Do you feel a bit overwhelmed and not sure how to set your business up for success and
growth?
Well, in today's episode, I want to teach you the phases of business growth so you could
identify which phase you're in right now, what you should be focusing on, and what the
success factors are of growth so that you can run your business like a well-oiled machine.
Before we get started, as always, make sure you hit the bell, subscribe to our channel,
and make sure you get notified when new episodes drop every Wednesday.
All about helping you go from passion to profits in your coaching business.
Hi there, Coach.
My name is Carolin Soldo, and I specialize in helping people just like you go from zero
to full-time income in their coaching business in less than four months.
You're watching this video right now, and that means that you might feel a little overwhelmed
with setting your business up for real growth.
Am I right?
Well, you're not alone.
About 10 years ago, I launched my coaching business, and I fell in love with coaching,
but I didn't know how to really grow my business, and I used what I call a piece meal approach,
where I just piece mealed my business together and I tried my best, and that's when I began
to leverage my business degree.
I have a Master's in business administration, and I remember sitting through my economics
and business classes and thinking, "When am I ever going to use this stuff?"
Then it all started to make sense for me.
Today, my business runs like a well-oiled machine.
I have the right people, the right systems, and the right processes for stable income
and continued growth, and that's what I want for you, too.
Let me present to you the five phases of business growth, including the success factors in each
phase so you know what to do right now.
By the way, I also want to give credit to the Harvard Business Review for presenting
us with these phases, which is where I heard about them for the first time.
Phase number one is called existence.
This is when you bring your business into existence and you birth your business baby,
so to speak.
In this phase, you, as the owner, are the business.
There's no clients, no contractors, no employees, no staff, no team.
You're the business.
That means that you're creating a lot of things.
You're creating your programs.
You're creating your brand.
You're setting up your systems, and this is a very difficult phase to be in because there's
lots to learn and lots of work to get done.
The success factors in this phase are being very disciplined with your time because you
have to be focused in order to get everything done with the amount of time that you really
have.
You have to get clear on your big idea, which is how you as a coach differentiate yourself
in the market.
You have to make sure you create your programs for sale, and you also want to make sure you
set up a marketing funnel so that you can go from existence into the next phase and
begin to make money and become profitable in your business as quickly as possible.
The second phase in your business growth is called survival, and it's called survival
for a reason, because you're literally in survival mode as a business owner.
In this phase, you probably have some clients.
You either got them by chance or through a marketing campaign that actually worked for
you.
You have a little bit of income, but you're still doing everything yourself.
You have no team, no contractors, or maybe only one VA or an executive assistant that's
working for you a couple of hours a week or a month, but nothing steady and consistent.
In this phase, your success factors will be based on three things.
Number one, it will be consistent lead generation.
You want to focus on your marketing efforts to make sure that you automate your marketing
and you've built a sales funnel, which will bring you more consistency, more leads, and
ultimately more clients in your business.
You also want to make sure you achieve customer satisfaction.
If you cannot gain customer satisfaction quickly and make sure your clients are happy and getting
results, your business will not last a long time because you can only hype it up for so
long.
The third most important part you want to focus on is hiring.
In the survival mode, you're doing everything yourself, but that can only last so long.
Hire out all these areas that you don't want to focus on so that you can work in your zone
of genius as much as possible and let other people do all the other important things that
need to be taken care of.
Now I have a bonus tip for you, and this could literally save your business.
What I see happening with many new coaches is they get stuck in survival mode, and they
never make it to the next level, and it's because they focus way too much on things
like brands, logos, colors, creating programs.
They're not hosting webinars.
They're not creating videos.
They're not doing live streams.
They're not attending events, which can help them get their message out there so much more
quickly.
If that's you, procrastination and fear might be at play right now, and you need to break
through that.
In order for you to get out of survival into the next phase, you need to focus your time
on marketing, creating a sales funnel, and bringing the right clients in your business
so that you have the money to reinvest in yourself and hire the right people.
Phase three is called success, and we call it success for a reason, because now you finally
get to benefit from your business and all your hard work.
In the success phase, you have consistent clients, you have profits in your business,
and you actually have a team that's helping you with the day-to-day activities in your
business.
The success factors now in success is continued hiring, managing your team, and maintaining
high levels of customer satisfaction.
As your business grows, there's going to be more and more projects and activities that
you will want to take care of, and it's not about you doing it all yourself.
It's about you learning to delegate and hire the right people and manage them effectively
so that you can take on more clients and you can scale and increase your impact in the
world, and do all of that without having customer satisfaction and results decline on you.
Phase four in your business growth journey is called take-off, and that's where it gets
really interesting.
Some of the indicators of take-off are when your business hits the million dollar mark.
I would say a business is probably in take-off mode when it crushes the seven-figure mark
in income, in annual income.
Some other indicators of take-off are when you have a really well-working core management
team.
You have high customer satisfaction, making some great money in your business.
You have a great bottom line, and you're very profitable and you may already have a coaching
team, so other coaches coaching your clients.
You may or may not have a sales team, and you, as the owner, are now removed from your
business, and you're more of a CEO and a visionary than someone who is in the day-to-day activities.
The success factors of your take-off phase are, number one, you want to continue to hire,
and that is hiring team coaches who can add value and get your clients the results they're
looking for and hiring a sales team, maybe even hiring a sales team manager.
You also want to continue to delegate tasks into the right areas of your business so that
you can stay free to think about where you want to go, where the business needs to go,
and make the right decisions for your company and get it to the next level.
The last phase in this business growth process, according to the Harvard Business Review,
is called maturity, and the key indicators of maturity are optimization, and, you, as
the owner, are now pretty separate from your actual coaching organization, which frees
you up to do even more of things you really want to do.
The sky is the limit, and you, as the owner, can decide what's right for you and your lifestyle
and what you want to do next.
Now I want to hear from you.
Which phase are you in right now?
If you're a new coach, chances are you're either in existence or survival, and I know
what it's like.
Hang in there.
You're going to make it to the next step.
Maybe you're already in the success phase or even in take-off.
Let me know which phase you're in below in the comments, and let's have a conversation.
If you're stuck in existence right now, I have something very special for you, two of
my most popular guides.
One is for helping you build a premium coaching program, and the other one will help you design
a high-end brand.
If you want those guides, look below in the description.
There are two links for you, that you can download these documents and get started right
now.
My mission with this video was to help you understand that there are certain phases in
your business development, as to grow your business, and it's normal for you to go from
one phase to the next.
I also wanted you to have a plan and a vision of where you're going with your business and
what the important success factors are for you to be focusing on right now.
I hope I accomplished this.
I hope you got more clarity.
I hope you understand which phase in your business development you're in right now so
you can do what you need to do to get your business to that next level.
With that, thank you so much for watching.
I hope you enjoyed it.
Don't forget to like the video below, leave me a comment, and I'll see you next week.
Take care.
Do you want to build a successful online coaching business, but you're not sure how to get started
and you're scared of wasting time and money on the wrong steps?
Let me be your coach and show you the right steps to quickly launch your business, attract
the perfect clients and multiply your income.
To learn more, go to coachingbusinesstraining.com.