3 Phases of Business Growth - How to Grow in the $0-$10k Per Month Stage

You're listening to the PT Profit podcast, episode number 301. Today we begin a new series, the three phases of business growth. Phase one, how to grow in the zero to 10k per month stage. Are you ready? Let's get started.

Hi, I'm Beverly Simpson, former fitness manager turned online personal training business owner. And this podcast is where smart fitness professionals, including trainers and clinicians, discover how to increase client performance in movement, package and position their products and services, and get out of their own way so that they can increase their revenue to live a life that they love without sleazy sales. Welcome to the PT Profit Podcast.

What's up coach? Thank you so much for joining me in another episode of the PT Profit Podcast. I'm your host, Beverly Simpson, and if this is the first time you're hanging out with me today, welcome. I'm super pumped that you're here. Let's go ahead and dive into it now. I have already spent the last 45 minutes recording this episode, but we had some technical difficulties so I had to restart it. So this is good news because hopefully I can get a little bit more concise now that I've already recorded this once. Also, I wanted to share with you that if you are new here, I'm really starting to get into the vibe of doing these series series, mostly because there's so much to say in each one of these series. So hopefully you're enjoying them as much as I am recording them. So let's go ahead and dive into today we're going to be really walking through the first phase of how to grow from the 0 to 10k per month stage. Now, one caveat that I want to say is that I'm really talking about revenue markers as a template, meaning that oftentimes a lot of the invisible components that we are going to be talking about today, they're going to get set up. But just like Amazon prime, you put in your order, it takes three days or one to three days and it shows up. And so the outcome will oftentimes be reflected in a delay from getting the system set up. And so that can feel very confusing when you are trying to be discerning of identifying what is insanity, meaning doing the same thing over and over again, expecting a different result versus staying the course, getting out of the Valley of Despair, because the only way out is through. And so the difference is going to be in the data and we're going to break that down depending on what phase you're in inside of business growth. Now, with that said, before we Even dive into three stages. It's also important to remember essentially what we're talking about. So let's just go through the actual basics of business building, because the truth of the matter is that the moment you decided to look for a client and take on a client, you became a business. And the problem is that the certification companies out there, education companies, PT school, they don't teach you how to run an actual business. And the moment you took on a client, you became a business. So how are you supposed to start and grow a business when you learned how to be a coach? Practitioner. Trainer. That's why we're diving into the three phases of business growth inside of the podcast. So hopefully you brought your pen, you brought your paper, and we're ready to get to work. So some business basics to remember is that all businesses need people, prospects and purchasers. So people who've never heard of you before and them into a client or customer the fastest, most efficient way possible. That's what we're doing when we're building a business. And so now business is often simple, but it's not easy. And we hear people say things like, attract people with a problem and sell them the solution. Well, what we're really doing is we are attracting people with a problem, selling them the transformation, using our solution. So what's the difference? Well, I have seen and watched and worked with hundreds of coaches, and I've observed people out in the wild, and I look at their content and I see what they're doing. And one of the common mistakes that people make, and it's not their fault, because we hear things in the industry like, sell them the solution. Sell them the solution. One of the mistakes I see so many coaches making is they are trying to sell a solution to a person who doesn't want that solution or think they need it. And so. And then what's worse is that they're usually trying to sell a solution people don't want or think that they need to solve a problem that people don't think that they're in. So I'll give you a tangible example, and let's just use headache for an example, is I have a headache. And you see coaches out there going, three ways to solve your dehydration, Three ways to improve hydration throughout the day. Oh, no, no, no, I'm not dehydrated. I just have a headache. I need some Advil. I see this all day, every day. So now, if you're tuning into this episode specifically and you're in that 0 to 10k per month. You're in that beginning stages, trying to get your first one to 10 clients. It's your just brand new. The question that might be coming up for you listening to that is how? Okay, Beverly, how? How do I do it? How, how, how? I'll feed you baby