I had the absolute pleasure of sitting down with Yvonne Campos, Founding CEO for Campos Inc, last week and my brain is still trying to process all of the amazing nuggets of wisdom she shared.
One concept that has stuck with me the most, though, is the difference between a lifestyle business and a growth business.
Yvonne defined a lifestyle business as one that is solo-focused and can only grow as much as your schedule allows. The number of clients, projects, and ultimately income you can earn depends upon your ability to do the work. Entrepreneurs in this category spend all of their time working IN their business and very little time working ON their business.
A growth business, on the other hand, is one that is primed to grow beyond what one person can handle. It requires having solid processes and structure in place, as well as hiring other talented people and delegating work so it's not solely on your shoulders to complete. As the leader in your business, you spend more time working on the big picture — brainstorming, dreaming of new product offerings, and continuing to expand your reach.
Yvonne was clear to say that there is nothing inherently wrong with either style of business, nor is there anything wrong with you if you choose one style over another. It's simply two different approaches to business and goal setting.
In thinking about her own trajectory, Yvonne shared that she had started out as a lifestyle business, doing consultancy work on her own. Her big AHA moment, and the thing that made her realize she needed a different model for herself, happened when she had to take time away from her business. In doing so, Yvonne had effectively cut off her source of income.
Not being able to work meant not being able to support herself.
Yvonne shifted her time and energy toward building a more sustainable business for herself, where she could step away at any point in time and still have money coming in. She hired people so that she could take on more work, and learned how to delegate more effectively, so that things weren't reliant on her input to be completed.
It took an investment of time and money, but Yvonne was able to turn her business from that of a one-woman-show into a million dollar company.
Her advice for women entrepreneurs: Don't be afraid to think big, bigger than you're thinking today. Women, in particular, limit themselves without even knowing, because they are afraid to let go of control and delegate. If growth is what you want, take the steps to get there before you feel ready.
Kind of makes you want to take stock of your business and see if your current trajectory is the right one for you, doesn't it?!
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To learn more about Yvonnne, and how Campos Inc got started, check out this fantastic spotlight from Pittsburgh Magazine.