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Whew! This year marks four years since I received the fortune cookie that said you'll never have to worry about a steady paycheck again and I courageously leaped into starting my web design business.
And, this month marks two years since starting my business, Boss Free Media.
While I could describe the past few years as a financial roller coaster ride, I'll just say it was the best decision I could have made.
I wouldn't change anything about it. Well...maybe one thing. One MAJOR thing.
As a woman entrepreneur, there are things I learned from others, things I learned by doing, and things I learned from making mistakes.
The mistakes were my biggest lessons because they gave me an inside look at why a thing didn't work, which made for a much stronger comeback and an overall more satisfying entrepreneurial experience.
Although my success story is still unfolding, I want to share my biggest mistake with you today because honestly, it changed my entire business for the better. Sure, I had to swallow my pride, take a step back (some would call that an L), and press pause on some of my brilliant product ideas, but it was a much-needed restructuring.
Besides, those brilliant ideas had me moving in 5 different directions. I was getting nowhere way too fast.
So, this is what I would do if I were starting fresh... I would focus on this formula:
ONE Non-Negotiable Goal + ONE Dream Customer + ONE Core Offer + Master ONE VIP Stage + ONE Sticky Message + ONE Red Carpet Event + ONE Claim to Fame
And even though your financial business goal may be 6-figures, you do it with a 7-figure mindset. A 7-figure mindset is confident, focused, intentional, and growth oriented.
That's the 7 FIGURE SISTER SUCCESS FORMULA.
At the heart of business planning is the creation of a unique formula for a successful business.
If I were able to do it all over again, I would follow this formula like the life of my business depended on it.
I won't go into great detail here because I believe each step deserves its own post, but let's briefly look at each of the 7 steps that will help you develop laser sharp focus and gain success much quicker by avoiding these mistakes:
Mistake#1: Focusing on too many products or services starting out, which sends your energy and effort in multiple directions.
Mistake #2: Giving yourself multiple titles that make it confusing for people to understand what you do.
Mistake #3: Having "everyone" as your audience, which causes your marketing efforts and money to have no clear target and therefore be wasted.
Mistake #4: Having multiple sales channels with no clear path or streamlined sales process for your would-be customers to follow.
Mistake #5: Stretching your resources (time, efforts, and money) too thin by trying to be in too many places at once, juggling and managing multiple audiences, multiple messages, on multiple platforms.
Each of these mistakes result in diminishing returns.
If you've made these mistakes in your business, this is just a simple reminder that trying to accomplish your year one goals or reach your first 6-figures with no strategy is like driving somewhere unfamiliar with no destination or turn by turn directions.
So yes, you're going to have to apply a BETTER success formula and SMARTER strategy if you want to achieve your goal.
It's fun to talk about strategy. We are hardwired to believe the more products or services we offer, the more successful we'll be because something will eventually stick.
Perhaps.
But it's more fun to think about what we could accomplish if we focused our efforts in a specific way for an extended period of time and what that would look like for our audience growth, sales results, and the level of satisfaction we gain from our business.
Okay, now that you know the mistakes to avoid, here are the 7 steps of the 7 FIGURE SISTER SUCCESS FORMULA that will help you plan your business so that you can hit the ground running in your first year.
The first year isn't necessarily the toughest because you're just getting started. It's a year where most entrepreneurs feel their way around, tolerate mistakes and appreciate the lessons they bring. But it's easy to get thrown off track and waste valuable time and money, especially if you're not focused.
It's a year when attaining profit is the hardest and many newbie business owners give up.
"I'm giving it ONE year! If it doesn't work out, I'll just have to go back to my 9-5."
Truthfully, I admit, it's mostly about surviving: paying the bills, not feeling like you're confused about who you are and what you do now that you've relinquished your 9 to 5 title for a purpose and under no circumstances letting the words I'm going to get a job leak out of your mouth.
But...
That doesn't mean you can't have an amazing year (profit included). As a matter of fact, I dare you to because you've got the formula sis!
Step 1
Set ONE non-negotiable financial goal that you must achieve. Your cost of living is non-negotiable. Multiply it by 2.
Step 2
Identify ONE dream customer. This is your target audience. The people who you're going to help achieve a goal, solve a problem, or have a specific experience. You'll usher them down the red carpet to your offer.
Step 3
Choose ONE core offer, which could be a product or service that will provide your audience with a solution to one of their biggest pain points. This could be in the form of a book, guide, course, workshop, coaching package, or any physical product that you ship. This offer is not just their solution, it's the key to achieving your non-negotiable financial goal.
Step 4
Master ONE VIP stage to connect with your audience on a regular basis and focus the majority of your time, effort, and money there.
Step 5
Drive ONE sticky message that's so clear and concise, it attracts your audience like honey. This message should be delivered in all forms of marketing and communications that you create.
Step 6
Have ONE red carpet event (this is your sales process) that can move your audience from the first hello to the first sale smoothly. It's a process that will repeat again and again on autopilot.
Step 7
Choose ONE claim to fame. This is the thing you want to be known for, your area of expertise. You want people to have no question about what you do. When someone asks a fan, friend, or family member what you do, they should confidently lead with your claim to fame because you've positioned yourself as the expert.
Fill your social media timeline with it.
Mention it in every new conversation.
Put it in your bio.
Add it to your email signature.
Write about it.
Speak about it.
Teach it.
I wish I had done a better job of this in my first couple of years as an entrepreneur. I would have chosen ONE thing and focused on just that starting out.
I'm sharing this with you not because I want to slow you down, but because I want to save you some time and see you succeed.
This formula helped me get focused and even though I had to press pause on some of my ideas, it helped me get better results, much faster.
Okay, now that you have the formula, make it part of your business plan and put it to work. Reach out if you need help. If you're a do-er, here's the full workbook.
I hope you enjoyed this post and found it helpful. I encourage you to share it with someone.
If you’re a new woman entrepreneur interested in learning more about new business strategies—as well as hearing some other tips around using this success formula in your business— Subscribe here!
Do you follow a formula in your business? What tips do you have for a woman who’s new to being an entrepreneur or a solo business owner? Please share.
All the best,
Wanauma
Wanauma Graham is a “do what you love” enthusiast and author of Totally Unstoppable and Her Mark. She’s the founder and creator of BossFreeMedia.com, a personal development brand for women entrepreneurs looking to start and run a business that's centered on "purpose". Her digital products Shop for Women Entrepreneurs, offering templates, courses, and guides is gaining popularity. Connect with her: