This Is Why You Need to Build a 7-Figure Business Hint: It's not about the money.
By Scott Oldford •
Opinions expressed by Entrepreneur contributors are their own.
I often meet entrepreneurs who say something along the lines of "Once I get to six figures, I'll be happy."
But then they get there, and guess what? They're as stressed and burnt out as ever.
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I call this getting stuck in the "six-figure hamster wheel," and it's a vicious cycle I've lost myself in before. It's hard to escape, and most people try to overcome it with even more hustle. After all, it was "hustle mode" that got them to six figures, so more will get you to seven figures ... right?
Wrong!
Hustling to seven figures is not the answer.
And this is why I believe every single entrepreneur needs to build a seven-figure business if they are ever to fulfill their potential and live a life of freedom, abundance and happiness.
It's not about the money!
Most people don't want to take the hard route. They're driven by security and comfort, and they are afraid to take the necessary risk to achieve what they really want. Yet, the riskiest thing you can ever do is to not live up to your fullest potential!
Every entrepreneur should strive to have a profitable seven-figure business, and no, it's not about the money. It's not about the bragging rights. It's not about the fame or status. It's not even about the lifestyle that comes with it.
Related: 25 Common Characteristics of Successful Entrepreneurs
The reason you need a seven-figure business is simple: freedom.
With freedom, you can truly escape "hustle mode" forever. That isn't to say you won't have to work hard and put in the hours, but never again will you find yourself caught in the hamster wheel where every time you scale to a new level, it's at the expense of your health and sanity.
A seven-figure business gives you the freedom to build a world-class team, invest in yourself (mindset, therapy, health), regain control of your time (so you have more time to do what you do best) and work "on" your business, rather than get stuck inside it.
At six figures, you cannot do any of this. I've tried it, and I've seen plenty of other people try, too. But it doesn't happen. You can live a happy life at six figures, sure. But a life of true freedom? Nope!
The biggest obstacle between you and a seven-figure business is ...
You. Because although you may fear failure, chances are you fear success even more.
Freedom, for most, is scary. It forces you to tap into your fullest potential and live it, because you no longer have the excuse of hustling, a lack of money or not enough time. So, you ask yourself, Who will I become when I can truly be myself?
I remember the anxiety I felt when I asked this question on a random Thursday night. I almost had a panic attack, because I realized I didn't know the answer. What happens now that I'm out of debt? I asked. Who will I become? What will I create? Will people care? How can I make an impact? What impact do I even want to make?
Well, I'm here to tell you not to panic like I did. Because you'll become the exact person you need to be in order to live out your vision and purpose.
Related: 9 Steps to Increase the Value of Your Business
"But, hold on, Scott," I hear you say. "What if I don't know my purpose?"
This is the exact reason why you need to build a seven-figure business. Because once you reach this level, you remove all the excuses standing between you and your true potential, and gain the freedom you need to make this happen. When you have true freedom, you finally understand what you're most passionate about and what impact you want to make in this world.
It's impossible to truly know yourself when you're stressing over the day-to-day, caught in "hustle mode." How are you going to pay your bills? How is your business actually going to work? Is there enough money coming in? Are you charging enough?
It's impossible to fulfill your potential if these questions consume you each day. It doesn't matter how smart you are or how talented you may be; you cannot be your best self with this sort of stress. You must elevate to a higher level of understanding and thinking, and the best way to do this is to have a near-limitless level of freedom.
Having a profitable, seven-figure business gives you this!
So, no matter who you are and what impact you wish to have, the key to unlocking this is to scale to seven figures so you can escape the "six-figure hamster wheel," say goodbye to "hustle mode" and welcome true freedom, true abundance and true success.
