Ep #230: What Are Missed Opportunities Costing Your Business?

Are you aware of the importance of opportunity cost in your business? Opportunity cost is a vital consideration when building your coaching business. Every year that you aren’t making six figures in your business is another year that’s costing you six figures. So what is your opportunity cost in your business?

One thing I’m noticing across the coaching industry is coaches building their businesses, taking different courses, and still not being at the place they want to be in their businesses. If you’ve been in your business for a few years now, your opportunity cost is building up, and it’s time to change things.

Tune in this week to get clear on opportunity cost in your coaching business. I’m sharing how to calculate the cost of inaction in your business, the decisions I made that addressed my opportunity cost, and you’ll learn what you can do differently to limit your opportunity cost in the future.

 

If you’re ready to create the next-level million-dollar version of yourself and become an example of what is possible, I invite you to join my High-Level Mastermind where we will scale your business to multi six and seven figures and beyond. And if you’re working to grow your business to your first $100K and beyond, I encourage you to join my business accelerator, The Mastermind. So click here to fill out your application and schedule a call!

What You’ll Learn:

  • How to calculate opportunity cost in your business.
  • The big decisions I made early on in my business that helped accelerate my business growth.
  • Why so many coaches are stuck in inaction and confusion when making big business decisions.
  • What’s currently driving the decisions you’re making, and why you need to try something different.
  • How to think about making different decisions to limit your opportunity cost in the future.

 

Listen to the Full Episode:

 

 

Featured on the Show:

  • If you’re an established coach and are ready to scale your business, achieve your long-term goals and build a practice that will stand the test of time, my High Level Mastermind could help you take your business to the next level.  Find out more about it by scheduling a call with me here. I look forward to working with you!
  • Get my exclusive three-part private podcast series called 3 Vital Shifts Every Life Coach Needs to Rapidly Scale Their Business here!

 

Download a Transcript for The Life Coach Business Podcast

You are listening to The Million Dollar Coach Podcast with Amanda Karlstad episode number 230.

Welcome to The Million Dollar Coach Business Podcast, a show for coaches who are ready to up-level their business and take their impact, leadership, and results to a million dollar level and beyond. If you’re ready to break through your limitations and start taking powerful action and become the seven figure version of you that your business needs in order to grow, scale, and thrive, this show is for you.

I’m your host, Amanda Karlstad, Master Coach, high level business mentor and advisor, master intuitive and business growth and scaling expert. Let’s get down to business.

Hello, and welcome everyone. Welcome to today’s show. I’m so glad that you’re here. I am really looking forward to this conversation. It’s something that was inspired by a conversation that I was having earlier this week. After that conversation, I felt really compelled to bring this to you all today. 

But before we dive in, I want to give you some updates, some really exciting, things that are happening in the business things that I have been mentioning recently on the podcast that I’ve been working on behind the scenes that I’m super excited about. 

I want to start off by saying that one of the questions that has been really guiding my own work this year, in 2024, as I look at my clients, as I look at my business, and where we’re going is how can I create the most value? And at the same time, help as many coaches as possible in my programs this year. 

I will tell you that this is something that I have always thought about. It’s something that I have created my programs around. It’s how I have delivered my programs. It’s why I have delivered my programs in the way that I have. It’s why I’ve developed the trainings and the very in-depth, very comprehensive curriculum. just the overall work that I do. 

So all of this has been informed by how can I bring the most value? How can I truly help? How can I help my clients make massive quantum leaps and create hugely successful businesses? We have so many examples of this. So much of this is helping them to truly step into the next version of themselves. It’s that deep, deep inner work and that identity work that I talk all about. 

When I look back, I am so proud of the work that we do with clients. I started this year with asking myself this question in how do I even take that to another level? How do I create even more value? How do I impact even more clients, even more businesses? How do we expand this work and help more and more clients achieve their goals? 

So I’ve spent some time considering this. it’s been quite an interesting journey. It’s been a highly reflective journey. By really leaning into and visioning what I want that to be, I’m so excited for the things that we have planned this year, for the growth and the evolution that is already happening, that will happen. The success stories that are being created right now. The examples of what is possible. One of my goals is to help my clients become examples of what is possible in this industry, and to really set the standard for what is possible. 

With that, so my two programs, the mastermind, which is my accelerator program for clients who are building to that first six figure level, as well as my Million Dollar Mastermind, which is my mastermind for clients who are scaling. Who’ve already hit that six figure or right at that six figure or maybe even beyond mark, and they’re scaling now to that multi six, seven figures, and beyond. 

