“It’s essential to consider your personal and operational capacity when determining whether a million dollar business or company aligns with your goals and vision for growth.” – Dr. Darnyelle Jervey Harmon
Episode Summary
This episode is powered by the Move to Millions Live
If you listen to the Move too Millions Podcast, then I know you have millions on your mind. It’s likely as you prepare to position yourself for your next level of growth that you have a major question looming: should you build a 7-figure business or a 7-figure company? If that is what you’re asking yourself than this episode is for you. As you listen, I tackle the question many entrepreneurs ask themselves: What’s the difference between having a 7-figure business and having a 7-figure company? Does it matter? How do you choose which one is right for you?
During the episode, I will break down the key differences between the two and provided insights to help you make an informed decision that aligns with your goals, core values and vision for your business. The truth is, there is no right or wrong answer – but one thing is for certain – a 7 figure business is the floor NOT the ceiling.
If you’re ready to master your next phase of growth and scaling on your own move to and beyond the million-dollar mark, grab your Move to Millions Podcast notebook and your favorite pen and listen in to discover:
- The pros and cons of choosing either option as your 7 figure goal
- The role your organizational infrastructure will play in your choice
- invaluable insights on the distinction between a seven-figure business and a seven-figure company.
- The essentials you’ll need regardless of which chose you make
- And so much more
Powerful Quotes During the Episode:
- “Having a business is about me or about you as the individual and having a company is about your team.”
- “You get to decide. There’s no right or wrong answer. It’s really just about making the decision that’s going to serve you.”
- “I decided to build a company after having a business because I didn’t want to do all the things, and I wanted to do only the things I really wanted to do, knowing that all the other things need to get done.”
- “Either way, it’s about time you made the move to millions.”
- “The secrets I share in this episode have helped 45 of our clients turn them into success on their own terms.”
- Want more of Darnyelle?
Social Media Links:
- http://www.instagram.com/darnyellejerveyharmon
- http://www.facebook.com/darnyellejerveyharmon
- http://www.twitter.com/darnyellejervey
- http://www.linkedin.com/in/darnyellejerveyharmon
Subscribe to the Incredible Factor Business Podcast:
Listen on iTunes
Listen on Google Play
Listen on Stitcher
Listen on iHeartRadio
Listen on Pandora
Leave us a review
Are you subscribed to my podcast? If you’re not, I want to encourage you to do that today. I don’t want you to miss an episode. I’m adding a bunch of bonus episodes to the mix and if you’re not subscribed there’s a good chance you’ll miss out on those.
Now if you’re feeling extra loving, I would be really grateful if you left me a review over on iTunes, too. Those reviews help other people find my podcast and they’re also fun for me to go in and read. Just click here to review, select “Ratings and Reviews” and “Write a Review” and let me know what your favorite part of the podcast is. Thank you!
====
FULL TRANSCRIPT
Having a business is about me or about you as the individual and having a company is about your team. That doesn’t mean that you don’t have team behind you when you have a business, but you are front facing and people are hiring you when you have a business. When you have a company, you should not be front facing. I mean, let me rephrase that. It should not be expected that when a person hires you and you run a company that they are going to get to work directly with you.
You’re listening to the Move to Millions podcast with Dr. Darnyelle Jervey Harmon, the place to be for high level conversations about all things millions. Your mission mindset, methodologies, mandate movement, messaging, marketing metrics, and most definitely your money. I am your host, spiritual business growth coach, Dr. Darnyelle J. Harmon. Join me each week for inspiring stories, powerful interviews and business growth strategy to help you experience abundance in your life because of your business. If you’re ready to move to your next level, everything let’s get this party started.
Welcome back to another episode on the Move to Millions podcast. I am so excited that you are joining me. This episode is powered by our upcoming live event, move to millions live. Our theme for 2024 is the power to create. If you know that you are lacking the power to create all the money you desire in this season of your business and then some, my recommendation is that you get in the room. All the details are waiting for you now at www.movetomillionsevent.com. Listen to me and trust me when I tell you this is not an event you want to miss there. I don’t care what events you have attended.
