Episode 14: How to Make Your Six-Figure Formula

Hello, Hello everyone. Today I am going to be talking about a topic that you may have heard of, and it is the six-figure formula. In this episode, we're going to be talking all about how to make your six-figure formula. It is something I know many people think about when they think about six figure systems. And so today in this episode, what you're going to learn is how to leverage progress tracking to make sure that you are growing your business first and foremost. Secondly, we're going to be talking about how to do a mix of direct and indirect activities to help your business grow and scale. And last but not least, what are the actual things that you should be tracking in order to create your six figure formula. So let's get into it within creating your six figure formula, first and foremost, it's just your specific metrics and the specific things that you do and that you take action with that help you to scale your business. So first and foremost, when we're thinking about being a CEO of a business, a lot of times we don't really think about ourselves like that. We think about ourselves as like, we are an awesome service provider. We are doing right by our clients. We're probably tracking their progress. But what I found a lot of people do is we don't know exactly what activities to do to make sure our business grows and scales. And I want to let you know that it's actually super simple to create a six figure formula. And it's just math. It is something that every single person can do. Every single person that is listening to this is capable of creating a six figure formula. And you just want to figure out the math to make your business hit six figures. So the first thing that you want to do when you're thinking about progress, tracking and creating a system to make sure that you're tracking the right things, so your business actually grows is you want to actually think about first and foremost, what are your numbers? What is your magic numbers to get to six figures? So if we're thinking about a hundred thousand dollars, it depends on your offer. So I have a lot of people asking me, especially like within the mastermind and things like that, how fast will I hit six figures? What is the timeframe of those kind of things? And a lot of times it depends on what your offer is. So let's say I have somebody whose offer is $500. Then I have another person whose offer is $5,000. They are going to need less clients in order to hit, uh, six figures with their, uh, five k versus 500. So the first thing that you want to do is you want to take a look at your offer, and if you don't have a six figure offer, just look at whatever you offer right now. Um, and you want to think about, okay, how many clients would I feasibly need to make that work? Like, how many clients would I physically actually need to be working with at a specific time frame to actually hit six figures? Or this could also work for whatever your goal is this year if it's different than six figures, and then from that goal, you want to reverse engineer and figure out how many spots you would need to fill at a certain time period. So let's say you need 20, you need 40 people in order to hit six figures. So let's just do some quick math. And I love doing this, like, I'll do this like a, uh, lot of times on consults with people, and I'll be like, it's just mathematic. So let's say that you want to get, you need to have 20 clients, which would be an offer of $5,000. In order to hit six figures. In order for you to do that, what we need to do is we need to think about your capacity to hold those clients. So that would be, let's say you can only coach ten people, um, at a time. That's like the most people you could have. You might want to be thinking about your offer and be like, okay, so I need. For each six month period, I would need to make sure I'm fully booked with ten clients, and I need to probably have a waitlist just in case some people decide to pause their coaching, decide to. That they're not renewing or things like that. Those are the kind of things that would be like, okay, now we've got the math. And five k is just such an easy number. That's what I'm just going to use as our example. So it's like, there's five k. We need 20 people to hit six figures from there. What you want to do is you want to track your progress and see what it takes for you to bring in one client, and then you're going to take that effort for one client, and you're going to think about the things that you did to get that one client in, and then you're going to multiply it by ten. You're going to be like, okay, so if I. My guess is that if I did this exact actions that it took for me to get one client, if I did that again and replicated that action with consistent, clear action, then I would be able to get another client. So what I want you to do is I want you to start tracking your progress in different forms so that you can actually track the things that are making your business grow. What are the things that you did to bring in your current clients? And if you have not brought in clients, I'm going to tell you the aspects that I teach in six figure systems for our, my six figure formula, if you're just starting out. So within this, one of the things that I see is when people start to look at progress tracking, when they start thinking about tracking the money that they're making, when they start thinking about the effort that they're putting in to grow their business, what I find is a lot of them feel emotions about it. And for me, I have definitely felt the exact same way that you, you guys have felt. I used to take a look at my numbers and I would be like, oh, my goodness, I didn't post this week. Oh my goodness. I didn't reach out to people and I would use it as a way to berate myself. I would go in and be like, man, it's like, you need to get your act together. What is happening? What is going