The Top Habits Between a 6 and Multi-6 Figure Business Owner
Subscribe Now: Apple Podcast | SpotiFy
I recently did a poll on Instagram and 90% of women said that they wanted to hit 6 figures in their business. Another 50% of those said they wanted to reach multi-6 figures.
I asked my audience what they thought the gap was between the two - based on thoughts, actions and strategy - and the findings were interesting and my DMs blew up with questions.
So in this week's episode of The Magnetic Woman Podcast I am answering a question that I’ve been getting a lot in my DMs. It’s a question that touches on something many of us in the entrepreneurial world think about, especially as we strive to grow our businesses.
What is the difference between a six and multi-six figure business owner? And, more importantly, what should each prioritise?
I’ve been there myself, navigating the journey from six to multi-six figures, and I can tell you it’s as much about mindset as it is about strategy.
In the episode, I’m diving deep into what I believe are the three crucial areas you need to focus on if you’re looking to scale: resourcing, capacity, and support. These are lessons I’ve learned firsthand and have seen make a world of difference for my clients.
Here’s what we’ll cover:
Knowing Your 'Why'
The importance of being resourced and regulated to handle the next level
How to create the space needed to grow.
Why the most successful entrepreneurs don’t go it alone.
Resources:
Join Be Reel HERE
Grab the Magnetic Mid-Year Review HERE
Subscribe to my Substack newsletter HERE
Join my in-person Business Retreat, Captivate, HERE
Find me on Instagram @pandorapaloma_
Transcript
Hello. Hello. And welcome to this episode of the podcast.
Today, I am going to be answering a question that I got asked in the DMs very recently.
Now I have been encouraging you through various platforms - our newsletter, Instagram - to share with me some of the themes that you would like me to explore and answer for you here on the podcast. And this particular question was one that I feel like I have been asked many times.
So why not bring it to this space?
The question was, what do you think is the difference between a six and multi-six figure business owner in terms of what they need to prioritise?
Great question.
There are many people who hit the six figure mark. There are not so many people who hit the multi six figure mark.
There are many people who hit six figures. There are very few entrepreneurs who hit six figure launches. And I do have some thoughts around what's required and how we make this happen.
So why not? Let's just start exploring now.
The first thing that I want to share is that, ultimately,
the most important thing is that we know why we desire the thing.
If you don't desire a multi-six figure business owner, it is really okay for you to stay at the six figure mark. If you're in the UK, you might decide to stay under the VAT threshold, which at this point I believe is £86,000. I encourage a lot of my clients to do that when they come to me because stretching yourself into the six figure mark means that you will have to apply twenty percent VAT on top of things. So, unless really you have that deep desire to go into that multi-six space, it's actually financially better for you, more profitable in the business, for you to stay under the £86,000.
That's the first thing to consider. Like, what is it that I really, really want? Is a multi-six figure business something that feels like it is true for what success means for me?
What I find really interesting about this language and conversation around the six and multi-six figure mark is I asked my audience on Instagram recently how they felt around the language - six figures multi-six. What was super interesting is the majority of people - I think it was like 90% of people, wanted to hit the six figure mark. And actually, it only went down to about 70% of people who wanted to hit that multi-six.
For a lot of them, they were very, very done with the marketing and the language that focus solely on that when it comes to the way in which we scale our businesses. You might have noticed that my new strapline is ‘I support ambitious women to build smart, sustainable, and scalable business’. Now, I do do that still to the six figure mark in The Expansion Accelerator, and the multi-six figure mark in Expand to 7. However, I'm pulling back on using some of that language.
What do I believe is important when it comes to the shifts, the changing, the changes, the way that we need to evolve, going from six to multi-six?
One of the key things is that we choose to change. We choose to grow. We choose to be curious as to how that is possible.
The reason being, the strategy that helps us hit the the six figure mark can be very simple. And, obviously, this is very dependent on your price points, your offers, and your business model. But, ultimately, it's fairly easy to make £8333.33 per month, which is a six figure year. Obviously, if your product is a £10,000 or £8,000 product, that's going to be a lot easier than someone who has a price point of £500 in their top range. So, again, it really comes down to business model price point offers.
But in order for you to double that, there is going to need to be some growth.
The first thing is mean making.
There are two types of entrepreneur. There are the ones who make any failure understand that they don't need to make it mean anything.
It doesn't need to mean.
They pick themselves up.
They learn from the mistakes.
They check-in with the data, and they let that then determine what the next steps are.
In order to be able to do that, I personally believe that this comes down to three core things. And that's what I want to focus on today, with some questions for you to explore so that you can increase your capacity to scale to the multi-six figure mark.
The first piece is resourcing,
and I will share a personal story.
When I first hit the multi-six figure mark, I think we made around the £250,000 - £300,000 sales that year. I did not have very much to show for it. I've shared this story before.
I think that that came ultimately down to two things.
The first was the rapid growth that I saw required the business to outsource a lot, which obviously in turn took our profit.
The second piece is my nervous system regulation, which, at the time, I would not consider was in its, let's say, peak performance.
I was not the most regulated I could have been. And for you to move from six figure to multi-six figure requires you to feel incredibly resourced.
It requires you to have the capacity to grow and be able to hold yourself in the messy middle, in the stretchiness, in the growth. Of which, let's be real, there will be many. Right?
