When building your coaching business, there often comes a point where you can get stuck at a low six-figure mark without knowing the strategies to use to get to the next level. In today’s episode of Influence By Design, we’ll explore the first step to becoming a million-dollar coach.
The adage, “what got you here won’t get you there” is true for so much in life, especially in business. Coaches need to realize that scaling up requires doing things differently at different stages of business.
Many coaches become comfortable at the low six-figure mark, and this stalls them from making changes in their business mindset. To move past the comfortable stage, you will need to have the right kind of support and advice.
If you find yourself stuck at a glass ceiling of a low six-figure income and don’t know what to do, tune into this episode to break through the barriers
IN THIS EPISODE YOU’LL DISCOVER:
- What you need to do differently to move on from the low 6-figure mark (03:00)
- The “step” metaphor and how it relates to business (05:16)
- The value of having fundamentals in place (08:43)
- The advantage of non-contradicting coaches ((10:05)
- Why simplicity is key to take business to the next level? (11:40)
- The difference between “systems” and “tech”? (13:38)
RESOURCES
QUOTES:
- “Tech is what we use to facilitate our systems. It’s not necessarily the system itself.” -Tim Hyde
- “Get yourself a really good coach who can help you see all the puzzle pieces.” -Tim Hyde
- “What got you here, won’t get you there.” -Samantha Riley
- “If you’re confused and you don’t have clarity, then you’re not going to move forward.” – Samantha Riley
SHOW SPONSOR
This episode is sponsored by Your Podcast Concierge. Affordable podcast production for coaches and speakers who want to increase their authority and generate leads from their show. You press record, and let them do the rest.
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WHERE TO FIND TIM HYDE
- Website: https://winmoreclients.com.au/
- Facebook: Win More Clients
- LinkedIn: Tim Hyde
CONNECT WITH SAMANTHA RILEY
- Facebook: Samantha Riley
- Instagram: @thesamriley
- LinkedIn: Samantha Riley
- Twitter: @thesamriley
TRANSCRIPTION
Tim Hyde Snippet (00:00):
I think particularly at this stage in your business, you know that 20 to 30k. Having a repeatable and executable system is probably for me, one of the things that will take you to that next level.
Samantha Riley Snippet (00:16):
Everything at this level requires systems and Systemising what you do because if you’re unable to systemise it, you’re unable to step away from it. So for me, 100% of what has to happen at this level is systematization.
Intro (00:28):
My name is Samantha Riley, and this is the podcast for experts who want to be the unapologetic leader in their industry. We’re going to share the latest business growth, marketing, and leadership strategies, as well as discussing how you can use your human design to create success in business and life inside and out. It’s time to take your influence, income, and impact to the level you know you’re capable of. Are you ready to make a bigger difference and scale-up? This is the Influence By Design podcast.
Welcome to today’s episode of Influence By Design. I’m your Thursday co-host Samantha Riley, and joined as always, by my co-host, Tim Hyde. How are you today? Tim?
Tim (01:10):
I am better. I’m out of isolation. Like a real boy.
So I said, you know, someone sent me a text earlier and said, What are you going to do one Freedom Day I was like, We need a Freedom Day on Freedom Day of meaning get out of isolation. And my reply was, I don’t know. I don’t get anywhere to go.
Samantha (01:33):
I have no friends. I don’t know what to do. Oh, boy so good that you’re on the mend?
Tim (01:42):
Yeah, well, it’s me. Now I’ve looked back to some sense of normality feeling, feeling healthy feeling? I guess feeling like there’s lots of opportunity ahead as well. And yeah, I know, we’ve talked about it. We talked about it, obviously off here quite a bit as well. But feeling like, you know, even though we’ve got some uncertainty in the market right now that, that looking at that through a lens of opportunity. You know, it’s actually fight making feeling really positive about what’s to come over the balance of 2022.
Samantha (02:10):
I love it. Love it. I know who can believe we’re in July already. This year, certainly flying. Let’s fly into today’s episode. How was that for a transition right there.
Tim (02:23):
It was like you planned it.
Samantha (02:25):
That was terrible. I didn’t plan it. And that’s probably why it was so bad. But anyway, the rest of the Promise, the rest of the episode will be better. Today, we’re going to talk about how to move out of that low six-figure mark and move into that, that million-dollar coach because I think that there’s a point in these low six figures, that can be a real sticking point. And if you don’t understand what you need to do differently, you can get caught in this phase for a really long time. You know, I think what stands out for me before we even start talking about this Tim is the saying you know what got you here won’t get you there.