You have never experienced anything like we curate for you. From the moment you register, you will sense that we do things differently. You would be right and we do them designed to edify and support in advance the multimillionaire and the million dollar CEO on the inside of you. So go grab your ticket at www.movetomillionsevent.com. If this is your first time joining us here on the move to millions podcast, welcome. You’ll quickly learn that around here. I am all about the convergence of your faith and spirituality with business growth strategy. We believe you don’t have to choose, that you can love God and make millions of dollars in your business as you do.
And we believe that it gets to be easy, that you don’t have to hustle and grind. That instead you can operate with grace and ease and experience more abundance than your heart and your hand and your bank account can hold all at the same time. In today’s episode, I’m answering a question that I actually get in my DMs very often. Shout out to everybody who slides in my DMs with your questions. Thank you. I appreciate knowing that you are here, that you are listening, that you are pontificating on the information that I’m sharing with you, and you have a firm desire to build a business that serves you both financially and spiritually to and beyond the million dollar mark into millions. 3 million. 5 million.
10 million. 50,000,990. 9 million. The Move to Millions is to get you to the million dollar milestone that is already earmarked and preordained for you. So I am so excited that you are here. You can go to movetomillions.com to see all the ways that we can support you on your move to millions, including this powerful podcast, our best selling book, and our programming that’s designed to give you everything that you need, fully supporting you to and beyond the million dollar mark again, in today’s episode, I’m answering a question. I get this question a lot. The last time I got this question, it came from Angela.
Angela’s question is simply this. I’m going to actually read it to you. Let me grab my phone. I’m going to read it exactly the way Angela wrote it. Okay. All right, here we go. Hey, Darnyelle, I really love your podcast. Thank you, Angela.
I’m so glad you love it. I’ve been listening for quite some time now, and there’s one thing that I haven’t been able to figure out for me. Would you take a few moments and explain the difference between having a seven figure business or having a seven figure company? I’m not sure which one I want, but I know that if you share with me what the differences are between the two, I’ll be able to make a decision so I can get to work and moving in the direction of getting to my seven figure business or my seven figure company. Oh, and yeah. Yes, I will see you in May at Move to Millions live.
Thank you so much, Angela, for the question. First and foremost, I get this question a whole lot. And the reason why I think it’s important that I take some time and respond and answer this question for Angela and everybody else who might be thinking and wondering about it is because you really do get to decide.
Now, let me start by saying this is the world as according to Darnyelle Antoinette. Right. If you ask five other business coaches, consultants, strategists, et cetera, you might get different answers. But I’m going to tell you why I think that there is a difference between having a seven figure business and building or having a seven figure company. For me, having a business is about me or about you as the individual, and having a company is about your team. That doesn’t mean that you don’t have team behind you when you have a business, but you are front facing and people are hiring you when you have a business. When you have a company, you should not be front facing. I mean, let me rephrase that.
It should not be expected that when a person hires you and you run a company that they are going to get to work directly with you. That’s one of the biggest differences. But there are some other nuanced differences. So let me break them down for you. So in my opinion, a million dollar business can be had when you are serving 50 or less clients a year. You don’t need lots of clients to have a business that makes millions. You can get away in your million dollar business with focusing just on that one signature or select offer if you know, you know, get a copy of my book if you don’t. So I can break down to you what is meant by a signature offer versus a select offer.
And that offer can be priced anywhere from 25,000 to 50,000. Now, as I say this to you, let me back up for a second.
Our work – We work mostly with high achieving entrepreneurs and small business owners that are generating $250,000 or more a year. And they are largely coaches, consultants, accountants, attorneys, visionaries and experts that have a skill set that they are teaching to other people. So they are in the business of education and service provision.
If you love the Move to Millions podcast and the move to Millions book is blowing your mind, then you have got to join us for move to millions live. All the details are waiting for you to secure your seat at www.movetomillionsevent.com.
The reviews are in Move to Millions: The Proven Framework to Become a Million Dollar CEO with Grace and Ease Instead of Hustle and Grind is a bestseller. With thousands of copies sold, we are raising a generation of million dollar CEOs. You got next. Grab your copy in our bonuses today at www.movetomillionsbook.com.