birds. Okay, so here's what we really need to look at. When we're looking at these stages that I really dump it into three containers. So self strategy, skill, and it does not matter, does not matter what phase, what stage you're in inside of your business, you will still be looking at self strategy skill, period. So in the 0 to 10k range, when we're looking at the self container, here's what we're looking at. Relationship to money, belief that you can do it, and the speed of the comeback rate. Now, this is true inside of each one of the phases. But just like fitness, you're going to have intangible goals and you're going to have tangible goals. It's the same thing with business growth. You have intangible components and you have tangible components. I'm talking about the tangible components like the 0 to 10k range, just to give you some context, but really the invisible components, once you dial those in, then what's going to happen is that the external components will be reflected asap. Once you have the internal components dialed in, then the external components will get reflected faster. It can be challenging to determine what levers to pull, so I'll give you my insight in this episode. So let's just talk really quickly, number one, about the relationship to money, because if you're going to build a business, you're going to need to sell. And oftentimes what I see a lot of people in their beginning stages is that they need to take a look at their relationship to speaking about money, to talking about money, and to asking for money. I have made the mistake of setting up mismanaged expectations because the truth of the matter is that because of my relationship to money, 10k can feel like talking about $10. And that is oftentimes not true for someone who's in that 0 to 10k range. And so what happens is, is me personally can set this expectation of, oh, you can hit 10k in 10 minutes. But that's me reflecting the top of the iceberg as opposed to all of the work that it would actually be to hit 10k in 10 minutes. Because while the actual strategy and skill of doing that is the same, the actual invisible components of how, how much do you believe in yourself that you could actually fulfill on a 10k offer or to fulfill on 10k? What is your belief in knowing that you could actually do what it is that you say that you could do? What is, what is your. How fast do you come back from no? Because most people will say no. So there is a lot of, of mental noise that, that lives in that 0 to 10k range. And it's not that it's bad, it's just that people who are further along in the journey have moved through that mental noise faster. Now that's not to say that people who, who experience. Now that's not to say that people at other stages don that mental noise, because we've all heard, wherever you go, there you are. So the mental noise is still there. They just come back faster. It's funny, I was at my mentor's retreat the other day and I heard Lori Harder speak and she was sharing a story of what it was like to raise $2 million for her new business and then lose a million of it and then have to go back and tell her investors, hey, I'm completely switching gears. And she was sharing the experience of what that was like. And it oftentimes feels very similar to someone who's starting from zero. It's just that the stakes are different. It's not that the mental noise and challenges go disappear, but the stakes of what's, what's the fear of what's at stake is different. But that noise and managing that conversation is the same. And what's interesting to me is so many people will be like, oh, well, it's easy for her because she's, you know, whatever, whatever financial level, we start to make these assumptions about people when the truth is, doesn't matter how much money you make, you are a human having a human experience at whatever level. And your business growth is a direct reflection of the challenges you can handle. Because it's not that 100k month, 50k a month, 10k month that you are absent of challenges. The challenges remain. You just handle them differently. So oftentimes in that first 0 to 10k range, we first need to look at what our relationship to money looks like. And whatever you think, if you think 10k is easy, if you think 10k is hard, whatever you think is right. And the reason why I say that is because that's the story that you are fueling with your feelings. That's why I often say the people who are in the 0 to 10k it can take, they are so much closer than they even realize. Because when we start Getting into that nitty gritty of strategy and skill. That stuff will take care of itself when you have the self components, the invisible components dialed in. Now one quick caveat that I want to just share as I'm going into all of the self components, it's really easy to go down a personal, personal development rabbit hole and start thinking, oh, as soon as I'm healed, then I'll do xyz. Especially for my high achievers. If you're anything like me, what happens to my high achievers is that goalpost just keeps moving. Which is not that it's a bad thing, it's just that. It's just that we end up getting trapped and stuff stuck in the pursuit of the chase, that it doesn't matter what that goal post is. And so