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This episode is the first of a new series called Coaching Business Checkup.
In this series I’m going to detail the top reasons why coaches struggle to earn well and explain how to shift it.
STAY TUNED til the end of this series where I’ll give you access to a free downloadable checklist so you can give your business a checkup from time to time.
I’m starting off with something that covers a lot of ground … strategy.
Do you ever feel like you’re spinning your wheels and going nowhere despite staying busy in your coaching business?
That doesn’t feel good. You’re left scratching your head wondering what you’re doing wrong.
Well, first let me say I get it. I’ve been there. And you’re in good company if you feel this way.
Here’s the big question … are you doing the right things every day? I’m talking about efforts that will pay you back with clients and income?
There is so much out there to distract you. The bright shiny object syndrome is alive and well in the coaching community!
You see what another coach is doing and that sends you into a flurry of activity to implement something that may not work for you. It may not work for your target audience or fit with what you’ve already created.
All the puzzle pieces on the big board of business success don’t necessarily fit together.
You get bombarded with marketing for programs that promise 6 and 7 figures if you just try this simple tactic. It’s so tempting to leap for it thinking …
“Maybe this will give me traction.”
Or maybe it will be just another money and time taker with little results to show.
I’m embarrassed when I look back at how much money I spent on masterminds and online training programs that didn’t ultimately help me mainly because I didn’t have the foundation I needed to plug those tactics into for good results.
And most of those programs don’t have individualized support. Which is what we all need.
I have inside knowledge about what most coaches are spending their time on day to day. It looks something like this …
- Researching and brushing up on coaching skills.
- Looking at other coach’s websites.
- Downloading every freebie that crosses their attention.
- Writing blog posts and social posts without any real strategy.
Will those tasks pay off even in the long run?
I remember something I learned a long time ago that I take for granted because it’s so ingrained in my habits now. I want you to know about this so you can take the right actions and get results.
Take High Payoff Actions in Your Coaching Business Everyday
That’s the secret. I take 1 – 3 high payoff actions in my business every single day that I’m working. And it helps me cut way back on time and money wasting.
So, what is a high payoff action?
It’s an action that brings you significantly closer to achieving specific goals with measurable results. In other words, these are the actions that will make it happen!
If you want enough clients and revenue to clear a 6-figure profit this year, then daily high payoff actions are what will get you there.
3 Types of High Payoff Actions
- Make Life Changing Decisions
- Create Smart Strategies
- Continuously Implement Decisions and Strategies
Let’s take these one at a time.
#1 Life Changing Decisions
I believe that decisions are actions. Because nothing leaves you stuck like not deciding. Decisiveness is a top skill of the successful.
Life changing decisions are the kind that require great intention and commitment.
You made a life changing decision when you decided to become a professional coach and build a business of your own. That decision affected your career, your lifestyle and the way you’ll afford your lifestyle.
It also affects your family, friends, community and future clients.
Choosing a viable target audience and committing your coaching business to serving that group and their biggest problem is another life changing decision and high payoff action.
It’s a foundational piece that most coaches miss or misunderstand how to niche effectively. It leaves you floundering and unable to get traction.
Things that are not life changing decisions include things like what colors or images you put on your website or how pretty your business card is.
I’m not saying those things don’t influence your success. But in the scheme of things those are fleeting decisions that have little impact.
#2 Create Smart Strategies
Most coaches I meet for the first time have not strategically thought through their niche, brand, domain, web copy, social posts, and blogs or other content.
The idea of strategy was completely foreign to me when I started my business. Even now, if my efforts are foundering it’s usually because I didn’t do a good job strategizing.
Actions without strategy are busy work. And results will be low, slow and inconsistent.
That’s why I offer a single 90 minute Strategy Session in addition to my signature program for coaches. Because getting the strategy right is critical BEFORE you start slinging messages and offers around. And it’s easiest to strategize with someone who can be objective and see the bigger picture with some expertise about the territory you’re in.
A Strategy Session is perfect for making a life changing decision like choosing your target audience and niche.
If you’re stuck around something in your coaching business, let’s tackle it together. Grab a Strategy Session with me:
#3 Implement High Payoff Actions Every Day
This is where the rubber meets the road.
The truth about high payoff actions is they make you squirm a bit. They require courage and conviction.
- Invite past clients to hire you again.
- Reach out to someone who said ‘no’ before to see if they’ll say ‘yes’ now.
- Set up Discovery Sessions with potential clients.
- Contact a center of influence – the person who knows many people in your target audience – to develop a referral partnership. Have a strategy in mind.
Notice how all of these examples are about directly connecting with potential clients? There can be other types of high payoff actions.
But it really is about tolerating the squirm and doing the risky-feeling thing that could give you the quickest and biggest pay off.
If you’re doing things all day every day that are safe and easy it’s for one of two reasons:
- Either you’re an expert with vast experience with a well developed strategy.
- Or, you’re doing busy work just hoping it will eventually pay off.
Do a 30-day challenge! Develop a smart strategy for everything – blogging, podcasting, emails, social posts, public speaking.
Then every day take 1 – 3 high payoff actions – the actions that make you squirm a bit.
Evaluate after 30 days and see if you’re not in a better rhythm with better results.
Once you have this habit in place of completing 1 – 3 high payoff actions every day, you’ll have a bigger comfort zone because you’ll have begun to master strategic action.
In the Next Episode: 10 Ways To Be More Strategic In Your Coaching Business