160. She Built a $100M Freedom-Based Business and Realized Outer Freedom Was Only Half the Story with Natalie Ellis
Plenty with Kate Northrup
Kate Northrup
4.8 • 840 Ratings
🗓️ 26 May 2026
⏱️ 62 minutes
🧾️ Download transcript
Summary
What if success isn’t actually freedom?
And what if the business you built to give you more life slowly became the thing consuming it?
In this deeply honest conversation, Kate sits down with entrepreneur, author, and BossBabe founder Natalie Ellis to talk about ambition, motherhood, nervous system healing, identity, and what it really means to build a freedom-based business.
Natalie opens up about the hidden cost of chasing external validation, the pressure of maintaining a personal brand, and the surprising realization that even after “making it,” she still found herself craving permission to feel chosen. She shares how becoming a mother reshaped her relationship with ambition, success, and even her own identity—and why she no longer believes in building a business that demands everything from the person behind it.
Together, Kate and Natalie explore the tension so many ambitious women feel between growth and presence, career and motherhood, expansion and enoughness. They talk about the emotional reality of entrepreneurship, the influence of social media on our desires, and the subtle ways status and validation can quietly become the thing running the show.
Natalie also shares the behind-the-scenes story of stepping away from BossBabe, buying the company back, and rebuilding it in a way that aligned with the actual life she wanted to live. The conversation moves into nervous system regulation, healing from chaos and functional freeze, navigating marriage and partnership while building a company, and learning how to create success without abandoning yourself in the process.
This episode is a powerful reminder that freedom is not just financial. It’s emotional. It’s relational. It’s nervous system deep. And ultimately, it comes from building a life and business that genuinely supports the person you are—not just the image you project to the world.
“A freedom-based business is a lifestyle business that is a vehicle to the lifestyle you want to live.” — Natalie Ellis
🎤 Let’s Dive into the Good Stuff on Plenty 🎤
00:00 Freedom-Based Business + Redefining Success
04:09 The Pressure of Building a Personal Brand
07:30 Realizing Outer Freedom Wasn’t Enough
10:37 Motherhood, Identity Shifts & Partnership
11:53 Women, Ambition & Work-Life Balance
27:52 Growing Up Feeling Different + Chasing Success
36:11 Nervous System Healing + Functional Freeze
40:00 Rebuilding Success from a More Aligned Model
44:42 Relationships, Vulnerability & Emotional Safety
52:00 Final Reflections + Freedom Beyond Money
Links and Resources:
Kate's Instagram
Recalibration Field Guide
Connect with Natalie Ellis:
Boss Babe
Website
Freedom-based Business Book
Facebook
Instagram
Facebook
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🔹 The Energetics → Engineering → Expression Map — why surface-level financial fixes haven't worked, and what to do instead
🔹 Deep Reflection Prompts — built around the central question the series raises: Why do I still feel like I'm the one who has to make everything happen, even when things are going well?
This isn't a budgeting tool. It's not a workbook. It's a diagnostic instrument for self-led leaders who are ready to stop being the sole infrastructure of their own financial life — and build something that actually holds.
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Transcript
Click on a timestamp to play from that location
| 0:00.0 | When I started Boss Babe, it grew very, very quickly, and we were one of the first in the industry. |
| 0:06.0 | And we had all these eyes on us on Instagram and these female empowerment quotes, and I, without realizing it, jumped into playing a status game. |
| 0:14.0 | I felt like I couldn't really show the realness behind the scenes because there was this Boss Babe facade. |
| 0:20.0 | I've got a great episode for you today. |
| 0:21.5 | It's with Natalie Ellis, the founder of Boss Babe, who has created over $100 million in revenue |
| 0:28.1 | and serves a community of over $5 million. |
| 0:31.7 | She really knows what she's doing when it comes to business. |
| 0:34.9 | And we do talk about that. |
| 0:36.5 | However, we talk about something that I |
| 0:40.1 | think, and I think she would agree, is a lot more important. And that is the inner game of freedom, |
| 0:45.0 | because no amount of financial freedom, no amount of time freedom really matters if you don't have |
| 0:50.6 | the inner freedom to fully be present with it and enjoy it. |
| 0:55.0 | We talk about the behind the scenes of her marriage and how they have created fair play, |
| 1:00.4 | mothering her background from a difficult upbringing to creating a level of freedom and abundance |
| 1:08.6 | that most would only ever dream of. And I especially |
| 1:13.2 | love the part where we got into why it is that she was able to do that. And what it was |
| 1:20.9 | about her personally, that's different. So I think you're going to absolutely love this episode with Natalie Ellis. |
| 1:31.0 | Welcome to Plenty, a weekly recalibration of power, money, and safety for high-capacity humans. |
| 1:39.2 | I'm Kate Northrop, bestselling author and creator of relaxed money. And this is where neuroscience meets ancient |
| 1:46.9 | wisdom meets real wealth strategy. This is the sacred conversation at the intersection of money, |
| 1:53.9 | the body, and the life you're truly here to live. If you're ready to reimagine what's possible, |
| 2:02.9 | for yourself and for the world, |
... |
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