on? Why are you failing at this business and all these different kinds of things? And what I've found is that that just takes me away from actually showing up as a CEO of my business. And it makes me feel really emotionally charged. And when I'm emotionally charged, what happens is I go from having really clear, objective frameworks for like, okay, this is what I need to do. And then I get totally subjective and I feel like, oh my gosh, I don't know what I'm doing and it feels really stressful. So for you, I want you to know that if you have feelings and if you have thoughts about what progress tracking is, and you're like, I really don't like progress tracking. I want to let you know I used to be like that, too. And there is so much merit into tracking your progress because if you're thinking about your goal, whatever your goal is, let's say it's six figures or it's any other goal that you have. What happens is if you don't have a clear parameter for what successes, your brain will just say there are just multitudes of things that you could actually be tracking and actually be doing within your business. So let's say m the goals in your business are like any other goals that you have in your life. And let's say I wanted to run a marathon, and I've never run a marathon before. Just like you might be trying to build a six figure business and you've never built a six figure business before. What happens is when you are thinking about your goal and about the amount of effort it's going to take for you to get there, if you guessed, if you guesstimate it without tracking, it's like running and just trying to feel it out and be like, I feel like I kind of ran 13 miles, but I don't really know what I actually ran in order to hit my goals. It's much easier when you have a set plan and you've got very specific things that you are going through that will help you to build that six figure business. So, again, coming back to the marathon analogy, if I really, really want to run a marathon and just like you might really want a six figure business, what happens is if you are just going out, giving it the old college try, and you're just like, okay, I'm gonna run. And I don't really know how many days I'm gonna run. I'm just kind of running when I feel like it, and I'm just gonna be like, hmm m I'm just gonna see what kind of things. Like, I, uh, it's like, if I feel good, I'm gonna run. If I don't feel good, I'm not gonna run. Now, there is a point when you physically can't run when you're sick or things like that, and then you need to change the plan, just like with your business. If you don't get things done, you need to change the plan and compensate, not over compensate, but compensate for the time that's missed. So let's say option one, want to run a marathon, no plan going through and just running kind of what you feel like when you feel like it, uh, eating whatever you want, not really training and adapting any muscles, not using any other training plan. What's going to happen? Are you actually going to hit the marathon? Are you actually going to be able to run that race? The answer is a resounding probably not. I actually ran a marathon back in January of 2020, and the amount of effort that it took for me to get there, I had to train so much harder than I thought I would. I think that we have, like, this expectation of what we think it's going to take to hit our goals. And there's a reality, and there is a huge disparity in between just because you've never done it before. So you want to make sure that you follow a plan and you want to make sure that you have a structure so that you're ready to go. So even though I. And so it's like, for me, when I was running the marathon, I wanted to go, and I immediately decided to, I hired a nutritionist, I hired a physical therapist just to make sure that my knees would be okay. I made sure I bought a running plan, and I listened to this, um, um, podcast all about, like, different ways to train your muscles and things like that. I made sure that I set myself up for as much success as I could. Going for something. I had no idea, literally, like, there was no clue about what I was doing. I really had, I'd never run a marathon before. I'd run like one half marathon in my life. And I just wanted to say I did it. And I was like, this is awesome. So what you want to do is you want to have a plan. You want to have a solid plan. And when you're thinking about how to track it, to leverage progress tracking to actually hit your business goals, what you want to do is you want to have a plan that's something that's tried and true, something that other people have done before. And then way even when you have the plan, then you're going to have to change the plan. So you're going to. There's going to be times when you need to. Like, I, um, um. I felt sick. I got, um, um. It was really cold, it was rainy. Some days there were different times when I needed to change my plan based on external circumstances or internal experiences I was having. Your business is the exact same way. So when you're thinking about how to make sure that you're leveraging progress tracking, I think about progress tracking is just seeing that you're running the plan. So for me, I had a plan. There were different mileages that I had to go, and it would be like two short runs in a long run. So it would be like two and a half miles, two and a half miles, 5 miles. So I needed to make sure that I was actually getting to the distance. I needed to make sure that I was actually consistent, like hitting those distances and making sure that I was tracking my time, making sure that I could see how much I was eating beforehand, to make sure I was fueling myself properly, and making sure I was also doing exercises outside of the actual run itself to make sure I was stretching and also supporting it with, um, um, supporting my muscles with different other stabilizing muscles, which I learned how to do in