“How much money do you want to make in 2022?”
I recently opened a client coaching session with this question.
She gave me an ambitious but doable revenue goal.
“Great! What ideas do you have so far for reaching that goal?” I asked in response.
She came back with the usual answers.
“Grow my email list.”
“Fill my classes with more people.”
“Maybe raise some of my prices.”
I nodded my head, then asked.
“Do you know your revenue capacity?”
She looked confused.
I looked back at her reassuringly. “Don’t worry; most people don’t know their revenue capacity. That’s why they’ll struggle to meet their income goals. But we’re not going to make that mistake. “
I continued.
“Let’s do a little thought experiment. If you woke up with twice as many people asking to work with you tomorrow, could you serve them all? What about 3x or 5x?”*
She replied, “I’d have to turn a lot of them away.”
This is the same answer many coaches and consultants give in response to this question.
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3 Reasons Your Customer Base is Not Growing
Want to scale your business beyond the limitations of offering one-to-one services?
Create an online course or group program, right?
Well, yes. But a scalable offer alone won’t get you to your desired level of income, impact, and freedom.
Your entire business model also needs to evolve. That’s why I always work with my clients on three areas of their business.
All three need to be scalable. Today, I want to talk about your platform.
I see coaches and consultants make three common and costly main mistakes when scaling their platform to grow their audience and customer base.
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4 things for consistent business growth
Have you ever participated in a mastermind or coaching session where you got excited by the suggestions and advice, only to realize later you didn’t know where to begin to implement?
Hearing the divergent thinking of a group can break open a stagnant business, help us rethink our assumptions about what is possible, and offer a new perspective when we’ve been banging against a locked door.
But then those ideas require action.
When I created the Catalyst Mastermind, it was essential to me that it would be a whole-package kind of experience. It’s not just talking to smart people and hearing their ideas.
A mastermind also needs to give you tools (worksheets, checklists, concise and timely training, etc.) to help you implement the ideas.
It needs to give you support between the group calls so that you don’t get derailed the moment a question arises.
It needs to supply you with a shot of motivation and focus when you’re struggling to find them.
It needs to connect you with people who can help you.
That’s why my Catalyst Mastermind gives you:
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How to find support to realize your vision
I struggle with the word “accountability.”
It sets up this external pressure that sometimes works but creates more anxiety for some. Yes, I said it.
Accountability is not the end all be all of accomplishing your goals. External motivation has its limitations.
And yet, there is an alchemy that happens when we have involved others in our goals, and it propels us to reach them in ways we would never have managed on our own?
Why does the gym buddy make me show up at the gym? Or why does the book club make me get through the book that took some patience but was SO worth it?
Why does co-working help me write the book that gets relegated to “later” when I’m on my own? Why do I sometimes meet deadlines when someone expects my result, but not when I have a self-directed deadline?
On my best days, it is not my people-pleasing character trait (I’m working on it) that makes me show up for someone else. It’s the connection, relationship, commitment, and camaraderie. And I’ve found that I REALLY need it.
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One of my biggest mistakes as an entrepreneur
2016 was a rough year for me, even more so than 2020, and dealing with the pandemic. It was the beginning of a couple of years of deep physical and emotional anxiety.
As my inner turmoil increased, my connection to the world diminished.
Go to that networking event? No way, too exhausted. Meet that friend for check-in and chat? I’d just feel inadequate. Put me out there on social media? No. Thank. You.
Unfortunately, this is common when someone deals with mental health challenges: they isolate themselves. Perhaps it’s due to shame. Perhaps it’s because of a lack of energy. Maybe it’s both and more.
As time went on, I isolated myself both personally and professionally more and more. Work opportunities started to dwindle (increasing my anxiety and continuing the cycle). Engagements and invitations stopped coming in. Fresh ideas and inspiration withered.
Bit by bit, my inner chatter told me I was getting less relevant than ever, which fed my sense of fatigue and self-doubt.
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Know your revenue capacity to reach your income goal faster
“How much money do you want to make in 2022?”
I recently opened a client coaching session with this question.
She gave me an ambitious but doable revenue goal.
“Great! What ideas do you have so far for reaching that goal?” I asked in response.
She came back with the usual answers.
“Grow my email list.”
“Fill my classes with more people.”
“Maybe raise some of my prices.”
I nodded my head, then asked.
“Do you know your revenue capacity?”
She looked confused.
I looked back at her reassuringly. “Don’t worry; most people don’t know their revenue capacity. That’s why they’ll struggle to meet their income goals. But we’re not going to make that mistake. “
I continued.
“Let’s do a little thought experiment. If you woke up with twice as many people asking to work with you tomorrow, could you serve them all? What about 3x or 5x?”*
She replied, “I’d have to turn a lot of them away.”
This is the same answer many coaches and consultants give in response to this question.
Read more