Here are a few things I know to be true:
You (yes, you!) have what it takes to create a thriving online, service-based business.
Your core business of helping clients directly with whatever obstacles stand in their way is enough — and you can earn six figures doing just that.
You do not have to make your entire life about work to achieve this kind of success.
Simply put, business doesn’t have to be so hard.
However, I also know that many of you don’t really buy into all of this. Maybe you agree at a surface level, but are you really running your businesses in a way that affirms these truths?
Probably not, and I think I know why.
Over the years of working with my own clients and chatting with all of you amazing women who make up our online community, it’s become pretty clear that there are seven big myths holding you back from building businesses that bring in the kind of money you need to thrive.
This is big, friends.
These myths have the power to impact the way you run your business, where you invest your time and money, the decisions you make for yourself and your family, and whether you’ll ultimately achieve that $100,000 goal.
Which is why I’m going to now take them down, one by one.
Myth #1: Work, Work, Work…then Work Some More
This is by far the most pervasive of all seven myths, so I want to tackle this one up front.
Virtually everyone I talk to is under the impression that successful online businesses are built on the blood, sweat, tears, working weekends, missed family parties, and sleepless nights of their founders.
I believe this myth comes from the misconception that more is more, hence the only way to get more out of your business is to put more hours into it.
In practice, this means you’re all working way too f*&%cking hard!
Truth: You can build your online business from the ground up – and grow it to reach six-figure earnings – by working an average of 30 hours per week or less. Tweet that!
My personal recommendation for you: Setting a New Income Goal? Avoid This Common, Dollar-Draining Mistake
Myth #2: Diversify Your Revenue Streams
There’s a lot of advice out there that implies the only way to make big money with an online business is to set up multiple streams of income through things like one-on-one coaching, group programs, evergreen products, etc.
The underlying assumption is that diversification naturally trumps specializing, which, honestly, is total BS.
What you may not be getting out of this advice is a clear picture of what it really takes to create, market, and sell all those different services and products. They each require different skills, strategies and systems, and you won’t likely succeed at all of it the first time you try.
We’re talking a whole lot of time, energy, and money (either in expenses or lost income) spent not putting your eggs in one basket.
That’s why I coach my clients to do the opposite: focus all their energy on one thing (usually one-on-one services) and really KILL IT. You can always branch out later, when you and your business are more financially secure and creatively unconstrained.
Truth: Multiple streams of income is not required for six-figure success (Tweet that!), and heading in that direction is likely to prevent you from reaching your financial goals because it can destroy your focus, scatter your energy, and damage the reputation you’ve built up in your audience.
Myth #3: The Big Money is in the Downloads
After that last one, I know what you’re thinking.
“Okay, Jenny, but surely I need to sell products, programs or courses to really make six figures, right?”
It’s so, so tempting to buy into the myth that the big money is in the “make money while you sleep” products. We want to believe that investing everything for three or four months into developing The Next Big Thing will pay off massively when we launch it.
Betting on big wins like this may seem thrilling, and maybe like what being in business is all about. But you need mega marketing chops and a super-sized list to ensure that 1-3% conversion rate on digital downloads really makes bank.
Truth: You can create a six-figure business doing nothing but offering your one-on-one services, and it’s actually much easier to do it this way than by focusing on multiple things. Tweet that!
I hit my $100,000 goal exactly this way, and it’s what I teach my clients. And no, you don’t have to work crazy hours (Myth #1) or charge crazy prices (Myth #4).
Myth #4: Price Gouge or Bust
If you’re focused on providing one-on-one services, you may believe you either have to work with hundreds of clients or charge crazy high prices in order to make six figures.
But the choice between running yourself ragged with that many appointments or price gouging the very people you want to help seems like an impossible one to make.
Well that’s because it’s – you guessed it – totally not necessary.
Truth: It’s all about charging the right prices based on the value you offer and seeking out the type and amount of clients that will help you reach your financial goals. (I love teaching my clients to “do the math” the right way to find these magic numbers!)
My personal recommendation for you: How to Overcome Your Money Hang-ups and Finally Start Charging What You’re Worth
Myth #5: You Need a Mega-Sized List
Loads of online business owners believe they need a colossal email list in order to make any real money at their businesses.
This is a trap a lot of us can fall into, especially once we get the importance of list building. (And it is SUPER important!)
But believing that it’s all a numbers game where you just have to send as many emails as you can to as many people as possible can set you up for failure.
Well, you might focus too much energy on adding to your list and ignore the people already on it, who need to be nurtured so they transition to paying customers. Or you could fall into the trap of engaging in shady list-building techniques to boost your numbers, but end up with a pretty useless, low-quality list. Worst of all, you may get discouraged that you’ll never build a massive list and give up on it altogether.
Truth: You can hit six figures with the right strategy and a high-quality list of only 1000 people who you regularly reach out to in the right ways. In fact, 1000 is the magic number where things really start to take off — it’s all about the quality of the list and how well you use it.
Myth #6: It’s Meant to Be (or Not)
When you take something on as demanding as starting and running your own business, it’s tempting to place a bit of the responsibility for its success … somewhere else.
I hear a lot of talk about success being linked to luck, fate, karma, etc. People talk about it like it just happens to you, or doesn’t.
Truth: You create your own success! Tweet that!
This is exactly why I called my three-month coaching intensive Make It Work Online. This is my most successful program to date because it teaches you how to take control of your business and do everything in your power to, well, make it work!
Myth #7: Owning a Business Means You Go It Alone
“It’s my business, so I guess have to figure it out on my own.”
“If I were a real entrepreneur, I’d be able to handle this.”
“I don’t need to get help. All the information I need is online. I just need to find it, read it, and put it into practice.”
In the online business world, this sort of thinking is all too common.
And it’s funny, because I can’t think of any other big, human endeavor where a person is tricked (or tricks herself!) into thinking she has to go it entirely alone, without proper preparation or support.
Truth: Maybe you can learn and do every single thing on your own … eventually… but you really don’t have to! There’s nothing like a coach or mentor to show you the fastest route to success and a group of like-minded women to support you as you go. If you could bring your business to six figures in six months with support or three years on your own, which would you choose?
This myth is exactly why my new Make $10K program combines personal coaching (with yours truly!) with the masterminding brainpower of a small group of like-minded, kick-ass businesswomen.
This program is for women with established, moderately profitable businesses who want help reaching six figures. If this sounds like you, learn more here.
Over to You
I’d love to hear what you think of the 7 myths I identified. Tell me in the comments…
Did I miss any other myths that can get in the way of our success?
Which of these myths hits closest to home for you and your business?
Which of them are the hardest to let go of and move past?
Feel free to share and help each other. That’s what this community is for!