physical therapy. So for you, progress tracking is the exact same thing. Your six figure formula is the plan. You're like, okay, so here is the overarching numbers I need to hit in my business to hit my goals. And then we want to track progress on your way to that six figure formula you want to go through and you want to be like, okay, here is the goal. I'm going to need to do this, this, and this in order to hit my goal. And I want you to think about the things that you're doing to grow your business. I want you to think about them as different activities. So when we're thinking about, like, how, why you want to be doing different activities is just like when you're running the race for the marathon, there are going to be direct things that I did, and there were indirect things that I did. So within your, within my race, there were direct things that made an impact on my business or on my runs, which were, like, actually running. Like, when I was physically doing the runs in the mornings or on the weekends, those were the kind of things that were directly affecting my ability to cross the finish line in Orlando when I, like, was in Disney. So. And it was super fun. It's like, awesome. So I want you to be thinking about what are the direct activities that you can do to create growth for your business? What are the direct things that you've done that bring in sales? Again, I will give you my six figure formula, but think about, like, what are the kind of things that you've done that bring in consults and what are the kind of things that you've done to make sure those consults actually close. So that's the first thing you want to think about, direct things, and you want to be tracking those things. There's also indirect things that I did. The nutrition was an indirect thing. The mindset work that I had to do behind getting. I hated running. This is like the hilarious part about it. I literally wanted to prove to myself that I could mind over matter and literally run a marathon, even though I hated running. So it was quite an adventure. And I really had to do a lot of mindset work on being okay running. And, uh, it really, with a marathon, if you guys have never run one before, the craziest thing about it is you actually never run a marathon before. You never run the 26.2 before you actually actual race. The most I ever did was 22 miles beforehand. So there was lots of thoughts of, like, am I even going to be able to finish it? When I was in the race, I made it. Sometimes they say that you hit like, the block between, like, mile 18 and mile 22. And for me, I hit it at mile 24. I was like, doing so good. And then I literally felt like my body could not move anymore. I felt like it was going to die. It was a whole thing. And so for me, one of the things that I realized is that I needed to, like, really work on my mindset, and that's what got me across the finish line. The other thing that you want to do are like other indirect activities. So, like, me doing, um, um, stretches to make sure that my muscles were not getting, um, um, a bunch of lactic acid that was trapped in them was something that was really important. Drinking enough water was really important. Making sure I actually took ice baths and things like that to make sure that my body was healing and recovering. In order to be ready for runs, I needed to tape up my knees. I actually had to do, um, physical therapy for them. I iced my knees. I made sure that I was doing the exercises that were listed. So those are all different things that I did to make sure I hit my goal, that were direct and indirect activities. You want to be doing both for your business as well. So if your goal is to hit have a six figure business, they're going to be direct things that you're going to do that we're going to be able to see. Those are things like, within your, um, ability to market. So that could be posting for you, that could be doing blog posts, that could be doing, um, emails, that could be doing podcasts. However you market your business, that's what you want to be doing as direct activities. Another form of direct activities to make sure that you're growing your business. To Athenae six and multiple six figures is having conversations with people. You want to be managing leads, which means that you want to be bringing in new leads or generating new leads, and then you want to be nurturing your current audience. So you want to have a plan for how you're going to do that, what times of days that you're going to do that, and making sure that you are never just like staying with your current audience, you always want to make sure you're bringing in new people and making sure the current people are supported. Last but not least, you also want to make sure that you're using your time really well. So, these are just the, uh, direct activities, which means that you want to actually track your progress. You want to see how many people you talk to; you want to see how many people you brought in that were new people. You want to see how many times you're posting. You want to see how many times you are, how much money you've made, how many consults you brought in. Those are all direct activities that are going to reflect your business growth. You also want to be doing indirect activities. So, for you, you might be, you might not know how to market. You know, it's like when I was first starting my business, I had no idea how to market. I didn't know how many posts I should be doing each week. So, for me, one of the things I did is I invested in lots of programs. Those were indirect ways. They were like my physical therapy, my nutritionist. They were all the different things that I needed. I honestly felt like I got a marathon education and I feel like I needed to get like my unofficial MBA. By investing in all these different programs, that's exactly what you need to do, too. If you don't know how to market, if you don't know how to manage leads, if you