Ep 70 – Attract Motivated Coaching Clients Who Will Invest

This episode is part of my Coaching Business Checkup series. This series is getting deep and that’s because sometimes you find yourself working hard but not getting traction. And, this series addresses what’s usually missing.

Today we’re digging into something that’s rarely talked about by marketing experts.

In fact it’s something that’s only recently dawned on me, even though I’ve been acting on it for a long time intuitively.

The topic is about why you only want to attract people who do have the motivation and the financial ability to hire you.

Before I go further …

How are you holding up? I know you’re scared about how Corona Virus might hurt your coaching business dreams.

I want you to know something … during 20 years in my own coaching business, the economy has crashed big time twice and other disasters have derailed the normal flow of business.

Yes, there is an adjustment period. But in each circumstance, I was surprised how in tough times, people are often MORE committed to their personal and professional growth. There’s the sense that time is precious and shouldn’t be wasted. So, where before people were stuck in their ruts and not moving, sometimes a shake up like this can wake people up and inspire action.

That’s good news for coaches. Especially because we can easily work remotely with clients.

As much as you can, accept the reality of what’s happening, take responsibility for your own part in reducing the spread, and keep your focus on what matters most to you.

If building a coaching business is important to you, stay with it, despite your worries.

  • If you haven’t launched yet and have extra time, leverage that towards time consuming tasks.
  • If you’ve already launched and things are slow, innovate. Try new things but don’t start over. Stick with your target audience and niche but pivot in small ways.
  • And consider not doing it all alone. I’m here for you. A Strategy Session where you get my full focus on what’s holding back for 90 minutes is just a click away.

Now, let’s roll with today’s episode.

The Churn

In the first 10 years or so of my coaching business the name of the game was numbers. Everyone advocated developing a big list – we’re talking tens of thousands of subscribers who would see your emails, read your blogs or experience your other content.

The idea was to drive tons of traffic to your website and have a set of low cost to mid cost offers that would attract lots of buyers responding through scarcity.

This is called the CHURN.

There are many people marketing this way.

But, as you know, I encourage coaches to consider a simple coaching business model where they offer a one-to-one high ticket Signature Program.

That way, you can keep your marketing simple, your overhead low and profits high. You can market less and have a manageable little empire.

I realized that business model isn’t for everyone. But it’s a great way to start your coaching business. And I’ve come back to it, after doing lots of intense marketing and offering so many types of programs – an exhausting way to do business.

So, listen on if you want to keep it simple and earn well doing less.

And that makes it easy to attract only the most ideal clients for you.

The 4 Top Criteria of An Ideal Coaching Client

I’ve heard many experienced coaches say what I feel myself, which is we want clients who:

  1. Are 100% committed to their own growth.
  2. Willing and ready to invest resources – time and money – into their own transformation.
  3. Are coachable, self reflective, and know their own mind.
  4. Want a thinking partner and guide to get there faster.

Now, you may think that describes most prospects, but actually, it does not. In fact, only a small percentage of prospects will jump in with both feet.

You want to attract more of those people and less of the other type.

The reason why a lot of people opt for a short term, low cost self-study online program is that they aren’t 100% IN. They have a foot out of the game. There can be some excellent reasons for that by the way.

But my point here is that you want to spend your time with people who meet those 4 top criteria.

Think about it. Wouldn’t it be grand if the people you talk to in your Discovery Sessions were already excited, ready, willing and able financially to hire you?

With each year, I have more Discovery Sessions with the people who fit those 4 criteria because I have installed strategic and authentic language and mechanisms to encourage them and to also gently discourage those that aren’t there yet or never will be.

3 Ways to Encourage Readiness

  1. BE REAL – Convey your unique style in everything you do. Be consistent. In other words, be unapologetically you, vulnerabilities and all. Over time, your tribe will emerge because they appreciate you as you are.
  2. GIVE A PERSONAL TOUCH
  3. ENGAGE THEM EMOTIONALLY

These last two are connected. This is something a lot of people in this automated world skip in their conversion processes on their website and other places. If everything is click and done then lots of people will jump in who don’t really want anything but your free stuff.

Have you ever found yourself doing too many Discovery Sessions with people who don’t have the means and motivation to hire you?

You don’t need to waste your time that way.

There’s a perfect moment in the conversion process to give prospects your personal touch where you customize a response and show you’re a real person and you understand them. It’s worth the little effort up front because you’re enrolling them into a VIP high ticket Signature Program.

