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.

Outlines

00:00

🚀 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.

05:00

📈 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.

Keywords

💡Six-figure income

Refers to an annual income in the range of $100,000 to $999,999. In the context of the video, it signifies the financial goal that many coaches aspire to achieve through their coaching contracts. The speaker shares their journey from a low-income job to a lucrative coaching practice, highlighting the potential for coaches to significantly increase their earnings.

💡Coaching contract

An agreement between a coach and a client that outlines the services to be provided, often involving personal or business development. In the video, the focus is on the value of such contracts, with the speaker emphasizing how understanding specific principles can lead to securing high-paying coaching contracts.

💡Business growth

The process of expanding a business in terms of revenue, market presence, or size. The video discusses how business owners' primary desires evolve as their business grows, and how coaches can cater to these changing needs to support their clients' growth objectives.

💡Founder's desires

The specific aspirations or goals that drive business owners at different stages of their business development. The video identifies four primary desires: increasing profits, having a positive impact on humanity and culture, working fewer hours and enjoying their work, and building a trustworthy team. Coaches who address these desires can command higher fees for their services.

💡Profit-first mentality

A business approach that prioritizes profit as the primary indicator of success. The speaker suggests that founders should focus on generating a decent profit before taking a salary, which helps maintain a love for the business and ensures financial discipline.

💡Team performance

The collective efficiency and effectiveness of a business's employees. The video underscores the importance of a high-performing team as the 'rocket fuel' for business success. Coaches can enhance their clients' businesses by helping to build and improve team dynamics.

💡Long-term vision

A clear and persistent view of what a business aims to achieve in the future. The speaker advises that founders should have a vivid long-term vision to avoid getting caught up in short-term chaos, which can derail progress and growth.

💡Simplicity in strategy

The practice of keeping business strategies straightforward and easy to understand. The video argues that a strategy should be simple enough to fit on a single page, ensuring that it remains clear and memorable, thus facilitating effective execution.

💡Measurable outcomes

The process of tracking and evaluating specific, tangible results in a business. The speaker emphasizes the importance of focusing on key metrics that matter, rather than getting lost in vast amounts of data, to make informed decisions and drive the business forward.

💡Working on the business

The concept of focusing on the overall structure, systems, and strategic elements of a business, rather than being consumed by day-to-day operations. The video suggests that successful founders should aim to work 'on' the business to make high-level decisions and avoid being trapped 'in' the business doing operational tasks.

💡Marketing plan

A structured approach to promoting and selling a business's products or services. The speaker advises keeping the marketing plan simple to ensure that it is executable by the team, avoiding the common pitfall of overcomplicating marketing efforts, which can lead to diminished results.

💡Coaching and consulting

The dual role of providing guidance and advice to individuals (coaching) and addressing specific issues or challenges within a business (consulting). The video highlights the importance of balancing these two aspects to foster a self-sufficient organization that is not overly dependent on the coach, leading to sustainable success.

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