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Break Out of The Same Revenue You Have Been Having
Scaling your coaching or consulting business to seven figures is not an easy feat, but it’s definitely possible. However, there are several warning signs that you need to be aware of, indicating that you’re not set up to scale. In this article, I’ll cover the seven warning signs that your business is not set up to scale to seven figures, and what you can do about them.
Taking on More Clients
Having a full list of clients is great, but it can also be a warning sign that your business is not set up to scale to seven figures.
If you’re unable to take on any more clients, you’re limiting your revenue potential.
This means that if a potential client with a large budget came to you, you wouldn’t be able to take them on. This is a huge loss of revenue.
To address this issue, you need to transform your strategy. Many coaches and consultants who come to me are severely undercharging. You could start with raising prices for your services and reduce your workload using 1:many instead of 1:1 to free up your time. By doing this, you’ll be able to accept more clients and ultimately cross the seven-figure mark.
Going Beyond Referral Based
Referrals are great, but they’re not enough to scale a business to seven figures. While referrals are a testament to the great work you’re doing, they’re not consistent or predictable. You don’t know when the next referral will come along, which means you have little control over the amount of revenue you’re making each month.
To scale your business to seven figures, you need to have systems in place that allow you to have control and influence over the number of leads coming into your business. This will help you to create consistency and predictability in your revenue. Since you are relying on referrals, you’re probably not investing in marketing, you’re not set up to scale your business to seven figures.
Marketing is essential for generating leads and creating awareness for your business.
Many coaches and consultants came to me with no clear idea of their marketing. One of the reasons is that you haven’t niched down enough. Many coaches and Consultants make the mistake of trying to serve everyone. They believe that by offering a broad range of services, they’ll be able to attract more clients and make more money. The reality is that it’s hard to be an expert in everything, and when you try to serve everyone, you end up serving no one.
To scale to 7 figures, you need to have a clearly defined niche and target market. This allows you to become an expert in your field, build a strong brand, and attract high-quality clients who are willing to pay a premium for your services.
It’s important to remember that niching down doesn’t mean you’re limiting your business.
It actually allows you to focus your efforts and resources on a specific area, which ultimately leads to more growth and success.
This could also mean you have not established yourself as an authority in your niche. It’s essential to establish yourself as an authority in your niche to scale to 7 figures. If people don’t see you as an expert in your field, they’re not going to trust you enough to buy from you. This is where content creation and social media presence comes in.
You need to have a consistent content strategy in place that showcases your expertise and helps build trust with your audience.
Whether it’s through blog posts, podcasts, videos, or social media, you need to show up and provide value to your audience on a regular basis. This will help establish you as an authority and increase your chances of attracting more clients and scaling your business to 7 figures.
Do Less to Make More
If you’re exhausted and on the verge of burnout, you’re not set up to scale your business to seven figures. If you’re working insane amounts of hours, not taking time off, and not taking care of yourself, you’ll struggle to scale to seven figures without burning out. To address this issue, you need to make fundamental shifts in your strategy.
You need to find a way to do more without working harder.
This might mean outsourcing some tasks, delegating responsibilities, or creating a more efficient workflow. By doing this, you’ll be able to reclaim your time and scale your business to seven figures without burning out.
You need to also automate a strategic sales funnel. Without it, you’re not set up to scale your business to seven figures. A sales funnel is a system that takes a potential customer through a journey from awareness to conversion. Without a highly converting sales funnel, you’ll struggle to generate leads and convert them into paying customers.
To create a sales funnel, you need to have a lead magnet, a landing page, an email sequence, and a sales page. By having these elements in place, you’ll be able to create an automated system that consistently generates leads and converts them into paying customers without you having to manually do each step.
Just like my client Michele, a business coach who was stuck in the low six figures. She came to me completely exhausted. She tried so many things and she knew that she could no longer influence income because she had nothing left to give. She came to me with 1 fundamental question: how do I do more without working any harder. We transformed her entire business strategy and that only did she reclaim her time, she scaled to 7 figures. You can read her entire case study here.
I had a client who was capped at around $700,000 when he hired me. He wanted to make 7 figures but he just didn’t have the time. He literally could not take on any new clients. He’s now charging a lot more money and was able to reduce his workload in half for the same amount of revenue. The best part? He’s able to take on more clients and cross the 7 figure mark.
Build Your Systems
As a business owner, it’s essential to have systems in place that will support the growth and expansion of your business. Unfortunately, many coaches and consultants overlook the importance of systems, which can ultimately hinder their ability to scale their business to the seven-figure mark.
The lack of systems is a warning sign that your business is not set up to scale to seven figures. While some coaches and consultants may have some systems in place, they may not be the right ones for their business. On the other hand, some may not have any systems at all, which means they need to roll up their sleeves and build them from scratch.
