Welcome to The Millionaire Maker Show. I’m Lindsey Anderson, a business coach for coaches, and I’m your host. As a master conversion copywriter and experienced business coach, I’m here to provide you with insights and strategies to scale your coaching business. In this episode, we’ll focus on mastering the four phases of business growth.
Before we dive in, I encourage you to listen to Episode 1, where I introduce the Millionaire Maker Coaching Funnel. It will give you a comprehensive understanding of the strategies and concepts we’ll discuss today.
In this episode, I’ll be sharing valuable insights on the four phases of business growth. With 20 years of experience as a business coach for online coaches, I’ve helped numerous individuals scale their businesses and achieve remarkable results.
The main objective of this episode is to guide online coaches in generating consistent revenue and achieving more time, money, freedom, and impact.
Revenue Phase: As a business coach, I understand that generating revenue is crucial for sustaining and growing your coaching business. It lays the foundation for all other phases of growth. Without consistent and adequate revenue, your business may face financial difficulties and limited longevity.
Impact Phase: Once you’ve established revenue, it’s time to focus on making a significant impact. This phase involves reaching a broader audience, investing in products, coaching programs, and memberships, and expanding your influence to create a meaningful difference.
Freedom Phase: With a solid business foundation and consistent cash flow, you can enjoy lifestyle freedom, financial freedom, and creative freedom. This phase is all about leveraging your resources and systems to create a business that works for you, allowing you to live life on your terms.
Legacy Phase: Building a legacy involves long-term planning and creating a business that can thrive even with reduced personal involvement. It’s about creating a lasting impact and ensuring that your business continues to make a difference beyond your direct efforts.
Important Episode Highlights:
The Importance of Revenue Generation: I emphasize the significance of revenue generation. It serves as the fundamental resource for sustaining and growing your coaching business. Without consistent revenue, your business may struggle financially, and its longevity could be at risk.
Let me share Brian’s story to illustrate this point. Brian, a passionate holistic health and wellness coach, initially focused on making an impact without prioritizing revenue generation. Despite having a strong online following, he struggled to convert his followers into paying clients. Neglecting revenue generation led Brian to face financial hardship and even contemplate quitting his business.
However, when Brian restructured his approach and placed emphasis on revenue first, he was able to create one-on-one coaching programs. This eventually allowed him to transition to one-to-many programs, significantly boosting his revenue and expanding his impact.
The Phases of Business Growth:
- Revenue Phase: This initial phase requires a focused approach on sales, marketing, and client relations to establish a consistent cash flow stream. It sets the foundation for future growth and success.
- Impact Phase: Once revenue is established, as a business coach, you can expand your reach and invest in products, coaching programs, and memberships. This phase is all about making a broader impact and creating a ripple effect through your work.
- Freedom Phase: With a solid business foundation and consistent cash flow, you can enjoy lifestyle freedom, financial freedom, and leverage in your business. This phase is about creating a business that aligns with your desired lifestyle, giving you the freedom to focus on what brings you the most joy and fulfillment.
- Legacy Phase: The final phase involves long-term planning and creating a business that can continue to thrive beyond your personal involvement. It’s about leaving a lasting legacy and ensuring that your business can make a sustained impact even as you step back.
In Conclusion: The Millionaire Maker Show is your go-to resource for online coaches seeking valuable insights and strategies to scale their businesses. As a business coach for coaches, I’m dedicated to helping you achieve your goals of impact, freedom, and legacy.
Remember to visit themillionairemakershow.com/insiders to sign up for early access to each episode, exclusive bonus content, and valuable resources.
