Congratulations on taking
the 6-Figure Biz Quiz!
For starters, I can tell you’re an action-taker, because you’re here and you completed the 6-Figure Biz Quiz. Good job.
Next, your answers to the 6-Figure Biz Quiz tell me you are definitely on track to achieve a 6-figure coaching business.
Let’s take a look at your results in the 6 areas that the quiz focuses on and see if we can identify some strategic next steps for you.
So, you think of yourself as an entrepreneurial business owner.
Awesome. Don’t stop! 6-figure coaches understand that their income and business success require focusing more on the business-side of things, than on just coaching and being a coach.
Yes, of course you want to be a skilled coach and provide great value to your clients. But the fact is, for 99% of coaches, doing the coaching is the easy part.
Here are some strategies for developing your business and entrepreneurial mindset:
- Really “see yourself” being an entrepreneurial business owner.
- Learn best practices and cutting edge strategies with continuing education via trainings, group programs, home study courses, live events, etc.
- Find and follow mentors.
- Read business books, magazines and blogs.
- Network and develop relationships with other successful entrepreneurial business owners.
- Join an entrepreneurial or business focused group either online (e.g. via Facebook, Linked In, etc.) or in-person (e.g. via Meet Up, your local Chamber of Commerce, NAWBO, eWomen Network, a lead-sharing/networking group, etc.)
Are there any of these you will do? (Or do more of?)
Next, I’m guessing that you have identified your target market and coaching niche.
Excellent! This is a key foundational element of every successful coaching business.
You see, even though you could probably coach just about anyone on any topic, you can’t effectively market to everyone.
Instead, you need to identify who you coach (your target market) and what you coach on (your niche). Then you can create and implement strategic marketing campaigns to reach those people.
Are you happy with your target market and niche?
If so, great! Perhaps a next step for you in this area is to deepen your understanding of your target market. The more you understand the hopes, dreams, desires, fears, challenges and mindset of your ideal clients, the more effective your marketing will be.
If your current target market and niche are not working for you, then it’s time to make a change. This might simply require some narrowing and fine-tuning or perhaps you need to choose a completely different focus.
Are you unclear about how to choose your target market and niche? We can help! This is one of the critical business foundations we teach in the step-by-step Coach & Grow R.I.C.H. system.
I can definitely tell you that if you do not identify a specific target market of people who you can find and a focus for your coaching that people already want, need and are willing to pay for, you’re going to have a hard time reaching that 6-figure mark.
I bet you have multiple ways of working with clients.
Excellent! This is key for creating a sustainable, 6-figure coaching business.
Let me share an example to demonstrate why this is so important. If all you are offering is monthly 1-1 coaching and you charge $500/month, you’d need to coach an average of 17 clients every month, all year long to break the $100,000 mark.
Instead, by having multiple options that leverage your time, you can hit that 6-figure mark more easily while also enjoying a lot more time off.
Below is a 6-figure coaching business model I really like. It’s designed so you take 2 full months off from coaching. One month off over the holidays in December/January and one month off in the summer during July/August.
14 individual coaching clients/mo. @ $500/mo. x 10 mos./yr. = $70,000
10 “VIP Success Acceleration Day” clients @ $1,500 = $15,000
2 three-month coaching groups @ 10 clients/group x $750/client = $15,000
Isn’t it easy to see how having multiple ways of working with clients is KEY for reaching and sustaining that 6-figure mark? Especially if you want to do it without getting burnt out.
Review your current packaging and pricing.
Is it time for an upgrade?
Do you need to raise your rates or restructure your offerings?
Keep in mind that how you package and price your offerings directly correlates to your bottom line.
Let me guess… you currently have at least one other revenue stream in addition to coaching (or it’s on your radar to make that happen in the near future). Great! That tells me you understand the concept of leverage and are applying it in your business. You’re so smart.
While it certainly is possible to build a 6-figure business by only offering coaching, the majority of coaches who reach and sustain a 6-figure business achieve that by providing coaching services and other offerings.