Building out the right systems is essential for crossing the seven-figure mark.
Marketing systems, sales systems, client management systems, and operations are all critical components that need to be in place to support the growth of your business. While building out these systems may seem overwhelming, it’s a necessary step to becoming a successful seven-figure business owner. Implementing these systems can revolutionize your business.
With the right systems in place, you’ll be able to grow your authority, attract more clients, serve your existing clients better, and have better communication with your clients and team.
Your business will run like a well-oiled machine, and you’ll be able to grow fast.
As James Clear, author of Atomic Habits, says, “You do not rise to the level of your goals, you fall to the level of your systems.” This is why building systems is a crucial aspect of getting your business ready to scale to seven figures. By focusing on creating and implementing the right systems, you’ll be setting yourself up for long-term success.
Don’t be Your Own Bottleneck
Many coaches and consultants dream of scaling their business to seven figures and beyond, but there is one major obstacle that can prevent this from happening – being stuck at the center of their business. If you are wearing all the hats and doing everything from coaching to sales to project management, you simply cannot scale your business. This is a common mistake that many coaches and consultants make – trying to control every aspect of their business.
The truth is, you cannot do everything and do it well.
You have your zone of genius, and there are things that other people can do better than you. Trying to do everything alone will only lead to burnout and ultimately hold you back from scaling your business. This is why it’s crucial to get the right team members in place.
It’s time to take a step back and assess how you can get out of the center of your business. The first step is to identify your zone of genius and delegate or outsource everything else. This will free up your time and energy to focus on your highest value activities, such as coaching, developing new products or services, or building relationships with clients and partners.
The next step is to build a team that can support you in your business growth. This can be challenging, but it’s essential to your success. You need to find people who are skilled, reliable, and aligned with your values and vision. This can include virtual assistants, project managers, marketing specialists, salespeople, and more.
To fund the hiring of the right team members, you need to create a strategy to generate cash flow in your business.
This can include raising your prices, creating new offers, or improving your marketing and sales processes. Once you have a steady stream of income coming in, you can start investing in your team and building the systems and processes that will enable you to scale your business to seven figures and beyond.
Just like my client Chuck, a healthcare consultant. Through our strategies he quickly started generating six figure months and that gave him the cashflow he needed to hire his team and rapidly scale his business.
Create a One-to-Many Offer
Scaling a business to seven figures is a dream that many entrepreneurs strive to achieve.
However, it’s not an easy feat, and there are many mistakes that can be made along the way. One of the most significant mistakes is not having a one-to-many offer in place.
First, let’s define what a one-to-many offer is. It’s a product or service that can be sold to multiple people at once, such as a group coaching program, a workshop, or a mastermind. These offers allow you to serve more clients at once, which can significantly increase your revenue without requiring more of your time.
Having a scalable one-to-many offer is essential for coaches and consultants who want to scale their business to 7 figures. While one-on-one coaching can be great for establishing a strong foundation and building relationships with clients, relying solely on this model can be exhausting and time-consuming. In order to truly grow and scale your business, you need to have a scalable one-to-many offer that allows you to serve multiple clients at once and frees up your time to focus on other aspects of your business.
The benefits of a one-to-many offer are numerous. Firstly, it allows you to serve more clients at once, which means you can generate more revenue without having to work more hours. This is essential for scaling your business and reaching the 7-figure mark. Secondly, it frees up your time and energy, as you are not constantly talking with individual clients throughout the day. This gives you the space and energy to focus on other aspects of your business, such as marketing, sales, and strategy. Finally, a one-to-many offer allows you to establish yourself as an authority in your niche, as you are able to serve a larger number of clients and have a greater impact.
Break Out of The Same Revenue You Have Been Having
You need to be constantly learning and improving your skills to stay ahead of the competition and provide the best possible service to your clients. This could mean attending conferences, taking courses, hiring a mentor or coach, or investing in new tools or technology. It’s also important to invest in your business by outsourcing tasks that don’t directly generate revenue, such as administrative work. This allows you to focus on the high-value activities that will drive your business forward and help you scale to 7 figures.
By staying focused on your long-term goals, investing in yourself and your business, and making strategic decisions, you can build a business that not only supports you financially, but also allows you to make a positive impact on the world.
Don’t be afraid to invest in yourself and your business by hiring a mentor or coach who can help you create a scalable business model.
Remember, scaling to 7 figures is possible, but it requires a strategic approach and a willingness to make changes and take action. With the right mindset and the right support, you can achieve your goals and create the business and life you desire.
Ready to take the next step and scale your business to seven figures? book a call today.
