I believe that coaching is changing the world for the better. But to make a huge impact, more people must experience the power of coaching, and that requires a sustainable business model. Coaches have to eat, too.
Sustainable business requires you to sell something that people really want to buy. How can you tell if you are selling the right thing? Start by asking yourself – how many people will readily buy my coaching at fees that pay me well?
Time is the biggest limitation that coaches face. If you place a high value on your time, you’re using prosperity thinking. You’ll make better choices and attract more of what you really want.
One way to leverage your time is to invest in resources that shorten your learning curves and ease time-consuming tasks. You’ll be freed up to double or triple your income.
As I pointed out in my last post, the best way to get off the money for time treadmill is to diversify your coaching revenue streams. To get past the ceiling on your coaching income, offer products and programs that don’t require more of your time each time you make a sale.
Doing this takes time and effort, so make sure you are working smart. Design your products and programs to fit together into a leveraged marketing funnel.
What is a marketing funnel and how do you create one?
When a client finishes coaching with you, do you scramble to replace them? If you don’t have time to grow your business because your schedule is booked delivering coaching services, then you may have hit a ceiling in your income. Ouch! I call this the money for time treadmill.
It may seem like your only option is to work more and/or charge more. Charging more may be a good idea at this point, but there are other ways to leverage your time and boost your income.
Group coaching, mastermind programs, teleclasses and workshops are natural additions to a well-leveraged marketing funnel for your coaching business. And they help you reduce your time on the “money for time treadmill”. But if you are not used to working with groups, it can be a bit intimidating.
Every group facilitator starts as a beginner and develops mastery by facilitating. Everyone makes mistakes. While they are rarely fatal to the program, it’s good to know about the pitfalls in advance.
Here are ten favorite facilitation mistakes and how to avoid or correct them.
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.
So you’ve decided to launch a blog! Maybe my post on how a blog can boost your coaching business visibility convinced you. What are the first things you should be thinking about?
Choose Your Market
You’re about to commit to a long term strategy for marketing your coaching business. You will pour a lot of passion and brilliance into it. The best way to make sure all that energy doesn’t go to waste is to choose a viable coaching market to focus on, BEFORE you start planning your blog.
Think about it. The reason blogs are such powerful visibility builders is that they SHOW your market that you have valuable solutions to their most important problems. For your blog to bring you clients, the solutions you write about need to:
There are six gateway skills coaches use that, when leveraged to reach a viable target market, magnetically attract clients. They are:
5. Referral Building
6. Alliance Partnerships
I call them “gateway” skills because they open doors to the right kinds of opportunities and ideal coaching clients.