Ep #231: How to Reach Your Next-Level Coaching Business Goals (Part 1)

This week, I’m offering the first of a two-part series where I’m diving into the most common reasons you aren’t hitting your next-level goals as a coach. Whether you’re at the beginning of your business journey or a seasoned coach looking to seven figures and beyond, this series is exactly what I wish I had early on in my business journey.

If you’re stuck at a certain revenue level or things aren’t working the way you hoped in your business, I invite you to consider what I’m outlining in this episode. These are patterns I’ve observed among my clients that are the answer to why you feel like you’re plateauing or even experiencing a downturn in your business, and this episode is going to change the game for you.

Join me on this episode to hear some of the most common reasons coaches are plateauing or stuck in their businesses, and what you can do to finally experience the breakthroughs you want on your coaching journey. 

 

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:

  • The most common reasons coaches plateau or get stuck in their businesses.
  • What happens when you get distracted by shiny objects.
  • How you might be creating a sense of offer confusion.
  • What might be happening if you’re stuck at a certain revenue level.
  • One of the most important and valuable things you can do in your business.

 

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 231.

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. It’s so good to have you here. I hope you’re doing amazing. I’m doing great. It’s a beautiful day. It’s in the 60s. It’s in March. It’s unbelievable. We’ve had such a mild winter. I know I talk about that every now and then, but it really is unbelievable that we are experiencing such a mild winter this year. I’m not complaining. I am loving it. I’m so excited to talk to you all.

I am really looking forward to our conversation today. This is the first episode in a two part series that I decided to do that I really, what I wanted to do was really dive into the reasons why you’re not hitting your next level goals as a coach. 

So I think this series is really going to help you. It’s going to be a very tactical series on some of the most common reasons that I see coaches who are either feeling stuck in their businesses or some that might even be experiencing some downturn in their business or for coaches who feel like they’ve reached a certain plateau in their business. They know that they’re ready for their next level. 

At the same time, they might even know what needs to happen or have an idea at least of what needs to happen. But yet, they’re still very stuck. They know that they’ve reached this plateau, and that they know they need to break through it. 

So what I will say is for all of you listening, my guess is that right now you are in a place where you know that you’re capable of so much more. You know that where you want to take your business is 100% possible. You have that belief. At the same time, you also know, you’re aware enough to know that there are certain things that you’re missing. There are certain things that are not at play in the business right now. 

So I just want to say I think you’re going to find a ton of value in this series. I’m really excited to be bringing you these teachings because I really think that when I look back on my journey, I wish I would have had a series like this. I wish I would have had this step by step. I wish I would have had the clarity in this type of conversation to help me make decisions to move forward and to help me reach my goals. 

So before we dive in, I want to let you know that for those of you who are really looking to grow to the next level, I want you to know that we’re currently enrolling for The Mastermind. So if you’re really looking to go to that six figure mark or beyond this year in your business, and you’re already coaching clients one on one. 

So that means you’re selling your offer, and you’re probably selling it on a one on one basis. You know that you’re ready to take everything to the next level. You’re really ready to grow to that six figure mark or beyond this year then I want to invite you to join us inside of The Mastermind. 

I am really excited for this next cohort that we will be launching soon for all of the work that will be happening for all of the success that our clients are going to be creating in this process. I have to tell you I have so much planned, so many things that I am bringing into this program that are going to help our clients create even more success in an even more accelerated way. 

I am just so excited for what’s ahead and for the level of coaching, for the level of mastermind, for the level of training that we are doing inside of this program. So I would highly recommend that if you’re serious about growing your business to that level and beyond this year then this is your opportunity to apply. 

We will be kicking things off in the next several weeks. For those of you that are joining right now, we have some really exciting things, some really exciting work that I’ll be having you do including an initial one on one deep dive on your business. Some really powerful pre-work that even that alone has the potential to change the game for you. 

