The Fierce Business Babe Podcast Ep 162: 3 Tips To 6 Figures

Today, I am talking all about reaching six figures in your business. I share how I reached my first six figures in 2018, what I have learned, and what you should be doing to reach six figures in your own business.

3 Tips to 6 Figures

By: Melissa Lin

Welcome back to another episode of The Fierce Business Babe Podcast! It is such an exciting week ahead. We are starting to pack, we as in Ryan and I, and we're starting to pack for a little getaway for a few days. I'm actually going to go and visit my dad this week, which is really exciting. I haven't seen him in quite some time with covid and restrictions, so I'm so excited to go and see him. We are going to be doing something that I've never done before, and it's something that’s been on my bucket list for so, so, so long. Any guesses? Well I’m going to tell you anyway! We are going down to New Mexico to check out the hot air balloon festival they host every single year, and I believe it's one of the largest in the states. I could be incorrect about that, but I believe it is, and it brings in over like 500 hot air balloons for the festival, so you can imagine. I'm so excited. I've never done it. It's definitely been on my to-do list for quite some time, it’s going to be so much fun. Something I realized a few days ago was that I actually reached a goal that I put out into the universe a few years ago. So, when I started my online business, one of the big reasons was freedom of time, freedom of money, helping others create their impact in the world, helping others start and scale their online businesses so that they can find their freedom through entrepreneurship, and I could remember that one of the things that I wrote down in my journal for so long was how I envisioned my life. Being able to travel every month if I want to, and I've realized that's exactly what I'm doing right now, wish is so exciting. You know last year with covid-19 we couldn't exactly do that, and so it's nice that we're finally able to get back into some travel. So, this week I'm headed to New Mexico and then I've got a few other trips planned out. Actually, I want to see at least one every month for the next few months. So exciting! And we are planning quite a few more and we're also working on getting our house built, so this is just a little update for you in case you haven't been over on my Instagram stories. We are working on getting things moving forward, and so we should be seeing the foundation poured hopefully in the next week or two. Anyways, I did want to just share that with you because for so many when we set our goals, sometimes they just feel so far away, or sometimes they feel nearly impossible. I want to let you know that you can reach those goals and you are so worthy of having everything and more that you desire in this world, so keep going. Keep going no matter what and you cannot fail unless you stop trying. So this is my reminder for you to keep going after what you want. Okay, without being said, let's get into today's episode.

So today we are going into all things about business. I will be diving into my three tips to six figures in your business, so I will be touching on some of the shifts that I made to scale to six figures back in 2018, my three tips for you to scale the six figures, and so much more. So I made my first six figures as a business coach back in 2018, and believe it or not, back then I did not have a full working website. Shocker, right? And thinking back to my product suite, I believe that I only had two offers at the time. I believe that I was working with clients privately and I had also expanded into group coaching, so I knew that I wanted to scale as simply as possible because that meant I could serve more people. And I did not have any big funnels put together, that came a little later in my business. And something that I do want to make note of is that you do not need a big fancy funnel to hit 10K months in your business. You don't need a full-on website to hit 10K months in your business, or even scary systems to reach 10K months. You can reach 10K months or six figures in your business with one or two offers in your product suite. However, something I personally do is I teach my clients inside of my Six-Figure Fierce Business Mastermind is funnels because it's something that I have definitely become an expert on over the years, and I want my clients to be able to utilize these tools once the do reach consistent 10K months, right? I want them to be able to use these tools once they’ve hit six figures as well. Yes, the tools and strategies I teach will get you to six figures and they're also going to help you amplify your business once you've hit six figures and are ready to scale to the multiple six-figure stage in your business. So I'm always wanting to help my clients get ready for that next level because I can remember when I was there I didn't necessarily have everything ready to go for multiple six figures, and I always want you to be ready for the next level and prep ahead of time instead of trying to figure it out when it's already there in front of you, right? If your business cannot handle multiple six figures, that is going to be difficult, or at least more difficult, potentially more stressful for you and your team to scale and make upgrades on the systems while it's happening. We always want a prep ahead if we can.

