When I started my own business three years ago, I was determined to become a 6 figure business owner! Now it’s a buzzword amongst women in business particularly in the coaching world.
For me, it was always a personal mission as following my departure from the legal profession I was a little pissed off that I’d in fact been a 6 figure fee earner for quite a few years. Yet as an employee I was paid around 25% of my worth.
Growing up with parents who ran their own business, I am far from naive and fully aware of the running costs of a business : premises, tax, staff, marketing and resources required as well as cutting the slack for other employees not hitting their targets. Yet not being involved in any of the decision making of the remaining 75% of my 6 figure earning capacity simply became more and more annoying to me.
I was done with people making decisions for me. What phone I could have. When I could have a day off and if I was worthy of a promotion or not. I was also tired of working crazy hours building someone else’s business and not my own.
I knew it was time to go it alone and do something different. Needless to say the first two years as an entrepreneur is tough. Learning whilst paying the bills at the same time is no easy task but I remained intent on my goal of 6 figures which is set to happen this financial year.
But why is 6 figures important to us as women in business?
Firstly, historically we have been paid less than men. However, from 2010 onwards the 6 figure woman is on the rise. We are no longer available for being paid less than our worth and we are setting out on our own to prove it.
Deciding your own self worth correlates with your net worth. I believe women are waking up to the fact that equality in the workplace really doesn’t exist when we fit in with the rules instead of making them ourselves.
I wanted to up my level of self care, self worth and have time for a life all whilst having a successful business. I knew there was more to life than the constant sacrifice I’d been making and was no longer available for.
Secondly, comes the reality that a 6 figure business is not a 6 figure income. Whilst finally you have control over what is reinvested, what phone you have and what the business needs, the reality is you will see a maximum of 50% of that money. At least 25% will go in tax and if you’re sensible 25% reinvesting in your business for growth.
Thirdly, relying on ourselves as women for our own income gives us choices within our careers, relationships and in turn our lives. Freedom of choice. Freedom to be who we want to be, say what we want to say and go where we want to go.
If you’re playing it small in that 6 figures doesn’t matter to you, you’ll have less to reinvest in your business therefore less impact in the world which in turn is less impact to all the other women and young girls out there. Or you can choose to set an example and show other women what is possible.
Just one 6 figure woman designing success on her own terms gives permission to thousands of other women to do the same.One woman chained behind her desk accepting less than her worth and sacrificing parts of who she is for success is giving permission to thousands of other women to do the same.
So rise up to the 6 figure challenge and set this as a clear intention in your business and if you’ve not yet started, your future business. What are you waiting for?