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The 6-Figure Formula – Part One

6-figure formula - part 1

I heard an alarming statistic from a millionaire woman entrepreneur the other day.

She said when she first started in business, she quickly learned that less than 3 percent of women owned businesses hit the million dollar mark.  

Then she revealed that less than 1/10th of 1 percent of African American woman-owned businesses ever reached 7-figures.

The thought of that literally made made my stomach hurt.  It’s like there’s a big pink elephant in the room and not enough of us are willing to do something about it.

But truth be told, in my money and influence coaching with women entrepreneurs (many of whom are African American) it’s plain to see what stops us from getting to millionaire status.  It’s a combination of the following:

  • lack of strategic planning - too much flying by the seat of our pants and not sitting down before year end to design the flow of your business for the next 12 to 18 months.  Trust me ladies, planning ahead is both liberating and profitable!
  • reluctance to invest in a coach - we’re strong, we’re smart so we think we can do it alone…bad move.  Michael Jordan was the best basketball player of his time and even he had a coach.  Every winner has a coach.
  • difficulty delegating - as entrepreneurs, we tend to think we’re at our best when we’re busy.  So we wind up doing everything in the business–including the stuff we’re not that good at and the tasks we know we should be paying someone else to do.  Remember this: being busy does not equate to growing a business.  
  • disempowering money mindset - Don’t even get me started here cuz I could write all day about it — so let’s save this for a future blog post — k?
These are just four common obstacles women entrepreneurs face.  Have any of these tripped you up?  Share your experiences below.  When you’re ready to be honest with yourself, then you’re ready to get on the path to profits.
 
In tomorrow’s blog post, I’ll reveal some innovative ways to get you into multiple 6-figures in your business and on the path to creating your millions.

Monique is an award-winning TV & Radio personality, Media Visibility & Influence Expert and Money Breakthrough Coach for emerging women in business. Using her nearly two decades as a producer and on-air personality and 10 years as an entrepreneur, she helps women in business drop fear and excuses to become highly visible high-earners.  Her book BOLD Money will be published in 2014.

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