- FREE DOWNLOAD - The Impact Formula Framework: Scale Your Business from $0 to $250K -

The 5 Keys to Scaling A Business

Nov 25, 2018

The mind is a powerful thing. It can either work for you and against you.

If you're finding yourself in inaction or not taking full advantage of the resources available to you then I encourage examining your thoughts and beliefs.

What are your thoughts?
What are your beliefs?
Who do you believe you are?

Remember to be kind to yourself while asking yourself these questions.

You have full control over both these things. Even if you might not think you do. And these beliefs are crucial for you to scale your business.

Today I want to share with you the 5 beliefs that are key to scaling a business.

How To Build A Successful Coaching Business

Time is a funny thing. We seem to have time for some things and not for others. The first belief you need to change in order to be successful is...

1. I have more than enough time for everything that I want to do.

This is always true. Right now it may feel like you don't have any other options. But let me ask you a question.

Is it important to pick up your children from school? Are you doing that?

If that is something that is important to you and something you want to do then it becomes non negotiable to you.

“I’m not going to pick up my kids today because i have no time” is not an option for many parents.

When we give ourselves the option of whether or not we are committed to something then that's when we suddenly don't have time for it. Look at your business, find out what you've committed to, and what things are non negotiable to you. It’s a very different mindset, it serves your business and serves you more long term.

This came up in one of my coaching calls and I told my client that “You don't have to be disciplined about everything, only the things you care about long term” In order to make those changes it just takes the commitment of the small incremental things you're going to do every single day.

Ask yourself “How can I commit 100% as this is a non negotiable and make time for the things that are important to me?” So the things you truly want to do, you need to stop wanting to do them and actually go do them. You need to commit 110% to getting that result. Take those small steps in order to get to where you want to go.

Essentials To Create A Six Figure Coaching Business

One on one coaching can only take you so far in your business. If you want to reach six figures then you must be able to provide group coaching.

2. Group programs provide more value and more transformation than one on one coaching alone.

You may have not agreed with the statement up until this point. But I want to show you what I've seen running group programs, even multiple group programs at once. It took me seeing this evidence so I could believe this fully myself.

I was doing a one on one, 90 min intensive with one of my clients. She was really struggling with messaging, her message was off and we went to reevaluate it. Her messaging was bringing her clients who were unqualified to work with her and unwilling to invest. It was causing more work and investment on her side and not bringing any ROI for her.

She invested in Facebook ads and lots of different things, but the audience wasn’t willing to invest and she essentially got stuck.

This was her one on one session with me. But she also proceeded to purchase a group program after that.

The very first session, she was on the call and saw another person was having a similar problem to her own. The way she was thinking about niching was the same way that this person whom I was coaching at the time was thinking about niching.

When she saw it in another person's business like a lightbulb went off.

That person recommended that she do not use that as the target audience. Not only that but another person who had been absent during the call but was in the Facebook group also agreed that she shouldn’t use that target audience.

Not only did she have me telling her that it wasn't a good idea and the market wasn't going to be profitable for her but she had the proof of two other people tell her the same thing. She had the Experience of seeing someone else using the same premise she was using and not agreeing with it.

Mindset Challenges Of Scaling A Business

Everyone comes to a certain point in their business when it comes to money and it stops them dead in their tracks. But you need to get over the mental block if you want to really scale up.

3. The more money I make the more of a difference I can make.

There comes a point in your business when you say you’re making good money and you start to wonder…

Am I being selfish?
Am I asking for too much?
This is something I deserve?
Maybe I earned this money and it was a fluke. (I hear that a lot!)

You start questioning yourself.

The more money you make, and the more consistent recurring revenue you make means the more people you’re helping in your programs. You're able to help even more people because you can invest more into your business.

I have a client and she was making pretty good money. She made about 10 -15k a month. However she was struggling with asking for the next level, 20 - 30k a month.

So I asked her “Could your business use that?”, “Could your business use that revenue?”

When you want to go to that never level you don't necessarily need to pay yourself more.

Don’t get me wrong. It’s Important to pay yourself, and it’s important that the way you’re spending your money in your company is to grow the business. This is huge and crucial as you scale your business.

When you get to the point you're financially covered and don’t need more money ask yourself a few questions...

Could your company use more?
Are there people that you could be helping if you were to invest that money into advertising? Therefore helping more people

I’m not talking about donating money to charity. Although you can and that’s good too. Many people do decide that they have enough and would like to support another cause.

If your getting to that place where you’re questioning whether you can receive more money then I encourage you to ask yourself how you can use that money to make a bigger impact vs thinking its selfish

And the more money you’re making, the more you’re able to show up for your clients. It allows you a level of freedom when you start investing in services. Think like a nanny or a housekeeper, etc. You can show up more for your clients because you don’t have to worry about the other things as much.

There is zero shame, guilt, or greediness when you ask for money because it allows you to live out your full potential, and serve more people.

How To Scale A Coaching Business

Here are the two biggest things that will help you scale towards six figures.

4. Hiring support generates more money for them for my clients and for my business - everybody wins.

This was hard for me. I hired teams but wasn't fully invested emotionally, mentally, physically into managing them. I kind of wanted them to come and do their thing over there while I do my thing over here.

That’s not how it works.

I hired all these people hoping they do all the things but it wasn’t working well. I had to change how I showed up in that relationship as a boss.

Realize that every dollar I spent was actually an investment for myself, my business and my clients. I brought someone on-board for the sole purpose to do customer service for our group program. Things like doing the accountability call, knowing where things are in the members area and ensuring people can find what they’re looking for.

5. I run a coaching company not an online business.

When I was doing my online business before I was doing one on one coaching, marketing, blogging, and managing a Facebook group. I felt more like an online marketer and really wasn’t stepping into the CEO role. I had a virtual assistant but it was really a part time relationship and very different from the team I have now.

This is a coaching company.

An online business is more solopreneur life. However with a coaching company I can use all the knowledge from my time in the corporate world. I can go hire, go bigger, advertise, delegate more.

I can do things from the place of being a CEO.

All these shifts happened when I started stepping into my role of CEO of the company rather than being an online business owner.

As a result everything up-leveled. I 3x my income of consistent recurring revenue. My team is productive, and aren’t just waiting around for me to give orders. They sell for me.

Group programs provide you with the best opportunity to scale your business further than you could ever do running only one on one.

I know, that's easier said than done.

I have completed a checklist of the most essential things you need to have in place when launching your group program.

Don’t miss a step by following this checklist and scale your business in a sustainable way. Get the Ultimate Group Coaching Launch Checklist Here.

 

Related Episodes for The 5 Keys to Scaling A Business: