Did you know that less than 1% of people who start a business become millionaires?

I didn’t, until recently.

Honestly, I wasn’t sure what to expect, but I definitely thought the number would be higher.

Here’s another surprising stat: fewer than 4% of businesses ever reach £1m in turnover.

And if a business isn’t turning over £1m, it’s tough - if not impossible - for the owner to become a millionaire.

So, why do less than 1% hit that seven-figure mark?

I think it boils down to two key reasons:

1. Some people just don’t want to. And that’s completely fine. This year, I’ve worked with clients who simply want their business to provide a reliable few thousand pounds each month. That’s their version of success, and they’re happy with it. No private yachts needed.

2. The rest? They mess it up. Let’s unpack that.

How Do They Mess It Up?

Plenty of business owners start with big dreams - ambitions of scaling to seven figures and beyond.

But somewhere along the way, things don’t pan out.

Why?

1. Are they thinking about business the wrong way?

Does the business actually have the potential to generate excess cash for the owner?

• Are the products or services priced and positioned correctly?

• Is the business built to scale?

• Does the owner have the right team in place to make growth possible?

2. Are they thinking about money the wrong way?

Do they know their numbers?

• What’s the cost to acquire a customer?

• How much can the business afford to spend to win one?

• Is their marketing investment enough - or too little - to drive the sales they need?

3. Are they thinking about failure and criticism the wrong way?

When something doesn’t work, it doesn’t mean the idea is wrong. Sometimes, it’s about how it’s being executed.

• Are they measuring the right inputs and outputs?

• Are they adjusting and improving, or just giving up too soon?

4. Are they thinking about their website the wrong way?

As an example - a common mistake for service providers is trying to sell the service on their website. But if a prospect needs a meeting before they buy, then stop trying to sell the thing! Instead, sell the appointment. It’s a small shift that can make a massive difference.

The truth is, there’s no single reason why so few businesses hit the million-pound mark.

The list of potential pitfalls is long.

But here’s the thing: if you don’t want to reach £1m, that’s absolutely okay. Many business owners don’t - and there’s nothing wrong with that.

But if you do want to get there - and you’re not there yet - I hope something in this email has resonated with you.

Ready to Move Forward?

If you’re serious about reaching the next level (whatever that is!) and want some help getting there, book a strategy call with me.

Let’s work together to turn your ambition into results.

Click here to book your call.