5 Key Reasons Why Many 6-Figure Coaches and Consultants Get Stuck
Can we be honest for just one second about what it actually takes to build a $1 million a year business?
You’ve seen the hype. The long form articles and in-depth videos about how to make a million bucks online.
“See?” They say. “To get to $1 million, all you need is 200 people paying you $5,000 each OR 100 people paying you $10,000 each.”
After all, it’s pretty reasonable to assume that it’s easier to convince 200 people to pay you than it is to convince 1,000 or even 10,000 people.
And you know what?
They ain’t wrong. Not even a little.
A high-ticket offer IS a viable path to a 7-figure business.
But when the rubber meets the road, getting there means you actually have to get your very own 200 people to pay you that elusive $5,000 each.
And I’d bet you a small used car that you’ve found it’s not nearly as easy as those motivational blog posts with the slick, designed infographics made it seem. It becomes even more difficult when you’re an ethical business person who won’t stand for slimy, high-pressure sales nonsense (good for you, too, because that stuff always backfires in the end).
You’ve probably gone out there and worked your butt off just to get your first twenty or thirty people…with good ol’ fashioned hustle, amiright?
Networking, Facebook messages, hittin’ up friends and family for referrals, adding value in Facebook groups, etc, etc.
But if you landed those 20 or 30 clients…then congratulations! You’re already in the six-figure range!
Now, the question becomes how do you get your “high-ticket offer” into the hands of more clients and in the process, launch yourself into the 7 figure range?
Hustling even harder isn’t really an option; after all, there’s only so many hours in the week. Eventually, you just run out of time (and energy, patience, and stamina) trying to scrape together a few more client deals before the next month.
If you want to grow, you need to step back and review your obstacles in order to find a path forward.
Let’s break it down. Here are the 5 most likely reasons why you’re stuck at 6 figures with your high ticket offer:
1. Your “Perfect Client” Is Whoever Pays You
This is the entrepreneurial equivalent of throwing spaghetti at the wall and seeing what sticks. And the stuff that sticks? Ya sell it, son.
Everyone does this starting out. There’s no shame in it.
But to experience the kind of grab-the-edge-of-your-seat growth you want, you’re gonna need to pick one kind of client, and focus on just that (commonly known as “picking a niche”).
Here’s how that might look. For the sake of argument, let’s say Caydon the Consultant has a $5,000 coaching program for C-suite executives to become better leaders and improve profitability through a more productive corporate culture.
Caydon’s done around $150k in sales over the past 12 months. That means he’s served roughly 20 clients (with 3 or 4 buying his higher end 1-on-1 coaching).
The problem here is Caydon doesn’t actually know if the people he’s served are the ones he can impact the most. And because he’s only been doing this thing for 3 1/2 years, he’s kept his marketing as broad as possible so he doesn’t miss a potential sale.
It’s a classic case of “Don’t Pick a Niche Cuz You’ll Lose Sales” syndrome.
After all, you need cash to keep your business afloat. But that also keeps you from specializing in solving a hyper-specific problem. Maybe the real money for Caydon is CEOs of SAAS companies who have 50-100 employees and are really struggling with recruiting competent managers.
By narrowing down your focus, you actually increase your profitability because your marketing is laser targeted to one specific segment. As such, lead generation and sales conversions are much, much easier to attain.
By making an educated guess about your perfect client, you’re actually limiting yourself. The path to 7 figures is a clearly defined one; you can’t get there without knowing exactly who you serve.
What you need is an automated, predictable way of getting those clients to come to your business and throw money down at the door. Then you have the freedom to pick and choose your clients.
If you find yourself taking money from anyone who will pay you, it’s probably because…
2. You Hustle for Clients Every Month
Raise your hand if you have a marketing funnel…
Ok, now raise your hand if you have a marketing funnel that profitably returns $3 to $4 (or more) for every $1 you spend and consistently brings you new clients, day in and day out, without you having to do so much as check your Facebook ads dashboard.
(Raise your hand if you don’t really know…?)
If you’re like most coaches and consultants who are hustlin’ up their 6-figure revenue, you may have a funnel set up. But in our experience, the odds are good that it isn’t working so well.
And a funnel that doesn’t work is only slightly better than not having a funnel at all.
Meaning, if you wanna eat this month, you can’t rely solely on your semi-functional marketing system to pour qualified prospects at your feet. You gotta bring home the bacon some other way.
And that’s usually by gettin’ clients the old fashioned way: with pure hustle, baby.
You gotta ping everyone you can think of and see if you can drum up referrals, and “work your network” with some Facebook messages or emails, and post around in various Facebook groups, desperately searching for someone who might be a good fit for your program or service.
And, of course, flood your Facebook with high-value organic content to gently push those curious Internet bystanders into sending you a quick message.
Before you know it, another month passes without progress toward an automated solution.
Another month of manually pulling in clients 1 by 1.
Another month of working really friggin’ hard for every single sale you make (even though you’re constantly telling yourself, “Work smarter, not harder”.)