So when I say one signature or select offer that is priced between $25 and $50,000, that can tell you how many clients you can have, right? If it’s a $50,000 offer, you only need 20 clients a year to do that you don’t need. Advertisement there’s so many things you don’t need to have a seven figure business, right? If you desire a million dollar business, you’re going to have one clear automated business success formula. That’s our way of saying funnel.
If you desire a million dollar business, your operations, your systems and your infrastructure need to be tight. They need to be tight no matter what. You will have one part time service provider on the team in addition to yourself. That means you are working in the business, not just on the business. You will typically have an executive assistant that is responsible for your administrative and operational functions and you and maybe one other person are responsible for marketing, sales and service. You have decided if you have a million dollar business, it’s typically going to be a lifestyle business, meaning you’re operating your business based on your life and you have decided that you want to have a great paying job with the flexibility of being your own boss. That is a million dollar business as I define it, versus a million dollar company is when you are serving hundreds of clients, potentially. Again, remember, we’re talking primarily to coaches, consultants, accountants, attorneys, service based providers who are operating in their business and performing the service to an extent.
Right? You might have two different offers in your offer suite. One that is priced between your $25,000 to $50,000 and then one that is like a $5000 to $25,000. You might have two different offers that you’re working. You have one service provider for every 30 to 40 clients. So that means you have coaches or consultants or accountants, or attorneys or interior designers or personal trainers or financial advisors on your team helping you to serve your clients. You have an executive assistant, you have a marketing and sales team, you have an operations manager or someone who is directing the operations of the company and your focus is to be working yourself out of a job. So you are doing very little service provision. You probably aren’t seeing any clients privately or only the special clients, the ones that pay you more money or those types of things.
Which means that you’re going to be free to start new projects, to thought lead, to write a book, to have your own podcast. You have time on your hands to do some of the other things. That’s a million dollar company. So the biggest differences are the number of clients you’re serving and who is doing the service provision. A lifestyle million dollar business means that they are still hiring you, whereas a million dollar company means they are hiring your team. You are privy to what’s going on, but you may not be involved in the day to day operations of the business and the day to day serving of your clients. Those are the biggest differences that I mean when I say million dollar business versus million dollar company, now, there are other things that you want to think about as well as you decide which one you want. But I think it really hinges on who you are and how you show up and how much time you spend in versus on the company.
When you are in the day to day, you have little time to work on the company. So it’s going to be very important that you have mentors and coaches and guides that are allowing you to raise up to that 30,000 foot view to grow and scale your company or your business. It’s going to be very important when you are a company because you’re not spending your time in the day to day. You have that operational infrastructure, support management. It gives you the freedom to be able to maintain a 30,000 foot view at all times inside of your company. So for Angela and everyone who’s listening, when you think about your ultimate goal and the level of freedom that you want to enjoy inside of your business, not that freedom isn’t possible when you have a million dollar business, but you’re still counted on for service provision. So that means that you’re going to have to plan your vacations around when you have your client office hours, right, versus when you have a company and you’ve got service providers in place, you could go on vacation whenever you want. And not that anything is not possible to do with proper planning in advance, but just so that you have a really good understanding of which you want to be thinking about inside of your business, there’s no right or wrong answer.
It’s about what’s going to work best for you, what serves you in the best possible way, and what allows you to experience everything that it is that you desire for your life and for your business. I used to have a million dollar business. I didn’t love it because I had to do a lot of stuff. So I decided to build a million dollar company. And now we have eight full time employees, plus a host of contractors and service providers who help us in various ways as we are consulting our clients. It’s a decision. You get to decide. There’s no right or wrong answer.
As you decide, I want you to think about what it means for you, mentally, financially, operationally and personally to choose a business or a company. And I want you to think about what you have the capacity for in terms of leading and developing a team. If you are the type of person who wants to just do the part that you love and not all of the other things, then you’re going to have to make sure that you have the people in place that can do all of the other things that need to be done. But it’s up to you to decide which one you want. And there’s no right or wrong answer. You can have it either way. It’s really just about making the decision that’s going to serve you.
