I saw a comment in my Facebook Group, The Profitable Coaching Business and it made me think of something I'm seeing happen with a lot of coaches.
It's a problem actually – and I believe it has something to do with why many coaches end up quitting their business or spend years trying to reach their 6-figure dream business and almost never do.
It's the decision as to when to start scaling your business.
And what I mean by scale is…
…when to start adding more income streams to your business so you can create more income and have more flexibility in your business.
What many coaches don't realize is that you cannot jump into scaling your business until you've built your solid foundation.
I'm seeing way too many coaches put the cart before the horse in that they start scaling with more streams of income before their business is on stable financial ground.
So in an attempt to make it to 6-figures – they add more streams of income to their business – multiple coaching programs, private programs, group programs, VIP Days, courses, masterminds and more.
Quite often I'll see a coach who's barely making money in their business decide to create an online course or membership program thinking that this will take them to 6-figures quickly – or at least be one of the revenue streams that helps get them there.
They do the math – count up the revenue they think they'll be making and get to work.
But what they don't realize is what it takes to have an online business that will support either of those options – the sales funnel, the marketing, the Facebook Ads, the copywriting, the autoresponders, the online shopping cart – and so on.
The point I'm making is this – if you're at a stage in your business where you don't have to worry about income coming in quickly and have a team that can support you with the things you don't know how to or have time to do….then creating a course or membership program can be a great way to help you reach your next stage of income and help you scale your business.
But the real question here is when should you start scaling? When should you move away from taking 1:1 clients and add more income streams?
The answer is simple – as soon as you've reached financial consistency month after month.
What should you do or have in place in your coaching business before you begin scaling?
- A marketing system that works – one that helps you bring in clients consistently every single month
- A sales system that works – before you move on to other streams of income, you must learn how to sell. The best way to get better at selling your future courses and from the stage is to master having sales conversations.
- A team (or at least one Virtual Assistant)- scaling requires splitting your time, delegating, taking on new projects – but you don't want to leave what's working to start something new. Having a team will allow you to scale faster.]
- A signature process that works – too many coaches create a course hoping it will sell but haven't even identified their signature system. Knowing and having your signature system is the financial backbone to your business. Once you have it you can add on other streams of income when you're ready.
How do I know all this? I did everything wrong on the way to my first 6-figure year. When I discovered what wasn't working I fixed it using a process I call my Scale to Six Method(TM), a 3-part process to reach 6-figures and beyond.
What's the Scale to Six Method(TM)– I'm teaching the entire system at my upcoming 3-day live event, The Scale to Six Event(TM) this October 17-19, 2018 in Providence, Rhode Island.
If you're a coach doing transformational work for others and wants to achieve a 6-figure business or you're nearing your first 6-figures but not sure exactly how to get there OR you're at 6-figures and want to scale even further…, join me at The Scale to Six Event(TM) – I'll show you the method to 6-figures and beyond.
This event is limited to 60 guests and seats fill quickly – don't miss your just to attend!
Now I'd love to hear from you – what came up for you when reading this post? What else would you like to know about scaling your business to 6-figures and beyond? Let me know in the comments below.