that happens a lot like, oh, I'm healing, I, I'm, I gotta, I have to work on myself and those mindfulness and those really matter. But it's not in the absence of the action. It's not instead of taking inspired action. No, no, no, it is, it is in addition to, it's first and in addition to. And so the faster you can sell and learn to sell and have conversations about money, the faster you'll be successful. So a lot of the reasons why people stay in the 0 to 10k range longer than they need to is oftentimes because of their belief in self. Meaning they have very deep seated relationships with money that need to spend, so we need to spend some work shifting that. The next thing is that their belief in self in terms of the capability of can I actually do what it is that I say that I can do. That type of confidence will come with competence. And oftentimes, especially people who are fresh out of getting a certification or like, you know, they only have their story number one, they're either taking for granted their story because they think, well, everyone knows how to do it when plain and simply that's just not true. They don't know how to do it. And then number two, oftentimes what is so easy for us is not easy to, to for other people. And so we have to spend time really deconstruct, deconstructing our brain and our process to help our clients also transfer here and here to our clients. And this is why I always get so cranky when I hear people say things like oh, those who can't do teachers. That is just such a huge misconception and over and that's just such a huge misconception of the skill of transferring knowledge to Clients, because that's just. And to a person, because that is. So if it really were as easy as just telling someone what to do, then parenting would be easy, then everybody would have A's and everything would be fine. And you and I both know, know that that's just not true. The skill of teaching and transferring knowledge and communicating in a way where a person, another human is adherent, that is such a, that is a skill. And all skills can be taught. They just require practice. And we've heard over and over, practice makes perfect. And then we said, no, no, practice doesn't make perfect. Then we said, practice makes progress. And that is not true. Practice makes permanent. So the real question you need to be asking yourself is, what are you practicing? And so what happens a lot to the people in the 0-10k range is they are making permanent the problems, then perpetuating the problems and living in problems instead of possibilities. Also, what happens with people in their level of belief in themselves is that because of their relationship to money, they start to just try and be the cheapest option and they, they price on commodity. And this does two things. It's the fastest race to the bottom. And then you're trying to use your work ethic and time to be your. Or you're trying to use your, you're trying to use price as your differentiating factor and that's pricing on commodity. And it's the fast race to the bottom because then what you're trying to do is use your work ethic to outwork to time. And that's just plain and simply not going to happen. And then the worst part is that we start attracting clients that we have been begging and that we're trying to convince, and then they end up not doing the work, or they do the work and then blame you because they're not responsible. Or they start to, you know, they do the work and then, and then they're not responsible or they start to, to cancel. They end up being a headache. And then what ends up happening to you is that you're personalizing and internalizing their outco, whether they're good or bad, by the way. Meaning you think that their success is a reflection of you and you think their, their struggles are a reflection of you. Oh man, that could be a whole nother podcast. But that's just plain, also plain and simply not true. So then what happens when people are struggling and you're going through this is that you're internalizing it, internalizing it, internalizing it. And then your belief in your ability starts to go down. You start making decisions from fear and then it starts to feel like you're in this perpetual rut valley of despair and the only way out is through. And then sometimes we also start your comeback rate. How fast can you move through disappointment? How fast can you move through uncomfort? Because most people are going to say no. And in the beginning ranges when you're first starting out, hearing those no's, hearing those rejections is hard. Can be hard and moving through that can be very painful. So the, the self components in that 0 to 10k range, you're going to be paying a lot of attention to that. Or you might find that you're, you're, you might find that a lot of this stuff is going to come up for you. You. And it needs to be addressed. And it's not that it's a bad thing. It doesn't mean that we're going to wallow in it. And it doesn't. And it doesn't mean that we're going to have to relive all these experiences. But honestly, it's one of the biggest components and reasons as to why some people are successful and most people continue to struggle, honestly. Because if think about it, I recognize and know that