To me, this is like a really quite a big transition for people because they need to do things really differently in their business to move out of this low six-figure mark.
Tim (03:09):
Yeah, well, here’s the thing, what I see a lot of and a lot of people that I talked to No, no, you do the same Sam we get to this point where we feel like we’re a bit stuck, we hit this we keep sort of bouncing off this glass ceiling. In this low six-figure mark, you know, we were pretty comfortable, right?
And that’s probably one of the things that holds us back we go, you know, I’m making some Okay, money I’m all the bills are being covered bills have been paid that sort of stuff, I can go on a holiday from time to time. Ironically, what I’ve seen in the past and I have heard it talked about as well is that when we particularly when we transition out of a corporate career into our own business, you know, we’ve for so long, we’ve been comfortable with the 100 or 150 or 200 250k income.
And we get to that point in our business, and we stop there as well. Right? Because that’s our level of comfort, we do need to push ourselves out of that zone. And I think, you know, we talked last week about the fact that you know, if you’ve as long as you’ve got non-competing voices, as advisors, you can sort of move through that I think this is the same thing here. Right, we got to find the right support and advice to take us to the next level.
What I see a lot of in the market is this promise of this million-dollar coach, or you know, the large number x times when you are right now. And, you know, sometimes I think we just reach a little bit, you know, some of the messaging for that one, right? We need a different message coming to us at $10 million than we do at 1 million and 100k.
And it’s around making sure we’re listening to the right voices and doing the right thing at that stage rep to get over that hurdle that we were finding in front of us.
Samantha (04:55):
Absolutely. I just want to clarify that when I’m talking about six figures, I’m talking around that 100 to 250k a year. Yeah. Or even to you know, so have a 250 300. That range, I certainly found it a bit of a glass ceiling at a 300 range. Because I didn’t realize what needed to be done differently. So, yeah, that’s what the range that we’re talking about here.
Tim (05:15):
I think one of the things that I, that I see, and I actually, you know, in the spur of the moment came up with his metaphor the other day, right? You might not be aware that but stairs staircases are built to a very specific height.
Samantha (05:30):
And when you mean staircases, you mean the actual steps
Tim (05:35):
Each step in a staircase is actually built with specific height. And it’s usually between 20 and 24 centimetres, or, you know, a nine to 11 inches in metric, sorry, Imperial, there we go. And what you’ll find is, if the step is either too small, it feels awkward. If it’s too big, you tend to find you’re not thinking picking your feet up enough, and you trip over it.
And if we look at that in business, as well, we need to kind of even out the steps in our business so that we don’t trip up and try and go too far for where the next step is, or we’re not far enough.
Samantha (06:18):
Yeah, when you describe this, that was, immediately my mind went back to being in some of the really ancient kind of ruins. I guess, in Europe, you know, I’m thinking specifically even of the Colosseum, where each of the steps are different heights. So it’s not just that they’re all lower, or they’re all higher, it’s that they’re all completely different. And it really mucks up your brain because I was tripping up all the time, because your body doesn’t go into sort of autopilot.
And I love that you’ve used this metaphor in this place, because we want to get these fundamentals in place to make them just right for us. Because what we do in our business needs to be specifically designed for the way that we work or the way that we do things and make it so that each step is just perfectly right for each of us.
Tim (07:03):
Yeah, I completely agree, Sam, one of the house thinking actually the Parthenon, which is probably even worse than the Colosseum. But, you know, we do have to have that, that next step needs to be a reachable step, not too reachable. And we can trip ourselves up thinking that, you know, I’m quite successful, I’ve ticked the box, I’m, I’m taking an income out of my business, I’m making 20 25k, whatever it happens to be, which, again, is a pretty decent income, you’ve probably got a VA or two that might be helping you in your business to do different parts of what it is that you’re doing.
And then we suddenly go, you know, what, a million dollars, bang, and I’m gonna go from 250 K to a million dollars. And it just doesn’t happen at work. But we actually need to go well, the next step is 300, or 500k. The next step is me outsourcing some of my work. And I know that’s something that you’re considering with your business as well sounds like, you know, who do I bring in next to help me take that next, that next level?
