Photo by Jeremy Bishop on Unsplash

To Grow, Or Not to Grow? That is the Question.

This morning, I listened to Pat Flynn's podcast with the founder of Foundr, which is an education company around running businesses. They were talking about growing a company, and what it takes to get from six-figures per year to seven-figures per year. 

That's something that speaks to where I am in life right now. I run an education company too that makes six-figures per year. And this podcast got me thinking.

Do I want to grow to seven-figures per year?

That might seem to be an odd question. Some would say, “OF COURSE you should want to grow a six-figure business to a seven-figure one. Of course! How can someone even ask such a silly question!”

But there's also something about liking what I have and where I am. I like being able to start my day at Noon. I like being able to choose what I work on at any particular moment. Right now, I'm writing a blog post because I feel like writing one. I should be doing some research on my next course, but I'll do that once I have this blog post written.

I like being able to travel, take vacations, and generally disconnect from the Internet from time to time. 

Perhaps what I have is best described as a lifestyle business. My business is exactly what I need for my lifestyle. It brings me regular monthly income, and not much of it is urgent or time dependent.

Photo by Alicia Gauthier on Unsplash
Photo by Alicia Gauthier on Unsplash

So, I have to weigh the pros and cons of letting go of what I have to go for the proverbial brass ring of a seven-figure per year business.

The pros are pretty straight-forward. Let's say I was able to turn my training business into a $5 million per year revenue business. Assuming I could keep half of that, that would be $2.5 million per year saved. The lifestyle that would unlock is hopefully quite obvious.

No, I don't have dreams of having a chalet in the Swiss Alps or a home in the Hollywood Hills. But having a successful business that is several times larger than my current business would allow me to help way more students, hire people and provide them with a great job, increase my charitable giving, and possibly build a legacy that outlives me.

And never mind that it will allow me to eventually step away from day-to-day operations yet retain the benefits of the business still continuing to thrive and grow. How great would that be?

But certainly there would be a cost to attain that. 

I would have to spend more hours per week working “on” the business and not “in” it. I would have to take chances by spending more money to grow. I would have to take chances in hiring people. I would have to let go of control of certain things. I might have to borrow money or accept investment. I might fail.

I know I need to think more about this. I need to talk to people more seriously about this. If I want to grow, I should do it. 

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