not every single person is at the same point a we hear this all the time. Don't Compare your day one to someone else's day 100. But the same is true for don't compare period. Your day one is going to look a hang of a lot different than someone else's day one based on their strategy, their skill level and their belief in self. And then the same thing is true about your day 100 is going to look so much different than your day one. And so if you could just stop comparing period, and stop using evidence and experience and just hitting that reset button every single time, you'll move through this stuff a hang of a lot faster. I just share and I was, I've been talking about this frequently and then I heard Ed Mylett talk about this in a reel which I shared on my Instagram the other day. And it just really buttoned this up so concisely is that we get into patterns of self sabotage and this happens at every level. But when we're dealing with it earlier, the 0 to 10k range, the faster we'll be able to scale and grow. Because I heard this once that was a little bit triggering. And we're going to get into that. It was a little bit triggering. I heard that really 0 to 100k is the first phase. And I'm like, what, you're a beginner if you're in the first phase of 0 to 100. And I was like, what? So if that's triggering for you, then that's okay. It was for me too. And then I started to organize this. This is part of the reason why I came up with this podcast is because I really just started to take what's in my brain and really look at the actual step by step process of what it means to handle self strategy and skill in every single phase of the business. And so really what happens in, you know, this is perpetual. And so what happens is if we don't really look at our, at the self component, the invisible components, the relationships of money, the belief in yourself, and then how fast you come from back from pain, then the rest of the components will be harder because while your success is inevitable, so are your challenges. Now we can look at the strategy component. Now, everyone wants to think about their strategy, but the strategy component is a sliver of the business. So now here's some of the mistakes that people get into in the 0 to 10k range is that they get the strategy hop. So what happens is, is that they get into uninformed optimism, they take action, and then it doesn't go the way that they want to, oftentimes based because of skill. Okay. And then what happens is then they get into informed pessimism. And then their informed pessimism, if they stay here too long, lives into the, the valley of despair, and then the Valley of Despair. Now I've talked about this on the podcast a lot. This is a study from Kelly, and I always forget the other person's name. And then I go back and look at it, but it's inside of the podcast. The Kelly, they live in the Valley of Despair. And the only way out of Valley of Despair is through. And so you have to be discerning as to what is the definition of insanity. And then what is just going through the valley of despair. And the difference is going to be in the data and what you are tracking and what you are measuring and then making sure that that is is consistent. And then making sure you are staying committed, consistent, focused, and doing what it is you say you're going to do. Because what happens, especially in that 0 to 10k range, is that people, they keep strategy hopping. And so then when they're strategy hopping, they lack inconsistent, they lack consistency. And if you are not staying consistent and measuring data that matters, then you are continuous, you are continuously staying in that vicious cycle of uninformed, of uninformed optimism to informed pessimism, to valley of despair and then going back to uninformed optimism by changing strategies, by changing variables, by pulling the levers that don't really matter. And so then you're in a perpetual state of starting over, which is part of the reason why it takes so many people to break through that 10k marker. And then also the components of mismanaged expectations. Now I in full transparency, I personally have been a part of, of creating mismanaged expectations and this is, is probably is because of my context and my relationship to money. It took me a hang of a lot longer than I care to admit to get to 10k per month, both in person and on, on, on line. But that was because of my relationship to money and also into my, my issues of self worth. Because the truth of the matter is that when we're building personal brands, when we're building our personal business, because it's just personal training, it's very easy to say, it's very easy to, to enmesh your identity and worth with your business, but you are not worthy because of what you do. And then the level of our skills is going to in our skill specifically in setting up the strategy and in selling and in and in fulfillment. Those are the three main areas of skill that is required to get through that 10k. And then really the two main components is the strategy that we're going to go all in on and then our level of skill in selling that are the two main skill components that we need to break through to that next phase. 