And the same for me? Right, you know, that I’ve just brought on a client success manager to work with our clients. And that was the next step. Wasn’t it? 10 client success managers? Yeah, to work with our clients and some other coaches and things. It was just I need one person, I need that one person, part-time right now. Right to free me up so that I can do what some other stuff. And when we get the right advisors into our business, they can kind of step back and, and almost see the forest from the trees.
Samantha (08:30):
Yeah, absolutely. Absolutely. So, you know, it is possible, I guess what we’re talking about here, it’s possible to hustle to get to that low six figures. But before you scale, you really need to get some fundamentals in place, and make sure that they’re humming along nicely. So that you’re able to take your time at will be able to step away from some of these systems that you know, are working without you so that you can move into the position where you’re, I guess, the way I see it is more into that CEO position.
So rather than hustling and being in the weeds, you’re stepping into that CEO position, where you’re the visionary now, and now you’re helping other people to, to integrate or to implement, so that you can be in your zone of genius.
Tim (09:18):
Yeah, well, I think that’s absolutely right. And he said that at the start of the episode, what got you to where you are, potentially doing all the work and being face and working with clients is not necessarily the thing that will help you take your business further. And it is a very, I think, a very important transition that we need to make in our business.
If we’re going to continue to grow and impact the number of people we want to impact. We do need to make that transition or be really honest and vulnerable with yourself and say, Well, I’m going to keep doing this thing. And someone else is going to take that step and help the business, you know, take that next level.
And when we do that, right, then we can sort of achieve our objectives achieve our goals and we can move from I guess this happening Good job state to owning your business.
Samantha (10:05):
Before we go into some of those fundamentals, I just want to touch on the topic that we talked about in last week’s episode, which is, you know, having coaches. And you and I both mentioned that we have multiple coaches. But I did want to make one small clarification that I don’t think, and I’m not sure, but I don’t because it was a whole week ago, and I don’t think we spoke about it. And that makes sure that your coaches aren’t contradictory.
So I say, I’ve got four coaches, but they’re in different aspects of my business, they’re not all in the same area of my business. So there’s a possibility of them contradicting each other. Because what happens is, if you’ve got this information coming in from different people in different ways, it can bring up a lot of questions for you. And if you get confused, and you don’t have clarity, then you’re not going to move forward.
So having multiple coaches in the same area will actually slow you down or in most, most instances will probably stop you, they’ll freeze you in your tracks. So I think it’s really important that you’re, that you’re very aware of that because, without clarity, you’re able to move forward at the speed that you want to be able to move forward with.
Tim (11:13):
Yeah, I completely agree, Sam, you know, find advisors, but you know, making an advisory board like that. So they can an advisory board, whether it’s formal or not, you know so that you’re getting perspectives on different things. Ultimately, you’re in the driver’s seat, you own the decision, and you need to have the confidence to make that decision. But, again, coming back to what we’re talking about here, just one step at a time.
Samantha (11:39):
Yeah, totally, totally. Let’s just cover off, where some of the or some of the foundations are the fundamentals for moving out of this low six figures into the next phase of the business?
Tim (11:55):
Well, I know this is I know, we’re going to talk about this more detail on another episode. I think it’s around simplicity. Not simple, not to be mistaken, as simple as around simplicity. And we’ll go into that more, I think in another episode, but really coming back to what is the one thing you do for the one person that you can do consistently and repeatedly?
And building you know, a system around that, I think, particularly at this stage in your business, you know, that 20 to 30k, having a repeatable and executable system is probably for me, one of the one things that will take you to that next level.
Samantha (12:32):
Yeah, I thoroughly agree systems, in client delivery systems, in sales systems, in marketing systems with team, everything at this level requires systems and Systemising what you do, because if you’re unable to systemise it, you’re unable to step away from it. So for me 100% of what has to happen at this level is systematization.
Tim (12:59):
Yeah, not an easy thing to do.
Samantha (13:02):
I didn’t say was easy. However, the clarity that comes from Systemising your business, not just this, the systematization itself, which gives you your time back, but the clarity and understanding what’s happening in your business to be able to systemise it is just a beautiful activity in itself.
Tim (13:23):
Yeah. Yeah, I want to just make a very quick clarification here. When we say systems are the thing that will break you out of this rut that she may be feeling. I want to separate that from Tech.
