85% of women entrepreneurs remain stuck at a low income level, earning $99,000 per year or below. Only 15% ever crack the $100,000 mark. And, only 2% ever generate $1,000,000 and above.
Millions of women start their own businesses. But very few make decent money.
Why is this? And how can we change this?
Those are the questions that drive everything we do here at Hello Seven.
One of the main reasons why women struggle to earn more is great ideas but wrong timing. Focusing on the right moves, but at the wrong time.
For instance, you spend tons of time rebranding your website…when really, you should be focusing on hiring an assistant and learning how to delegate.
Or, you obsess over writing a company mission statement and making it “perfect”…when really, you should be focusing on pounding the pavement, making calls, sending e-mails, and bringing clients in the door.
To help our clients focus on the right moves at the right time, we developed a tool called The Hello Seven Growth Scale.
The Hello Seven Growth Scale is based on data compiled from the Internal Revenue Service and the U.S. Census, plus our own research working with thousands of women over the last 10 years.
The Growth Scale is a tool that we use inside our Club with our clients.
It hasn’t been seen publicly anywhere outside the Club.
Until right now. You get to be first.
The Hello Seven Growth Scale has seven levels, from Hello One: Beginner to Hello Seven: Baller. Levels are based on your current annual income.
What level are you currently at?
Read on to find out.
Hello One: Beginner
Annual revenue: $0 – $24,999
67% of US woman-owned businesses are currently at this level.
Most likely, you just started your business. Or, you recently made a major pivot in your business and now you’re starting over in some way: new audience, new offer, new direction.
Why you get stuck at this income level: Endless research and busywork. Fear of rejection. Terrified to put yourself out there and actually work with clients/customers.
You might feel: Really excited about all the new possibilities, and also nervous about your ability to succeed. “Do I really have what it takes?”
Your primary action step: Stop thinking, researching, and stalling. Launch your first offer into the marketplace (even if it’s not “perfect” yet) and convince a few people to try it. Work with actual paying customers. Get some money in the door.
Hello Two: Budding
Annual revenue: $25,000 – $49,999
11% of US woman-owned businesses are currently at this level.
You’ve been running your business or side hustle for awhile, and things are starting to work! You’re bringing some money in the door but you definitely want more.
Why you get stuck at this income level: One reason? Compare and despair. You keep comparing yourself to people who seem more polished, more impressive, or more advanced than you are. You get distracted by what others are doing and feel insecure.
You might feel: Frustrated that you don't have enough clients and you don't know how to get more people to pay attention to your work.
Your primary action step: Nail down your marketing plan. Call in your people. You need to focus on bringing more customers in the door.
Hello Three: Busy Bee
Annual revenue: $50,000 – $99,999
7% of US woman-owned businesses are currently at this level.
Things are really starting to happen! Buzz is spreading. You have happy clients who hire you and then recommend you to their friends. Your calendar is filling up and you are becoming busy AF.
Why you get stuck at this income level: Trying to keep your head and revenue above water. Having little to no time to take a step back and assess where your greatest opportunities lie. Too much on your plate. Fear of focus.
You might feel: Proud of your success (hey, you’ve never been busier!) and yet you still aren't making the kind of money you truly wish to make. You're wondering how you could make more money without having to work even harder.
Your primary action step: Identify one main client to serve and one key way to serve them. You don't have to say yes to everyone with a pulse and a wallet. Stop offering 50 different things and focus on one offer. Do one thing and become the best at it.
That’s a very quick glance at the first three levels on the Hello Seven Growth Scale: Hello One, Two, and Three.
Hello Four: Breadwinner
Annual revenue: $100,000 – $249,999
6% of US woman-owned businesses are currently at this level.
You have accomplished a major feat. You are running a six-figure business!
Why you get stuck at this income level: Trying to do everything yourself. Feeling too scared to hire actual employees and hiring part-time freelancers instead. Developing new things (and creating a lot more busywork for yourself) instead of going all in on one concept.
You might feel: Ecstatic that your business is bringing in decent money…and, very tired. The business is still 100% dependent on you for marketing, sales and delivery. You are wearing all the hats and it’s exhausting.
Your primary action step: Hire your first full-time team member. It’s time to step into your new role as CEO of your business and leader of your team.
Hello Five: Boss
Annual revenue: $250,000 – $499,999
3% of US woman-owned businesses are currently at this level.
You’re now at an elite level. Very few women reach this point. And yet, there’s more work to be done.
Why you get stuck at this income level: You may be struggling with delegating and releasing control. You’re finding it hard to trust that your team members can excel at things that you've always done well.
You might feel: Scared to hire more help (even though, deep down, you know it’s needed). You are still holding on to too much work and it's stagnating your company's growth.
Your primary action step: Keep hiring. Hire your replacement. You must start delegating a whole lot more if you want your business to grow. Your limited schedule won't allow you to hold onto the client work AND scale your business.
Hello Six: Badass
Annual revenue: $500,000 – $999,999
2% of US woman-owned businesses are currently at this level.
You are so close to seven-figures you can taste it. Don’t stop now!
Why you get stuck at this income level: Continuing to do the majority of the work within your business instead of empowering your employees to excel in their positions. Getting in people’s way. Being a bottleneck. Slowing things done. Not recognizing how valuable your time is.
You might feel: Fear of success. Fear of experiencing true abundance, sabotaging success due to mind trash around wealth.
Your primary action step: It’s time to build (and refine) your systems. Completely systematize delivery of your service or product and train your team to run your flagship offer without you. Focus on building a business that can truly run without you.
Hello Seven: Baller
Annual revenue: $1,000,000 and up
2% of US woman-owned businesses are currently at this level.
Congratulations! You did it! You officially have a million dollar business that is sustainable and primed for continued growth. Now the games really begin.
Why you get stuck at this income level: Getting dragged back into the day-to-day operations because you have not established clear operating systems. Getting stuck in old beliefs (like “I am the only person in my company who can do <insert task here>”) even when that’s not true.
You might feel: A big identity shift which is exciting and disorienting. You’re not longer a busy freelancer, lone wolf, or scrappy hustler. You’re a wealthy CEO. This brings many rewards and it might also be causing rifts in certain relationships. You might be feeling like, “now what?!” It's time to create a new vision.
Your primary action step: Continue to support your team to systematize operations. Create systems so that other people can make decisions, lead projects, serve customers, and get things done without your involvement.
And, start ruminating on your next chapter. What’s calling to you now? What do you want to do with your wealth and influence? What’s next?
Because you know what’s even more exciting than a million dollar business? A multi million dollar business. Baller, you are just getting started.