Women Consultants Need To Take A New Approach To Business Growth
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Did you build in an income ceiling when you designed your consulting business?
Maybe you’ve hit it already?
Maybe you don’t even realize it’s there yet?
This is one of the most common issues for consulting businesses as they negotiate the move from 6 to 7 figures.
The exact plateau point will depend on how MUCH you charge, and the underlying cause is HOW you price each contract.
It tends to happen at that point where you get fully booked with consulting clients, and you just can’t fit any more client work into your schedule.
So you end up completely stuck because when you set your pricing according to a day rate – and now there’s no room for manoeuvre.
This can be a real shock for many consultants, who worked hard to get to ‘Fully Booked’ status, believing all their problems will go away, and they would enjoy a sense of fulfilment and achievement, as well as the highly lauded ‘six-figure income’.
It’s great to be in demand…. Until you realise that it also isn’t.
And one of the great frustrations in this situation is also that you just can’t seem to break through the income ceiling your business is pressed up against.
Your current model to this point has revolved around selling hours of your time for money. And the problem is that once you’re fully booked, you’re fully cooked.
You have no more hours to give.
Most of us try harder – pedal faster – in the hope that we can power through the income ceiling.
We give up our evenings and weekends, we tell ourselves it’s not realistic to take time out to go on holiday in this season of the business.
It’s a really gradual thing so we don’t realise it’s spiralling downwards until we’re on the brink of burnout.
And the worst part is that financially, this makes very little difference.
Compare what you are sacrificing in order to make an extra 50K in your business – it just isn’t worth it.
Because that’s a really key principle when I work with all my clients – when you grow your business it has to be about the RIGHT kind of growth. If your business is bigger but your quality of life takes a nosedive, and you feel trapped because the business just cannot function without you. That’s not a positive step forward. And when you try to ‘power through’ you’re just pushing yourself into a tighter corner for the long term – because you will have to work harder to maintain your income when you are fully committed to an hours- or time-based business model, so ironically it will actually mean you have less and less time to focus on leading and growing your business.
If you’re currently in an unscaled model – that’s a business model that revolves around selling hours of your time for money. Every time you try to grow an unscaled business without scaling, you are essentially trying to pedal faster.
What you need is a higher gear so you can relax the pace everything is moving at but see growth happen more quickly.
More gain for less effort.
I refer to that as ‘Working Less and Earning More’ – and it’s one of the central principles at the heart of my business.
Which scenario sounds most like the business model you have currently? Are you working harder and harder for less gain, nearing booked-out (or worse, burnout)? Or are you able to relax the pace and enjoy higher income with less effort?
Free Report – The Six Elements of a Seven Figure Consulting Business
I’ve created a free PDF report called The Six Elements of a Seven Figure Business. It’s my most popular free resource and in it I outline the 6 areas of unscaled businesses that need to change in order to move past being ‘booked up and burned out’ and shifting into that higher gear that gets you cruising again.
It’s the framework that helps consultant women like you find their feet and get back to leading the business, rather than being buried in client work and back-end business operations.
Thanks for reading! I’d love to hear your feedback and future topics you’d like me to feature. You may also enjoy The Seven Figure Consultant Podcast, the show that takes you from booked up and burned out in your consulting business to THRIVING as the CEO of your 7 figure enterprise.