Episode 50: What Women REALLY Want When Running Their Business (No Matter What They Say) with Terra Bohlmann
The Fast-Track Woman Podcast: Episode #50
What Women REALLY Want When Running Their Business (No Matter What They Say) with Terra Bohlmann
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Meet Podcast Host + Business Strategist, Terra Bohlmann.
Terra Bohlmann in a business strategist who helps female entrepreneurs accomplish in one year what would normally take five-years. As the creator of The Business Map Method™, she has crafted over a hundred custom business models for clients who have gone on to build six and seven-figure businesses.
Through her speaking, training, coaching, and live events production, she's impacted thousands of female entrepreneurs across the United States and Canada. Terra has been featured in publications and podcasts including Forbes, The Huffington Post, and The Sigrun Show. She's also the host of The Fast-Track Entrepreneur Podcast with Terra Bohlmann.
She lives in Houston, Texas with her husband, three boys, and spoiled rescue dog and cat. Terra's forthcoming book, The Fast-Track Entrepreneur: Create Your First Class Business with Clarity and Confidence, is due out in 2021.
About this Podcast Episode.
In this episode, Terra shares the 3 phases of business for women. She gives her insider tips on what all women want regardless of what phase of business you are in. It's like being able to predict your next level of success. After working with 100s of women privately over the last decade, she's seen a common theme. She breaks down the step by steps on what could be holding you back from your next level of success.
To schedule your complimentary fast-track session, simply visit TerraBohlmann.com/consult
Resources, Tools, and Links Mentioned in this Episode.
Read and Download the Transcript for this Episode.
Intro (00:01): When you give smart women a five-year plan, simple business strategies and a positive mindset. It's amazing how fast your business can grow. Welcome to the fast track woman podcast with your host and business strategist, Terra Bohlmann. She helps women business owners stop winging it and board the fast track to success. When she's not making high flying dreams, the reality you can find her traveling to random destinations, desperately tracking down Chanel, broaches, or sipping overpriced coffee drinks. Her purpose in life is to help you build a profitable first-class business, smooth out the bumpy ride, and finally have more time, energy and freedom. So buckle your seatbelt because this episode of the fast track woman takes off right now. Welcome
Terra Bohlmann (00:55): Back to the fast track woman. I'm your host and business strategist. Terra. This is episode 50 already. What it feels like it's went so fast, but I hope you find all this information super valuable because I do this podcast for you, the woman business owner, that's making everything happen. So episode 50 today, I'm going to talk about what women really want when running their business, no matter what they say. And I am doing this topic because sometimes what we say we want, isn't really what we really want. And I know this just because I've worked privately with hundreds and hundreds of women business overs owners over the last 10 years. And I've been able to kind of see a pattern. So my brain works like that. Like it's always, you know, looking at a bunch of data and putting together a pattern and being like yes.
Terra Bohlmann (01:54): And I hope this resonates with you because I want to share almost like these insider secrets, because if you know what's to come, then you'll be able to get there faster, right? This is the fast track woman podcast. And you'll also be able to anticipate any bumps in the road, which helped gear you up to be able to block and tackle a little bit. And more importantly, I'm also going to give you how you can accelerate your success and kind of push through all this stuff a lot faster. So let's just dive right in. The reality is what you may want in your business when you're running it on a day-to-day basis, really does depend on what stage of business you're at. But eventually here's what I feel. Every woman business owner really wants. So the things that I can roll up tend to be so no matter what stage of business at the end of the day, you really want to consistent cash, right?
Terra Bohlmann (03:01): We want to have consistency on a monthly basis where we have predictable profits and, you know, coming in all the time, right? So consistent cash is something that is important. You know, even if you say you don't work for the money, maybe you're working for whatever the freedom, the time, what money can do for you. That kind of thing. The more money you make, the more money you give away, whatever your reason is, we know that running a business takes making money. If not, we just have an expensive hobby and you know, we don't want to have that. So what I know every woman really wants is that consistency in cash, right? And that can be done when you have a solid plan in place. Another thing that all women want at the end of the day is a great dream team. And whether you want to take over the world and have, you know, three floors in a skyscraper with hundreds of people, working for you in a corner office with all the view and all the things, or you want to be more like me, like, I, I just simply want to have a boutique business.
