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.
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.