Are you ready for Move to Millions Live 2024 well, registration is now open. It is going down May 22 through the 24th just outside of Washington, DC. You have to be there if you have millions on your mind. If you think the book was something, wait until you get into proximity to your next level. The conversations, the clarity, the collaborations and the community that is going to get you to and beyond. The million dollar mark is waiting for you now. Go grab your sea at www.movetomillionsevent.com.
Want to know what it’s like to work with me and the incredible factor university coaching team? You can get started today with the move to millions 90 day business growth planner. 90 days at a time, you’ll be setting your business on a trajectory that will make the move to millions happen much faster for you. It’s got everything that you need to track every strategy, every sale, all of your KPIs, as well as your self care and life transformational needs. We made sure we left nothing out of this amazing planner. And by accessing the planner, you’ll get a behind the scenes view of what it’s like to work with me and my team. Go grab yours today at www.movetomillionsplanner.com.
Once you know that, then you can decide what the next step is. Now, at the end of the day, you’re still going to be leveraging the move to millions method. You still need to have a clear strategy, a clear sales infrastructure, the right systems, the right supports, the right success mindset, the right spiritual alignment, and the right self care practices. No matter what, whether you run a business or you run a company, you’re going to have both. There’s nothing wrong with it. I just want to keep saying that again. For Angela and for everyone else. There’s nothing wrong with it.
I have plenty of clients who decided they just want a million dollar business. They don’t want all the accoutrements and bells and whistles. They don’t want a huge team. They want a really lean, powerful team. It might just be them and two to three other people and they’re doing millions. I got to the million dollar mark with myself and a full time executive assistant and a part time technical marketing VA and we got to the million dollar mark. We’re talking about 50 or less clients, right, depending upon what you charge. So I think at that time, our program was $30,000.
We only needed 35 clients to do a million dollars. Well, with 35 clients, based on my own rule of one service provider for every 30 to 40 clients, you only need one service provider. If you have 30 clients. And as long as you’re okay with that, then I say rocket. And you might decide to build a million dollar business first and then decide that you want to upgrade and scale more and bring on more team. Now, what I will say is to get to 3 million or 5 million or 10 million, you may have to start thinking about having a million dollar company just because there are more moving parts involved. It also is going to depend on who your client is, right? Whether you work business to consumer or business to business, that’s going to play a role in whether or not or what you need to have in place. This is designed really just to give you an idea about what it looks like.
Seven figure business, seven figure company. It’s not an absolute. If you’d like some support around deciding which one is right for you, then I invite you to go to movetomillions.com and you can see all the ways that we can support you in determining what’s going to be the best way for you to make the move to millions. You can, of course, get a copy of our book. You can come to the live event. I highly recommend you come to the live event regardless of which one you’re choosing. And you can choose to apply to join us in our mastermind. And we have a new program that we’ll be launching later this year.
I really can’t wait to tell you about it. It’s amazing. You’re going to love it. It’s going to serve very well. I’m very excited about it. So you decide, million dollar business, million dollar company, what’s going to work best for you personally? I decided to build a company after having a business because I didn’t want to do all the things, and I wanted to do only the things I really wanted to do, knowing that all the other things need to get done. And so by building out a company and having an operations manager and an executive assistant and a marketing team and a sales team and a talent or client success team, we have all the teams. We were really able to put ourselves in position to be able to scale relatively quickly and with a certain amount of ease in place as we do.
You get to decide, and there’s no wrong answer. Either way, it’s about time you made the move to millions. I’ll see you guys next time. Take care.
Thank you for joining me for the Move to Millions podcast.
The way I see it, you deserve a business that generates millions. We’d love to have you join us in May at move to millions live to help you prepare, plan, and position your company for the million dollar mark visit move to millions event now to grab your seat. If you enjoyed our time together, do yourself a favor. Head on over to iTunes, subscribe rate, and leave us a review until next time. Remember, millions are your birthright and to access them, you need only move. See you next time. Take care.