Terra Bohlmann (04:10): I don't care to have all the overhead, you know, and that kind of stuff. Like I know because I've done my own five-year plan, like where I want to go. Right? So, but it doesn't matter what you want for your business. If you just want to be a solo preneur with a couple of independent contractors, if you just want to work solely on your own, if you want to have a team of 25, 50 people or thousands, like, cause you want to, you know, take over the world, whatever works for you, we all want a great dream team that we can trust. And this to me has been something that's been a, a learning curve right. For many years. And now I feel like when you go through, sometimes you make great hires. Sometimes you make horrible hires. Sometimes you partner with people and sometimes you might do trade outs and they don't really work out.
Terra Bohlmann (05:07): We go through that for a reason. And I see a lot of my clients even, you know, they'll be super excited about a hire they're going to do, and then be like, Oh, that was, that was horrible. But they're not saying like what a waste they're saying, wow, I really learned from that. Right. And then we don't do it again. So, you know, you'll go through this learning curve. And at the end of the day, when you have a great trustworthy dream team of people who you can put on rinse and repeat and they, you know, they're handling it and you don't have to necessarily get involved all the time and they communicate fabulously, like that's really what we want. So, and that takes you being a great leader in order to get that dream team to exactly what you want. So there's, you know, learning on our side that we have to do to become better female leaders.
Terra Bohlmann (05:53): And there's, you know, some bumps along the road that we have to go in order to find the right people. And when you do, it's magical, it's amazing. You also are going to want some trustworthy advisement or business coaching, right? So you want to have someone in your corner that understands your business model that you trust, that you're excited to work with, but that also knows when to push you out of your comfort zone, but then also knows how to, sometimes I say like, I'll give you a hug when you need it. So it's really good to have trustworthy advisement because I have a couple of my friends who I mastermind with. They always say, and it just resonates with me. You can't read the label from inside the bottle and in our business or inside the bottle. So we need that trustworthy coach or advisor that can see the outside to help us navigate through some things.
Terra Bohlmann (06:50): And I like to see, you know, what I do in my own business with my clients as a business coach, I am almost like their board of directors, right? So if you think of every successful business out there, they have a board of directors that's helping them. So even though there's a CEO, the CEO answers to the board of directors and that type of thing. Well, we went into business and we are the CEOs of our business. No matter if we're a team of one or a team of a hundred thousand, we are the CEOs, but we still need that advisement as well. So I like to say myself as a board of advisor for my client, right? So we, and we all crave that and we need it to help navigate, especially for people who were there before us. And then they can help us go faster.
Terra Bohlmann (07:41): So amazing coaching we've talked about, you need to have that. You want to have that consistent cash. We had to have that great dream team. We got to have trustworthy advisement or a coach that's helping us. You know, I find that no matter what women business owners do like to control their time so that they can have more of the freedom that they want. Nobody starts a business to work more than we did in the corporate world. Right. It just doesn't make sense. Maybe you do for a little bit, but eventually you have to be able to see the forest through the trees. Another analogy I love and be able to see that all the fruits of your labor are finally coming to fruition and you can completely pull back and like enjoy life a little bit. So running a business, starting a business is never easy.
Terra Bohlmann (08:37): I'm never going to be the coach that says, Oh, it's so easy. Yeah, right. No, it's not, you know, it's sometimes we're called to do this stuff, right. And sometimes the easier path is go get that corporate job or, you know, work for someone else or whatever. But when you're called into entrepreneurship, you know, it's it, you know, it's some work, but then the whole thing is let's do all the work so that it can be smooth sailing later. And that's how I believe entrepreneurship works. And another thing that at the end of the day, no matter what stage of business women are in the ones I've worked with, and, you know, I've talked to thousands and thousands of women entrepreneurs, and there seems to be a common thread around wanting a community where they can authentically be themselves as well as serve other women that are coming up behind them.
