How Coaches/Consultants Should Plan for a Better 2016 (How a 7-Figure Producer Does It)

February 2, 2016

“I hate self-reflection because it’s so revealing.” Somebody a lot more famous and maybe even a titan of history said that. It is tough work to turn the mirror on yourself and your business because it reveals the faults with the good. It is also critical to ascending to the top 8% who achieve their goals.

According to Statistic Brain Research Institute “People who explicitly make resolutions are 10 times more likely to attain their goals than people who don’t explicitly make resolutions”.

Many consultants/coaches have already given up on their bigger goals. Or they’re way behind on achieving them.

Here are six areas 7-figure coaches/consultants plan for and you, your better life and your upgraded business deserve to plan for so you can achieve:

[1] Yearly Theme

Mine is “be in bigger money arenas.” The fewer words the better.

Action item: create your 2016 theme right now if you haven’t already. Print it out and tape it to a wall behind your computer so it’s always in your stream of awareness. I like to print it so it can’t be “swiped left” into the digital black hole. You may also make it your smartphone lock screen background and desktop background so it always stays “in your face.”

[2] Re-examine [and Upgrade] your business model

Many coaches and consultants we’ve worked with have “Pirate’s syndrome”. They operate their business on a wooden and wobbly peg leg.

If the only way your clients are paying you right now is for you emotionally draining and time intense one-on-one coaching, then now is a great time to re-examine your business. One on one coaching should be a part of your business… the premium part.

Most coaches we talk to and the offers we see out there are too low priced which usually results from limiting beliefs the coach has about themself.

Instead of one wobbly, wooden leg, design these three proven titanium strength legs.

1) Products

2) Subscriptions

3) Premium services (1-on-1 or group coaching or mastermind retreats)

I listed them in that order because when you have your first product you can advertise to bring people to it for direct sales. You can also approach strategic alliance partners and influencers to do a joint venture offering it to their audience/tribe.

Developing a subscription piece of your business should be your top priority AFTER you develop your first product because the work you do to promote that first product will build your tribe. Since they have already bought from you once, they’ll be much more likely to join your subscription product, service or inner circle membership.

Action item: carve out at least one or two hours to Re-examine and consider ideas that would upgrade your business model to 3 healthy legs with a substantial “premium leg.”

[3] Mindset planning tool – MindMap

You have to see it with your mind’s eye before you’ll be able to create it in your life. Use MindMeister.com or Bubbl.us to create the visual of the Big Vision of your healthy, three-legged business. Remember those three legs are:

1) Products

2) Subscription clients

3) Premium service clients

Quick numbers, people pay between $ 3,000 and $ 10,000 for weekend mastermind retreats.

There are people doing mastermind retreats once a quarter with 20 attendees at $ 10,000 apiece.

That’s $ 800,000 in revenue which leaves about $ 500,000 or $ 600,000 in their pocket after expenses. This would get you halfway to a seven-figure business.

This may seem far-fetched based on your current situation. Even just thinking about the possibility and taking one or two steps in the first quarter to develop your product will elevate your business.

Action item: create your mind map. Then print it out and tape it to the wall in your office behind your computer so it’s always in your field of awareness.

[4] Product-ize

Create a product version of the transformational service you provide.

This can be a little difficult but it is achievable. It’s worth your effort because it allows you to make money while you’re NOT actively coaching or consulting. And there will always be a group of people out there who are do-it-yourselfers and will never hire you even when all the evidence shows it’s in their best interest.

We have yet to see a seven-figure business that didn’t have at least a portion of their revenues coming from products. There are probably exceptions but do you want to bet on the exception or the high probability?

This product could be as straightforward as a book, an online course curriculum, or a combination of those which includes a group coaching and “done-with-you” portion of your service.

That first product can bring a trickle of cash flow… or perhaps even a tidal wave if it hits big. The key is you start getting some sales each month because it’s a huge boost for your State of mind and offers some peace of mind because clients do drop out from time-to-time.

Once you have this product, you’ll need a 24/7 salesperson.

We have a 3C Rule with our clients and inside our own business. 3C stands for Consistent, Continuous Content. You have to be publishing for a number of reasons. The ultimate reason for doing this is to lead your ideal premium prospects down a path you have intentionally designed that leads them step-by-step to buy from you.

Design the content to showcase your expertise and spotlight big wins and transformations you’ve helped your clients achieve. You can publish a case study showcasing the big transformation your client achieved, what steps went into that and the timeline.

Social proof and recommendations are a big driver to help people see you and affect whether they take the next step. That’s a whole strategy unto itself. Publishing about clients encourages the client to share so that’s a good start.

Action item: decide what form your product could take. Then think about that first piece of content you could create that would get people excited about your product.

[5] Milestones, daily goals

Old school karate was for the hard-core Stoic. The sensei gave you a white belt you might have for years until it was quite dirty. If you stuck with your training, your sensei might award you a black belt. This was meant to weed people out. This process goes against human nature.

We like to see progress, recognition and even little awards along the way. It’s hard to reach a final destination we may not even be able to see over the horizon.

Elevating your business into six-figures or going from six-figures to seven-figures is hard. It requires bigger thinking and bigger goals. Then it takes grit and upgrading your behavior that will allow you to achieve a bigger business. You don’t want to use the old-school process designed for failure. You want to use the process that aligns with human nature.

Big goals can be tough to wrap your mind around. This can lead to procrastination, overwhelm and paralysis of analysis.

The fix is to visualize achieving your big goal and then step back all the way to today.

Action item: Decide on a goal you can accomplish today that is the next step along the path to achieving your big goal. The human mind likes bite-sized chunks and little steps each day. Decide on two or three milestones and deadlines so you know if you’re on track or can course correct if you get off track.

[6] Plan for monthly cash flow from your products

I mentioned subscriptions above and it’s worth repeating because repetition is the mother of learning. Learning leads to knowledge which spurs action.

Action item: plant the seed in your mind right now that you will have monthly cash flow from at least one product on or before the third quarter of 2016. If you never plant this “mind seed”, it will never grow. Thoughts become things so plant this seed of thought right now.

Conclusion

Re-examining and upgrading your business model is probably the most important and highest leveraged investment of your time.

Once you get clear on a better way to operate your business at a bigger level, then you have a chance to achieve it. Follow the process and do the action items laid out in this article and you’ll “stack the odds ever in your favor.”

You’ve come to the fork in the road. Decide to take the path less traveled because it’s what’s seven-figure performers do.

Note: this article co-authored with Joshua B Lee [my business partner who has the 7-figure coaching business].

Download your checklist. Just Click here “3 Foundational Steps to StandOut and Elevate Your Personal Brand”

Business & Finance Articles on Business 2 Community

(29)