I was on a coaching call the other day with a client. She was telling me about how only so much of her audience is engaged. I asked her..
What if all those people were to buy tomorrow? Would you be able to service them right now?
Her answer was no.
This is a very common, and normal problem. We’re so focused on where we are now that we’re not building a business that can hold the number of clients we want to bring on.
Part of this is a little bit of a scarcity mindset because we think that this isn't working. We’re looking for problems based on where we currently are.
This is what I see and this is why the income is so inconsistent. They don't have the things I’m going to mention here. I want to show you how to create more sustainability in your business.
First things first, you need to have infrastructure in place.
What I mean by infrastructure is how your business is set up and is it sustainable.
If you get a client today, tomorrow, or next month, are you starting back at square one every time?
If you don't have a consistent recurring revenue stream this is what is going to end up happening. You're going to need to bring more sales in and that once the clients leave you’re going to back at square one and need to build that back up.
You’re building your business in a way that isn’t sustainable.
What are my programs? What are my packages? Do I have programs that bring me money every single month? Or am I just hoping and wishing for that next month of income?
It's considerably easier to raise your income a bit at a time instead of starting back at square one and doing all that work every single time.
Not only in the way your programs are structured, but the tiers, the ladder effect of what the programs are, the drop off rate, everything. Churn, customer retention, customer lifetime value, there's a lot of things I look at when it comes to infrastructure.
For example, if you’re thinking of running a group coaching program? You may want to check out our Ultimate Group Coaching checklist.
Imagine having a bucket full of holes and trying to fill it to the top. Just thinking that as long as we get more and more sales we’ll make more money. Assess your business and look at that infrastructure to know where the holes are.
There are so many systems that go into a business to make sure that every single bit of it is working as effectively as humanly possible.
One of the first ones that come to mind if you’re struggling with consistent income is a sales process that is predictable, scalable, transferable, and can run on automation. Do you have a sales system that doesn't need your help all the time? If not, this is the first system you need to implement in your business. A sales system can also lead into your group coaching program. Learn more about that by downloading our Ultimate Group Coaching checklist.
Other systems include stuff like onboarding clients, onboarding team members, servicing them, etc.
You can only build one system at a time. Every quarter my goal is to focus on one system for the business.
Sometimes we’re trying to reinvent the wheel. Every time the new clients come in they need to get this specific thing and it's automatic then you can go to the next level. Create a system for this.
Too often I see burnt out coaches that are having trouble with consistent income is not having a system for this. They get caught up in onboarding their clients and finding out what's going on with them, serving them. The next thing you know, their contract is ending and you have no new leads. Now your back at square one, you need to warm up your leads to lead them to the sale and it's even more work.
These systems are critical to having consistent income. It's not just about the sales, but what happens throughout the process.
How are you managing money to create more money? Every single dollar you make, you want to allocate some of that for advertising and marketing your business.
This is how you continue to grow.
I am not saying throw all your money at FB ads, or gamble it away. We need to be very strategic and methodical about each dollar and make sure we’re investing it in the sales process and the pieces that are going to make us the highest ROI.
Think of your business as a giant table, it's a certain size but you have just a tiny table cloth to work with.
What I'm trying to say is that the tablecloth is just you, maybe a VA. And she doesn’t have the responsibility at the level of Key Performance Indicators (KPI) and that kind of responsibility, just task orientation. All the strategy falls on you, all the creativity falls on you, all the management falls on you.
There is a big difference between having a team that is responsible for KPIs vs task managers. It's exponentially more exhausting to have a million task managers and so much easier to run your team based on KPIs that you care about.
So you're operating with a tiny table cloth, so what happens?
New clients come in and you need to service them. A part of the table gets exposed, and when you move to cover it another part gets exposed. You don't have the bandwidth to cover the table.
There are so many ways to overcome this. You don't need to spend all your money hiring a team in order to achieve this. You can do this no matter where you are in your business, whether you are just starting out or you have a multiple 6 figure business already.
It's about how you lead, and really knowing the metrics and how you want to run your team. Stepping up yourself as a leader and their roles and how they’re showing up. This is the key difference I've learned over the years.
You want to lead a team of leaders that are then going to be responsible for metrics that you want so that not all of the responsibility is not on you. It's on everybody as a team working together.
Once you’re able to create that sustainability in your business you really start to scale it up. One of the best ways to scale your business is through the use of a group coaching program. However launching a group program requires a bit more attention than your standard one on one coaching. Don’t worry, I’ve compiled a FREE list of the most essential things you need to do to make sure your group program launch is a success. I call it the Ultimate Group Coaching Launch Checklist.