After coaching professionally for twelve years and helping hundreds of coaches create successful businesses, my answer to this question is surprisingly and unequivocally – NO!
On the other hand, if you’re wondering: “Is coaching a viable business?” Absolutely – YES!
But, here’s the thing… financial success in coaching has little to do with coaching skills and everything to do with setting yourself up for success through best business practices. The result you most want – lots of ideal clients – will come to you by learning the business of coaching.
Have you ever choked when it came time to tell a potential new client your coaching fees? It’s embarrassing. And it could be a factor in why they felt uncomfortable with your fees or didn’t hire you. But don’t worry. You can turn the tide on this problem with just a few shifts in your mindset and approach.
Fear about asking for coaching fees stems from learned beliefs about money and self worth that don’t serve us (or anyone else) even though they hold sway over decisions that involve money and how we value our time. As a coach and business owner, this is a grand opportunity to shift those outmoded beliefs and habits. And, charging what you’re worth allows your ideal clients to invest in your coaching services and to value themselves more highly.
If you want to increase your coaching income, start by learning how to have powerful and effective “money conversations” and begin dissolving scarcity issues related to money for good!
Use these three tips to go from fumbling to finessing the money conversation with coaching clients.
Have you ever felt that you’re all over the place with your coaching business? Today, you’re speaking at a brown bag corporate meeting about team leadership. Yesterday you gave a talk at your church about relationships. Next week you’ve got a gig at Borders where you’re giving a career choice seminar. You’re versatile, but is that helping you attract enough coaching clients? Probably not.
It feels good to be recognized, so you say ‘yes’ to speaking and training opportunities even if there’s no continuity to the topic or the market. But what are you recognized for… and is it something you can leverage to become financially successful in your coaching business?
If you’re morphing your message, your title and your coaching niche to fit any opportunity or potential client that comes your way, you are actually making more work for yourself! And, if you do the math, you’ll find that most days you’re lucky to be making $25/hr, when you could be making at least 5 – 10 times more if your coaching business had more focus.
When coaches get tired of working hard for little return, they hire me to help them “fix” their coaching business. The fix is simple. I help them get more star coaching clients and make marketing fun by focusing and leveraging their efforts. Here’s how:
It takes 30 seconds or so to get from the lobby to the penthouse in an elevator — just enough time for a business person to make a pitch and capture investor interest. That’s where the concept of the “elevator speech” came from.
As coaches, we want to attract investors too — the ideal clients in your coaching market who are ready to invest in their future by hiring you. And if you cultivate loyalty, they will keep investing in everything you offer.
A masterful elevator speech does three things:
- Succinctly describes your target market, so that your coaching prospect sees that you specialize in helping them exclusively.
- Identifies their most unique and compelling challenge, so that your coaching prospect feels you understand their unique problems.
- Delivers a value proposition, so that your coaching prospect believes you will help them succeed.
When you’ve finished your quick speech the natural response is “Tell me more!” or “When do we get started?” or “I’d like to refer several people I know to you.”
Do coaching prospects find what they’re looking for when they land on your site? Is your leads-list growing consistently to bring you a steady stream of ideal coaching clients? Not yet? It’s time to get your website working for you!
Websites don’t work alone. Traffic must be driven to them. Visitors find you through visibility builders — networking, public speaking, group work, blogs, social networking, articles posted in journals or directories and incoming links. If your coaching market is unique enough or what you’re offering is in high demand, search engine optimization (SEO) or pay-per-click methods may send lots of visitors to you.
Ongoing visibility building puts you in contact with thousands of people in your niche market. If your message is compelling, some of those people will visit your site.
Be ready for them! Design your website to:
– Raise awareness about your offerings.
– Engender trust through credibility.
– And, sell your products and coaching programs.
Most people will need to know a bit about you before they buy from you. But you don’t have time to build a private relationship with everyone initially. Your website can be like a virtual reception line keeping connections warm and growing.