welcome to this episode of The Millionaire Maker Show. I am your host, Lindsay Anderson, and today's episode is gonna be me and you. We're gonna be talking about how to master the four phases of business growth. Now, if you haven't had the chance to listen to episode one where I outline the Millionaire Maker Coaching Funnel, you're gonna wanna head over and listen to that and then come over here to episode two where we focus on the four phases of business growth. You're going to want to listen in and take notes on this episode. Because I'm going to outline step by step how to generate Enough consistent revenue where your coaching business can literally be your bank account and bring you more time, more money, more freedom, and more impact. Now, before we hop in to start talking about the four phases of business growth. I wanna remind you to head on over to the Millionaire Maker show.com/insiders. If you head over there, and put in your name and email address. You'll receive early access to each new episode, exclusive bonus content and resources designed to help you implement all of these strategies we discuss in the show and not to mention. The first 100 people, the sign up will receive a very special surprise. So head on over to the millionaire makers show.com/insiders. Let me set the stage when it comes to the phases of business growth and how vitally important it is that you attack and tackle these stages. In the following order revenue impact, freedom, and legacy. Now, when I first got started in the coaching space and creating social media and building my email list about 15 years ago, I. Had the misconception that if I built an audience and it didn't really matter who was in that audience or who I was attracting, if I was able to attract enough people and have a big enough impact on people, then my bank account would reflect it. I was completely obsessed and interested in making the biggest impact I could because I believed that the money would follow, but I was completely wrong. I was focusing on impact. I thought I was doing good in the world, and no matter how big my audience got, Because I wasn't focused on revenue. I was always scratching and crawling and aching to get by. I would continually look at my bank account and wonder, why am I putting all of this work in? Why am I putting hour after hour in? Only to have absolutely nothing in my bank account.undefined:
Revenue is the fundamental resource that will allow your coaching business to sustain itself. Grow and evolve, and without a consistent and adequate revenue stream, your business can quickly run into financial difficulties, and your longevity can be seriously threatened, leaving you without a coaching business and leaving your potential prospects your expertise So revenue generation understand this. It's not just about survival. It's about setting the foundation for all of the other phases of business growth that we're gonna talk about today. You wanna think about cash flow and revenue as a building block upon which the rest of your business is built. Once you have a solid revenue base established, and you can count on this money coming in, and you no longer have to bite your nails, wondering how you're going to make it to the next launch. You'll be able to have the resources to create a much broader impact, such as investing in more products, developing one to many coaching programs, creating courses and memberships that can truly have an impact on so many people Now, the freedom phase is where internet dreams are made after you've focused on revenue and impact. Freedom is where. You are waking up to several thousand dollars purchases in your email. You are able to go on vacation. You're able to take off. You are able to have some real freedom. In your lifestyle and with your finances, with your creativity, and with your company than you ever have before. And that is because you have developed a consistent cash flow stream. You know that you can make sales, you know how to attract those customers, and now you have leverage to have real freedom in your business and life. And the fourth phase is legacy. Once your business has a strong revenue stream, you're making a significant impact. You have the lifestyle freedom and the financial freedom that you are looking for. You can then really focus on legacy. That involves long-term planning, creating something that lasts beyond your involvement that it will continue to live on even after you. Decide to take a less active role in your business. The people who come to me typically fall into one of these four categories. they're looking to make money They're focused on impact. They want more freedom. or They're looking for a legacy, I can't tell you how many times I hear. From my clients because I really truly attract some of the most amazing people to my. Coaching business and very frequently they come and they say, Lindsay, I cannot charge more. I wanna be accessible. I wanna be able to make an impact to as many people as possible. I cannot charge high ticket rates. And to that, I say, I understand. I also wanna make an impact. I know that you don't want to not be available to those individuals who cannot afford it, but here is what I say to that. There are YouTube channels. There are free resources that are available that teach many of the things that you teach that can help those individuals who are at that place, in their life and their business. Where for you, it's very important to position yourself in a place where you teach more advanced strategies, where you can bring people in who are willing to pay you for your work. And you can get paid and develop a consistent revenue stream. Once you do that, you'll be able to turn around and make that impact and offer lower cost courses for those individuals follow the Millionaire Maker self filling coaching funnel from episode one. You will then be able to have a plan. What is the plan for nurturing those individuals from low-cost programs, clear up into one-on-one coaching instead of just offering low-cost programs and hoping you sell enough over a long enough period of time to make a real impact on your bank