If you’ve ever played a video game – and avoided a certain number of bombs or climbed up a predetermined number of ladders (Hello, Super Mario!) – you probably already get the concept of “levelling up.”
And levelling up in business really isn’t that different from levelling up in a video game – you came, you conquered, and now you’re ready to go even higher. You’ve hit the 6 figures mark and are looking eagerly at “level 7 (figures).” But here’s the thing, in Canada, only 2 percent of women owned businesses reach $1 million and up in annual revenue.
There are myriad reasons for this crap news but the biggest one is this – lenders and the overall financial landscape remains (and yes, I’m generalizing as there are always outliers) stuck in a time-warp.
But work with me here – three to five years have passed, you’ve poured your blood, sweat and tears into growing your company, you’ve updated and finessed your branding (all of which should be trademarked, by the way!) ramped up your social media engagement, and invested in a modern website with all the bells and whistles. You can see that those investments have paid off, and the million-dollar hanging fruit is finally in reach.
Don’t Let the Shiny Objects Distract You
Hold up a second. Don’t be distracted by the shiny objects like pretty graphics, a more robust social media presence, and a WOW website. Have you sat back and asked yourself if you are really ready? Growing a business is hard. Mistakes and missteps happen. And your business is not a hobby, it’s a career.
So, before you step UP to that next level, I want you to pause, look back, and really dissect – from a legal/business perspective – what you did early on.
When you were starting out and struggling, did you cut corners? Download contracts from the internet? Take the advice of friends over investing in a good business lawyer?
We’ve all done it (well, I haven’t – but that’s because I AM a lawyer! 😆)! But, because I’m a lawyer, and an entrepreneur, I’m borderline evangelical when it comes to helping women-led businesses level up. I want to provide you with independence, freedom, and empowerment. I want you to break that glass ceiling that sees male entrepreneurs being three and a half times more likely to reach that 7 figures goal than female entrepreneurs.
I am Woman. Hear Me Roar!
Female entrepreneurs contribute 148 billion dollars a year to Canada’s economy. And every single day, more and more women are launching businesses: as of 2017, 20 percent of the small to medium-sized businesses in Canada were owned by women. I guarantee that figure is much higher today.
Quoted in a recent article, Karen Hughes, professor at the UofA’s Alberta School of Business and Department of Sociology, concurred, “Canada has seen a surge of entrepreneurship in our economy over the last 20 years, and women have been at the forefront, launching businesses at rates that often outpace men.”
When I started my firm, I had $1000, three clients and A LOT of hustle – growing my business to 6-figures in under a year.
This is the type of success I want for you.
I have spoken to hundreds of women-led business owners over the years and one thing is CLEAR: 95 percent of us are out to change the world for the better. The thing is, we are not doing what’s necessary to protect ourselves to ensure our beautiful businesses are prepped and ready to level up.
Girlfriends, that stops NOW.
In my next post in this Levelling Up series, I’m going to map out some options for protecting both yourself AND your business. And explore the options available for building a corporate structure that will have you a card-carrying member of the 7 Figures Club!