3-Step Formula for Any Successful Coaching Business

Online coaches and consultants, if you’d like to sign your dream clients and scale, there's a link below that shows how we can help. It's a funnel, obviously, but it explains what we do if you're looking to scale. 

https://youtu.be/P_H2U2jxYCQ 

I keep seeing coaches work hard on the wrong things.

They focus on delivery, improve their curriculum, and try to perfect the client experience.

But they don’t have enough leads.
Their revenue is inconsistent.

That’s not a fulfillment problem.
 It’s a priority problem.

Over the last three months, I’ve been paying attention to what separates coaches who grow from those who stay stuck.

It comes down to three things, done in the right order.

If you get the order wrong, it doesn’t matter how hard you work.

I explained it clearly in my latest post.

Transcript

SPEAKER_00 0:00

We are at the end of Q1 and I'm not sure when this video is going to come out, but in this video, I'm going to walk you through the top three business lessons that I've learned personally as an entrepreneur in the last three months of running my online marketing company. So I won't use the iPad today. I'm just going to riff on camera like this. But if you see me looking down, it's because of my notes that I'm looking at down. So the first thing is around understanding how to prioritize the problems that you solve in your business. For any online business, really, it's broken down into three parts marketing, sales, and fulfillment. So there are other parts like finances, operations, and so on and so forth. But the main three parts of any business online is marketing, sales, and fulfillment. So the mistake that we made is we tried to prioritize fulfillment first when we hadn't solved the marketing and sales problem completely. And when it comes to online businesses, you want to solve the problems step by step. So you want to solve your marketing problem first, solve your sales problem next, and then you can now focus on fulfillment wholeheartedly. So I'm not saying don't get your clients good results. Like our clients get good results. Of course, there's always some clients where things don't just work out no matter what we try. That's how marketing works. But the focus should be more on having so much demand when it comes to marketing before you now prioritize sales, before you now prioritize fulfillment. And we had about one or two months during the course of this quarter where we just shut down marketing completely because we wanted to get clients even better results. And like it's easy for a company like mine to rationalize it because we get paid based on the results we get for clients. So the more results we get for clients, the more money we make. So it makes sense to want to say, Oh, I just want to focus on fulfillment only because I know if I double this client's results, for example, I'm going to make a lot more money from the client's account. But there's also a thing of the quality of the clients is also very important as well if you're trying to play that game. And if there's not just enough demand for the services, if you've not figured out a system to create as much demand as possible for the service, you won't find those cream of the crop partners that you can really scale up as fast as possible and just really scale up to like a lot of money per month that will now get me to the point where oh I'm just doubling results for clients and I'm doubling my revenue as well. So it's not like we don't have any demand, it's not just surplus demand or enough demand where I feel like if I wanted a client tomorrow, I can get a client tomorrow. So we had like one or two months where we just didn't do like any marketing, we were trying to get clients better results, and we did get them like slightly better results. But I know for a fact that if we had just prioritized like marketing the way we were doing like prior, we would have signed up a much more client, we would have fired majority of them just because of we are looking for a certain type of person when we partner with these clients, and we will have like much more partners that are very credible and are very good to scale in our portfolio right now. But that's just not the case. So that was a mistake, and we've immediately reversed that back to trying to get as much demand as possible before we shut down like the marketing pipe, or better still, we just automate it so it doesn't involve as much time from me. Then sales is pretty easy. I don't think we have any issues with sales, and then once we do that, it's just a game of now choosing the right partners, firing the bad ones as fast as possible, and scaling the partners that we have to an unlimited number of revenue per month. Because, like I said, the more revenue the clients get, the more money we make. So, how does this apply to you? If you have an online business, if you have an online services business, an online coaching business, literally you want to prioritize your marketing first. And the marketing in our world is just booking as many appointments as possible with the type of prospects you actually want to work with, so you want to solve that problem completely in a place where you are getting calls booked every single day, multiple calls booked, more than enough calls that you actually even need. Then once you solve that problem, you want to solve your sales problem next, where you're closing one in every four deals, you have a very good close rate, and then once you solve that, you now want to fix or double down or prioritize your fulfillment. So you don't want to do one before the other, you want to start from marketing, fix that, then go to sales, fix that completely, and then you can now move to fulfillment and fix that completely as well, and then you can now start worrying about things like operations, finances, systems, upsells, pricing, and so on and so forth. So that was a mistake. We've corrected that mistake right now, and that's the first lesson. So the second thing is around tracking and accountability. So for online businesses, especially for coaching businesses, the only thing you have to improve your marketing and sales for your business is the data. That's literally the only thing you have. And we do prioritize tracking, but this past three months has just given me a good reframe to really see how important it is and prioritize it even more. Because the only