This is the Ignite talk that I gave at HubSpot's INBOUND Conference:
When I was starting out a fierce, fabulous, fantastic self-made millionaire, whose opinion I really trusted, gave me some really great advice. The reason why I trusted her opinion was because that woman is my my mother. She said:
“Do what you love and the money will follow.”
It was good advice, but it wasn't the best advice to get to a 7 figure business.
So I dove in and I started following what I was really passionate about. I started attracting great clients and began building an agency in an industry that I was really excited about. It was all going along quite well until about year six or seven when I hit what I call a money wall.
My money wall was $100,000, and I couldn’t break through this 6 figure money wall no matter what I did. Some years I would work really hard, and some years I would take time off to think through why it wasn't working so well - and still year after year $100,000 was all I could gross.
I realized that I needed to get myself unstuck.
I started learning more about how businesses make money. I started reading business books, taking seminars, and getting some coaching.
I found out something: If money is your problem, there's something in your blind spot, and you probably suck at one of these three things.
1. You suck at sales
2. You suck at margins - which means you don't actually know how much to charge so that you keep a profit at the end of your deliverables
3. You suck at aligning yourself with the types of communities who will pay you said margin, and where you will have comfortable sales conversations.
Once you figure out where you suck it's time to get help...
I highly recommend you get a thinking partner who is smart, who knows how to make money, who knows how to systematize a business, and who knows how to help you really get ahead.
I hired a few people over the years, and eventually I ended up with a CFO for hire who was amazing. She coached me through how to begin to put money in the bank. She helped me create systems for sales, for margins, and for managing my employees. Soon I began to get unstuck. I started putting money in the bank and it was really exciting.
I came to realize she was teaching me to follow the money, which is very different from following your passion. For those of you who are in a business where you're following your passion and money is only a side effect of that - it's really hard to begin to take this new habit in. Since you're coming from a heart-centered place as opposed to a place that is focused solely on business, you may begin to feel uncomfortable. At this point, two enemies will pop up: You and Them.
First let's talk about You
“You” is that little voice inside you that says; “You are not good enough,” “You are not smart enough,” “You are not pretty enough,” “You were never good at math, you don’t deserve to have this,” or whatever your nasty (inner voice) says. You need to begin to learn how quiet your nasty.
Now let's talk about Them
“They” are the last person you had a sales call with who had an objection, or the person that left a flaming comment on your blog, or sent you an off-color tweet. You need to learn how to quiet these people as well. “They” can also be someone you are sleeping with, married to, or related to. You need to get to your place of center and balance or you won't be able to expand.
So, now let's have a little recap
First find your passion
Second figure out where you suck
Third hire team awesome
Fourth quiet "you" when you are being nasty and "them" when they are not supporting you
Fifth realign and prosper
One critical thing - In our society we only seem to celebrate millionaires and billionaires and people who have made quantum leaps. However, I have found after 18 years in business that
it's not about quantum leaps.
It's about jumping from precipice to precipice where you learn, relearn, and keep discovering and re-framing your passion.
So I want to change my mother's paradigm and teach you this:
"Follow the money while doing what you love."
By doing so you will have a heart-centered business that feeds your passion, that resonates around the world, and that helps you create money and happiness.