Terra Bohlmann (09:30): And I know it sounds crazy. I know it did for me, when I left consulting, I was like, wait a minute, women actually want to help each other. Because like, what I experienced was rarely a woman wanting to help another woman. And that was just kind of, you know, what I had came in, but, you know, I did have amazing friends in the consulting world. And even I was lucky to have a few really good mentors as well, but you know, they're few and far between a lot of the times it was more cutthroat and whatnot. And when I came into entrepreneurship, I was really weary that women wanted to help me and they wanted to give me shortcuts and, you know, give me what they've learned and all this stuff. And I was like, okay, what's the catch, right? I was, I really struggled to receive.
Terra Bohlmann (10:16): I still do sometimes, but I'm much better now. And so if you find yourself in that same boat that, you know, you struggle to receive or you think is there a community for me, there is right. And for the women who think I don't need that, I don't need that. I'm too. No. It's like, there is no greater joy in running your business. Then being able to surround yourself with like-minded women that are also either in your shoes or have been in your shoes or are stepping into your shoes so that you can help each other. It's beautiful. This is why a large part of what I do to work with my clients is there's a community aspect to all of it, except for my VIP program, which is, is just like one-on-one us, but everything else, there's a community because we need it.
Terra Bohlmann (11:08): And there's such joy that we get and when we can contribute back to help other women too, and it's just a beautiful thing. And that's what I want to create more than anything. So looking at the different stages of business, the first stage, if you tend to be in the startup phase. And I say that, and you know, maybe it's like, Oh, I've made about $25,000 today. That startup doesn't mean zero, right. Startup just means you're getting started. I work with a good number of women that come from the corporate world. So they were fantastic at what they do in the corporate world. And now they're transitioning to doing their own thing because they're feeling just called to break out of the corporate world and be their own boss. Right. For whatever reason, mostly they want freedom. They want to control their time. They want to be able to make more consistent cash and all that kind of stuff outside of a paycheck.
Terra Bohlmann (12:04): So paychecks consistent, you know, when you have a job, but you're really tapped on what you can make, unless you get those amazing promotions and raises and stuff like that with entrepreneurship, sky's the limit. Right. And what I find with women who are in startup is they need help in their business because they thought it would be easier. I mean, I'm telling you, I work with like the smartest women in the world, and they're so great at what they do. And they just tend to get into this overthinking phase. I work with a lot of women who struggle with perfectionism, right. And they were like, fantastic, no matter what they do. And then they get into this business thing thinking it's going to be one thing. And they're like, Oh wow. Yeah. this is harder than I thought it would be, but I should be able to figure it out because I'm smart, like what's going on.
Terra Bohlmann (12:59): And that's usually when they're tapping going, I don't quite know what I need, but I know I need something because this isn't working for me. And I don't want to go back to my corporate job or I don't want to go back and figure out something else. Right. So we get, they get in this like analysis paralysis and it just feels like stuck. I mean, all I can do as a woman, this is why I have love that. I work with women because I am a woman. I understand the feeling of being stuck because I was there 10 years ago too. And so I've worked my way through it, through, you know, block and tackling and in the trenches myself. And you know, and there's always this shiny object syndrome that we have where we think, Oh, that maybe that's the saving grace, right?
Terra Bohlmann (13:44): Oh gosh. That social media marketing platform tool is going to change everything for me, you know? And we're constantly like being pulled into all these different directions when there's a very succinct path that you can go on based on your stage of business, that's going to make all the difference for you. So then the startup phase to me, the first thing that needs to happen is to create a five-year plan. So I have a free five-year plan workbook on my website, it's Terra boldman.com/workbook. Or you can just go to my homepage and download it. And if you work, if you spend 20 minutes on this workbook, I mean, it's, you don't have to spend, I've never asked my clients to spend hours upon hours on anything. I'm just sometimes if we just give something five or 10 minutes of our attention, the clarity that comes from it is amazing. But this workbook actually walks you through. It's called destination success walks you through your five-year plan and what you want. So we have to be really clear on what we want. And so many women struggle with that. Un-Clarity. And so that's another thing that women really want in their business as they want to be crystal clear on where they're going, which is why I created the five-year plan workbook.