When you end up generating leads this way, you have to take what you can get.
And that’s why, when you do FINALLY get a seemingly qualified lead on the phone, it drives you up the wall when THIS happens…
3. Your Sales Calls Turn Into Free Therapy Sessions
Have you ever had a strategy call booked with a prospective client and you get on the call and spend 45 minutes giving them high-value, actionable advice for their life or business, and when it comes time to make the pitch, they say, “Yeah, I don’t actually have any money but thanks for your help!”
There’s nothing quite as cringe-worthy as hearing those words after you’ve just poured yourself into this individual’s life. Not to mention there goes an hour you could have used to help someone else who’s a better fit…
The reason this happens is that your pre-qualification process for getting people on the phone is flawed, and you end up spending far more time weeding out poor applicants than you need to.
When that happens, you effectively “optimize” your business for fewer profits and less freedom.
Not exactly the dream, is it?
Instead of accepting a call with anyone, establish a simple, application-based system that weeds out the freeloaders and tire-kickers (more about that here).
Now, even if you do end up on the phone with a prospect, and it turns out they are a great fit for your business, what happens then?
Well, maybe you feel like…
4. Your Sales Just Kinda Happen
If you aren’t exactly sure how you turn a prospect into a client, then you’re not alone in that. It just means you don’t have the exact process nailed down for getting people to give you money (which ultimately makes it incredibly difficult to repeat and scale).
Imagine for a second you’re on a call with a qualified lead.
What happens? Do you guide the conversation, inevitably pulling your prospect toward a realization of their need for you and a desire to work together?
Or does the call take on a life of its own, ranging from serious discussions of the problem at hand to small talk about pets and spouses?
When you don’t lead your prospect toward a purchase decision, you lose control of the call. You don’t remind them of their reason for getting on the phone and the pain that’s driving them toward working with you.
You essentially hand it over to your prospect and, when you do make an offer, end up having to justify yourself and your value. Now you have to “chase the sale” and you just come off looking desperate, and the sale is jeopardized.
If you’re lucky, you still close it. You get that awesome feeling of having #crushedit and spend some time on Cloud 9, basking in the adrenaline rush of cash entering the bank account.
But imagine that you’ve just made a $5,000 sale, and the next week you check your account…and it definitely seems like there should be more in there, considering the sales you just closed.
This is a huge problem for entrepreneurs like you who are at 6 figures (and who have discovered that it’s not as awesome as people say).
Because even if you find a perfect lead, get them on the phone, and manage to close the sale, you find that you’re STILL not hitting your income goals because…
5. Your Profit Margin Is An Educated Guess
Look, there is a huge difference between making your daily business decisions based on how much money is in your bank account that morning and knowing your exact profit margin.
Remember, profit is just revenue minus applicable expenses…it’s the money you keep when you make a sale. It seems simple, which is exactly why NO ONE LIKES TALKING ABOUT THIS.
It’s also why you’re not alone…most people in your shoes don’t even have a spreadsheet to track revenue and expenses.
But imagine if you had to do that forever…just picture the CFO of Amazon waking up in the morning, logging into their Wells Fargo account, and checking the balance to make sure there’s enough cash in the bank that day to buy Whole Foods.
Now, you aren’t a billion-dollar company, so the rules are different for you…but here’s the kicker: when you’re unclear about what happened to that $5k in sales you just closed, you can start to run into some problems.
It means you can’t reliably scale up because you don’t know how much money you can spend on getting a new client while still remaining reasonably profitable. It’s like setting out on a cross-country road trip without checking the fuel gauge first. It’s just not a good idea in the long run.
Think about it this way: How much money did you keep on your last $5k sale?
You might feel like you just made $5,000. But what if you actually made $3,000 because you forgot to account for the fulfillment costs that are wrapped up in providing your service? What if was lower than that?
If you don’t have a clear idea of your profit margin, you may have a hard time automating your lead generation and avoiding everything we just talked about.
The reason for this is that the key to growing your business and scaling to 7 figures is having a marketing system that’s set on semi-autopilot: where you just get on the phone with prospects to close the sale.
You know your ideal clients are out there. And you know that people want what you sell (you’ve built a 6-figure business doing just that).
Now, you just need to automate a marketing and sales process, much like what you already have in place (while fixing what’s broken and improving what needs work).
The difference is this time, you’re going to do it with a strategy that elite marketers and expert copywriters have been using for over 50 years to generate consistent, reliable results and build multi-million dollar businesses (since 1966, to be exact).
To implement this system and learn these timeless principles (that almost no one in modern-day digital marketing talks about), download our free guide, the Ultimate Guide to Getting More High Paying Clients here.
Not only will you learn the lead generation system that 6 figure coaches and consultants are using to scale their businesses to 7 figures, but you’ll also discover:
- How to boost your profitability with a powerhouse core offer that can fuel exponential growth
- How to laser target this core offer to the exact right audience that’s already demanding your solution
- And how to use the 4 Step Close phone script to deliver consistent repeatable sales every single month