2. So here's some of the things, the invisible things that need to come through first you need to make decisions. To decide means to stop, to cut off all other options. So once you decide and then you get super self committed and then you get focused and then you execute to really acquire the skills needed to deepen that sense of trust in yourself that you are competent. You're going to be golden. And I want to make sure that I ended that before I start diving into like actually the invisible components, the strategy components and then tie it off with the remember like the actual how I did a podcast your next 10k, you could go look listen to that that. But one of the things too that I want to help, that I want to offer to you to remind you I would just want to finish that loop of the mismanaged expectations. Because what happens is for me the reason why I said that I was that I perpetuated this mismanaged expectations is because of my relationship, is because of my level of skill in selling, and also because of my relationship to money. 10k in the context of a 500k business feels very like we're talking about $10. So if the business needs an additional 10k, I already can start. Oh, this is how I would get it. This is how. This is what I would do. I could do that in 30 days. But if you are brand new and you have absolutely no idea in what to do, that that could take you some time. And so what. That's why that messaging of like 10k in 90 days, 10k in 30 days, 10k in 10 minutes, it's really not about how long the amount of time allotted to achieve that goal doesn't matter, but the numbers required to hit that. That number, that doesn't go away. You can hit 10k in 10 minutes. And how. Well, you either sell 100 people something for $10, you sell one person a 10k offer. The math of it doesn't matter or the math of it doesn't change. But that is just what's visible on the top of the of the water. The rest of the iceberg is the strategy, skill, and the self. So what happens for me or for other coaches who mismanage expectations, Then there's disappointment. Because all disappointment is is unmet expectations and feeling and interpretations of what that means. So it's one of those paradoxes or one of those business contradictions is that it just takes time. No, it doesn't really take time. It takes reps. And you can achieve that goal to the degree of how well you can handle the challenges people face at that goal, which is how many times people will say no. Talking to strangers, which is super uncomfortable. Whether it's inbound or outbound. Creating content, finding your voice, that is challenging. And then the skill to take someone who's never heard of you before and turn them into a client, which requires you to look at your relationship to money, requires you to look at your belief in self. Can you actually do that? And then how fast can you come back? So those invisible components are super important. The strategy is simple and people get lost in that. Meaning they keep jumping strategy. But the strategy literally could be content to call, to offer. That's it. That's all you have to do. But then people get into the weeds. People get into the darkness of the self because they're afraid of not getting the skill. And fear shows up in four ways. Fear of yesterday, fear of tomorrow, fear of process, fear of self. Can you do it. So here are some of the invisible components that people in that 0-10K range have to work on through, which is, first of all, being visible and just showing up and what that means and oftentimes how that shows up is, what if people hate on me? Cancel. Culture is real, and it's scary. And it's not fair to say, oh, blind eye. Like, it doesn't matter. It's not fair to say that because we're all humans having a human experience. And I've been seeing, and I have seen in my career cruel cancellations. And it's not fair to say that, that, that. That you don't need to be afraid of that. It's easy to say, but it's. It's another one. It's another. It's another. It's a different ball game to face it. So I just want to invite you that if that is you and that that's what you're coming from. Like, hey, that's. That's a real. That's real. And I get it. I feel that, too. You're not alone. And you get to ask yourself, where's your attention? What is the story you're fueling? Because you have a choice. You could either focus on the people who are going to hate on you and not pay your bills or focus on the people you know that you could help. And that is still not comfortable. Especially because oftentimes we're surrounded, especially in the beginning, we're surrounded by people who want to tear us down. Your friends and family. Sometimes they're not as supportive as other people's friends and families. And if that's you, you're not alone, and that's okay. So feeling that fear is great. Or feeling that, and so your brain is trying to protect you. So notice the fear. Integrate the fear, and then act in with. And then act with fear. Other things that will come up is looking at your relationship to money. We have to look at that. If you have an uncomfortable relationship with money, we need to fix that. Because your business needs to sell, and it's your responsibility as an owner to sell, even if you are a nonprofit. Because