Million-Dollar Business? No, thank you.
How many conversations have you had about building a million-dollar business? Does it come up in your circle?
Last year I was invited to be a guest on a podcast called “The Female Millionaire.” I almost declined the invitation because I’m intentionally NOT trying to build a million-dollar business. But I reconsidered because it’s actually something I wanted to talk about. And the host Midori Verity and I ended up having a really interesting conversation.
Million-dollar businesses come up all the time when I’m talking to other entrepreneurs. I’m surprised by how many women say they’re targeting 7 figures. Plus I’m constantly getting pitches in my email and LinkedIn DMs about tools and frameworks for building a 7-figure business. It’s a topic that’s hard to ignore.
But I really truly do not want a 7-figure business.
Million Schmillion
It’s such a weird, arbitrary metric of success that is pretty meaningless and unhelpful.
There are tons of businesses with millions in revenue, but they’re drowning in debt and they’re helmed by founders who never get a salary.
Revenue means nothing if you're not profitable.
And often huge revenue numbers come with a huge number of hours. Late nights. Working weekends. Burnout.
Where did this idea come from that bigger and more is always better?
I’m pretty f’ing ambitious!
My client Elizabeth Husserl published a book earlier this year called, “The Power of Enough: Finding Joy in Your Relationship with Money” (I designed her website last year).
In her book, Elizabeth talks about wealth not as something to chase, but as a relationship we can nurture and grow. Wealth shouldn’t be about hitting a magic number. But it can be a means to experiencing freedom.
And I love money!
A woman recently told me she’s not ambitious because she’s working on building a “lifestyle business.” That’s a pretty kickass ambition, in my book.
I’m also trying to have a “lifestyle business,” but I’m ambitious as hell. And I certainly set financial goals. I’m not saying money isn’t important. But in addition to financial goals, I also set goals for how I want my life to look and feel as a whole.
I’m focused on profit over revenue. And enjoying my life NOW.
Eating ice cream in Berlin this summer
I've taken the time to calculate exactly what I need to:
Pay my mortgage and feed my son
Take at least one big trip every year, plus mini vacations sprinkled in
Save for retirement
Live comfortably and have fun
I don't need millions in revenue to do that.
Still, time > money
If I wanted to scale to 7 figures, I'd probably need to hire. That would eat into my profit and add stress. I’ve had subcontractors. I didn’t care for it. I'd rather make less, take more home, and have the peace of mind that comes with not managing people.
I don’t believe in striving for the sake of striving. What is actually the point?! I believe in figuring out what’s actually enough for the life I want.
And then going out and living that life.
Goodies Just For You
WHAT I'M THINKING ABOUT: Staying on topic here… Rhiannon O'Leary recently shared this episode of the A Certain Age podcast in her newsletter. Amina Tal, author of the "Ambition Trap," is the guest. They talk about how to balance ambition and the life you want and how to rewire your definition of success. I especially liked when they talked about a new definition of ambition that's neutral and natural.
WHAT I'M BAKING: I'm resharing Halloumi with Corn, Tomatoes and Basil because my boyfriend and I made it 3x in the last week and only once as written. Some changes we made: replaced basil with mint; added spinach; replaced halloumi with chicken; replaced all protein with avocado. We also talked about how it would be really good with bacon or pancetta. It's super summery and delicious and infinitely adaptable.
WHO I'M ADMIRING: Renee Lynn Frojo is one of my favorite people that I've met through LinkedIn. We've now met a couple times in person and she's just lovely (she's based in the North Bay). Renee is a storytelling expert and specializes in content and marketing strategy for startups, founders, and fractionals. She has a 5-week Storytelling Cohort where you can learn, practice, and refine your online storytelling skills with real-time feedback and support. She also has a great brand-building newsletter that I read religiously every week. AND she's led retreats the last two years that look AMAZING. Follow her on LinkedIn to get the latest about that. And her LinkedIn content is always so good. Everyone's trying to be "authentic" all the time and Renee just does it effortlessly.
