The Ultimate Guide to Reaching 6 Figures as a Business Coach

Summary

The speaker shares insights on transitioning from a low-income job to a successful coaching career, highlighting the importance of understanding clients' desires for profit, impact, work-life balance, and reliable teams. They outline nine principles essential for coaches to achieve six-figure contracts, emphasizing the need for a profitable business model, a high-performing team, a clear long-term vision, a simple strategy, replicable systems, focused measurement, working on the business rather than in it, a straightforward marketing plan, and balancing personal coaching with problem consultation to build a profitable and independent organization.

Takeaways

• 🚀 Understand the four primary desires of business owners: to make more money, have a greater impact, work fewer hours, and build a trustworthy team.
• 💡 Recognize that a business with no decent profit is not a business, it's a job. Encourage clients to prioritize profit and maintain financial discipline.
• 🌟 Improve your client's team performance, as the team's effectiveness directly contributes to the success of the business.
• 🔮 Establish a clear, long-term vision for the business to avoid falling into the trap of short-term chaos.
• 📜 Keep the business strategy simple and concise, fitting it onto a single page for clarity and retention.
• 🔄 Focus on repeatable systems rather than trends for sustainable business growth.
• 📊 Measure what matters to avoid getting lost in the sea of data. Identify key metrics that help make decisions.
• 🛠 Work on the business, not just in it. Strive to create a system where the founder is not required in the day-to-day operations.
• 📈 Develop a simple marketing plan that the team can commit to and execute without getting overwhelmed.
• 🎯 Coach the person and consult the problem. Build a strong team and solve problems using tested methods to create a high-value, high-profit organization.

Q & A

What is the speaker's background in relation to coaching and business?

The speaker started with average academic performance and a low-paying sales job but went on to establish a multi-million dollar coaching practice and one of the largest coach training platforms in the world.

What is the significance of making a significant income from coaching contracts?

Making a significant income from coaching contracts indicates that the coach is effectively meeting the needs of their clients, helping them achieve their business goals and desires.

What are the four primary desires of a business owner at a stage where they are making a substantial profit?

The four primary desires are: 1) to make more money, 2) to have a greater impact on humanity and culture, 3) to work fewer hours and only do enjoyable work, and 4) to build a trustworthy team.

How does the first principle of coaching for high profit relate to the founder's relationship with their business?

The first principle emphasizes that without a decent profit, a founder is not running a business but rather has a job. It highlights the importance of financial discipline and profitability to maintain passion and love for one's business.

What book is recommended for understanding the importance of team performance in business?

The book 'Five Dysfunctions of a Team' is recommended for learning how to build a high-performing team that can significantly contribute to a business's success.

Why is having a long-term vision crucial for business success?

A long-term vision is essential because it provides clarity and direction, preventing founders from getting lost in the chaos of short-term issues and ensuring the business continues to grow and develop valuable assets over time.

What should a business strategy be like to be effective?

An effective business strategy should be simple enough to fit on a single page, ensuring it is clear and memorable, allowing the business to stay focused on its core objectives without getting overwhelmed by complexity.

How does the principle of replicability affect the scalability of a business?

For a business to scale effectively, it must be built on repeatable systems rather than trends. This ensures that the business can grow without relying on fads and can consistently deliver results.

What is the importance of focusing on meaningful data in a growing business?

Focusing on meaningful data is crucial because as a business grows, it accumulates vast amounts of information. Concentrating on the data that matters helps make informed decisions and avoids getting lost in irrelevant details.

What does 'working on your business, not in it' mean for founders?

It means that founders should aim to be in a position where they are not required to be involved in the day-to-day operations. Instead, they should focus on making key decisions and shaping the overall direction of the business.

How should a marketing plan be structured for maximum effectiveness?

A marketing plan should be simple and straightforward, allowing the team to understand, commit to, and execute it effectively. Overly complex plans can lead to confusion and reduced results.

What is the difference between coaching the person and consulting the problem?

Coaching the person involves developing the skills and abilities of the individuals within the organization, while consulting the problem focuses on solving specific issues to create outcomes. Both are necessary for building a high-value, high-profit organization.