The Truth About 6-7 Figure Businesses

I was in a Facebook group a while ago and someone posted about 6 and 7-figure businesses. This person asked somebody about the profit margin in their business, only to find out that a particular 6- or 7-figure business only had a profit margin of around 15%.

If you are a good business owner, you’re constantly building your business from a place of integrity and passion. That’s your main driving force. Even though you want to make money from your business, it’s not the only driving force that can help you grow your business.

When people say that they have a 6- or 7-figure business, I’m always a little skeptical of what they could be potentially hiding. I did over a million dollars a year in sales for my retail store at one point, but at the end of the day, the net profit was only a fraction of that.

Have you considered that if you’re making $50,000 a year in profit, you may be doing better than those who claim to have a 6- or 7-figure business?

When people say that they’re generating a certain amount in their business, that’s what they’re usually generating in sales. The profit that’s left over once you handle your expenses is the true mark of a successful business.

Many people are chasing these 6 or 7 figure dreams for their business, but your personality or attitudes towards money don’t change once you achieve it. It doesn’t mean you’re going to keep any more than you do now.

I’ll be talking about this at my event in Ottawa, ON, Canada – Money, Mindset and Marketing.

Right now, think about this when people are talking about their business:

What are you trying to create?

There is much more to having a successful business than just making 6- or 7-figures. But if you’re making 7-figures and spending 7-figures plus $1 – you’re still in the hole and that’s not a fun place to be.

Leave me a comment and let me know what YOU think represents success and credibility in a business.