Coach – Give Yourself a Raise

A classic problem for coaches and other service entrepreneurs is that they run out of time to:

  • build automated systems that create a flow of future clients.
  • create recurring revenue streams like products and membership programs.
  • expand their potential by reflecting on their business and making continuous improvements.

The problem begins early on like this…

  1. http://prosperouscoachblog.com/coach-give-yourself-raise/Desperate for initial clients, coaches often set low fees and say ‘yes’ to many opportunities that aren’t likely bring a high enough return.
  2. When a client moves on, the income loss is keenly felt and there’s a scramble to enroll more clients “from thin air”.
  3. The limiting mindsets become habitualized for the coach, so new clients are also enrolled for low prices.
  4. Months or years later, it’s hard to breakthrough the ceiling on their income because the belief is that this is the best they can do.

Somethings gotta give.

2 Steps to Break From the Money for Time Paradigm

5 Tips To Make More As A Coach

A couple of years ago, the coaching industry magazine choice featured an issue devoted to “The M Word” — too discreet to even print the word in large type. Money is perhaps the most taboo topic, yet it’s in the back of every coach’s mind – how to make more of it, more easily and consistently.

For me, it boils down to this question – why do some coaches make more than others? I’m studying this right now, not only for myself, but also for coaches who seem to only get pro bono or trade clients. And for the coaches who continuously over-deliver, under-fill their business, place a low value on their services, and haven’t yet realized how the power of coaching grows when clients fully invest in themselves.  It can be different for you, if you really want it to be.

Financial success in coaching

The Big Secret

The #1 reason why some coaches make more than others — they ask for it! That’s the big secret.

You’ve heard “the squeaky wheel gets the grease”. That applies here too. It’s not about being smarter – except for the fact that they are smart enough to ask. You don’t need more coaching skills and certifications. And it’s not about having more experience or being better at coaching and marketing. But you do have to believe in yourself enough to ask for more.

People who make a great living in coaching think strategically about money often enough to plan for it. They analyze their sales, and innovate ways to increase them. That doesn’t mean they are obsessed with the bottom line or less heartful than other coaches. In fact, some of the highest earning coaches are very spiritual in their approach to business, knowing that abundance means there’s enough for all.

What else do coaches who earn more know, that you can apply right now?

5 Tips To Make More As A Coach

Last year, the coaching industry magazine choice featured an issue devoted to “The M Word” — too discreet to even print the word in large type. Money is perhaps the most taboo topic, yet it’s in the back of every coach’s mind – how to make more of it, more easily and consistently.

For me, it boils down to this question – why do some coaches make more than others? I’m studying this right now, not only for myself, but also for coaches who seem to only get pro bono or trade clients. And for the coaches who continuously over-deliver, under-fill their business, place a low value on their services, and haven’t yet realized how the power of coaching grows when clients fully invest in themselves.  It can be different for you, if you really want it to be.

Financial success in coaching

The Big Secret

The #1 reason why some coaches make more than others — they ask for it! That’s the big secret.

You’ve heard “the squeaky wheel gets the grease”. That applies here too. It’s not about being smarter – except for the fact that they are smart enough to ask. You don’t need more coaching skills and certifications. And it’s not about having more experience or being better at coaching and marketing. But you do have to believe in yourself enough to ask for more.

People who make a great living in coaching think strategically about money often enough to plan for it. They analyze their sales, and innovate ways to increase them. That doesn’t mean they are obsessed with the bottom line or less heartful than other coaches. In fact, some of the highest earning coaches are very spiritual in their approach to business, knowing that abundance means there’s enough for all.

What else do coaches who earn more know, that you can apply right now?

Free or Barter Coaching – Should You Do It?

For any coach at any time, but particularly when you’re just starting your business, you might be tempted to get a client by offering free or barter coaching. Should you? There are more reasons not to than you might think.

No fee coaching does have its place (see the last paragraph). But if your goal is to earn a successful living by offering soul-satisfying coaching, it’s usually counter-productive to give it away, except in a sample session. Here is why:

#1 Damaging the co-creative relationship

Coaches often have the heart of altruistic caregivers. If you love to help others and are generous to a fault, being a coach will give you many opportunities to learn balance around giving. This strength, when overused, comes with a high price to your integrity and to your clients.

I’ve been there. I understand that heart-tugging reaction to come to their rescue, when a prospect says they can’t afford your services but they so clearly need help. It’s a RED FLAG.

Secrets of Six Figure Coaches

Prosperity Inner Circle CoachesLast week my Prosperity Inner Circle coaches gathered for their second business think tank retreat at the St Julien in Boulder, Colorado. No longer the only brilliant brain in their business, each of them were supported to take courageous mindset leaps while crafting well leveraged and fun tactical roadmaps for their success. Needless to say, I’m in awe of how they are becoming powerful CEOs of their own coaching businesses.

We’ve been studying Barbara Stanny’s book Secrets of Six Figure Women. (Don’t let the title fool you, this book is equally relevant to men.) Here are some of the big ideas we’ve drawn from the book that are key for all coaches heading towards six figures.

Set Coaching Fees Using the Integrity Approach

Because there are no industry standards, setting coaching fees can feel like taking a stab in the dark. Are your coaching fees setting you up for success?

You may think that lower fees will get more coaching clients. They don’t. In fact, lower fees create a perception of lower value. Remember all that you’re bringing to the table and use the Integrity Approach to set smart coaching fees. Take into account both business and intuitive sensibilities, to set fees that support your financial goals and attract more invested clients as well.