Ep. 141 – The Million Dollar Business Myth

“Getting to seven figures in about mastering the power of focus.” – Darnyelle Jervey Harmon

Episode Summary

This episode is powered by the  God Girls Making Millions, The Mastermind

There is this big fallacy in the marketplace that the fastest way to make the move to millions is with multiple streams of income.  That is actually the fastest way NOT to make millions.  Mary Kay Ash said it’s hard to chase two rabbits and expect to catch either one.  So, imagine trying to chase 7 to live up to the misbelief that it takes 7 streams of income to cross the million dollar mark.  In this episode, I set the record straight about the fastest way to make the move to millions. I will share EXACTLY what you can begin to focus on NOW to have your first million dollar year meet you in the next 12 months. If you have millions on your mind, grab your pen and paper and listen in now to discover:

  • An introduction to the Incredible Ones
  • #1 reason you haven’t made millions in your business in one year yet
  • Why simplifying your business model is the fastest way to multiply your results
  • And so much more

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The Million Dollar Business Myth

This episode is powered by God Girls Making Millions. If you are a woman on the move to and beyond the million-dollar mark and you’re looking for your community, people at your same level, experiencing your same challenges, a place where you can let your hair down and get what you need to feed your soul and continue to grow your bank account, what are you waiting for? Apply now at GodGirlsMakingMillions.com.

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I was having a conversation with a friend that I have known since college freshman about wealth. We were having a conversation about millions and she was telling me her plan. This friend is not an entrepreneur. She doesn’t have a side hustle. This friend is an employee. She has dreams of side hustles. She owns a little bit of real estate, but she’s not doing a whole lot with her real estate.

She has got one other property that she’s renting out. It was her first home. When she got her next home, she kept it and she has one tenant, but she is now thinking about millions. She’s got millions on her mind. We are having this conversation and she has seen online how we’ve changed everything over to Move to Millions. She’s like, “I’m going to call Darnyelle because she is over there moving to millions. Maybe she can help me move to millions.” We sat down for this conversation over lunch and the first thing she said was, “I’m working on my seven streams to make seven figures.” I was like, “Stop.”

In this episode, we’re going to talk about one of the biggest million-dollar myths. That myth is that you have to have seven revenue streams to make seven figures. I remember when I started my Mary Kay business. I came into Mary Kay after Mary Kay Ash had already transitioned. Every time I would call the company, their hold music would be old clippings of Mary Kay at seminars, speaking on stages, and all the things.

I remember one time in particular. I’m listening to Mary Kay and she said, “You can’t chase two rabbits and expect to catch either one.” It made so much sense. As I’m sitting across from my girlfriend and she’s telling me about her master plan to get these seven revenue streams and writing them all down, not only am I getting tired, but I’m thinking about the seven rabbits she’s now trying to chase.

I’m wondering, how many of you have bought into this same myth that in order for you to make seven figures, you need seven revenue streams. This is one of the biggest lies and I’m going to go on and say that it’s a lie from the pit of hell. I know that might have been a stretch, but just go with me. You don’t need seven revenue streams to make seven figures. I think it sounds cute. It makes people feel like they’re experiencing that diversification that is talked about whenever you’re listening to a financial strategist talks about the market.

You do not need seven revenue streams to make seven figures.

I’m not saying that diversification is a wrong thing, but what I am saying is that if you think the fastest way to make millions is through splitting your interest into lots of opportunities to generate revenue, you got this thing all wrong. Instead, what you want to do is not focused on a wide investment strategy or if you are an entrepreneur, a wide business model where you’ve got lots of offers and different price points. Instead, I want you to go deep. I want you to think deep, especially for my entrepreneurial friends. I want you to think about having one offer that solves one problem for one pinnacle client, and riding that offer until the wheels fall off.

Because if your one offer solves a real problem, you could charge anywhere from $10,000 to $100,000 for it. For most of our clients, we have them get into a signature offer that is priced between $10,000 and $29,999 for that one offer. That’s where they spend their energy on that one offer. If we’re talking about $20,000 and we do the math, we’re talking about 50 clients to generate $1 million in your business.