account? Straight up between me and you, it will not work. You will not be able to make enough money in your coaching business to afford you any kind of freedom in your lifestyle just by selling Lowcost programs. If you want the proof for yourself on this concept, please. Push pause. Take a moment. Sit down and literally do the math about how much of your low-cost membership or your low-cost courses that you literally will have to sell in order to make a significant impact on your life. And then ask yourself, okay, have you done this before? Are people flooding in on these low-cost offers? And how exactly are you going to be able to make sales? In the long term and consistently, that will keep your bank account full and allow you to have the cash flow in your business that will actually take you to where you're going. The answer is it won't. It's as hard to get $47 for a low cost membership out of someone as it is to market high ticket coaching. So look at what you're doing. Look at the reasons why you feel like I want impact, or I want legacy, or I want freedom and that's the only thing that I want, and I want it now. Trust me. I know that you want those things, but revenue is truly how you'll be achieving all three of those goals. Now I already hear. I hear it. I hear, I know. I'm on a podcast here, but I already hear what you're saying, Lindsay. I get it, but I'm special. Okay. I'm gonna focus on all four phases at the same time, and I'm gonna caution you with that when. Coaches try to focus on all four phases of business growth at once or even two at a time. You'll find yourself spread too thin. Your customers and prospects will be confused and you'll not be able to implement the appropriate systems necessary to do this stuff on autopilot to legitimately get you to the next phase. For example, revenue. Generation definitely requires a sales focused approach and a significant time commitment. Where creating impact, you might need community outreach, or you might need to run ads. Believing in the revenue phase and doubling down on the revenue phase means you're heavily focused on sales, marketing, and client relations to bring in cash flow. So I'm gonna caution you, I'm gonna caution you that you're not I've consulted with hundreds of coaches. I've heard it all before. You cannot focus on two of these at once. You wanna focus on one, accomplish that, and then focus on the other three. Let me share with you the impact of what not focusing on the revenue stage in your business can lead. this is best demonstrated through a client's story. Now I have a client, his name is Brian. He's incredibly passionate about holistic health and wellness, and he started a coaching business to help other men achieve their wellness goals. Now he was an expert in his field and he had a huge vision to have a significant impact on people's lives because his own health and wellness journey. Led him to know what a significant impact he could make. Now, Brian, he was completely and incredibly passionate about his service and he dove into his coaching business thinking that his passion and knowledge were enough, and that money would naturally flow now, he spent most of his resources, his time, and his money, creating extensive high quality content for both his blog and social media. He thought that that would attract a broad audience who would eventually sign up for his coaching services when he came to me. He had a robust online following, but he was failing to convert these followers into paying clients effectively. He had not thought through a proper pricing structure for his services. He had not implemented the strategies to monetize his online content effectively. He didn't understand his client base or what their problems were or what they would be willing to pay for. Now over time and why Brian reached out to me was because the cost of running his business, creating content and living expenses began to start piling up. In fact, Brian had left a corporate job to pursue his online coaching business, and that corporate job was literally staring down the barrel at him. In six months, he would have to go back unless he figured out how to monetize. His coaching business. So Brian is a perfect example of someone who has the passion and knowledge to make a significant impact in people's lives. But the complete neglect and ignoring of the revenue phase, or wanting to go out and learning sales skills and strategies for converting people from social media into your coaching business led him into financial hardship and stress, That made him really want to give up and quit his business. Now, when he found me, we restructured. We focused on one-on-one coaching model. I consulted him around creating coaching programs that created a big impact for his client as well as revenue for himself. I guided him through my process of getting one-on-one clients, understanding their problems, and then. what to say and how to say it, and how to appeal to those individuals in his audience that would actually pay him what he was worth and have the transformation that he was creating, he was eventually able to take his one-on-one work to a one to many program. But it took him longer than it should have. if he would've focused on revenue first, Brian wouldn't have had to go through all of these financial stresses. He wouldn't have had to think about what it would be like to not have his coaching business and go back to corporate America. After our work together, Brian now has a process where he knows how to enroll one-on-one clients into his coaching programs and get those individuals off of social media and into his coaching programs. Brian's story is the perfect example of what it can look like when you don't focus on revenue generation in the earlier stages of your business and all of the struggles that you can avoid by looking at those revenue problems head on, figuring those out. And giving yourself the luxury and the freedom of having consistent cash flow in your business. that's the revenue phase. We're talking one-on-one coaching. We're talking bespoke coaching programs that you can tailor with your client and