So I would highly recommend to you if that is your goal to take this opportunity to apply. We’re currently meeting with applicants right now and having those enrollment conversations and starting the onboarding process. So it’s a really, really great time to get in the room. All right. 

For those of you who are already at that six figure or multiple six figure mark, and you’re serious about going to seven figures and beyond, I want to also invite you to apply to The Million Dollar Mastermind. This is my High Level Mastermind for coaches who are already at that six, multi six figure even seven figure mark and are looking to scale beyond that. 

So we have some really exciting things coming up as well in this program. We have so many wins already happening this year. We have our first retreat of the year that’s coming up that you can still attend. We’re going to give you all of those details. When you have your enrollment call, there is such a wonderful group of clients that you definitely want to be a part of.

So you can find the link to the application for both of these programs. In the show notes. You can also go to my website at amandakarlstadcoaching.com. I am just so excited to help you all take everything to the next level this year. 

All right, let’s dive into today’s show. So today I want to talk to you, I want to start this series and talk to you about the reasons why you’re not hitting your next level goals in your business. I will tell you that these are all things. So what we’re going to be talking about in this two part series are all things that you will encounter in your journey of growing your business to seven figures and beyond. 

These are all things that I see over and over again with clients as I bring them into our mastermind programs, as I coach them through our process. Especially, I will say, at that six, multi six figure level. When you are looking to scale, when you are looking to go to that seven figure level and beyond, I will tell you so much of what we’re going to talk about is going to be at play for you. 

I have seen where many of these things will come up even when I will tell you at the seven figure level. In fact, I was just having a conversation with a coach just last week at the seven figure level. So much of what I’m going to be bringing to you in this series was what her experience was in her business. 

So if you’re at that seven figure level, and you feel like things maybe aren’t working as well as you’d like them to be, or you feel like you’re stuck at a certain revenue level then I want you to consider these reasons because there really are patterns that I have observed over the years that will definitely hold you back from achieving your next level. And why you might be stuck, why you might be feeling like you can’t break through to that next level. 

Okay, so the first reason that I see so many coaches who are stuck in either that six or multiple six figure range is because you have what I call offer confusion. Typically, when you reach a six or even multi six figure level in your business, this one is actually very tricky. Because what happens is what likely got you to where you’re at, there is truth in that you actually do have a pretty good sense of knowing who you serve. You probably have a pretty strong offer that you have been selling. 

At the same time, what I also tend to see is that there might be a part of you that also doesn’t feel fully in alignment with your offer. What I mean by this is you might be feeling some misalignment with perhaps how you’re working with clients or even in the result that you’re helping your clients achieve. 

Or maybe you’ve even niched down so small. I’ve seen this happen where you’ve niched down so small that now you might be actually leaving out hundreds of prospective clients that you could be helping if you offered a program that was better meeting your clients where they were at. 

So there’s a lot of things, there’s a lot of different ways that this can present. Another way that I see this come up is with what I call offer hopping. Where what happens is you start to throw out different offers left and right. It’s kind of like when I talk about throwing spaghetti at the wall with your marketing. Like you’re throwing spaghetti at the wall, and you’re hoping something will stick. 

The same thing happens with your offer. You might be throwing out a one on one offer, like a one off one on one offer. Or you might throw out a group offer that you haven’t really thought out well. Or maybe you decide to offer a lower ticket offer that you heard or saw somebody else do that you think might be a good idea. There’s a lot of different ways that this can present. 

But at the end of the day, this offer hopping, what it’s actually creating is this offer confusion for you and also for your clients. The hard part of this is when, at the end of the day, your clients aren’t even really sure how you can help them or how you work with clients. You really want to avoid that. 

I want you to consider that when you’re throwing out these one off offers or when you’re simply throwing out what you think might work in the moment, what it’s actually doing is it’s creating a lot of confusion in your audience. 

