Six Figure Success: How Coaches Can Build the Ideal Business and Profits
Copyright (c) 2007 UpLevel Strategies
Every consultant has had the feeling: the conviction that
your own private service practice is your true calling.
Your passion quest. Yet, the mundane details of actually
running a business make even the most inspired business
person ask whether the choice was the right one… The
monthly budget. The humble billings. The everyday drudgery
of start-up entrepreneurs.
These modest beginnings lead many to question their own
value.
So how can you develop a six-figure service practice
without taking on too many clients or pricing yourself out
of the market?
In the service professional industry especially, the
‘emergence' phase is the riskiest period. We all can feel a
lot of stress when trying to establish our reputation and
achieve high profits. Burnout is an ever-present danger.
The blazing speed of today's work culture adds to the
feelings of guilt.
It's time to escape the guilt and master your business
potential.
The secret to Six Figure Success is a strong business
foundation and a great reputation. In my work with clients,
I have identified a series of tactics to build on the
business foundation and reputation mantra. The methodology
I use is tried-and-true and will produce financial results
when worked into your business action plan. These things
take time, but a consistent, systematic approach to these
milestones will produce revenue.
Six-Figure Income consultants are experts in their specific
areas. They know their strengths and how brand them. They
are disciplined and are focused on becoming the preeminent
experts in their field. And they follow their hearts.
It's all about passion. Yet, how do you turn passions into
profits?
With my exclusive 8 Strategy Approach from my Six Figure
Success class, entrepreneurs and service professionals
learn how to develop a profitable and rewarding business.
Follow these 8 Strategies to turn your passions into
profits:
1. Manage life first, then business.
You are the key, the brand, the business. If you don't
recognize this early on, you aren't being true to why you
started your consulting business. Develop your business to
support your lifestyle, rather than allowing the pieces of
your life to fall around your business. Continue to honor
your values and define the mission for your life and
business. Incorporate your values into your business
vision. It's the foundation for taking the work you're
passionate about to the next level.
A common issue for small business owners, particularly in
service-oriented businesses, is burn-out. Before you do
anything else, write out what you want for your life – both
personally and professionally. Next, write down what you
value in a successful life, perhaps an ample income, more
time with family, two days off per week, the extra time to
travel. A values-based business comes from working towards
your goals while staying committed – truly committed – to
your values. For example, if your goal is to spend more
time with your family, don't work an 18-hour day!
Organize your work week to honor your values. Personally, I
value long weekends. So I do all my administrative and
marketing work on Monday's. I coach and develop programs
and passive revenue Tuesday through Thursday. Fridays I
take off. Of course, during busy times I can use Fridays to
complete extra work.
2. Clearly define a powerful business vision.
One of the most profound statements I have heard is from
Lewis Carroll's Alice in Wonderland . Alice reaches a fork
in the path and meets the Cheshire Cat. She asks him which
way to go. The Cheshire Cat asks, "Well, where are you
going?' Alice doesn't know. The Cat wisely says, "Then it
doesn't very much matter which path you take.'
The same applies for business: you need to know where you
are going before you can get there. Ask yourself: in three
years, what do I want my life to look like? What do I want
my business to look like? And how will my consulting
business support me in my life?
3. Develop a results-based plan.
What are the results you want? When do you want them? Break
the plan down into attainable chunks using the SMART
(Specific, Measurable, Action-Oriented, Realistic and
Timely) goal-planning system. Use a one-page business plan.
I highly recommend using Jim Horan's One Page Business Plan
Book. (www.onepagebusinessplan.com) Commitment to your
dream just isn't enough. You must take action to succeed.
Create a plan with results-based outcomes. For example,
don't just jot down "Make Calls Introducing Business.'
Instead, create a plan that has results in a specific time:
"Call ten influencers in my community and secure lunch with
70% of them to introduce my business and create a
commitment of support by December 1.'
4. Develop a financial plan that supports your vision.
To develop a six-figure income, you must identify financial
goals above and beyond basic budgeting. This includes
researching Errors & Omissions insurance and potentially
incorporating your company to protect your assets. Include
a marketing budget with growth-oriented opportunities such
as info products and speaking. Also, as you plan for the
growth of your company, include the expenses – such as
hiring additional staff or vendors – that will enhance your
success.
Stay tuned for part two. Steps five through eight.