nonprofits need volunteers and they need money. And then the strategy, which is super simple, just needs some consistency and commitment. So the strategy you need in that 0 to 10k, okay. Is literally the offer. So what is that premium offer? It doesn't have to be high ticket. It could be low ticket. It doesn't matter. I've got people in accelerators working on memberships. It's just what is the offer that you want to grow? Okay. And then what we want to do is drive people to calls to move them to the offer. But I don't want to do calls for, I don't want to do calls for a low ticket offer. Well, you don't. Okay. Then we need some type of sales mechanism so that they can see that your offer is the best one for them. And then consistently inviting them over and over and over into the offer. And then the data that we need to be measuring is because when we're looking at growth, growth is visibility, value and volume. And what is the value? The value is first wins. The value is shifting perspective. The value is helping them see that your way is the best, fastest, most efficient way possible. And so that's what we're dialing in in the 0 to 10k range. And then that layers into the skill. What is the skill that is required? Well, the skill required in this first phase is putting together the irresistible offers that is so good that it sells itself. Then what we need to do is put that offer in front of the right person at the right time. So that is your communication, that is your messaging. And then the volume component is going to be the number of asks. How often are you asking people to say yes to themselves? And then the third component is the communication experience of moving them from, from maybe to yes. Then the fourth level of skill is going to be the onboarding them and fulfilling on the promise of the offer. Those are the four levels that we're really dialing in in phase one. Okay. And then when you set this up right, then the next phase that we're getting into, the 10k and the 50k phase, you dial in the 0 to 10k right from the beginning. The 10k to 50k will be smooth and easy. But what tends to happen is that most people have are trying to build and scale a business on faulty foundations which gets set up to break. And honestly that was me. So we're going to talk about that in our next episode. So be sure to tune in in next Monday because I'll be walking you through phase two. Some things to look at. But before we go, now that I've just kind of given you the skill and the how some things that we want to work through is I want to help you under protect your profit essentially because what happens to a lot of people, especially as we go into the 10 to 50k range or which we're going to talk about, is that a healthy margin for a new business, especially online. And I'M going to speak specifically to online because I know it's different for brick and mortar. Brick and mortar's margins are usually 25 to 30, meaning that that's what people are usually living at in terms of profit margin. But a good, healthy online business is going to live in the 50 to 60% profit margin. So what does that mean? That means that your, your expenses, so your bottom line. So things like your fixed costs and your, your variable costs. So sometimes things that, that you know, like your variable costs will be like your marketing budget, variable cost, things that, that aren't. That are inconsistent. But your fixed costs like your operations, your, Your salaries, those are the things that we are managing and those are the things that we are, that we can anticipate. Okay. So we want those to be in a good healthy margin and you can do that as a sole preneur. You don't need to have a big massive team. Honestly, it comes down to. And your expenses are going to be in time you do this yourself, then I would get a coach to help you leverage this and then I would. To help you move through some of that strategy faster so that you can save some of your time and then a VA to help you with like an assistant part time to just get some things off of your plate so that you can get the most. Maximize the most of your time. Because when you start to lay down the foundations where you prioritize time over money, where you, where you don't work in the red, which means that you are actually valuing what it is you bring to the market space, even as a beginner, you will be set up to scale and to scale faster and then you can move through some phase two faster than I did. So that's really what you want your P and L to look like. You want the majority of your P and L to be in marketing in terms of growing visibility, whether it's going to be using your time as a resource and, or money and then you're going to go into. And then operations. But the rest of it can be profit and then you as a solopreneur and this can be done as a side hustle and you can maximize your time and this, this could be done as a side hustle if you need to. Thank you so much for hanging out with me today and bearing through some of that technical difficulties. If this was helpful for you, help us help more people share this inside of your socials. Thank you for hanging out with me. I'll catch you on the next episode.

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