Another thing that I typically see at a higher revenue level is that you might be offering several different offers. You’re trying to meet the needs of clients who, for example, might not be able to invest in your higher ticket offer. 

I was just having this conversation with a seven figure coach who I was coaching her on her business who had reached a plateau in her business. While her revenue has been at kind of that 100k mark and beyond over the past couple of years, one of the challenges that she’s facing and why she came to me is because where she wants her revenue to be coming in. So the program that she really wants to be driving the majority of her revenue is actually not. 

What’s happening is that over time, she has created these other offers. She’s created some of these other programs. Just in the last sixish months, we were able to identify three to four additional offers that she really put out to her audience in an attempt to serve her people but also generate more revenue. The problem now is that her core program, which I will tell you all is a fantastic program. The issue is that these other smaller programs, and one in particular, has diluted her core offer. It has now created offer confusion in her audience. 

So this high ticket program, this offer that she really wants to be driving more sales consistently on a monthly basis at an $8,000 level. She now, by offering a $97 very low ticket offer, has created a ton of offer confusion in her audience. So now she’s seen less enrollments into her $8,000 program. 

Now, on top of that, what’s also happening is that her team’s time is now being spent on managing the back end of this $97 offer. In fact, she told me that the clients that are coming in at that lower priced offer are requiring way more time, way more energy from her team than at that $8,000 price point. 

So I just share this example with you because this is how important offer confusion and offer hopping and all of these things like really hard to your business. So diving into this, I think this is a great example of what happens when you, as the CEO, start to what I call off road. When you start to become distracted with strategies, with shiny objects, with things that might appear like a good idea on the surface. 

Then you start to offer different types of programs that I will say are typically always well intentioned. But the consequence to this is that every time that you throw out one of these new offers, even if on the surface you might think this might be a low maintenance offer or it might be a low ticket, it might easily be an easier sell, so to speak. 

So often what will happen is it will create this offer confusion in your audience, which will ultimately slow down sales in the areas that you want it to. It will create more work for you on the back end to deliver this program. 

So the other piece to this is for your own mindset as the CEO, what will happen is it will also dilute your focus. It will also start to dilute your energy. It will start to dilute your team’s time and energy. It will dilute your resources. So this is why I’m such an advocate of really building one and maybe two, if it makes sense. Just like in my case, I have two very clear offers that I have offered pretty much since day one in my business. Two very solid core programs that fully meet the needs of my clients. 

This is why this is so vital because what happens is that the more and more offers you create, it will create more complexity in your business. The thing to understand about complexity is that complexity cannot scale. The only way to scale is through a counterintuitive way, which is to actually simplify. So this is very, very common. 

You might be nodding your head saying that yes, this is you. If you are, I want you to know I hear you. But offer confusion is huge. I have to say I’ve worked with so many amazing and talented coaches who really have what it takes to help others, who really, though, at the same time have stunted their growth, have stunted their business’s growth because of this offer confusion and not being in full alignment with what they’re offering. So this is extremely important. 

I will also say that even in the earlier stages of business, having this clarity and knowing what you’re offering and being in alignment with that is huge. Because when you have offer confusion, even at these earlier stages of business, it makes every other part of growing your business so much more difficult. All right. 

The next reason why you’re stuck and not hitting your next level goals in your business is a very common pattern that I see with a lot of coaches who create a level of success actually in their business, who have created six or even low multiple, six figure level of success in their business. 

But when they want to go beyond that, say for example, maybe it’s a 500k level or that million dollar level and beyond, what often comes up is that we have to first better identify their unique positioning. With that, also more clearly articulate from a messaging standpoint, what they actually help their clients achieve. 

Inside of my programs, I have a ton of training. I’ve done a ton of workshops. I coach clients on this all the time. It’s what I call your million dollar message. The reality is that at a certain point in your business, and again, this typically happens at that six, multi six level.

