The Ultimate Guide to Reaching 6 Figures as a Business Coach
Summary
TLDRThe 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.
Outlines
🚀 From $500 to Six Figures: The Journey of a Coach
This paragraph introduces the speaker's background, starting from humble beginnings with average grades and low self-confidence, to building a multi-million dollar coaching practice. It emphasizes the transformation from a low-paying sales job to a successful coach and sets the stage for discussing the principles that can help others achieve similar success in the coaching industry. The speaker highlights the importance of understanding why clients are willing to invest in coaching and outlines the four primary desires of a business owner at a stage where they are making significant profits.
📈 Nine Principles for Six-Figure Coaching Success
In this paragraph, the speaker outlines nine principles crucial for achieving six-figure coaching contracts. The principles range from ensuring a business is profitable and not just a job, to understanding that the client's team performance is key to business success. The speaker emphasizes the importance of having a clear long-term vision, a simple and memorable strategy, avoiding trends in favor of repeatable systems, and focusing on measurable outcomes. Additionally, the speaker stresses the need for business owners to work on their business rather than in it, to have a simple marketing plan, and to balance coaching individuals with consulting on problems to build a high-value, high-profit organization.
Mindmap
Keywords
💡Six-figure income
💡Coaching contract
💡Business growth
💡Founder's desires
💡Profit-first mentality
💡Team performance
💡Long-term vision
💡Simplicity in strategy
💡Measurable outcomes
💡Working on the business
💡Marketing plan
💡Coaching and consulting
Highlights
The speaker has built a multi-million dollar coaching practice and a large coach training platform.
The speaker started with low academic achievements and a low-paying sales job.
The transition from making $500 a month to a $150,000 coaching contract is possible within 10 years.
Business owners are willing to pay high amounts for coaching that addresses their primary desires.
The four primary desires of business owners include making more money, having a positive impact, working fewer hours, and building a trustworthy team.
Coaches should not doubt their ability to deliver results for clients.
The first principle is that without a decent profit, one has a job, not a business.
The second principle emphasizes the importance of team performance in business success.
A clear long-term vision is essential, as explained in the third principle.
The fourth principle advocates for a simple, single-page strategy for clarity and retention.
The fifth principle warns against building a business on trends and instead focuses on repeatable systems.
Measuring what matters is crucial to avoid getting lost in data, as stated in the sixth principle.
The seventh principle is about working on the business, not just in it, to achieve a hands-off approach.
A simple marketing plan is advised in the eighth principle to avoid complexity and distraction.
The ninth and final principle is about coaching individuals and consulting problems to build a high-value organization.
Following these nine principles can lead to six-figure coaching contracts.
The process of achieving a six-figure coaching contract is simple but not easy.
Transcripts
if you actually want to make six figures
in coaching contract here's what you
need to know today I run a multi-million
dollar coaching practice and I built one
of the largest coach training Platforms
in the world ever coach which recently
mered Mine Valley which happens to be
the world's largest personal growth
company but I started as a kid with B's
and C's on his report card and a
confidence of a sloth crossing the
street my first job after school was a
deadend sales job for 500 bucks a month
so what really gets someone to go from
making $500 a month to making
$150,000 in a single coaching contract
in 10 years before we go there first you
need to understand why someone would pay
anyone that kind of money for a few
hours of talking imagine you are a
business and you are doing well the
business may be making a million maybe
$5 million a year you're personally
netting maybe $500,000 to a million
dollar a year in profit what would be
your desire at this stage of your
business what I learned is there are
four primary desires a business owner
has at this stage first is they want to
make more money than they were making
before I mean that's one of the primary
reasons to be in business second they
really love the impact they have on
Humanity culture and they want more of
that third they want to work fewer hours
and only do work that is enjoyable for
them fourth they want to build a team
they can
trust that's it if you can fulfill even
one of these desires any business owner
will pay you pretty nicely if you want
to get paid in six figures of more you
fulfill all four desires most coaches
doubts at this point don't doubt
yourself if I can get these results for
my clients you can too let me show you
how there are nine principles that I
found most helpful in getting these
results for my clients the first
principle if you don't a decent profit
in the business that you get to take
home you don't have a business you have
a job most Founders draw salaries and
profits after expenses that's not how
you stay in love with your business most
Founders don't have the financial
discipline it takes to run a profitable
Venture they will spend the money on
things they don't even need and later
they cringe because their business makes
no profit help your clients decide what
they want to make for first and keep
them accountable for the expenses they
make in their business if you want to
learn more about this idea you should
pick up the book called profit first the
second principle is you can only go as
far as your team's performance your
client's team may or may not be like a
family but they are the rocket fuel for
their business a book to consider
learning from is called five
dysfunctions of a team if you follow the
principles in this book you will help
build a great team for your client
giving them the SU success they seek the
third principle is have a longterm
vision and it needs to be Crystal Clear
if you want to build anything of value
this idea comes from my friend and
author of vivid Vision Cameron Harold
Founders often start doing everything in
their business as their business grows
it happens because they lose sight of
the long-term possibility of their
business they fall for the Trap of
short-term chaos if we can re-engage
them in long-term thinking the short
chaos falls apart the fourth principle
your strategy for a business needs to be
simple enough that it is clear and fits
in a single page why a single page
because it is all you will remember
after a strategy meeting I have been to
enough strategy meetings to know two
truths about them firstly there too many
ideas and secondly no one remembers the
output if the output is too complex a
single page strategic plan is all that a
business needs if you want to learn more
about this idea you should pick up the
book called mastering the Rockefeller
habits the fifth principle if you can
replicate it you can't scale it so just
don't do it see there's always going to
be a trend that you can follow great
businesses are not built on Trends
they're built on repeatable systems if
you can do the thing and get a similar
result every single time don't even
bother doing it a fantastic book to take
a deep dive on this idea is built to
sell the sixth principle is that if you
don't measure what matters you will get
lost in data as the business grows you
will have more and more information
coming at you you can get lost very lost
in the sea of data most of that data is
actually meaningless you only one data
that helps you make a decision if you
want to learn more about what to measure
in a business there's a great book
around that and it's called measure what
matters the seventh principle is work on
your business not in it the founders
goal should always be to not be in the
organizational structure they shouldn't
be required to do anything most
successful Founders are the ones who can
exit their organizational structure and
do the most important things and that
are making decisions they're working on
the business not in the business a
phenomenal book to read around that is
called the eth the eighth principle is
have a marketing plan and please keep it
simple marketing has so many moving
pieces and it becomes complicated very
quickly businesses want to be
omnipresent it often distracts them it's
more noise and more noise leads to less
results first make a marketing plan
you'll be surprised to know how many
businesses don't then make the marketing
plan simple enough that the team can
commit to it and execute it I didn't
find a book that does a great job of
explaining this but a decent one to read
on this is called the onepage marketing
plan and then comes the ninth and the
final principle and that is coach the
person and consult the problem you and
the leaders of the company you coach
need to understand this if you only
solve problems in your business you will
end up with an organization that is
always dependent on you you coach the
people in the organization and you build
a group of extraordinary people running
the organization you also consult the
problems using tested ways to create
outcomes for the organization you need
to do both to build a high value
high-profit organization when you follow
all of these nine principles you are
rewarded with six figure coaching
contracts like business getting sixf
figure coaching contract is not
complicated it's simple it's not easy
but it's fairly simple of these nine
principles which are the principles that
you are already following and which are
the principles that you would like to
include in your business coaching
practice share with me in the comment
section below
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