Amplifying What’s Working

So, how can you get to six figures? While once you've created your foundations in your business and have started signing clients, it's time to think about how you can start to step things up a notch. So this could look like you signing more clients. This could look like you expanding your product suite, you know, courses. This could look like you focusing on growth activity so that you can get in front of more people. The list goes on and on and on. And today. I'm going to chat about three things I recommend and we're going to dive right into those now with the very first, and that is to amplify what's working. Yes, write that down with your favorite pen, pencil marker, whatever you are using, your notebook, or if you are using a Google doc like I like to do sometimes. Amplify what’s working. So what do I mean by this? If you have started signing clients and have a process that you enjoy that's working, let's say for example to sign a client you add value, maybe you host a live workshop or class every 2 weeks, then you hop on sales calls with potential clients from your live workshop, and then enroll them via a sales call. Y continue pushing through your sales process and they enroll. Amazing, congrats on your new client. Let’s amplify what's working. Your current process works, so how can we amplify it? This could look like you getting more people into your live workshop every time that you host them. This could look like you improving your sales close rate. This could look like adding more value and nurturing your audience between workshops. Doing some of those things are going to amplify and add more to what you're already doing, to the foundation's you've already created. So take a look at what's currently working for you and see how you can amplify it. You may not need a new strategy, you may already have it. Can you add on top of your strategy you’re currently using? Definitely, but something that I see happen a lot is a lot of entrepreneurs will reach a stage in their business and feel like, okay, now I need a new strategy, or they try one thing and it works but they wanted to do more, but they're not sure how to do that so instead they'll add in a second or third strategy or switch to a different strategy. There's so many strategies out there and most of these strategies work, so stick to one and then amplify what works or make tweaks based on what you want more of. Amplify what's working.

Serve As Many People As Possible

My second tip is to serve more people. I bet you already knew that one was coming because it’s something that I truly believe. The more people that you help, the more people that you serve, the more success will come your way. I truly believe this and it's something that you can implement. So how can you implement this into your business? How can we make this as simple as possible for you without adding more time into your schedule? So the way that I did this was I knew I needed to expand my product suite into offers that could serve more people at one time that are also more scalable. I knew that I could not scale my private coaching and it could realistically only serve a certain number of clients privately, and so it wasn't something I could do sustainably if I wanted to scale my business with only private coaching with the way that I had it mapped out. So for myself, that looked like expanding into group coaching, which is what I did as I was working my way to 10K months as a business coach. I expanded into group coaching and I eventually expanded into courses and masterminds and other offerings that I created in my business, that way I could serve even more people. And so, instead of teaching one person, one thing, at one time I was able to teach multiple people, one thing at one time, meaning I was able to serve even more people without necessarily adding more time on my calendar.

I want you to take a look at your current product suite that you have and your current customer journey that you have for your clients right now and I want you to ask yourself, “Okay, how can you serve more people?” Does this look like adding courses. Do you have a gap in your product suite somewhere that you could add something in? Do you have something ready for your clients once they graduate from your current program that you're launching? Are you able to create this in a way that you are able to serve more and more people and serve at scales? I'm asking these questions for you to start to brainstorm. How can you serve more people and how can you really serve at scale? And I have other podcast episodes where I go more into detail on what that looks like and I've got some training over on my Instagram as well about what it means to truly scale. Actually just recently, in the last month or so, I had a podcast episode of what that actually looks like scaling and taking your business to the next level, so definitely take a look at some of our other podcast episodes. We have over 160, it's absolutely amazing, and we haven't repeated an episode, so I would definitely go and check that out. So ask yourself those questions. How can I amplify what’s working and how can I serve more people?