Terra Bohlmann (15:04): So at startup, where you may be, if you're in startup or you were in startup, you can resonate with this. You know, it's like, okay, if I had a plan, that would be awesome. If I had these strategies in place, this is where I'm like crazy about my, the business maps, right? So it's like, and I want to get as many business maps in the hands of women, business owners as possible, because it gives you the only set strategies you need in your business to like give you massive clarity. And then at startup you're like, can I do this? We really start questioning ourself. So I say it many, many times, but if you want to know all your insecurities, you have as a woman, go open a business because they will all come to the surface and it'll be fast. All of a sudden it's like all these fears, which is why I always, like, I include the, the wealth runway as something that I've created, that's around blocking seven fears that most women have.
Terra Bohlmann (16:03): I, I did I have an upcoming podcast on that, but you know, there's like seven fears that women entrepreneurs have that they have to break through in order to achieve their next level of success. Right. So that to me comes in mindset. So at startup, we think, Oh my gosh, we just got to, you know, if I can just get the strategies I can this and that, I probably need to learn how to sell. I gotta like, there's so many moving parts, but then what gets in the way is the mindset. And then of course, a community, like we need our startups to have a community so that they know they're not alone. And they have a support system to help them push forward. Cause my biggest fear for any woman, entrepreneur, that's starting out is that she's going to quit and we need you.
Terra Bohlmann (16:51): We need you. So it's just kind of in startup, it's one of these like grind periods where it's like, you know, it's these, you got to celebrate these little wins. Okay. So that startup, but what they want is, again, you want consistent cash. Like I'll never forget closing my first coaching client. Wow. And it was, and it was a man that's, what's so funny, but he was so in alignment with my values and whatnot. And I just, you know, I just felt like, yes, okay. I just need to duplicate this. So then what you really want or what you need, you want consistent cash. But what you need to do is lather, rinse, repeat lather, rinse, repeat. So you get your, your systems in place. Right. And it's just lather, rinse, repeat. That's what we need to do to get that consistent cash. So when you're in startup, that's the most important thing.
Terra Bohlmann (17:42): And then, then you go to a second level, right? Your, I call it scale, right. So we got to start up and then you want to go to scale and scale is when you're running your business, you're making, you know, maybe close to six figures, even if not a little bit more sometimes, but like you're, you're at that point where you're making money, but you feel like you're winging it and your business because there's no plan in place, you're struggling with the mindset, you know? Maybe you don't have the right systems and tools to make it lather, rinse and repeat. So what does scale look like and feel like, well, sometimes when you're in scale, you have this analysis paralysis because it's like, okay, I know I need to scale and remove myself out of things a little bit. But if I do that, then I'm going to, what if I lose money?
Terra Bohlmann (18:44): Right. and then, you know, we've got, we need more time. Like time is important when we're in scale, because you've done the, you know, I know the word hustles, like polarizing, but you've done that startup grind. We'll call it. And then it's like, okay, I want to say the light at the end of the tunnel so that I know that I can still make even more money, but not have to work. So dang hard. And it may feel frustrating sometimes when you're in scale, because you don't know what steps to take and you don't know where to go for help. Right. So then hence this comes into that getting trustworthy advisement and coaching because somebody who can see the outside of the label, that's my job, you know, and say, okay, yeah. So here, you're here. Let's just step here. Okay, cool. Now let's step here. Right? And, and go that way. And a lot of the times the women that I work with that are in scale are not paying themselves a consistent salary. And I want to change that too, which is why I did the challenge a few months ago. And it was fantastic. So a consistent salary is everything.
