The 3 Elements of a 7-Figure Coaching Business

I think it’s most important that your direction is right. There are so many people who put in a lot of effort and action and there are also people who, maybe put in no action. But regardless of how much action you take, if you're in the wrong direction it doesn't matter how fast you’re going. 

So, I want to talk about the three elements to help you create a seven-figure coaching, or consulting, or healing business.

The first element that you need is to be clear on your niche. I coach a lot of people from around the world and this is probably one of the things that people struggle with the most. They ask questions like:

What should my niche be?

Why do I even need one?

And a lot of other people just want to be a generalist because they don't want to lose business. They go “Oh, well if I had a specific niche, I don't know if that's good for me because I might lose the business and I might miss out on helping other people”.

But that's not going to serve you. 

If you think of Amazon, they only started by selling books. Once they took over the book market including Barnes and Noble and all other bookstores around the world where you had to physically visit the shop and get your book. That was an advantage for Amazon because they realized that they could actually ship these books out to the customers rather than create physical stores. They knew that when they go first for the book market, they are going to advance into other areas.

When they took over the book market, what they did next is they got into videotapes and started selling them online. After that, they went into distributing music. And now, they have like 700,000 or more different products. But they started with one - selling books and they became known for that.

So, if you're not at a million or 10 million yet, which you’re probably not, for most people, then you've got to start with one thing.  Just get one type of client and know their demographic. 

What are they? Male or female?

What is their age range?

What are their interests?

What type of job do they have?

Those are their demographics.

Then you need to know their top three problems and the top three solutions that they want. Know what their current situation is and their ideal dream situation. Once you know that niche, that's what your message, your content, and your marketing are gonna be based on.

Once you give value to that niche and you start solving their problems for free, people are going to start seeing you as an authority and start trusting you because you've given them value and solve their problems for free. So, do not be a generalist. Whatever you have done in the past or whatever resistance you have to it, just be a specialist.

The second thing you need to obtain this 7 figure business is to create a “lead and sales machine”. That means getting a lot of leads into your business which is done by two types of marketing-- content marketing and direct response marketing.

Content marketing means giving free value content and not asking for anything in return. Then you can follow up those leads. That's what I teach my coaches - to put out content and then chat sequence those people and get them on the phone. Most people don't have enough brand positioning to sell online just yet. That’s why they have to sell on the phone starting out. If you don't like selling on the phone, well I say it’s pretty much too bad, because sometimes you've got to do things that you don't like. 

Direct response marketing, on the other hand, is where you might do posts. This is where you say “Hey, if you want this offer then pass your name, email, and phone number to me and I'll give you this piece of value in exchange”. 

But actually, you need both. You don't want to just only be doing content. You want to be doing direct responses as well. 

You can give, give, give, and then ask and do a direct response. Once you get a lot of leads in, you can have a sales machine where you should know how to sell and close them. 

I looked around and I thought what the difference was between those people in the coaching industry that are so successful versus those that are just not as successful. And I saw that the core difference was that, one had a slightly better product while the other one had a shittier product but was better at selling it. Thus, you got to be really good at sales and putting time into that.

If you want scripts or further information on what we do, please reach out to us. But you definitely need your success to be directly proportional to how many qualified leads you get. And it’s not just any leads. They should be qualified which means they have the problem that you solve and they want to buy it. That’s very important. 

Let’s say you get 20 leads a week. You should close at least one out of four. And if you have a $2,000 program and you make five sales, that's $10,000 a week. It’s very powerful.

Now, the third element that you need is scalable and profitable programs. If you're only doing one-on-one, then you know you've got so many hours in a day. You can't keep working 24 hours a day doing that. There's always a limit to how much and when you can do it and that way can lead you into doing one-too-many. You've got to do a group scale. 

And about limiting beliefs.

“Oh, how can I get a result with my clients doing group stuff”?

“I'm so intuitive doing one-to-one.”

“I don't have a technique to do one-to-many”.

Those limiting beliefs are not going to get the breakthroughs. You can definitely get the breakthroughs using one-to-many. You just need to know how and you need to be trained. You just have to allow that possibility. And if you want to make it quicker, then find someone who's already doing it - whether it's me or somebody else. But again, you've got to have those group programs.

The thing that’s challenging right now is that so many people are tired. They think they have to do it in live event format or they have to see you in person. And with the world conditions going on this time, it makes it very hard because that means people have to live close to you to use your service. It's not very scalable that way. I recommend you going online and creating these breakthrough processes online. That's what is going to allow you to reach a lot more people.

I hope this has helped you with your business. And just to wrap it up,  the three core elements to creating a 7-figure coaching, healing, and consulting business are getting clear on your niche, building a lead and sales machine, and creating scalable profitable programs to sell.