No matter where you’re at in your business, you’ll hit challenges and roadblocks stopping you from getting to the next level…
Nothing groundbreaking there…
But unless you’ve invested in high level coaching, it’s unlikely you’ll know exactly what to do to grow.
So, in this week’s newsletter, I’ve got countless strategies for you.
No matter if you’re just getting started… want to hit your first 6 figures… or you want to go from 6 to 7 figures and beyond.
So please keep reading if you’d like strategies and business insights that have generated over $100 million in revenue in just a few years.
How To Start a Coaching/Consulting Business
If you’re been thinking about starting a high ticket business there are a few things you MUST have in place before you even think about marketing and sales.
I’ll assume you already have expertise people would be willing to pay for, because if not, you’ll need to develop that first.
But if you do, then your first step is to identify your niche.
Without complete clarity on who you serve, you’ll never have succinct marketing that speaks to your avatar.
If you need some help defining your niche, then click here >>
And even if you already know your niche, then the video above may help you dive deeper into your niche.
It will pay you to choose a high income niche so you’re selling to people with money, because the riches are in the niches.
How To Develop A Business Plan
Before you start your business it’s wise you have a solid business plan.
I wrote a whole newsletter about how to create a business plan.
The title was Got a biz plan yet?
So, please refer to that newsletter if you’d like an indepth look at creating a business plan.
But in short, your business plan needs an Executive Summary, Marketing Plan, Financial Projections, and you must identify your Strengths, Weaknesses, Opportunities, and Threats.
How To Hit Your First 6 Figures
Assuming you’ve chosen a high income niche and you’re clear on who you serve…
I’ve already mentioned some things that will help you hit 6 figures, but in short these three things will get you to 6 figures fast.
A solid lead generation system >>
Let’s pretend your high ticket program sells for $5K.
You only need 20 sales per year to make $100K.
Which is less than 2 sales per month.
With that in mind you can now work out how many leads you’ll need so you can hit your revenue goals.
If your closing rate is just 10%, so you close one in ten people.
You’ll need 200 leads each year to hit $100K.
Obviously you’ll need more leads if your program is less than $5K and more leads if it’s higher.
But as your closing skill improves you’ll close more clients and make more money.
How To Grow From 6 to Multiple 6 Figures
If you’ve achieved 6 figures in your business, then you’re in a select group of entrepreneurs.
According to the Kauffman Foundation, only 6% of all entrepreneurs ever create a 6 figure business.
Now, 6 figures is great, but if you’re not going forwards you’re going backwards…
So you’re probably wondering, how you can hit multiple 6 figure or even 7 figure status.
Well, there are many things you can do to get there, one of which is creating repeatable revenue streams in your business.
I actually received this exact question from a fan which I answered in my ‘Boss in the Bentley’ series on YouTube.
How To Go From 6 To 7 Figures
Many years ago, I was making multiple 6 figures as a Copywriter and marketing consultant.
Eventually I started coaching people on their businesses and I remember feeling stuck at a 6 figure coaching business.
Sure, I knew I could raise my prices but eventually, I’d still feel stuck, because my mindset around the delivery of my service held me back.
As soon as I put my ego aside, my mindset shifted and I was able to blow past 6 figures and create a 7 figure coaching business.
And in this video I share with you exactly how I did it >>
It’s far simpler than you think, but it will take some personal growth on your part if you’re stuck like I was.
Why Your Greatest Strength Will Become Your Biggest Weakness As You Grow
Unless you can find great employees and team members to work for commission only, you must be very strong at sales and marketing in the early stages of your business.
But as you grow past 7 figures toward 8, less of your time will be invested in sales and marketing.
You’ll have teams to lead and important business decisions to make.
If you’ve always been the strongest at sales and marketing, you’ll need to find people stronger than you if you want to keep growing.
In Closing…
This is a brief overview of what it takes to go from 0 to 8 figures and beyond.
Of course, there is far more to it than that, but no matter which level you’re at there is something here to help you make some headway in your business.
Until next time… go high ticket,
Dan Lok
P.S. – Speaking of scaling, our July S.M.A.R.T. Challenge™ is just months away.
If you’re ready to borrow my business playbook and use the secrets and strategies that have generated over $100 million in sales in just a few years, then the S.M.A.R.T. Challenge™ is for you.
