set unrealistic expectations for ourselves and our businesses. We may feel like we should have achieved certain goals or milestones by a certain point, but in reality, success takes time and patience. Be kind to yourself and celebrate the progress you’ve made so far.
##Fear of Failure
– The fear of failure can be a powerful force that holds us back from taking risks or trying new things. Remember that failure is a natural part of the journey to success. It’s how we learn and grow. Embrace failure as a learning opportunity and use it to fuel your future success.
##Lack of Clear Goals
– Without clear goals and a roadmap to guide you, it’s easy to feel lost or off-track. Take the time to define your long-term and short-term goals, and create a plan to achieve them. Having a clear direction will help you stay focused and motivated.
##Imposter Syndrome
– Imposter syndrome is the feeling that you don’t deserve your success and that you’re a fraud. It’s common among high-achievers, but it’s important to recognize that you’ve earned your place in the top 5% of businesses through hard work and determination. Trust in your abilities and own your success.
##Tips for Overcoming Feelings of Inadequacy
1. Practice gratitude: Take time to celebrate your achievements and all the progress you’ve made.
2. Seek support: Reach out to other business owners or mentors for advice and encouragement.
3. Focus on growth: Set new challenges for yourself and your business to continue evolving and improving.
4. Take care of yourself: Remember to prioritize self-care and well-being, as a healthy mind and body are essential for success.
In conclusion, it’s normal to feel like you’re not where you should be, even when you’re in the top 5% of businesses. By recognizing and addressing these feelings of inadequacy, you can overcome them and continue on the path to success. Keep pushing forward, stay focused on your goals, and believe in your ability to achieve great things. You’re already ahead of the game – now go out there and conquer the business world! 💪🚀
For more tips on growing your business and reaching new heights of success, be sure to visit our website for valuable resources and insights. Remember, you’re capable of achieving anything you set your mind to – so keep striving for greatness! #BusinessSuccess #OvercomingChallenges #GoalSetting
Neither a psychologist nor an analyst, but I’ve bought and sold a few businesses and met all kind of owners and investors.
Most of the first generation owners are like you. They always carry this small sense paranoia in the back of their mind of what could go wrong or what can be done better all the time. Not neccessary a bad thing as that’s probably the kind of mindset required to go from 0-100. Just be careful not to feel too emotionally invest to your business.
Making 7 figures as a buisness is very easy…
Especially after the first 2 years 8 months
First year ? Prolly not
I think it’s harder to be the person that can handle building a buisness to that point.
It took me 5 years to reach such revenue (male dress shoe industry). I learned it’s quite niche and I need to diversify and go heavy on the marketing. We are two people.
It depends on you, your luck, the industry, the product, many things. Focus on doing well and constantly improving.
Took me 3 years to get to 1M in revenue .. e-commerce collegiate apparel .. was all down hill after hitting a Millie though
No secret that the most reliable way to becoming a millionaire is to be a “virtuoso” that is very skilled at your craft whatever it is and getting highly paid for it. That’s why people go to school or learn skills.
But talent is a factor in skill and not everyone can work as hard as others due to various reasons (physical, mental illness, responsibilities) so I don’t begrudge people making money through “easy” means or alternative means.
So just because you made a fortune this way doesn’t make you any lesser. Everyone has a way to survive and you used your way.
So your saying we need 20 LLCs double D?
Grass might look greener on the other side, but you’re actually standing on Astroturf. Congrats on being in the top 5%!
Well revenue is kinda meaningless when compared to profit. I worked with a business that had 5 million revenue but made only 100k profit, and another than made 500k revenue and 200k profit. I know which one I would prefer.
Focus on building solid processes and documenting it. Get to a point where you are not needed to run the company full time and venture off to other businesses or just have a bunch of free time. I’m in the same boat, company hit over 1mil first time last year and this year is looking much better but I feel sort of unsatisfied. So I’m working on training my staff to a point where I’m not needed there full time so I can focus on getting better at my Xbox games lol.
It’s natural to have high expectations, especially after putting in 15 years of hard work. Remember, progress is a journey, not a destination. You’re already in the top 5% that’s a remarkable achievement!
Maybe because you pay so much in taxes it gets very depressing and or you’re burned out. Happens to all of us, I didn’t do much last year in trying to grow the business, been at it for over 12 years and needed my own sabbatical, we still grew a little 5%, and are mid seven figures so I had a cushion. I feel much better after taking several months away and easing up on the workload when I was involved
Revenue is overrated. I want profit.
I remember hearing a similar stat that around 5% of entrepreneurs make $100,000 or more (No idea if that’s accurate). To me that’s a more appropriate goal to target.
Its called wanting to grow further. I dont see an issue…? This most likely isn’t globally.
A good sense of fear never hurt anyone, just don’t think about it too much unless it is really trying to get your attention.
Also 1 million in revenue for a 2 person service business is very different than 1 million in drop shipping (with 5% margins).
Also construction is high revenue, but profits are much less. So tell us the type of business and then we can support.
small pond?
I did $1.7mm year two; $400k year three. 🤷 at least I capitalized when I could 😎
I am nowhere close to you but I make around 8k a month consistently… there is not any significant dips. I can say any time too long goes by without an order, I start to get anxious and have this creeping fear it could die at any moment. I started from 0 and have 200 happy customers with 50% return rate. They aren’t going anywhere. And I know the month averages out even if there are no orders one day. Does panic still set in? Yes. When there have been no orders I start to get worried/anxious that something is wrong or changed. It’s just in my head. We are actually growing and doing very well.
I think for some reason when you built it from nothing, you conceived it from thin air, like this business didn’t exist before me, the service wasn’t even offered. I almost feel like if you brought it into existence you can also be responsible for taking it out, ie, failing, there is no guarantee. I never take it for granted and that’s why I work so hard.
It’s huge bro
Help me.
http://Www.puckcups.com
Haha
It’s because success does not bring happiness or fulfillment. We slave away for years thinking “one day I’ll make it” when in reality it’s all vanity