don't know what metrics to track, you want to make sure that you are investing time and energy in there in those ways as well. So you want to make sure you're growing your skill set as a CEO. And you also want to make sure you're tracking, which means that you're doing those indirect activities to figure that out. And you also wouldn't be doing those direct activities. Another big piece of your indirect activities to get your six-figure formula is going to be your mindset. So, it's like, how are you able to create different levels of confidence? How are you able to manage stress when somebody decides not to renew, when somebody decides that they want a refund, when somebody says something negative on a post that you do, how do you want to mitigate that so you can still show up consistently? M the biggest thing that I see is the difference between someone who hasn't made six figures and someone who has made six figures is consistency. So, for you, why you need to be doing a mix of indirect and direct activities is because you're going to create a flow. You're going to create systems; you're going to create this routine around your business that allows for you to get data that actually figures out. What does it take for me to hit six figures? Now there is a thing called a rule of 90, and I think I'm going to do a whole separate podcast about this. But the goal is when you are in business and things like that, it usually takes about 90 days for you to take action, and then it takes about three months later to see the result of that action. So what I see a lot of times is people are like, well, I posted for a whole week, and nothing happened. And what happens is if you feel discouraged without keeping up the consistency, and I felt that way too. I would. I was so inconsistent, literally. Like, if I go back and look at my progress tracker and check out my six-figure formula, it was a mess. I was like, did zero posts one week and then I would have a couple posts another week and it was just like all sorts of inconsistent. And with that was the difference maker between my, um, 47k year and my 120k year was the fact that I got consistent. I started taking it really seriously and I was like, okay, I want to make sure that even if I'm traveling, even if I'm sick, even if I, uh, am feeling sad, even if I'm going through a breakup, which I definitely did back in 2022, I was like, I want to make sure that I'm still able to show up consistently for my business. And that's what led for me to be a six-figure earner. If you are seeking out six figures, I want you to think about back to the marathon example. I want you to think about when you're showing up on social media and things like that. I want you to think about, like, if you decide, like, if you really, really want a six-figure business or you really want the goal that you're after, I, uh, want you to imagine if I was like, okay, like, well, running was hard this week and it felt really bad. What happens is you don't build up the muscle memory. You don't get that experience and that exposure to actually get through, break through the, like, awful part of running when you're like, at the beginning, when you're like, this feels God awful, and I want to die. You have to get past that barrier. You got to push through it and then it feels better and then it feels more normal, and then you get used to it. Same thing for your business. So it's not good. If you are someone who is not super consistent right now. Being consistent doesn't always feel great, but as soon as you push past that, it becomes muscle memory. And then it's like riding a bike and you just jump on and you get on and you get that consistency going. And then you can have actual data that creates your six-figure formula. So what my goal is for every single one of my clients, and what I want your goal to be is that you want to create a system or a process or a way that you can create enough consistency over three months that we can actually have data that is where we can use and be like, okay, so I talked to this many people, I posted this many times, I got this many consults in. Here were the things that I've done. What now? Did I close the consults? If you, let's say you go through 90 days of consistent action and you are still not bringing in consults and you're still not bringing in people, then we can tweak things. And what I recommend to my clients, you might not be able to do this, uh, like, because it's hard to see your own business, but what I recommend is getting someone else's eyes on your business and making sure that you are like within the things that you're doing, making sure you're optimizing them. I have my clients track that every week, and I would recommend you doing the same, making sure that you're making changes, making not different action, but just making your action more effective and elevated. So, it's like, okay, if I've been doing this amount of posts, this is what I want to do. And then taking it to the next level and being like, what could I do to make my post better? What could I do to talk to more people? How can I, if I can only talk to ten people, how could I make that 100 people by next week? So those are the things that you want to think about. And last but not least, I want to talk to you about what I would recommend if you do not have a six figure your formula, if you do not have that just yet. What I would do is I would track these things and I have a spreadsheet for my clients. But you can just like throw something together to keep track of the things that you want to create for your business. So first I have the date, then I go through the, I like to have them include their energy, so energy levels will be different. You know, what a zero is like for you and what a ten is like for you. Those are, um, a compilation of the indirect activities. That's the self-coaching, getting coach, and also investing in coaching, learning more about different