having big, big impact. And that's really what. The revenue phase of your coaching business looks like next, we're looking at the impact phase. The impact phase is the stage in business where you can really start to leverage your time and make an bigger impact through group coaching programs or courses where you let video and other technology make that impact for you. This is where your programs can become lower cost and be a bit more accessible to your audience. Now, the impact phase comes into play after a solid foundation has been laid in the revenue phase. Once a business has secured stable and consistent revenue. You now have the financial security and resources to think bigger and figure out how to have an impact on many people at a time. In the impact phase, you're focused on scalability. With group coaching that will allow you to reach and help more people. We're focusing on a collaborative environment where people can learn from each other's experiences, and your coaching programs can actually have a even bigger impact because of the introduction. Of a community. And finally, accessibility group coaching can often be offered at a lower price point per individual, making your services more accessible to a larger audience. Hence, Expanding your impact. Now, how do we do the impact phase? What are the main things we need to focus on when talking about the impact phase? Well, first of all, most of all The impact phase is all about dependable systems. Dependable systems are crucial for any business aiming to increase its impact. These systems, which could include everything from the sales processes to customer service protocols, will ensure your consistency and reliability in delivering your coaching services. When you have dependable systems, it takes you out of the business, and the business runs on autopilot and becomes consistent. And your prospects and those individuals that coach with you will start seeing a systematic results. Having these dependable results is very important in this phase, and these results will validate the effectiveness of your business, of the transformation you offer of your methodology, and will further enhance your credibility making marketing and sales that much easier. When you have dependable results, because you have everybody in a system, you'll be able to provide evidence of your impact and that will become a key selling point for attracting new clients. It becomes so much easier once you're in a system. Let's talk now about the freedom phase. As I mentioned, the freedom phase is where all your internet dreams are made. You have money coming in because you've set up reliable systems in the impact phase, you have the time freedom. you come in in the morning and your systems have done much of the work for you, and this is the freedom phase. This phase will enable you to generate income without the need for constant active marketing or coaching efforts. It's where systems automation and delegation come into play Now. How do we achieve the freedom phase? It's a great question, and the answer is you are gonna continue your focus on effective systems and automation, and you are also going to introduce a competent team and start leveraging passive income strategies. So for example, a system you might develop a sales funnel That nurtures leads automatically taking them from a lower cost offer into your group coaching program into one-on-one coaching. If you are following the millionaire maker self filling coaching funnel that we covered in episode one, you will see that in the freedom phase, this is where you now can have lowcost offers and you can understand how a Lowcost offer because buyers or listeners And it will very naturally lead to many people reaching out to you for high ticket, one-on-one coaching. implementing This system into your coaching program is amazing because you have all of the information that you need to actually make this work. Automation also becomes a huge factor here where you know what emails to send out in order to nurture these people. You know how to bring them in and what. Objections and problems and how to message and position yourself so that people will inquire about your services. in order to achieve impact, will be developing a team. You're only as good as your team. And this is so true in the coaching industry. A competent, reliable team will take over many of the day-to-day operations of your business. That will reduce your workload and allow the company to function without your constant oversight. I remember when I realized and was so grateful for my freedom phase. I was called out of town for four weeks suddenly, and I knew because I had built the Millionaire Maker funnel from the bottom up. I had appropriate systems. I had the team I was able to leave four weeks, and when I came back, My business was running just as if I had never left. Now remember this about developing a competent team. You wanna make sure you hire the right people and train them adequately and really be looking at being a leader in your company. Develop a culture where your team feel motivated and empowered to do their best work. When you do this and you view every single team member as an asset, you are continually. Able to amplify what you and your coaching business are able to achieve. Also, in this phase, you're gonna be able to leverage passive income strategies such as selling courses, low cost courses on autopilot. You'll be able to wake up or go on vacation and see money being deposited into your bank account without you having to Lift a finger. So once you get yourself in the revenue phase, then the impact phase freedom is awaiting, which leaves us with the legacy phase. Now the legacy phase of your business is the stage where you as a leader start to think about the long-term impact and continuity of your business. You have systems that allow the business to run on autopilot. You can count on your cash flow and you can start thinking about bigger, more important questions like, what will my business legacy be? Can I continue to create a sustainable and lasting influence that goes beyond my involvement in the company? And