Is it finally time to scale your business?
You’ve been examining your spreadsheets, analyzing your revenue and doing a lot of deep thinking. Everything is now in place – your profits, your team, and your peace of mind. But for a business owner who has never done so before, there is a lot to keep in mind. Here are a few useful tips on how you can successfully scale your business, and do it fast.
Stop Working In Your Business, And Start Working On It
As a coach or consultant, you are a busy person. You provide your clients with mentoring, personal coaching, 1 on 1 time, and listen to their problems and provide them with solutions. That all takes time.
For example, a fitness coach who is making 10K a month offering 1 on 1 training sessions with clients probably has a system already in place. His prospects could be sending him an email asking for more information. He has to reply to that email, and schedule a time to talk with them. Once they’re on a call together, he talks about how he can help the prospect achieve their fitness goals. And after a lengthy discussion about price and what they can expect, the 1 on 1 training begins.
However, this current business system does not allow him to scale. Assuming this fitness coach is making 10K a month but has his day to day schedule already 80% full, it is next to impossible to take on the number of clients needed to scale to 20K, 50K or even 100K. The easiest way to solve this issue, is to get some help. Hire a team you can delegate tasks to, so you as the business owner have more time to focus on growing your business. You can hire a support team to manage the emails. A team of closers to talk with your prospects and convert them into clients. And a few other coaches who are just as passionate as you are about personal training, to mentor your clients.
Now you have the time to think about how to scale your business, because you aren’t preoccupied trying to do everything yourself. And because you aren’t the only coach in your business, you can take on more clients – allowing you to hit 20K, 50K or even 100K with ease.
Manage Your Expenses And Automate Tedious Processes
As your business grows, so do your expenses. To maximize your revenue and profits, automate as much as you can in your business. This could mean investing money into software, that helps you automate tasks so you have more time.
For example, the team members within my own organization are extremely busy people. For them to send emails to one another and see what is done and what isn’t, would waste a lot of time and result in chaos. That’s why we have a task management system that allows them to see what tasks are done and what’s next with just a glance. This speeds up the entire process within the organization, allowing everyone to stay organized and make the most of their time by being productive.
As a coach, think about what you can automate in your business. Do you go back and forth with your client over what time would work for both of you? You can save time by investing in software that schedules appointments for you, and use that time to take on more clients. Remember that every minute is crucial – add them up over the span of a month, and you’ll see just how much time you spend on trivial tasks that could be automated.
Leverage Your Money Mindset To Create More Money
Scaling your business requires a different mindset in order to succeed. As a coach or consultant, your initial focus is on getting clients to generate revenue. And to do that, you trade your time and energy for dollars.
However, when it comes to scaling your business, trading your time for money is no longer feasible. You only have so many hours in a day. If you continue to trade a limited resource – your time, to obtain more revenue, eventually you will run out of it. Instead, of trading your time for money, think of how you can use your mind to create wealth instead. The best way to do that, is to leverage the second most important resource you have to do so. Use the money you currently have, to help you generate even more.
This could mean putting out more social media ads. Or partnering up with an influencer to get them to promote your services, and paying them a fee to use their name and reputation. In the world of business, it is necessary to spend money to make money. The only way to scale is to grow your business, and in order to grow your business, you need more leads and more prospects. Instead of having a saving mindset and trying to salvage every dollar, focus on making more money. The potential prospects that are interested in your services, will provide you with a much larger return on your investment.
Focus Exclusively On High Ticket Clients To Do Less Work And Make More Money
Let me ask you a question: Would you prefer to work with one client and charge them $10,000, or work with 100 clients and charge them $100? If you’re looking to scale, you need to think about selling high ticket.
That means raising the rate and standards of your service, to accommodate a prospect that is willing to pay more. Because you are looking to scale your business, time is your most important asset. You need to focus on how to maximize your time, while maintaining or increasing the amount of revenue you generate. The best way to do that is to increase your prices.
“But Dan, there’s no way my clients will pay me 10X more for the service I’m charging!”
And that is true. Which means there are two options that you have:
- Increase the value that you are providing OR
- Hand the cheaper clients over to your support staff
You don’t want to reject the prospects that want to work with you. If your prospects aren’t willing to pay the premium prices that you are charging, you can hand them over to your team members.
When I was just starting out as an entrepreneur, I worked under my copywriting mentor Alan. Alan was a busy man with many clients, who charged premium prices because his copywriting skill was in demand. When he encountered clients who weren’t willing to pay his prices, he handed them over to me instead, who charged a lower price. Instead of the customer being charged $4,000 for a sales page, they would be charged only $1,500 because I was less experienced but still knew how to write copy.
By leveraging your team members, you can cater to both types of customers, without losing potential customers.
Find And Recruit Passionate Entrepreneurs To Scale Your Business On Autopilot
If you are looking to scale your business fast, a team member with an employee mindset will probably not be of much help. An employee who is looking for a 9-5 job is interested in only one thing: doing the least amount of work possible and collecting their paycheque. These people have their roles when it comes to scaling a business, but the majority of your team should be passionate entrepreneurs.