Terra Bohlmann (19:55): So that's what scale feels like. It's kind of that I'm winging it. I don't know if I'm doing it right, but I'm making money. But if I stop working or pull back, then I'm going to, like, my revenue is going to go down and maybe I've hired a few people and I can't disappoint them. And it's this like, feels like a grind and we want to get you out of that. Right. So, and how you get out of that again, you have a very solid plan. You have the right strategies. That's going to drive your business for at least the next five years that is going to allow you to like be the CEO and do the things that you want to do, make the money, to be able to pay people, to do the things that need to be done, but not by you.
Terra Bohlmann (20:43): And you have to constantly work on the mindset, right? Because our brains are the ones that'll like talk us down from a lot of things, right. And fears and whatnot. And then the systems and tools really come into play here because if you can have a system or a tool and a system to me is just like a step-by-step process and a tool, maybe, you know, some sort of app or software that helps shoo manage it faster and easier. And when you have those in place, wow. You know what I can tell you with a hundred percent honesty and transparency is you can hire somebody to do something, but if there's a tool that can do it, it's going to be more reliable and usually less expensive. So if you know, I always look at tools first and then obviously we need human elements, human people to like do some things and to manage the process and whatnot, but like, you know, tools are our friends.
Terra Bohlmann (21:44): And so that's really important when you're in scale. And then the last thing would be very similar to startup is like, have a trusted community of people who are at your level that are also wanting to do the same things and add some more automation do all those things that, and and give you advice and you can share, and you just have this community of business friends that is really fantastic because sometimes it can feel lonely in being a woman business owner. If you don't surround yourself with people who are at similar stages of business, as you, right. You don't want to be the smartest person in your circle. And if you do, if you find yourself being the smartest person in your circle, it's time to find a new circle. I like to be the least smartest person in my circle.
Terra Bohlmann (22:35): Actually I don't, I don't like to be the least, I like to be like forever, you know, everyone else to be quote, unquote more successful than me and have been in my shoes, but I still like to be able to contribute. And so I guess that makes me like the second least person or something. So but yeah, so that community is really, really important. And then the last level, so once you've started up, then you'll get to scale and you'll kind of go through this stuff and then you will move into another level that is about service and serving, right. And you know, this tends to be the woman who's making. You know, I I've seen it anywhere from the $300,000 level all the way to the multi multi-millions and at the serve level, you really are ready to share what you've learned and also receive.
Terra Bohlmann (23:31): And so you want to, it's kind of like thinking about paying it forward to other women who are just right behind you. There is such joy and satisfaction that comes in being able to say, you know what? I tried that, that didn't work. I did this, or let me connect you with so-and-so because they are amazing, right. Cause they're going to help you get that amazing dream team, right? Because you're going to have trusted people that are going to help you. And when women get to the serve level, it just means that they're feeling lonely at the top and running their business and they know there's more and maybe can't quite put their finger on it, but it's just the way that I explain it is you're sometimes you just feel called up to do more. Right. And whether that tends to be strategic, give back, or maybe adding a different offering, maybe scholarshipping people into working with you or being a mentor, but then also surrounding yourself with the same serve level people that will also share back with you too.
Terra Bohlmann (24:33): Right. So we can, we can share our knowledge down, but we can also receive knowledge from people who are further along than us, or who've walked in our shoes. And that's really, really cool. And again, you know, the woman who's at the serve level is, you know, she may feel too involved in her business as well. And she's, you know, done some put systems and tools and stuff in place, but there's being this, there's this nagging feeling that she's stepping over dollar bills to pick up pennies sometimes. And that feels like, wait, I know I can optimize this more. And you know, and there's also, so a level of a leadership call up that happens when women get to the level of serve after they've scaled, right. It's like, then they look at how can I be a better leader? And man, I had a little cute, awesome little team, but now I'm getting bigger.