how do I take what I've built in this company and create charity or ensure the company's values and culture continue to endure even if you aren't taking an active role in your coaching business? Now, the legacy phase can manifest in many, many ways depending on the nature of your business, the goals you have as a coach. It could involve creating a family business passed down through generations, establishing a trust or a foundation, or instilling a corporate culture that carries. Your vision forward. There are a lot of options here in the legacy phase, and if you build your business from the ground up following these phases, one at a time, you will be able to create an asset that will last long After you're done coaching, you'll be able to have a business an effect on the world and people around you that will leave a lasting impact. what this would look like for you is best through this example, Eliza. Now Eliza, she was a leadership coach When she came to me, she had a strong focus on the revenue phase. She was ready to launch her business. She was working in corporate America and was ready to leave her HR job and hop into her coaching business. But she's in a real kind of a situation here because she has to do this correctly because of the four ohk and the stability and the money that her her HR job was affording her. Now, she. Signed up with me so that she could get the shortcut. She didn't have the luxury of making mistakes. She knew what she wanted and she was ready to build it and understood the power of having someone with a higher level of perspective and experience in her life would be able to shortcut her results. So, Our work together, of course, began with one-on-one coaching. I helped her develop a strategy for obtaining and getting one-on-one coaching students. We priced her packages to attract the right clients while focusing on profitability to help her get out of her full-time job. Her dedication to building a solid revenue stream allowed her to hire a small team, invest in marketing, and continually grow her client base Now. Once she was consistently generating a healthy income that she could actually depend on, and she knew if she was out of income or needed more clients, she actually had a system and a strategy that would attract more clients to her. She moved into the impact phase here. I helped her develop group coaching programs And online courses that enabled her to reach more people while maintaining her revenue growth. We also took her from a one-on-one coaching model to group coaching, which really allowed her to leverage her time and money. As her business continued to grow, Eliza finally reached the freedom phase. She was able to quit her full-time job. She had systems and a capable team in place that allowed her business to operate effectively, even without her constant involvement. So now she's. Not even working in corporate America and her coaching business is running on autopilot because she has invested in the revenue phase and the impact phase, and now Eliza shows up to her life and her business doing exactly what she wants to do. She started introducing passive income streams such as pre-recorded online courses, mini courses. eBooks. This gave her even more time and flexibility to focus on strategic growth and other personal projects. She has a lot of personal projects. Now she's in the process of looking at the legacy phase. What does she want the long-term impact of her business to be? How much does she wanna be involved? Everything is working on autopilot, so she has a lot of freedom to really decide what she wants her business to become. Now, Eliza's story is an excellent example of a business that effectively navigated all the growth phases. This took her over the course of a couple of years working with me, but she. Started with a strong focus on revenue, we expanded her impact and then we achieved operational freedom, and now she's considering her long-term legacy. This strategic and balanced approach focusing on the right things. Ensured that she knew exactly what was going to be coming up in her business and achieve these results as quickly as possible with the least amount of stress as possible. Let's talk about action steps Okay. First of all, let's talk about how to identify what you currently need to be focused on, if you're looking at your bank account and there's not enough money there, and you're constantly wondering how you're going to make more money in this business, it is essential that you focus on generating sales and attracting new clients and ensuring your business' financial viability. You only wanna be concerned about cash flow. It doesn't matter how many bodies, it doesn't matter how big your audience is. What you want to do is figure out how to generate sales and attract new clients. Now, if you have a steady income stream and you can bring on one-on-one clients, With predictability, it's time to start expanding your services and reach a larger, audience and really leveraging your time. That's when you can look at going into one to many coaching and starting to shift scaling your operations and influence Now, if you already have systems and a team and you're not involved in the day-to-day operations of your coaching business, that means you're in the freedom phase and you can count on your bank account, and now you really wanna implement systems and strategies that will help you. Maintain sustainable growth. And then finally, legacy phase. If your thoughts are turning towards long-term impact of your business, and the legacy you leave, you really wanna start focusing on the legacy phase. So, There you have it. The four phases of business growth. Let's go over them one more time. You got revenue, you have impact, you have freedom, and you have legacy. Now, we have a few questions that were submitted for the podcast, so I wanna take a quick break here and then we'll come back. For some listener questions and a QA segment here on the Millionaire Maker Podcast. Are you ready to unlock the secrets to building a successful online coaching business? Become a millionaire maker. Show insider by heading over to