Passionate entrepreneurs are less focused on their salary, and more focused on what they can become. These are the kind of people that are willing to go above and beyond to help you grow your business, because they understand that your success is their success as well. To attract more entrepreneurs into your business, whether you are a coach or consultant, is to treat them like one. Give them incentive to perform and give you 110% of their time, energy and work ethic.
For example, in my own organization, many members of the team are trained as High Ticket Closers. High Ticket Closers are salespeople that companies hire to be on their sales team to help them close deals. However, the difference between High Ticket Closers and traditional salespeople, is that High Ticket Closers close completely on a commission basis. They understand that if they don’t close, they don’t eat. This motivates them to go above and beyond what a traditional salesperson on a salary would do. The more deals these High Ticket Closers close, the more revenue they generate for the company and the more commissions they collect. As the company grows, so do they – being able to close better and better deals and generating more and more revenue.
Provide a culture in your business to influence your team members to become passionate entrepreneurs. They’ll help you grow and succeed fast – and benefit from doing so as well. It’s a win-win situation for everyone involved.
Go From 1:1 Coaching To Group Coaching And Create A Community Of Like Minded Individuals
Another good way to scale your business as a coach or consultant is to do group coaching. Group coaching allows you to spend the same amount of your time helping many people at once. Instead of restricting yourself to just one person at a time, you can deliver the same value and expertise to a group of them all at once.
There are also certain benefits that help your business by opting to do group coaching over 1 on 1 coaching. In a group environment, people are more motivated to do their best. There’s a sense of unity in having a group of like minded people all aiming to achieve the same goal. That gives them motivation to try harder, knowing that there are others that think and share the same mindset.
For consultants, group consulting allows you to answer common questions by just addressing them once. For general questions, the likelihood that there will be other people who have the same question is very high. Instead of answering the same question over and over, you can provide your expertise to everyone.
Going from individual consulting or coaching to a group dynamic is very beneficial. A group of like minded individuals allows you to create a vibrant community of people who are passionate about what they do. Studies show that a community of people are able to learn faster, and are also less likely to drop out or become demotivated. A group dynamic allows people to get together to brainstorm and share ideas – speeding up the learning and results process by sharing what they’ve learned. By sharing breakthroughs, wins, and life events, it allows individuals in that community to achieve their goals much faster – allowing you to scale faster as well.
Create Online Courses and Programs To Cater To A Larger Audience
Most coaches and consultants can’t scale as fast as they’d like because they don’t make use of technology. In today’s world, people are getting more comfortable with how technology works and its ability to connect anyone to anyone around the world. That means as a coach or consultant, you can provide your service to anyone around the world.
Instead of limiting your client base to just locals in your city, provide it to the entire world. For people that are looking for a nutritionist or struggling to lose weight, they need an expert who can help them. However, the area they live in may not be able to provide them with that expertise. But as a coach or consultant, you have that expertise – the only problem is you live thousands of miles away from them. The solution, is to leverage technology, hop on a voice call, and share your expertise with them.
Creating online courses is another strategy of helping people internationally. Instead of limiting your services to just 1 on 1 personal coaching, you can provide them with an online program that does the same thing. Doing so also allows you to scale very fast, because there is nothing that bottlenecks your business. The majority of the work involves recording the video, uploading it and making sure it contains valuable content to your audience. Once that is all set up, all that’s left is to let people know about it.
The Secret Behind Why Online Business Models Trump Every Other Type
Because of how powerful technology is, more and more business owners are shifting to an online business model. Online businesses have drastically lower expenses than traditional businesses, because there is barely any overhead.
Compared to a traditional brick and mortar business, you have to take into account numerous expenses such as rent, utilities, inventory, storage, transportation and more. However, with an online business model, most of that is already taken care of for you. The biggest expenses you have to deal with, involve how you market yourself and your business.
Scaling a business that is online is also drastically easier and faster than a traditional business. Again, since everything is hosted online, all you need to do is leverage technology to help you scale your business model that relies on nothing but technology. If you need more storage space, simply upgrade your domain to a better plan – and it’s ready to go. Having an online business model allows you to bypass many of the obstacles traditional brick and mortar businesses run into when they try to scale.
As a coach or consultant, leveraging technology to turn your business into an online business can be very beneficial. An online business model effectively reduces your expenses by at least half – saving you money and allowing you to scale with ease. As a result, an online business is one of the most scalable business models to exist today.
The Secret System To Scale Your Coaching Business To 6-7+ Figures Online
Scaling your business should not be difficult. For traditional brick and mortar businesses, it is much more complicated as there are many things to take into account. However, coaches and consultants are sought out for their most valuable asset – their knowledge and expertise.
Sharing that knowledge is not restricted to a physical office or company building. Everything that you need to make your business a success, can be found in your head. The information and experience you have is valuable to the marketplace. And with more and more people embracing technology and what it can do, many more coaches and consultants are turning to the online world to start their businesses.
By doing the opposite of what most coaches do, you can scale your business quickly and easily. Inside the High Ticket Influencer Program, you will get access to our secret videos and guides, on how you can use the same systems and strategies that I used to grow my business, to grow your own coaching business too. If you are interested in scaling your coaching business to hit 6 or even 7+ figures online, click here to discover the High Ticket Influencer Program now.