Delegate and Outsource

And now let’s get into the third tip of the day, which is to delegate and outsource. So I recommend doing this and doing it much sooner than I did initially. I actually made my first hire in my business in 2018 and have continued to grow my team. Since then, I've continued to outsource and delegate and automate, and even get rid of some tasks that really weren't serving the business and weren't helping move the needle forward. There are some tasks that do that, so take a look at your business and see if there’s any there for you. And I've continued to grow my team and now have a team of over fifteen that support me and my business. So, why outsource, why delegate? Well, at the end of the day you only have so many hours in the day to put towards your business. Many of us actually started our businesses, as I had mentioned at the beginning of the episode, so that we could create more freedom of time for our lives, to spend time with our families, being more present in other areas of our lives, and for you to continue to step into CEO mode, it's going to be necessary to outsource or delegate or automate items in your business. And to be honest it is going to make things so much easier for you and it's going to create an even better client experience. When things run smoother, when you’re not the only person doing everything because you are human and mistakes could happen from time to time, if you have some things automated that's going to take a lot off of your plate to really serve you and your clients. And so typically I recommend making your first hire once you're bringing in around $3,000 per month in your business, however, this is not cookie-cutter, nothing in business ever is. However, it's usually where I recommend to start to think about bringing someone on to help.

So let's go through an example so that you can see how outsourcing and hiring can really benefit you and your business. So for example, I'm going to start to throw some numbers out there, all just examples, but let's say that you currently are the only one in your business and you are the only person who's sending out emails and onboarding clients. You send out the contracts, you send out the invoices, you onboard them into your course, you're doing everything by hand. You’re supporting clients and you're doing all of the other admin tasks, you're making your Canva photos, you're writing your captions, you’re scheduling your captions, you’re literally doing it all. And if you brought on a virtual assistant, let's say for $20 an hour, and they worked for you 5 hours a week, so $20 an hour, 5 hours per week. That would be roughly 20 hours per month, so $100 per week or $400 for an entire month for 20 hours that you are now getting back into your business every single month. That is a lot of time, that's almost an entire day, twenty hours. And there's definitely way more than that you could delegate, but that's something that you could start with. For roughly $400 you can get 20 hours back. Imagine what you could do with 20 hours back. So, for example, you can hop onto more sales calls, you could host more live trainings, you have space to take on more private clients potentially. You would have so much space to do whatever it is you want with that time.

So let's take a look at ROI if that's something that you're curious about. So, if you invested $400 into your business for a virtual assistant to support you and your business for 20 hours, right? All hypothetical, but let's say that in that time you hop on so many sales calls, let’s say 10, and you also spend time doing lead generation for your business and you end up selling three coaching packages at $1,000 each. That brought you $3,000 in sales and the time that you got back on top of that, outside of that time that you were on sales calls and the extra lead generation, just from investing $400 for that virtual assistant for 20 hours of support and help. Again, just an example, however, I think you can see that there can be a huge benefit to bringing on support and help into your business, especially if you're already bringing in some income to reinvest back in. And that ROI can be so much larger if you have a bigger packages, if your closing rate is much higher, there's a lot of factors that go into that and it can be much higher. So what items do you delegate first? All the ones that you dislike and drain your energy the most! And, surprise, surprise, I actually have another podcast episode that goes through an entire exercise with you if you are trying to determine what task to delegate first, second, third, and so on.

And so that is what we get to do to start to get you closer to six figures. Amplify what's working, serve more people, and start to delegate, outsource, and automate. Remember to remove items and delete items from your plate that aren't necessarily moving the needle forward. So today we’ve touched on some of the shifts that I made in my business to scale to six figures back in 2018, my three tips for you to scale to six figures, and so much more. I hope you enjoyed today's episode, I'll see you next time.

Topics we cover include:

How to reach six figures in your business
Amplifying what’s working
Serving more clients
Delegating in your business

And so much more!

Times to check out:

(13:43) How can you get to six figures?

(14:22) Amplify what works

(16:37) Serving more people

(20:16) Delegating and outsourcing

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