the Millionaire maker show.com/insiders. By joining, you'll receive early access to each new episode so that you'll be the first to learn the latest tips and strategies from top. Industry experts, but that's not all. As an insider, you'll also gain access to exclusive bonus content and resources designed to help you implement the game-changing strategies discussed in the show. Imagine having the insider knowledge to attract high paying clients. Grow your online presence and take your coaching business to new heights. Secure your spot as an insider of The Millionaire Maker Show with Lindsay Anderson. Sign up now at the Millionaire Maker show.com/insiders. Your coaching business will never be the same again. Welcome back from that break. Let's hop into some listener questions. question number one. It says, Hey Lindsay, I'm just starting out my coaching business. What's the best way to ensure a solid stream of revenue? Well, it's a great question, isn't it? We've talked a lot about that today, but my answer is clear. When you're first starting out, it's essential to focus on high ticket coaching, one-on-one coaching, so that as you're reaching out to people, you can start understanding who your ideal client is. You can get that experience, that will give you the confidence to take your businesses to the next level. So if you're focused on. Instagram growth or YouTube growth or creating this or that, and you are not focused on how do I get more individuals on the phone? How do I get more one-on-one clients, and how do I really start developing a deeper understanding of my clientele? Stop everything else and figure out. How to do just that? Focus on revenue. Focus on generating money and energy and momentum in your business, and gaining that understanding and doing this will allow you to grow your business with ease. Next question. This one's from Matt. Hey Lindsay. I've been running my business for a couple of years and I'm doing well revenue wise. I have a full one-on-one client roster. What are the next steps? I don't think my clientele would ever be interested in joining a group coaching program. What are my other options? Well, I hear what you're saying and I hear this very frequently. I hear it in the divorce niche. I hear it in the parenting niche. I hear it in the HR niche. I hear it in all the niches. No way, Lindsay. No. How will my clients ever be interested in a group coaching program? Now, I want you to take a step back from that. I want you to think about your belief around that. Have you tried it? Have you considered it? Have you asked? Because truly I have yet to see a niche in the coaching industry that would not allow a huge benefit. Forum, a group coaching program, a group coaching program will allow you to leverage your time and your money. A group coaching program can bring more amazing results to your clients. A group coaching program can really be the foundation for recurring income in your coaching business. So I would say to you, start considering what that might look like to do a one to many coaching program. Start a beta. Group coaching program and see how that goes. Because truly when we're talking about the world of coaching, going from one-on-one to one to many can be. A very significant step to affording you a coaching business that gives you more time, more money, more freedom, and more impact. Now, you could also look at how you could leverage tech to automate and streamline your operations. This includes when you're talking to these one-on-one coaching clients. take a note, write this down, If you end up explaining a principle more than once, if you find yourself repeating, saying the same thing to your clients all the time, take my advice and put that on video. And then before your next one-on-one coaching session, send them the video and say, Hey, watch this video. And when you come to the one-on-one coaching session, instead of you taking. All of that time teaching this individual your methodology, they will show up to the coaching call and that can become a straight integration call. This can also be one of the very first steps to leveraging yourself and leveraging your message to help more people while not working more hours. So let's sum this up. Today in the Millionaire Maker Podcast, we covered the four phases of business growth. You always wanna start with a strong focus on revenue generation. In the early stages, we'll create the financial stability necessary for growth, expansion, and future impact. Next, you can go with an impact phase. After you know that you can create one-on-one clients and you can generate income in your business when you want to, you can then shift your focus to broadening your impact. You can expand your services and your reach. That will lead to even more revenue. Next freedom phase automation team, you'll be able to step out of your coaching business and you can be backed up by effective systems automation and developing a competent team. Finally, legacy. What are you gonna be doing with your business when you are no longer playing a day-to-day role? So as you approach each phase, you wanna carefully plan and execute it. Have a plan for each phase. Find a coach that has been there before. Follow someone else's plan. You cannot be a coach and a business coach at the same time. You can't understand the nuances of what it takes to build a highly impactful, and profitable and successful coaching business. On your I have 20 years of experience. Trust me, you do not want to go down the roads. I have been down. people like me and coaches in your life will give you the shortcuts to actually achieve the business of your dreams. So I encourage you today, take action. look at your phases. What are you focused on? What are you resisting being focused on? Perhaps the answer is there. So that's it for today's episode of the Millionaire Maker Show. If you enjoy today's episode and you don't wanna miss the next one, make sure to hit the subscribe button on your podcast platform of choice and stay updated with the latest on the Millionaire Maker Show. I am your host, Lindsay Anderson, and cheers to you and your success.