Also at that seven figure level it becomes more of an evolution is that you have to be so clear on being able to articulate what is your million dollar message? What is it that you are actually articulating to your potential clients that either clearly outline what you help them achieve, or maybe is creating some more confusion for them? Also, how do you exactly do that? 

So again, I have an entire foundational process that I take every one of my clients through with this so that they’re extremely clear on this. But the reality is that most coaches that I see, so if you are at that level where you’re feeling stuck at that six or low multi six figure mark, it’s because one or more of a combination of all of these things that I’m bringing to you in this series. 

But very often, it’s because there is a missing piece in that million dollar message. It’s not being clearly articulated, or maybe it’s mismatched in the market. So it’s really, really vital. 

All right, the next reason that you’re not hitting your next level goals in your business is because either A, you do not have one, B, you do not have a dialed in one, or C, you have too many or too complex of a funnel. Yes, I’m going to talk about funnels here. 

So if you’re a coach that has been stuck at the same or similar revenue for the last year, for the last couple of years maybe even, who is at that six or low six figure mark, what has probably happened is that you have reached a level of success because the truth is you probably have some type of funnel in place. 

It’s not how we traditionally would define a funnel. But there is a way that clients have been able to come into your business where you have sold clients. Likely, again, a lot of times it’s happening kind of on that one on one level. But you’ve gotten to a point because you do have somewhat of a clear offer that you’ve sold. You do have a match with the audience that you’re speaking to. They are raising their hand. They have said yes. They have paid you. 

What I typically see happen is I see a lot of coaches, again, in the industry who, a lot of times, they get to this point because they have a really great niche. They have a really strong offer then that they have positioned to this great niche. They probably have some type of organic funnel that they have been able to get some traction on and all of that is great.

But what I will tell you is that in order to go beyond that in order to go to that half a million, to go to that three quarters of a million, to go to that million dollar level and beyond. For most coaches, and honestly, I can’t even think of one example where in order for a coach to do that, it didn’t require an uplevel in their marketing, where it doesn’t require that you implement some type of solid marketing funnel, a consistent marketing funnel in your business. Where it doesn’t require you to grow your skill in marketing and sales. Ultimately become better at sales and marketing in your business. 

So for my clients, for those that come into my mastermind at that six, multi-seven figure mark level, the truth is that so often this is exactly what we’re building out. We have to get clear on all of these things. A big part of our work is also growing our skill in terms of sales and marketing in the business. 

From what I have observed over the years, the truth is that until you have these things dialed in, and by the way, the sooner you can do these things, the better. So even in these earlier stages of business, you want to be doing these things. I will tell you, the more you make this a priority and the faster you make this a priority for you and your business and also for your clients is where you will see the growth in your business. 

So growing your skills in marketing and sales, I think this is one of the most valuable skills that is a nonnegotiable if you want to grow a very successful coaching business. I can’t overemphasize how important this is. 

Okay, the next reason you’re not hitting your next level goals is because, I’m going to give you this to very straight, is because you are starting every month from zero. Here’s what I mean. What I mean is that I think there is a conversation in our industry that has been quite prevalent over the years that for some reason things like payment plans are a bad thing. 

Or that if you’re really a strong coach, you should only be accepting pay in fulls for your coaching. Or that when you’re accepting payment plans, it’s due to some limiting belief that you then need to be coached on, that you then need to spend your energy on.

I was actually having a conversation recently with one of my Million Dollar Mastermind clients who told me, and this client is at already multiple six figures in her business. We’re building her business to that half a million, three-quarters of a million mark this year. She shared with me that recently she, before coming into my program, was in another program, and in that program had to be coached because she had been accepting payment plans. 

Just like I told her, one of the marks of what I perceive as a lack of real business acumen in this space is when I hear or when I see this idea that you can only accept pay in full payments, and that by accepting payment plans that this is a bad thing for your business. That you need to be coached on this. 