By the way, in case you’re just starting to listen to Prosperous Coach Podcast, I’m referring specifically to the Simplest Coaching Business Model. This includes creating a high ticket Signature Program to help your target audience overcome a BIG problem on the way to a BIG goal.

So, instead of having a button on your website inviting a Discovery Session – which is too much too soon (it’s like inviting someone to meet your parents on a first date) – instead invite prospects to that session through your free offer.

Don’t just give them access to your calendar in your freebie. Instead, send them to your Work with page on your website to fill out an application that pre-qualifies and pre-sells them. That application needs to be strategically written.

Do you see the value of this high touch moment? You want them to invest their time before the Discovery Session to warrant your time. It’s reciprocal.

That’s how you’ll know that they are serious about working with you. If they aren’t motivated to fill out the application they aren’t likely to invest in your VIP program.

That small investment helps them put both feet in and raises their commitment to the Discovery Session. They know up front what the purpose of that session is – to assess fit. It’s simple and it takes a bit of finesse to pull off this personal touch but it’s worth it because you’ll spend a lot less time with people who are never going to invest in working with you.

Ep 68 – Calling All Coaches To Innovate And Lead

I’m taking a break from the Coaching Business Checkup series because … times are strange and business as usual just doesn’t feel right to me.

I found it difficult to get things done. My head was fuzzy and I didn’t know what to do with my time.

If you’re listening to this episode in spring of 2020 individuals in our earthly community are either anticipating the pandemic to arrive in their neighborhood or are already in lock down. It’s unsettling to say the least.

I’m an empath. You may be too. Many coaches are highly sensitive people and we feel more than our own personal condition.

And so I took more time to:

  1. Spend more time in nature and connect with earth. 
  2. Meditate more on what it is to be part of the global community.
  3. Reduce my consumption of news. 

If you find yourself weighed down these days, do things like this to let the anxiety flow through you rather than letting the heaviness stick around. It will help your immune system.

There’s no doubt in my mind that most human beings will rise to this with courage and capacity they didn’t know they had. Strife always unites us.

In this short episode, I invite you to LEAN INTO what drew you to coaching in the first place and to use it for the greater good now. 

It’s the perfect time to break out your powers of innovation and lead in a compassionate way. General ideas include:

  1. Respond with integrity and intention – leverage those things in a deeper way.
  2. Manage your states of mind. Be a model and help others do the same.
  3. Innovate in your coaching businesses so you can still earn well. (Coaches are lucky because we can do what we do remotely.)
  4. And, help others innovate as well.

A lot of people will have trouble earning. Some groups are especially vulnerable.

So consider what you can do that’s extraordinary, more than what you do now day to day.

Don’t isolate yourself emotionally. If you can, after you and your family are set up safely … do some simple things to care for others. For example:

  1. Reach out by phone to people in your outer circles.
  2. If you’re on social media, share in a light hearted way. Post things that warm people’s hearts and make them laugh. Share only the most useful things. Cut down on posting the serious stuff unless it’s truly useful.
  3. Think about the individuals that will suffer most in these times. What could you do to help these people stay afloat?
  4. Give extra to homeless people because there will be less traffic on the street.
  5. Think about body workers, independent restaurant owners and their teams – people whose livelihoods depend on foot traffic or clients showing up physically.

I have a friend who is an independent Pilates instructor. One of her clients cancelled a session but said: “I’m going to pay you anyway because I want you to stay in business.” I was touched by the intelligence and kindness of that action and will follow suite.

I also suggested that she continue working with her clients remotely. Yes, it’s weird to do Pilates on Zoom but it’s possible.

Who do you know that might need some ideas of how to manage physically, emotionally and financially?

Consider calling your favorite local restaurants and buying a gift certificate. Or, if you’re comfortable get take out from them. Tip higher than usual.

And, what can you do for your coaching business to keep it going and growing?

If you have a great idea, either for your own business or for helping others shoot me an email to moc.hcaocsuorepsorpnull@adnohR and I’ll post them on the Prosperous Coach Club Facebook group.

Ep 66 – How to Describe Your Coaching Program Without Selling Coaching

This episode, which is part of the Coaching Business Checkup series, is going to be short.

You’ve probably noticed that there are overlapping themes in this series episode to episode. That’s because strategy intentionally connects one thing to another.

Here are the repetitive themes:

Forgive me for the repetition but it’s not possible to talk about one strategic action or decision without mentioning what goes before it. Strategy is about connecting dots. It’s about congruence.

If you can remember these themes in all you do for your coaching business, you’ll experience a dramatic shift in your ability to attract enough clients who pay well.

Strategy – The Many Layered Cake

So I’ve been making a many-layered cake for you.