So resourcing.
Resourcing and regulation.
Do you have what it takes, at this point in your being, to be able to hold more?
One of the blocks, challenges, sticky moments that I see my clients in again and again and again and again, and I myself have been in many times, is where we desire the next level.
But when we look at who we are being and how much we are doing, there is actually very little space for us to grow into that next level.
Whether that is how you're filling your time, whether that is how you are spending your money, what you are prioritising, there will always be something that we need to dissolve in order to create space for the new.
So some questions to support this.
How much am I looking after me?
What habits do I choose to do daily to support me to feel regulated and resourced?
The most important word here is 'daily'.
And how much time am I spending doing versus being?
I personally believe that how we start our entrepreneurial day, how we start our day as a CEO is so key.
You will rarely see me work before 10AM because that period of time that I have in the morning is everything I need to resource myself.
And from that point, I then get to support my clients in co-regulating with me, so that they too understand capacity.
You can only hold what you have the capacity to hold.
You can only receive as much as your willingness to receive.
And willingness comes from the space that you have to hold it.
If you want more clients, more money, more success, more of anything in your business, in your life, in your relationship, your priority is you learning how to expand your capacity to hold it.
Now there are many ways that we can expand this capacity.
When it comes to wealth specifically, one of my favourite practices is to sit in meditation with the energy of that amount of money. So if you do desire to hit a multi-six figure year, play with that. Is it £200,000? Is it £300,000? Is it £900,000?
And just bring that number into your consciousness, into your field, and sit with it. Notice the subtle sensations that your body gives you.
Does it feel safe? Does it feel comfortable? Does it feel stretchy? Does it feel so far out of reach? Does it feel dysregulating?
And we expand our capacity by getting more and more comfortable being in the energy of that number.
Now, when it comes to business, your capacity might come from saying no to certain obligations, certain calls, certain offers, so that you free up the space required for you to to hold more, to have the capacity to hold more of the thing that will ultimately get you that result.
So, there's various ways that we expand our capacity, both on a very practical, strategic level, and of course with the energetics.
Some questions to ask you, if capacity has resonated with you today.
How much am I creating safety outside of my business, so that I can feel safer to expand in my business?
On secret sauce, this has been my number one priority since hitting the multi-six figure mark. My business gives me only a certain level of safety. The likelihood is most of you will feel uncertain about your next level. So, we expand our capacity by creating safety outside of the business, with the things that we can be certain about and that we can control, in a way that feels like flow.
And what do I need to say no to, to be able to hold my next level? What do I need to say no to, to be able to hold this expansion?
And final piece then is support.
Over the years, mentoring and coaching hundreds of women, I've noticed that those who meet that level have one common trait, and it's because they have chosen to be supported.
There's no ‘I must do this alone’ mentality or ‘I know best’.
They choose to be both the teacher and the student.
They continually recognise when they need support, in what areas of their life, how it will allow them to scale to that next level, knowing that it's all part of the growth required to step into that new identity, which is ultimately everything that we are talking about here.
There is a new identity that we step into
when we go from having a six figure business to a multi-six figure business.
And what's required of you is to really choose to be supported in the evolution of the identity, your identity, but also your service. Your service and who you get to be in the world.
So the questions:
Where could I ask for support right now?
And that might not just be in a business mentor. That might be in the support that you need around the house, with your partner, with childcare.
It might be a therapist or a maturation coach who is going to help you move through some unseen blocks.
But where could I ask for support right now?
What do I want to learn to support my business, and who can show me the way?
Now this is particularly important because when we choose to become masters of the things that we need to master in order to create a new experience, create a new identity, create a new reality, we have to find the people who can show us the way.
You know, when I wanted to explore fusing more energetics sustainable, scalable funnels in my business, I went to the teachers, the mentors, the courses who could support me to build the funnels.
When I wanted to master Facebook ads, I chose someone to support with Facebook ads.
You become a master when you choose to become a master. So ask yourself, who can show me the way?
And then this is the bum clincher.
Where am I not allowing support and why?
I guarantee that there are more people in your world who could support you right now. And it goes back to your willingness to receive.
You wanna grow, you wanna expand, you wanna create a new reality, whether that's multi-six figure wealth or not.
You get and have to prioritise allowing support in.
I hope this has been helpful for you today. As a recap, resourcing, capacity and support are the three things that I would prioritise if you want to hit your multi-six figure mark in the next six to twelve months.
And, of course, it goes without saying, if you want support to help you do that, in September, we will be opening up spaces again for The Expansion Accelerator, where you will build a smart, sustainable, and scalable six figure business, and Expand to 7, where you will build a smart, sustainable, and scalable multi-six figure business.
If you are ready to do that, come and find me over on Instagram @PandoraPaloma_. I would love to hear from you.
And if you have any questions about this episode, you can find me over on the gram and ask me there as well.
Have a beautiful rest of your day. Thank you for tuning in and sending love and magnetism from my corner of the world to yours.
Recent Episodes
.
Recent Episodes .
IF IT’S TIME TO MEET YOUR NEXT-LEVEL IN BUSINESS, WELCOME TO MY WORLD
Whether you’re new to business, got a side hustle that you’re ready to make your full-time reality, building to your first 6 figures, or scaling to a million, I have a coaching container to hold and support you