Okay, so tech is what we use to facilitate our systems. It’s not necessarily the system itself.
Samantha (13:48):
Listen, this is so good.
Tim (13:55):
The technology supports a system. It’s not the system itself. I’m coming from a tech guy that might sound like completely, like, What are you talking about you crazy person. But you know, the system is not the tech. Right? The tech supports the operation of the system and facilitates them certainly makes it quicker and easier. But it’s not the system itself.
Samantha (14:12):
Can you just elaborate on that just in case, there’s someone that’s listening that doesn’t understand this? Because what you have just said is absolute gold Tim? You do come out with him occasionally. This one’s a good one that was dripping in sarcasm. But can you just explain that maybe just with one system, maybe you know, something to do with email, for example, just so that people can understand the difference?
Tim (14:40):
Yeah, absolutely. And this is a thing that I see a lot of I’m going to use, I think I might use a client example here, which is it’s probably a good one. I was engaged by a company a PR firm in the US some time ago, and they were doing quite well. But lots of clients coming in the front end, the front end of the machine was working quite effectively. But what they were finding was that people would purchase once and not purchase again.
Okay, so there’s a gap around this system to get, you know, to maximize the value of the relationships they bring in. And so what we built inside, in this case, the inside their keep account was a system that after nine weeks, which was the news cycle, it would start reaching out to those people and saying, hey, you know, now that you’ve done your new cycle, this is the next step to take. And we built some really cool stuff in here that sort of increased the frequency of communication if people were engaging with it.
So you know, some pretty cool stuff. But the tech just supported the system to get maximum, you know, to re-engagement. Right, without the system, we just get the tech and don’t really know what to do with it. I think that’s the thing that I see a lot, particularly well, of businesses, all stages, we think that if we just go and buy a CRM and marketing automation platform, it’s going to do everything for us. But it doesn’t know we need a system for the tech to support that system.
Samantha (16:10):
Yeah, you need to input the data, the content, the rules, the context to make that piece of tech work.
Tim (16:20):
Yeah. And you know, and it has an interrelationship with other parts of your business, where you have human interaction, and if the human interaction doesn’t do the thing it needs to do, the tech doesn’t do the thing it needs to do to support that human interaction.
Samantha (16:33):
Totally. Love this loveless love this team is there, how would you like to, to finish this conversation? What would you like to leave people with?
Tim (16:45):
I think that the thing that I want to leave people with is that, you know, again, if you’re in this 20, to 30 view, finding yourself, hitting this glass ceiling and looking to sort of get out, and you don’t know what it is that you need to do to focus on. Get yourself a really good coach, who can help you see the forest, see all the puzzle pieces and go, this is the piece that you need to do next not?
You know, this is the million-dollar picture. It’s just that what’s that next one piece that I need to take care of?
Samantha (17:17):
I love this so much. And this is something that when I check in with clients that I’ve been working with for a few months, and I ask what’s their biggest takeaway is always that you have the ability to just tell us that next step, what’s that next right thing, rather than all of the millions of things that can be done?
And I think that that comes back to and you and I are both really good at that. It comes back to simplicity. We’ve been doing what we’ve been doing for such a long time, that we understand it so deeply, that we’re able to make it simple, and that sometimes people that don’t have a deep understanding, aren’t able to quite articulate it that simply just yet.
Tim (17:57):
Yep, absolutely.
Samantha (18:00):
That’s a good way to wrap up the episode Tim. If you’ve enjoyed today’s episode, please share this episode with them and hopefully help your inner circle your friends, and your circle of influence to crack that six-figure mark and head into the million-dollar coaching realm, which is, as Tim said earlier, completely possible. If it’s done in the right way. Please subscribe and follow the show so that you can be notified when new episodes drop, as will a new episode be dropping next Monday. Tim, it’s been great to hang out with you here today. And thanks so much for listening. We’ll see you next week. Ciao.
Outro (18:37):
Thanks for joining me for this episode of the Influence By Design podcast. If you want more head over to influencebydesignpodcast.com for the show notes and links to today’s gifts and sponsors. And if you’re looking to connect with other experts who are growing and scaling their business to join us in the coaches, thought leaders, and changemakers community on Facebook, the links are waiting for you over at influencebydesignpodcast.com
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