We started with the strategy of choosing a viable target audience full of seekers and then moved onto the central task of developing a smart niche — centering on a big enough problem your audience faces.

Now, if you are continuously visible out there speaking your audience’s language about their big problem and show that you have a solution without being salesy, they will pay attention.

That’s what will compel them to go to your website where hopefully you’ve got streamlined copy speaking about what’s most important to them there as well. And then you gently point them to a couple of conversion processes you have your site.

A clue … that’s NOT inviting them to a free sample session or Discovery Session.

That comes later when they are more ready for it. You don’t want to push people to next steps. Lead them instead.

You need to have everything ready for them before they arrive.

And when they arrive you want them to know they are in the right place.

That’s why your website should NOT be about the wonders of coaching.

Instead it’s about what’s keeping your specific audience up at night and what’s in the way of the big thing they want.

Okay, I’m getting off track from my goal here. You see how everything is interconnected and strategic?

This episode is not about how to create a client-winning website. It’s about something you create before the website …  your signature system.

What’s a Signature System and Why Should You Have One?

Why would I call it a system?

Because when humans perceive that there is a structure — a framework to get what they want — they relax. And trust builds.

Your Signature System is the way you describe what you do so that your audience can see clearly:

  1. That you understand them.
  2. That you have a structure they can lean into.
  3. That you know what you’re doing.

In a non-salesy way, your system is connected directly to their exact situation — what specifically has been in the way of them realizing their most urgent goal.

Do you see now why you need to know the big problem you solve before you can move to this step?

In your system you name the specific milestones that your audience has wanted to achieve but they’ve been stuck for some reason and unable to move forward.

Remember my niche and the big problem I solve for coaches? That smart & profitable coaching niche has been illusive and without that solved they can’t really move forward. It’s painful and frustrating.

Why Doesn’t Your Signature System Mention Coaching?

Because it muddies the water and distracts them from what’s meaningful to them.

Coaching isn’t what’s meaningful to them. It’s the big and small, tangible and intangible ways they’ll grow and benefit from working with you that’s important now.

When you share your system with them in a Discovery Session you want it to be so spot on that they feel like it’s exactly what they’ve been seeking and didn’t even fully know it until just this moment.

You’ve ticked all the boxes. You’ve covered all the most nagging challenges they’ve been facing.

Your Signature Program is based on this system. But that’s getting ahead of myself again.

For now, I hope you take in that you can articulate what you do in a non-coachey and non-salesy way that inspires investment through trust and context.

In the Next Episode we’ll talk about how to strategize your business model. It’s a step coaches sometimes step over.

Ep 65 – Are You Solving a Big Enough Problem In Your Coaching Business?

This episode is part of the Coaching Business Checkup series.

If you’re not attracting enough paying clients to sustain your business there could be several reasons why. The episodes in this series are designed to help you isolate what needs attention.

But don’t let these errors move you to give up on your coaching business unless you’re truly done with the dream of being a successful coach and helping loads of people with your unique talents.

To Succeed You Have to Be Willing to Flail and Fail

I encourage you to be willing to make mistakes and realize they don’t define the possibility of your future success.

Jumping out there without strategy is a time honored mistake. Nearly everyone makes these mistakes if they are willing to risk success.

On the other side of this is the person who does not risk anything and misses out on the chance to learn from their mistakes. And those are the folks who may regret staying in the safety zone.

The Big Thing Holding You Back From Financial Success As A Coach

For this episode, I’m going to dig into the most common problem that holds coaches back from attracting enough clients and earning well:

There’s not enough people inspired to invest in your services.

You are no doubt talented, capable and truly effective as a coach. But that goes wasted if you can’t attract the attention of your audience and inspire them to invest.

What can you do about that?

Well, so many things! For now I’m focusing on one.

Let’s say you have chosen a target audience and they are SEEKERS — people who do invest out their own pocket to grow personally and professionally.

The next thing you do is to define your coaching niche, right?

And this is the place where you might be inclined to totally wimp out. I did when I started.

It’s partly because fresh out of coaching training there’s still this glow about the value of coaching that can blind you to effective ways to attract paying clients.

Have you romanticized the notion of coaching that you believe people know they want it?

Most people don’t think about coaching as a solutions. That’s why coaching is a hard sell.

So, at this starry-eyed moment in time instead of niching down, you niche widely or niche weakly.

Niching wide is choosing a broad coaching audience and naming an overarching abstract outcome.

I help women create a more fulfilling life.

OR

I help business owners become successful.

Another way to wimp out in your niche is to simply identify your track.