The truth is that when I look at those two programs, I feel even more conviction when it comes to these programs, when it comes to the work that we are doing, to the work that we will be doing this year, to the clients that we’re serving, to how we’re supporting our clients. Just the overall level of training and high level strategy, the advisory that we are bringing to the table. 

There is master level coaching that happens day in and day out. So I just want to share that for all of you that if you haven’t looked at your own programs recently, I think it’s a good question to ask yourself is how can I bring even more value to my clients? 

That has been a really key question for me so far this year that has really informed some of the things that we’ll be launching and rolling out with these two programs that I’m super, super excited about. It also goes along with today’s topic of what I want to talk to you about, which is opportunity cost. 

So I want to have a discussion today about the importance of being aware of what your opportunity cost is. We’re going to dive deep into that in a minute. 

So before that, though, I want to invite you that really a lot of you, I’ve been having a lot of conversations lately with coaches that are coming into my programs, that are applying for my programs. One of the things that I’m noticing across the board is that a lot of you have been really working to build your business now for at least a year or more. Meaning you’ve been in different programs. You’ve taken different courses. You’ve probably worked with other coaches. 

You’ve been on that journey now for a year, two years, three years, maybe even more. The reality is that you’re still not at the place that you want to be in your business. I’m seeing this more and more and more in the conversations that I’m having. So part of that is what has informed today’s conversation and also the conversation that I was having earlier this week. 

But I also want to tell you all that it also doesn’t have to be that way. That you can make 2024 a real breakthrough year. That now can be your time to really be in an environment, to be in a container, to be in a program where you can be mentored, coached, guided at the highest level. 

That right now, in this moment, you have an opportunity to change the trajectory of your business. I will tell you what I see over and over with the clients that we work with. So often, this comes in ways that you can’t even anticipate. So I want to invite you that if you are truly serious about your business and your personal growth this year, that now is the time to apply as we’re currently enrolling into our next cohort of clients for the mastermind and for The Million Dollar Mastermind. 

Again, we have so much planned for these cohorts. For live intensives, for upcoming retreats, from brand new trainings, tools, resources that are currently being created. The highest level of support and mastermind that is based in hundreds of coaches going through this process that has created millions in revenue in my own business as well as in my clients businesses. 

So I really am telling you all that 2024 can be a breakthrough year for you. You have to make that decision. Also, we’re so ready to help you. So go to my website. We’ll link this up in the show notes, the application where you will fill that out. You’ll be prompted to set up a call because we want to make sure that you’re a right fit as well as obviously you want to, of course, learn more about the programs as well. 

So I really want to encourage all of you listening to stop the insanity. Take the next step. Really, let’s have a conversation about what we see as possible for you. All right. So let’s talk about opportunity cost. 

So opportunity cost is something that I think is one of the most important considerations that you need to make in building your business. There is a quote that I heard a while back that said every year that you are not making a million dollars a year is a year that it’s costing you a million dollars a year. 

I want you to think about that. I know when I first heard that quote, I wasn’t yet at the million dollar mark. It really hit me. I think there’s a lot of truth to that. You can insert whatever dollar amount that looks like for you. It could be 100,000, could be 250, could be 500,000, could be eight figures, right?

The point is that I want you to consider your opportunity cost. I want you to consider how long you’ve been working towards your goal. For many of you, as I’ve mentioned in just a lot of the conversations I’ve been having, I know that it’s been a year. I know that it’s been two years. I know in some cases it’s three years or longer. 

I want to share with all of you that one of the things that I decided early on in my business was that I wanted to go about building my business in the most accelerated way that I could. I had a lot of different reasons for this. I’m not going to get into that today. 

But at the end of the day, I knew that I wanted to build my business in the most efficient, in the most intelligent, in the most accelerated way. Allow me, ultimately, to make the impact that was going to help me create the revenue that was going to help me create the lifestyle that I decided very early on that I wanted to have. 

So because of that, I made big decisions very early on in my business. I made some very big investment decisions early on in my business that I was going to invest in programs and coaching that was going to help me build my business in the most accelerated way. 

Part of what informed those decisions is because I knew the power of coaching. I also knew the power of shortcuts. I knew the power of getting myself into a program that was going to give me the roadmap to do this, that was going to give me the support so that I could really shortcut this process. 

