…all before turning 27!
Hey lovely, I’m Natalie Ellis – CEO at BossBabe.
I wanted to share with you 7 reflections I had from making my first million in a relatively short period of time.
I share insights like this weekly on my personal newsletter – if you want to get on the list, simply enter your email anywhere on this site to join the BossBabe list.
Oh, and I’d love to know your thoughts below after reading.
Let’s dive in, shall we?
1 – Hacking > Hustle
I’m into biohacking and business hacking. Listen, when it comes to your business – take the leap to go and learn from people who’ve been there before.
They’ve had your challenges, they know what works and if they’re willing to share this with you – it’s worth it’s weight in gold.
The most important asset that any of us have is our time. It’s the only infinite resource we have – don’t take that lightly. If you need to pay someone to buy yourself more time and less headache, go and do it.
Find specific people who have consistent results doing exactly what you want to do and let them coach/mentor you through the process. Make sure you relate to them and their business, as well as genuinely wanting to grow in the way they did.
It’s not going to be a one size fits all situation and you might need different coaches and mentors at each stage, but trust me it’s worth it.
On top of that – biohacking truly comes into play when you’re ready to step up and be the absolute best version of yourself. If you’re showing up tired, stressed and your brain is foggy – this isn’t a recipe for long term success. Become the person you need to be in order to achieve what you want to achieve.
Hack your time, hack your learning and hack your biology.
2 – ALG = ROI
The Audience Long Game will bring you significant Return on Investment… if you do it properly.
I’ve been working on building my audience and community for nearly 5 years. I took time to learn every little thing I could about building an audience online and played the game of trial and error. I showed up consistently, I invested in knowledge and I let go of the “embarrassment” of what people would think when I transitioned from doing social media for personal use to business use.
I learned what it would take to build not just an audience, but a strong community. A community of people who were so aligned with my big mission and who I could provide value to every single day along my journey. From the milestone of 10K to 1M, I celebrated my community and made sure they know they were not just numbers to me, but people I wanted to have a positive impact on and support however I could.
I’ve always had two types goals: community and revenue. It’s never just been about the instant financial return for me, it’s about what we’re building beyond that. It’s about how we are showing up and making the world a better place and empowering women to be unapologetically ambitious, whether being paid or not.
As I increase my revenue goal, I increase my community goal. One without the other doesn’t equal long term success, and I don’t know about you, but I’m in this one for the LONG game.
You can have community without revenue, and you can have revenue without community. To do both, you need to have a mission bigger than you and offer value consistently to every person who is part of it. Then, you need to make sure you can solve their big problems.
3 – Upgraded Mindset
People always want advice but they never seem to love this answer. If you think “mindset” is something you don’t need to work on then chances are, you need to do more work on it.
What changed when we massively upleveled our business? Mindset.
What helped to keep us up there? Mindset.
From your daily routines to the people you surround yourself with, your mindset is constantly taking in external feedback to create its own version of beliefs and reality.
If you are surrounded by people who are doing incredible things, it’s going to get rid of your limiting beliefs. You’ll see that there aren’t actually any limits, you just believed there were because you’d never seen it done before.
For example, if you’re around people who very easily achieve $250K months but you thought $20K was the absolute limit for your business, you’re quickly going to frame your beliefs and start taking action.
Your mindset needs to be in a place where you see yourself as worthy and capable of achieving your goals. You can have every funnel and lead magnet in place but if your mindset isn’t right, you will completely struggle.
Oh and when you start smashing your goals, your responsibility will increase. If you plan on showing up and continuing on that trajectory, your mindset needs to be strong enough to handle the growth.
Never underestimate the power of your mindset. Do your mindset work every single day and be incredibly intentional about the mindsets of the people you’re surrounded by.
4 – MRR is Your Secret Weapon
Monthly Recurring Revenue is an incredible tool within your business that will help to stabilize your income and allow you to have more predictability.
If your business has zero recurring revenue, you’re essentially starting from scratch every month – this can be an exhausting and painful place to be if you’re wanting to scale up your business.
Don’t get me wrong: launches are incredible for injecting cash into your business and they’ll get you far. At some point though, launching will become exhausting and if you have no recurring revenue, you’ll be constantly worried about being able to cover your ever-growing expenses.
Whether it’s by creating a streamlined, automated lead and sales generation engine within your business or building a membership model, there are a number of ways to create recurring revenue that will allow you to build and scale without the constant financial worry.
When you’re not chasing sales, you’re able to focus more on the vision of where you’re going as well as serving your clients to an even better level.
5 – The Price of Growth
Making millions might look sparkly from the outside but don’t be fooled into thinking that growing and scaling your company quickly is always an easy thing to do.
Growth comes at a price.
Whether that’s not taking a vacation for a while, missing out on spending time with friends and family or giving up your weekends to push a project through. You’ll spend late friday nights in the office realizing you haven’t even had lunch, you’ll cancel plans at last minute because a bug was just found in the system or you’ll snap at your partner over nothing because you’re too tired to think logically.
You need to get clear on what you’re willing to sacrifice if you truly want big results within your business. Sure, you can outsource everything and step back to be the visionary at some point, but don’t think that doesn’t mean your mind will ever switch off.
At some point, you might realize that you aren’t setting enough boundaries. It’s important to get really clear on what you’re truly doing any of this for. If you don’t make that decision, it’ll get made for you.
In the short term, those sacrifices may be worth it to you, but consider what you really want out of your lifestyle and make necessary adjustments to ensure that you’re happy with where you’re heading long term.
Oh, and never forget that you’re responsible for the energy you bring. Yes it might be difficult and you may be tired, but the people around you deserve your best energy.
6 – Success = Solving Problems
People selling shitty products can get by for a while.
That’ll stop at some point.
To really create a successful company, you need to be solving real problems for people. Let’s say you’re a coach and you’re really good at putting your products out there and talking the talk, but when it comes to working with clients you don’t really know what you’re doing and aren’t getting results…
This isn’t the recipe for retention, brand building or referrals.
You can do all the mindset work available, set up great systems and still not have a product that people want to buy. Do your research, put the groundwork in and really understand what problems you can solve for the world. As entrepreneurs, we solve the world’s problems – don’t take that lightly. We all have our own unique gifts and talents – channel this into something that both lights you up and adds light to someone else’s life.
7 – Sacred Thinking Time
I repeat this over and over again, but you need to be able to get out of your business.
I know you might not feel productive by getting up from your desk and talking a long walk outdoors or booking a weekend away with no cell phone service but if you’re wanting to grow, you need to create space to do so.
Let go of that entrepreneurial guilt and understand that sacred thinking time is going to be the resource in your business that brings the best ideas and moves the needle. Try to give yourself some time for clarity on a weekly basis, on top of regular CEO meetings with yourself to assess your progress and making sure your day-to-day work is aligned with your bigger vision.
Eventually, you’ll be able to bring people into your business who do a lot of the integration work for you, so that you’re able to do the thinking and idea generation part. Until you’re allowed to let your fully creative side out, just be very mindful of where your time is spent and where you want to be spending it moving forward. This intention will powerfully steer you.
Before you go…
As a little pat on the back for reading all the way down here (I know, information overload is real) I want to share with you a handbook for success written by Danielle and I. This is the “Million Raving Fans Blueprint” i.e. absolutely everything we did to create the BossBabe community start-to-finish and it has worked on a number of other businesses.
Download our methodology here and see how it can help you scale your own business.