I’m a career coach.

I’m a leadership coach.

I’m a life coach.

I’ve seen many coaches list all or several coaching tracks on their websites. The lack of specialty does just the opposite of what the coach hoped — it turns potential clients away because they see a lack of commitment and focus.

And example of niching weakly is focusing on coaching topics as the specialty.

I’m a confidence coach.

I’m an empowerment coach.

I help you breakthrough limiting beliefs.

I don’t think people wake up in the middle of the night and say to themselves … you know what I need? I need a coach to help me breakthrough limiting beliefs.

Everyone has limiting beliefs. Any coach or mentor can help individuals past them. But it doesn’t inspire investment except for a few sessions at low prices.

These aren’t big enough problems to bring you a steady stream of clients who are ready to invest.

I niched widely and weakly at first! I didn’t know better. Now, I hope to save you some of my flailing and failing.

Fully Commit to Standing Out with Your Specialty

Notice I didn’t saying standing out with your coaching specialty? Let’s take the coaching piece out of the equation. That’s your toolbox — a skillset you’ll use to help your clients — not what people will buy.

If you intend to be a successful coach in the long run, commit to targeting and niching down strategically and then follow through with that in everything you do. Don’t let your website copy be dumbed down by focusing on the wonders of coaching. Focus on your specific target audience and what’s keeping them up at night.

Make it so that there is absolutely no doubt in anyone’s mind who you serve, the big problem you help them overcome and the big goal you help them reach.

Define Big Enough

When you’re looking for a dynamic profitable niche, you have to step out of thinking like a coach and step into thinking like your audience. (And this is the best way to create everything for your business and do all your marketing by the way.)

It takes a bit of mindfulness and practice. Here’s the question to ask yourself:

What specific problem will prompt my audience to go looking for solutions with their credit card ready?

Think about all the times you’ve invested in something that was pricey. What made you pay the big bucks for a service even though you knew you were spending a lot?

No doubt it was something that felt crucial for your future.

The Gap Between Pain and Pleasure

You’ve heard about pain points before. Some problems are annoying. Some problems are a hassle. You’re looking for the problem that is acutely painful.

It’s the gap between what your audience wants and where are they are now. That great longing for something that’s been elusive because there’s a big, fat problem in the way.

The thing is the way is usually the individual.

Big enough problems fall within just a handful of categories associated with a fundamental want:

  • money
  • career
  • power
  • love
  • healing

Here are a few coach’s niches. Notice how they fit into one of those 5 fundamental categories.

Helping HR leaders gain more impact and influence in their organization.

Helping moms with a long career gap find flexible work they enjoy.

Helping people with fibromyalgia feel better get their lives back.

Helping parents support their kids with ADHD to excel in school.

Helping wives of civil servants create space for a career of their own.

Do you see how these big problems and desired outcomes would inspire investment?

If you’ve chosen an audience and you think you’ve arrived at a big enough problem to solve, pause to ask yourself:

Would I buy high-ticket services to help me overcome this problem?

If not, dig in deeper.

And if you want help identifying your audience’s big problem and developing a smart business foundation that attracts ideal clients, you know where you can find me: https://prosperouscoachblog.com/work-with-rhonda

Ep 64 – How to Strategically Choose Your Coaching Niche

In my last episode I listed off 10 Ways To Be More Strategic In Your Coaching Business as an overview to my next 10 episodes.

In this episode I’m focusing on the FIRST way to be strategic in your coaching business. In other words, strategizing this step is what you do before you do anything else — website, offers, social media marketing.

What is this #1 way to be more strategic? Choose a viable coaching niche, of course.

This episode and the other 9 to follow are all part of my Coaching Business Checkup series. I will have a free downloadable Coaching Business Checkup for you at the end of this series, so stay tuned!

One Decision That Rules Them All

MBAs and business experts agree that if you niche your business in a strategic way from the get go you’ll dramatically increase your ability to succeed and sustain success.

And that’s truer than ever in this information age where there are more entrepreneurs and companies flooding the Internet with marketing messages every day.

You can’t attract clients if you can’t attract attention.

And attracting attention is mostly about standing out in some way. Standing out in your niche – what you do for whom is the easiest way to stand out.

If you want your message to get through to people who could become your clients, then you want to speak to a very specific group of people about what they care about most.

Strange isn’t it?

The more specific and focused your message is on a unique target audience and the big acute problem they face, the easier it is to engage people and build relationships of trust. And then enroll them.

You know, coaching niches are my super power.