I’m not duped, hoodwinked or bamboozled by believing that having a million-dollar business is the same thing as being a millionaire. They are different, but to be a millionaire, you only need $1 million in assets. Let’s say you happen to live in a home that’s worth $600,000. Let’s say you happen to have life insurance that is worth $300,000, and let’s say that you happen to have a stock portfolio that is worth $50,000. Let’s say you have one rental property that’s worth $85,000. You’re a millionaire because it’s based on your assets.

Can you become a millionaire with multiple revenue streams? Absolutely. Do you have to? Absolutely not. Every single one of my streams that I have. I’ve got my business, I’ve got my stock portfolio, and I’m going to include my cryptocurrency portfolio separately. I’ve got the real estate. All four of my interest are each generating $1 million or more. Rather than you having seven that add up to seven figures, I would rather you focus on every stream that you have producing $1 million.

You can get $1 million in real estate. You could go and buy four homes that are equivalent to $250,000. Those homes, you fix them up or maybe they’re already ready to go and you rent them out to people. That’s a $1 million real estate portfolio. It doesn’t have to be hard right there. That’s $1 million. You could get your business if you are an entrepreneur to $1 million a year and get to the point where your profit increases.

On a sidebar and this will probably be a whole other episode. It’s going to take a while for your profit to get to the point where you’re at $1 million. If you just do $1 million a year, your profit isn’t going to be $1 million. You’re going to spend a good chunk of that in order to make that million. This is a complete guesstimate and your business might be completely different, but you’re probably looking at minimum a business that does between $3.5 million and $5 million to produce $1 million in profit off the backend of your business. That would make you another million and a millionaire again.

I want you to keep in mind this. Multiple streams of income is a tool for the wealthy, but it is not a tool to become wealthy because you need to focus if you want to make millions and become a millionaire. Trying to do all the things is a disjointed strategy. A disjointed strategy creates distraction and disruption, and not the good kind. The more distracted and disrupted the strategy is, the more diluted your profitability and your assets become in the process. That’s not what we want for you. We want you to hone in and find one way to focus to get a million-dollar business and become a millionaire.

Can I tell you the fastest way to become a millionaire? It is to go and buy a $1 million life insurance policy. If you get a policy that is going to pay out $1 million at your transition to the beneficiary or loved one that you decide, it makes you a millionaire now because it’s an asset as long as you keep making your premiums on your life insurance policy. It makes the person who will be left behind a millionaire instantly. You might want to do a little bit more than a million, but I’m just saying. That’s the fastest way. As you think about what you are doing to get to the million, I want you to focus on reducing the number of streams that you have.

Think about Rihanna. I always love talking about Rihanna. She’s one of our newest billionaires, but she never tried to do all the things at once. She mastered one before she went on to the next. Typically, what happens when you have a disjointed strategy around multiple revenue streams is that none of them is complete. This doesn’t achieve your goal of getting to the million-dollar mark as a business owner or having at least $1 million in assets. It disrupts it. It prevents you from getting there. If you ask me, that defeats the whole purpose of the reason to go after having access to millions in the first place.

I love entrepreneurship and small business ownership. Let’s talk specifically about the steps to having a million-dollar business. Because you can get to a million-dollar business without a lot of offers and without a wide business model. For the sake of definition, a wide business model is a business model where you have lots of offers and different price points. Typically, what you see is about seven rungs of offers. You have your free offer. You have your tripwire offer, which is like $7 to $27. You then have your low-ticket offer, which is typically $37 to $57. Are you tired yet? I haven’t even gotten all the way through the wide model and I’m tired. It’s too much.

All of those offers have their own business model. They all have their own business success formula. They all need to be worked consistently to produce. You’re splitting your interest when you’re trying to do all of that. Instead, we advocate for a deep business model. You might have 1 to 3 offers, but you focus on the one, the signature offer and only introduce the others in a down-sell or an upsell scenario. That one signature offer is enough for you to hit your money milestone with the number of clients you want to be able to work with a year.

If you want to have freedom and flexibility as an entrepreneur and you want to have a million-dollar business, and let’s say you only want to work with 30 clients a year, then that means your signature offer is going to be a little bit higher than even our threshold of where we typically have clients fall out, which is fine. This is only a guideline. It’s not an absolute. That means your offer needs to be around $36,000. You can have one $36,000 offer, get 30 clients in that offer, and you are now a million-dollar CEO.