So because of those decisions very early on, I was able to build my business to my first six figures within nine months. I was able to then go on and build my business and grow my business from there to multiple six figures with very healthy and very consistent and sustainable growth from there to now being at a place where we are at that seven figure level and beyond. 

So the point is that throughout this journey, I have been aware of my opportunity cost. As I look back, had I not made those investment decisions and had I not done that work, there was a real cost to not doing that. There was a real cost to a level of inaction that I could have chosen and to focus on things that weren’t going to move the needle in the business. There was a huge cost to that. If I look at just over the years what that cost would have been, it is in the millions. 

So even though those investments at the time were very uncomfortable, they felt like a huge stretch. In fact, they were a huge stretch at the time. I also knew that I was going to show up, that I was going to do the work, that I was going to make this happen. 

I also knew that if I didn’t put myself in that position, if I didn’t invest in myself in that way, that it was also very likely that I was going to continue to spin, that I was going to continue to stay in confusion, that I was going to continue to chase my tail, essentially. 

So this is what I want you all to consider right now. What is it costing you right now in this moment? What has it cost you, up until this point, to not have made the income that you truly want in your business? What does it cost you in terms of revenue growth over this time? What is it costing you right now in terms of your future growth?

These are really important considerations because one of the things that I see happen very often when it comes to making decisions, for example, on where to invest is that very often those decisions are made from current circumstance. 

So, for instance, a lot of times coaches are looking at what’s in the bank account, or what have I invested to this point, right? Really letting that drive their current experience. So I just want you to know that right now if your current circumstance is that you’re making less than what you want to be making, than what you know you’re capable of making.

If you’re making less than you know you are meant for, the cost to you right now and to your business is not only the cost of that revenue, but it’s also the cost of you spinning in your emotional roller coaster, in the uncertainty in the how, on how to actually build your business. It’s the emotional cost that you’re experiencing as well. It’s your emotional life in your business. 

When you look at the emotional costs, there’s also very often a cost. I haven’t seen one case where this isn’t true. There’s also a cost to your experience of life and how you experience your life which is so important to understand. 

So, my friends, having a true awareness to your current opportunity cost is huge. I think it’s one of the most important shifts that you can make. It’s to understand what it’s really costing you right now in this moment, what it has costed you up until this time to not step into who you’re meant to be. It’s the cost of not getting your work into the world in that bigger way. 

It’s the cost of you not making the impact you can make with your clients. It’s the cost of you not going through what it’s actually required of you to build a million dollar business, and the personal growth that you will experience as a result of that. 

So the opportunity cost is huge. I want to invite you to consider where in your business and where in your life are you right now allowing this opportunity cost to exist? Where are you allowing this to happen? Where are you more concerned with your current circumstances and, as a result, not boldly moving forward in a way that will actually create the growth that you want? 

Where are you trading your future success for comfort? For what you’re perceiving as safe. For what might appear to be the safer path but is going to actually continue this cycle of uncertainty and doubt and frustration and confusion? Where are you allowing for doubt, for lack of belief?

What if every doubt, every thought you had that tells you that it’s not going to work out for you that maybe you don’t have what it takes? What if those thoughts, what if that doubt has already and in this moment is costing you thousands, probably hundreds of thousands. I would say for many of you millions per year. This is why opportunity cost is so important to consider. 

Because right now, my belief is that in this moment if you are a coach, if you’re a certified coach that has invested in training, that has gone through a certification, that has real skills, real expertise in helping clients, and you’re not making the level of income that you know is possible for you. If your business is not in a place where it’s generating the revenue or making the impact that you know you could be making. Right now at this moment, it is costing you thousands, hundreds of thousands, and, again, many of you millions right now. 

So for so many of you this cost is huge. It may be in the millions. So I want to invite you to consider what your opportunity cost is by choosing not to step forward with courage, by choosing not to take that next step in your growth, by choosing not to implement things in your business that is actually going to drive the growth forward that you truly want. 

So I encourage you now is a moment where you have an opportunity to step forward. To step forward in faith and with courage and to get after it. Because it’s right there, I promise you. All right, my friends, I really want you to consider this. I look forward to talking to you next week. Have an amazing week. We’ll talk to you all again very soon. Take care. Bye, bye. 

Thank you for listening to this episode of The Million Dollar Coach Business Podcast. If you’re ready to step into the million dollar version of yourself and scale your business to six, multi-six, or seven figures and beyond, go to amandakarlstadtcoaching.com.

 

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