I will tell you, and this is speaking from my own journey, as well as all of the clients, my most successful clients that I have coached and mentored over the years is that one of the most important things that you can do as a coach is to build recurring revenue into your business. What I mean by that is when you come into a new month, when you are looking at your revenue and what is set to come in, that every single seven figure, even eight figure coach or business that I have worked with that is operating at that level is because there is a very healthy, recurring revenue stream that is built into the business. 

I’m going to be talking more about this, and the importance of this and upcoming episodes. But I want you all to really consider this for a moment. If you could walk into your month and you already had 10k, 20k, 30k, 50k, or more already coming in based on sales that you have already generated, based on programs that you’ve already sold that actually allowed your clients to pay you over a certain period of time that made that investment easier for them. 

It also ensured that you walked into every month having your business expenses taken care of, having things like your owner’s pay already taken care of. Not having to worry about how you’re going to pay your team how you’re going to cover your bills for the month.

I will tell you this will change the game for you. Not only will it ensure a certain level of financial stability in your business, but it will also change your experience of growing your business as the CEO. It will help you make so much smarter decisions, clean decisions. As the CEO, it will give you a sense of confidence in running your business, in making decisions, in where to invest in your business. When you can allocate resources where you need to in order to continue to grow the business. 

Again, I can’t overemphasize how important this is. One of the examples that I love with this in particular is I’m thinking of one client who came into my High Level Mastermind program who was at that kind of low multi-six figure mark, and at the same time felt like he was starting every month from zero. 

The truth is that it was wreaking havoc on him. He was feeling so burnt out. He was always like in this cycle of where he was continually worried about how he was going to pay his bills because he was starting every month from zero. Sales felt so heavy for him. He felt like so much attachment to the sales conversations that he was having. It was creating so much doubt for him. He was just second guessing so much in his business. It was really impacting his belief. 

So I share this because there were so many consequences that he was experiencing because he had been subscribing to this model that he should only be taking pay in fulls. That if he was taking payment plans, he was doing it wrong, or something was wrong with him. That he wasn’t overcoming objections strong enough, or that he wasn’t capable, or that he had limiting beliefs. 

So there were so many belief spirals that were happening as a result of the circumstance. Seeing this, one of the things that I saw right away was hey, we need to start to build some recurring revenue as soon as possible. So I coached him on really starting to offer those payment plans for his program. To offer that in addition. Not to say that he wouldn’t offer the pay in full option, but to start to offer that in addition to his pay in full option. 

What happened was, is within just a few short months, what that did is it allowed him to then come into the month knowing already that his business expenses were taken care of. Knowing that he had this overflow beyond the expenses that he could then put towards the areas that he needed to. That he could put towards reinvesting in his growth. 

Most importantly, I will tell you he became a more competent CEO. He was able to approach his business and create his content from a more settled and a more creative, powerful place. So he could take the time that he needed to implement, for example, this new funnel that we decided to implement into his business. He was able to take the time he needed to do the work, to create that, to optimize that. At the end of the day, it changed his emotional experience in his business. 

So I want you to really consider that for yourself right now. What would it be like to walk into every month? To be able to project, for you and I to have a conversation, for me to ask you what your projections are, and for you to be able to project that over the next 30, 60, 90 days, maybe even six months or a year. To be able to see what is scheduled to come in. I am telling you, it is one of the most valuable and important things you can do in your business. 

It’s also why this is a goal with all of my clients to help them build this out, to help them establish this no matter what level they’re at. To start to develop this healthy recurring revenue as soon as we can. I will tell you, this doesn’t have to take a lot of time. It can happen actually in a pretty relatively short amount of time. The disclaimer is when you have the right things in place. 

So all of these elements, I want you all to know, are possible for you. I know we covered a lot of ground. This is just the start. I have so much more to bring to you in part two of this series. So for now lean into what we just talked about. Really take a look at where for you do you need to put some focus? I would love to know what most resonates for you. Have an amazing week. I’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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