way you can fix any business, the only way you can grow any business is by looking at the data, to be honest. So there's nothing else that matters apart from your tracking, and it's just because that is the only way you get feedback. And there's this saying where oh you need to do 10,000 hours of something before you become a master. But if you just spend 10,000 hours doing something and you don't make any iterations based on the feedback you're getting, you're not going to make any improvements. It's just the scientific process. Like the scientific process is oh, you see a discovery, you test that discovery, you get the feedback, and then you make changes based on that feedback, and that's how you continue to learn, improve, and so on and so forth. That's literally how everything you see around you was created. That's how like cars were built. Like someone tested something first, they got feedback, they tested something else, they got feedback, and so on and so forth. So that process is literally how you scale any business or how you improve anything by testing, getting feedback, improving, and trying testing again. So we used to prioritize tracking, like I said, but I've really seen so many things this past three months that just made me appreciate the importance of tracking a lot more. It's not fun to do, like it's very boring, just like imputing numbers, especially for someone who is like creative-minded like myself, where I'm just trying to be building things or creating things from scratch all the time. Being able to just sit down every single day and meticulously look at the client's numbers every single day religiously has truly helped me just really understand exactly what it takes to scale online education businesses. So, like I said, it's not like we're not tracking before, but I've just come to appreciate it a lot more, and we now have like systems in place that make it so that it's impossible for us not to see those numbers every single day and work on improving them. So, there's many other frameworks that come with that in terms of oh, how do you know when to test, how do you know what to prioritize, and so on and so forth. I can make a separate video about that if that is something you're interested in. Just let me know in the comments if you want me to make that video and I'll make that. But just being obsessive about tracking the numbers and getting accurate numbers is literally the only way to solve anything, and that's the only way to scale businesses. So, two things like if we do these two things, like just truly prioritize tracking insanely and just obsess over tracking, and of course, obsess over testing, implementing the feedback, and so on and so forth, and then just get as much demand as possible for the services. I don't see how like we're not going to 10x, 5x, 15x this year. So, those are two key lessons that I've learned that I feel like is going to really really shape how we approach the next few months of the year. The last thing is ownership. So, ownership just means coming to terms with the fact that everything that happens to you, everything that happens to your business, anything that happens in life is your fault. About like four or five years ago, I learned this concept for the first time from Grand Cardone, and I've embodied it ever since then. But usually, like everything in life is a spectrum, right? So there is zero, there is one, and then there is like hundred, two hundred, three hundred. So it's not about how either you have these traits or you don't have these traits, it's how well do you have these traits. And this last three months just made me understand a lot more just to what extent do you say everything is actually your fault and what do you do about it. So let me give you an example. I was listening to a podcast, and the guy was talking about one of his friends that I think is a billionaire or something, and in the area that they stay in, they have like homeless shelters. Homeless shelters in this context means like shelters for homeless people. But homeless shelters in this case were shelters that they usually open on certain days and they don't open on certain days. Let's say, for example, we have an homeless shelter that only opens Mondays, Wednesdays, and Fridays. It means that on Mondays, Wednesdays, and Fridays, these homeless people are going to be in the shelter, but on days where the shelter is not open, the homeless people are going to be on the streets and they are going to cause all kinds of insane chaos, and they won't go too far away from your estates or from your neighborhood just because if the next day they are just going to go back into the shelter again. So this person saw this and it pissed them off so much. And normal people would just complain and blame the government and say stuff like, Oh, it's the government's fault, like why are all these people on the road and so on and so forth? But this person was so pissed about this that he built an homeless shelter from scratch by himself, not by himself, like he paid for it to get built, and then he made sure it was 24-7 open, and he drove all the homeless people out of the town and into his own homeless shelter. So that is an insane level of ownership of just really having that feeling that every single thing that is wrong right now is my fault. There's anything about your business that you're not happy with, if there's any outcomes you're getting that you don't like, or an employee is doing something you're not proud of, and so on and so forth, it is genuinely your fault. And again, I already had this trait before, similar to the tracking thing. I just had a much more greater appreciation for the extent to which that is meant to go, and how much of your fault is every single thing. So that is a big, big one. And if you just have that mindset, which is something that I'm also working to make sure I have that mindset to the maximum possible ability, you're going to do really, really well in life. And that was a big, big lesson for me because again, I already had it, but it's just something of like how much do you have this thing, and I'm just really trying to push that to the max as much as humanly possible. So, those are the three main lessons that I have for you. If you resonated with any of them, you can drop a comment, you can like, you can subscribe for more videos, and yeah, thank you so much for watching, and I'll see you in the next one. Peace.