Personally, I’m a big fan of additional revenue streams that leverage your time, such as trainings and group programs, or products and membership sites that can be turned into passive revenue. That’s when things really start getting fun!
Do you want to ensure that you create a sustainable, 6-figure coaching business that gives you lots of freedom, flexibility and control over your time and income?
Focus on creating more leveraged income and passive revenue.
An excellent approach is to develop an integrated product suite where you have a wide variety of offerings at different price points along your product funnel. Here’s an example:
- $49 – Downloadable Audio Program and EBook
- $97 – Monthly Club or Membership Program
- $397 – 6 Set CD Series
- $797 – Group Coaching Program
- $997 – Online Course
- $1,497 – VIP Success Acceleration Day
- $5,000 – 6 Month 1-1 Private Coaching Package
Is it time for you to choose a new revenue stream and get busy creating it?
Okay my friend, this next one is a BIGGIE.
You see, there is no way to create a sustainable 6-figure business if you are not focused on growing your list of subscribers, followers and fans and building an awesome relationship with them.
Have you ever heard that expression, “the money is in the list”?
List-building needs to be one of your top 3 business activities.
Take a look at what you are currently doing to grow and nurture your list.
Are you focused on:
- being of service
- providing valuable content
- engaging in 2-way dialogue
- being in regular communication
- sharing your insight and perspective
- being seen as a leader in your community/tribe, network and industry.
Let’s get you going on building your list of subscribers, fans and followers.
And if you need training and support in this area, we’re here to help.
Last but not least, we looked at 2 of the Pillars of Success.
The First is Belief.
Napoleon Hill, author of Think and Grow Rich, perhaps said it best:
“Whatever your mind can conceive and believe it can achieve.”
Your belief is critical to your success. If you don’t believe in yourself and your ability to create a successful, 6-figure coaching business it’s very unlikely that you’ll achieve it.
On the other hand, when you develop unwavering belief, anything is possible.
The Second is Action.
When you consistently take smart, strategic, inspired action — and you don’t stop or give up — you will succeed. You will succeed in building a 6-figure coaching business and achieving any other goal you put your mind to.
Belief + Action = Success
Action and belief go hand-in-hand. In fact, sometimes the only way to build true belief is by taking action, especially when you don’t feel like it.
That’s why it’s so important to have systems, structure and routines in place to support you in taking consistent action, especially if you work alone.
For example, you can:
- Receive 1-1 coaching
- Belong to a mastermind group
- Have an accountability buddy
- Participate in an online community
- Use a morning routine
- Develop daily and weekly work habits
- Schedule time in your calendar for important “To Do” items
Your actions determine your results. Take a look at the kind of action you are taking in your business right now, the results you are getting, and the systems and structure you currently have in place for support.
Are you consistently taking smart, strategic action?
Do you have the right structure and support in place?
If not, let’s please make this a priority for you!
Congratulations! You’ve reached the end of the 6-Figure Biz Quiz
I hope you found the quiz valuable and have identified at least one specific next step you will take to move your business forward.
You’re on the right track to create a 6-figure business and by implementing the strategies and next steps outlined above, you’ll get there a lot faster and easier.
Yes, it will still require time, energy and effort. And I have no doubt that you can do it.
Isn’t the reward of creating a sustainable and rewarding 6-figure coaching business so you can live the life and lifestyle you desire worth it?
I encourage you to really think about that last question.
The more you connect with your “BIG WHY” – those important reasons why you want to build a 6-figure coaching business – the better you’ll do at investing the necessary time, energy and effort required to make it happen.
Finally, if you are looking for…
- Proven, step-by-step business-building training
- Expert mentor coaching
- Group accountability and support
- Free resources, articles, tools and more
Coach & Grow R.I.C.H. can help.
We specialize in working with professional coaches who want to build a thriving, rewarding, profitable and sustainable coaching business. You create the vision; we help you make it happen.
-Michelle Schubnel, President and Head Coach
Coach & Grow R.I.C.H. and Group Coaching Success