It doesn’t have to be hard. Do you know how easy it is to bring on 30 clients in a year in a $36,000 offer? It does not have to be hard because that’s going to produce $1,080,000 for you. It doesn’t have to be hard. You all be working way too hard because you have bought into this myth that you need seven income streams to make millions. No Ma’am, no Sir. Getting back to my Rihanna example. Let’s think about how we first met Rihanna. She invited us to come to stand under her umbrella. That’s what she did. She was singing.

She was a songstress. That was her first career and that’s what she was primarily focused on. She got her Grammys. She got her money up because as an artist, your money doesn’t come from your record deal. Your money comes from touring. Once she started to make a lot of money, then she started to diversify her interest. Did you hear what I said? Once she started to make a lot of money and once she already hit the milestone, then she added the next thing. The next thing she focused on conquering was acting. You start to see her in movies. Her skills got better and better. She then brought into her cosmetics and skincare.

It wasn’t all at the same time. Not that I don’t believe that diversification can happen, but diversification means that you got to have everything set up in every business so that it does not disjoint who you are and distract you from your core mission. Every entity, every product line, and every business line needs to have its own team to support it in all of those things or it splits your interest. It reduces your focus and it messes with your money.

You get to decide. Do you want to continue to buy into the myth that you need seven streams to make seven figures or do you want to decide to buckle down and go deep on one signature offer serving the right client that is going to get the transformation and results that you know you can provide and that they most need to live their best life?

How do we do it? First, you have got to shift your deserve level so that you believe that earning at the level is available to you. You deserve it and you are worthy of it. Second, you are going to have to clarify the problem you’re solving for whom. We need to create an offer that’s anywhere from $10,000 to $100,000 to make it easy for you to hit this milestone with one offer and not need all these different revenue streams.

You’ve got to determine that one right solution. I call it a spice solution that will solve the problem of your ideal client. No Band-Aids, only transformation, and then you’re going to have to craft a clear and compelling message that is contrarian so that you rise above the noise, get their immediate attention, and can lead them down a path to make an investment decision in a short window of time. You’re going to have to determine the right marketing strategy and traffic source to get your ideal clients in large enough numbers that you can come out with the number of clients that you want.

Do you realize you could do one launch? Let’s say we’re talking about this $36,000 offer. You could do one launch and produce 30 clients. That’s what we did for our mastermind. We brought 30 clients into our mastermind at one time and it became a million-dollar product service offering for our company. It doesn’t have to take forever and you don’t need lots of streams to make it happen. My hope is that you now realize that what you’ve been telling yourself and what you’ve been writing down on your little piece of paper like I had to explain to my girlfriend isn’t necessary to make millions.

The more you have, the more you have, but it’s not necessary. What I told her was instead of trying to do all the things at one time, focus. Get one in and get one done. If you want to make seven figures and let’s say you want to do five things to do it. That means you’re going to need five things that all produce $200,000. Even though I think that’s too many, but just for the sake of the example.

Instead of trying to do all the things at once, focus, get one in, and get one done.

Focus on the first one and get that to $200,000 first, then add the next one in versus trying to have them all set up and trying to figure out how to work them and populate them at the same time. It’s going to make you tired and it won’t make you the money that you think that it will make. It doesn’t have to be that way. You can make the move to millions relatively quickly. It is why 20% of our clients every year make the move to millions. It is why they’re now calling me the million-dollar CEO maker. It is why I’m writing the book, Move to Millions. It is why you read this. It is why there’s a Move to Millions docuseries that will be coming to a TV near you in 2023. It’s because it does not have to be hard, but it is absolutely part strategy and part surrender in order to make it happen.

Let’s not live this myth anymore. Let’s not try to have seven ways to make seven figures. Let’s identify that one way that we know if we went all in on it if we showed up fully for this one offer that you have in your offer portfolio, if you put all your energy into this one thing, could you make it to the million dollar mark in a year? If you are feeling unequivocal yes in your spirit, then I’m excited for you. If you would like some support, you should holler at your girl. I’ll see you guys next time. Take care.

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