things. This could be meditation for you. This could be whether you're doing like a bunch of events, whatever makes you get into a better energy. You can track that to see your indirect, the growth for you indirectly. The second thing that you want to do, um, is you want to track the direct things that are within your control. These are your actions that you're going to be taking every single week. So, what I would do is I would keep track of how many new reads that you leads that you are bringing in. So, these could be people that you are generating. This could be considered outreach. This could be, um, thinking about new connections that you're making or rewarming connections that you've never even talked to, like your current followers. You want to keep a list of those people, then you want to keep a list of the current people in your audience. You want to keep track of who is actually in your audience and make sure that you are actually, like, tracking how many conversations you're actually having every week. If you are thinking of scaling to multiple six figures, this is something that now I have employees that I'm, I have, and I'm like, tracking their progress that are doing some of the outreach for me, are doing some of the responses for me, and that's what I'm tracking to see and make sure my employees are doing what I need them to do so that my business can grow. The last thing that's within your control is your marketing. So how many times are you getting marketing out there so people can see it? Every single month within my business, I recommend doing three posts and three reels a week, and I recommend talking to ten people a day. It's going to be a mix, depending on where your business is at, whether you're doing outreach, reach for ten people, or nurturing ten people, it depends on your business. However, that's what I would recommend. So, the people you're talking to, around 50. And then the posts, I would say three posts, three reels, a comp combo of six. Six different things. Ways to get your offer out there. If you don't work on a platform that has video content, I would recommend doing just at least three solid posts a week. So that's what I would say you want to be tracking. And then you also want to be tracking. When did I get a consult? What brought this person in? How many posts did I do beforehand? How many times did I talk to people? Did I do, like, was my energy feeling good? What, those kinds of things. You want to track the number of consults you've had, and then you want to track the number of clients who actually converted from those consults. So not everyone's going to be a good fit for your offer, but the people who are a good fit, you want to make sure you're tracking that, and then you want to make sure you're tracking the money that comes in. Now, there are going to be thoughts that come up those are going to be things that like, you might have. And if you're putting zeros for your revenue every single week, it doesn't feel great. But it's so important to do. It's just like running the marathon at the beginning. It feels really rough. But then once you start to see progress, you're like, oh, I'm doing all these posts. Oh, I'm doing all of these things. What happens is then you start to feel energized by your tracking instead of deflated by your out. Uh, out tracking, you're out tracking your progress tracking. And then over time, you're going to create your six-figure formula. You're going to figure out exactly what it took to bring in that first consult or what it took to bring in the next console that you get now, you might be thinking, okay, megs, I have done like 50 posts and things like that. And that it took me like 50 posts to bring in one person. Is. Does that mean I need to do 50 posts to bring in the next person? A lot of times, no. I think that a lot of times where you're going to find the most success is by actually having conversations with people. However, what you want to do is that's just playing the odds that are just realistic for you. There's just like thinking about like, what is actually doable and that, that I would make sure that you're actually doing over the course of time. And it is maybe going to take 50 people, but you want to keep up the energy like it's your first, last and only time to do it. So that is how you make your six-figure formula. You figure out your goal numbers, then you want to track and leverage the progress that you're making to make sure that you're actually growing your business. Not just feeling it out, not just like running for the feeling. You want to actually make sure that you are knowing how much you've run and track your progress to actually see you grow. To create your six-year formula. You also want to make sure you're doing a mix of direct and indirect activities. And last but not least, I went over the exact five things. Energy, leads, marketing, sales and money. You want to be tracking all those things to make sure that you actually create your six-figure formula. That is, it for today's episode. If you want to create your six-figure formula and you are ready to start tracking and you want to make sure that, like, if you're like, yes, like, I'm ready to do the things and want to create a six-figure business, I would love to have you in the six-figure systems mastermind. I and I'll include in the show notes how to grow and scale. Um, I'm including a link to sign up for the mastermind. The enrollment period is going to open from August 5 through the 9th, and then we're going to have systems week the week of August 12 through 19th of 2024. So, if you're listening to this in real time, definitely check out the link in my bio in the, uh, show notes. And if you are listening to this at another time, still click on that link, and you'll see whatever I'm offering at the current time. I hope you guys have a phenomenal week. Go make your six-figure formula, and I'll be seeing you in the next episode.