Terra Bohlmann (25:31): So what does that look and feel like? And I need help in doing that. So those are the three levels and what they feel like and what they look like when you're running your business. So no matter if you're in startup or you're in scale or you're in serve level, it, it doesn't, it matters. And I wanted to walk you through what each one looks like, because if you're in startup, you're like, Oh, okay. So I'm normal. I'm just in startup. And this is what I have to look forward to. I can't wait to be in, in serve. Right. And, or even scale, like we always want to be in the one right above. Right. And, but if you've been in scale for awhile and you're like, Oh, that explains that nagging feeling, I'm getting around feeling called up to do something different. And the women I work with that are in the serve level, it's like, sometimes they're like, I don't know, should I just sell my business?
Terra Bohlmann (26:21): You know, should I add another offering or I've done this and it makes great money, but should I, I don't know, start something. Right. So it's like, that's what that, that serve level looks like. And yeah. So to me, it's one of those things that once, you know, what level you're at, then, you know, from a solution standpoint, what the best move is for you. So what comes to mind for me for most likely the startup and if you're in startup or you're in the scale mode, I would really really consider, I have a program called the fast track accelerator. It's not that expensive. It's a 12 month community and there's coaching. You get to do your own business map and you know, my team and I like guide you through that. And there's accountability. And I mean, I couldn't give you more in the fast track accelerator for this price.
Terra Bohlmann (27:19): Like it's, it's, it's crazy, but it's also very important for me to help get business maps and plans and community, and some mindset, mindset, help, and training to as many women as I can. So I'm opening up the fast track accelerator. And if you want to apply to be part of it, I would love to chat with you. Like we would have a real conversation and you fill out an application and then after you do that, then you pick a time and we actually, you and I will talk and have a zoom call and see if it's a fit for you. So, and from an investment standpoint, there's nothing out there that's like it. I can promise you that. So if you're interested in that, I would love to have a conversation with you. Just go to my website, Terrabohlmann.com and then do slash apply.
Terra Bohlmann (28:16): So Terra Bohlmann with two ns.com/apply. This is nowhere on my website. You have to have that link in order to go through the process. And I'm going to ask you some questions and then an intake form. And even that I want you to think in terms of the coaching starts, when you're filling that in, honestly, like it's not like it's confidential, I'm not going to go share it or do whatever. But I ask you a questions that I think immediately are going to start serving you. And when you get through that, then come, you know, then you'll get access to my calendar and we'll have a conversation. I'm not a hard sell. It is a real conversation about where you are in your business. I promise I will give you your next best business step. If it's to join the accelerator or another level that a program that I have or something I will let you know, but there's no hard sales pitch or anything because that's icky.
Terra Bohlmann (29:14): And I don't do that. So anyway, so I go to Terra Bohlmann.com/apply. And I would love to bring you into this community. I'm creating. That is going to be fantastic. And what I can promise you is a year from today of you listening to this podcast, you will not be the same woman that you are right now. And instead, you're going to be more confident. You're going to have the strategies. You're going to feel like you have control on this business that you're growing. And we will work on getting you that consistent cash, helping you with the mindset side of things and helping you execute. That five-year plan that we're going to create together. So Terra Bohlmann.com/apply would love for you to be a part of it. So just remember, you will get all the support you need to move forward faster. And I'm a big person of faster.
Terra Bohlmann (30:09): I mean, everything about me is like, fast-track, fast-track, fast-track because I know, I know we all have work to do, and the faster we can get through it, the faster we can have that, that success and success means something different for everybody. I'm completely aware of that. My success, my success looks and feels different than yours and hers and all that kind of stuff. Our first thing is we have to define that and then I can help you get there, which is like, what I love to do more than anything. So remember three stages of business. You've got your startup phase, your scale phase and your serve face. And if we can get more women in the surveys, can you imagine like how many more women we can help pull up to? So no matter what stage you're in, there's a way to get the support that you need. All right, until next time, take care.
Outro (31:03): And there you have it. Another jam packed episode of the fast-track woman podcast, don't forget to visit Terra Bohlmann.com, where you can get more business tips and strategies learn how we can work together to accelerate your business success or access this podcast. Episode show notes with a full transcript and links to resources mentioned today. And if you enjoyed this podcast, I invite you to leave a review so that we can help serve more women business owners to like you until next time here's to owning your time and valuing your word.
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