I decided to strategically focus on this big problem for coaches 17 years ago because all around me I saw that coaches were utterly confused, frustrated, and in many cases, paralyzed by the niche decision. For many it’s what had them give up for good on their business.

So for coaches the agonizing question — WHAT IS MY NICHE? — is the most acute big problem they have. And it’s related to attracting enough clients who will invest. That’s the other acute problem coaches face.

And I know that once that niche piece is settled it opens up ease in all the steps that follow – messaging, offers, marketing – it all becomes a more graceful and intuitive process once you know your niche.

It was a smart strategy then for me to focus in on coaches — my target audience — and on the topic that’s most painful for them. I could pull in my background knowledge in marketing and my experience writing coach training curriculum and training new coaches. It’s a good fit.

I wanted to tell you how I came to my niche to illustrate the strategy behind it. It’s not rocket science but it was a thoughtful process. And that’s what strategy is.

Many coaches miss this crucial step of choosing a smart niche. It’s partly because of a misunderstanding of what makes for a successful coaching niche. And partly, it’s fear.

Can you relate to that?

  • Maybe you fear that you don’t know enough to specialize.
  • Or, you might fear narrowing to one group and excluding others. (Although exclusion isn’t really necessary because targeting an audience is about ease in marketing not exclusion or limitation of who you can have as a client.)
  • Or you might simply fear making a decision and committing to it.

All of these are understandable fears.

But here’s the thing that I remind myself of when I’m fearful. Fear rises up when you’re at an important threshold. It’s how you respond to fear and still move forward on your dream that builds courage and confidence. Moving forward decisively is the way out of fear.

What is a Coaching Niche?

A coaching niche is the intersection between a viable target audience + their biggest problem/desire + what you bring to the table to help them get there.

Let’s break this down.

  1. There’s a specific group of people who are seekers. (They do invest in their growth.)
  2. They have a big acute problem that is in the way of something they really want.
  3. You can help them solve it and reach their goals with your toolbox of talents & skills

And so, once you’ve chosen that niche, you conduct a bit of market research and then create messaging and offers that fit their top challenges and goals bringing your supportive skills and tools to the table.

Now, let me illustrate how choosing a niche can be strategic using examples of niches my recent clients have chosen with my help.

Here are two that are directly related to specific subject matter expertise or recent professional background that the coaches could leverage in their niche:

One coach helps parents empower their teen daughters to develop confidence, integrity and resilience. She has a Masters in Clinical Social Work plus experience working with teens professionally, and 3 teens of her own. Her niche is a great fit.

Another coach helps executive assistants break through the limitations of their role and advance to the next level. She has 8 years of experience as an EA and a string of promotions that rewarded her ingenuity and excellence in her roles. Her niche is a great fit.

Another coach with over 20 years experience in nursing and health care is focusing on helping nurses heal burnout and work differently.

Leveraging your recent experience or expertise is the most powerful way to niche.

But not all coaches have subject matter expertise. Instead it may be that your current life circumstances could become an ideal niche. For example:

One of my clients stumbled unexpectedly into being a father and a husband. It happens. In the thick of that he realized it’s a common and difficult experience for young men. So he’s targeting that group to help them find grounding and maturity in the upheaval. A heartful niche based on a personal context.

Another coach decided to work with women re-entering the workforce after a long gap raising children. She knows first hand the challenges that come with finding flexible, meaningful work after a big career gap. And as a bonus we realized her Ph.D. in Industrial Organizational Psychology related to employee recruitment and selection processes was a bonus point of relevance and skill related to this audience. A super helpful niche!

A client who recently turned 49 felt called to remake her life from the inside out and create an intentional journey moving toward 50. So she’s targeting women at 50 to break free and rewrite the rules of their lives. This is a personally motivated niche.

It’s rare that targeting a specific age makes for a good niche but after market research it was clear that 50 is a point in time for women that’s rife with so many physical & emotional challenges and creative yearnings. And we were able to create a transformational program for women at 50.

So you can see there are different ways to approach choosing a niche. The main thing is to think it through strategically.

Remember, don’t just sell coaching to a general audience. Instead, create a program with milestones to help a specific audience overcome specific acute challenges on the way to an ultimate goal.

That’s how you’ll become known quickly and attract a steady stream of clients who pay well.

Coaching Niches That Lack Strategy

Topical niches can be powerful if they are closely linked to a tangible outcome that a specific group has. For example, I’ve known coaches who focus on helping business owners create systems or coaches who focus expertise in something like the Enneagram to help corporate leaders master leadership in a personalized way.

But some topics bomb as a coaching niche:

  • Stress
  • Limiting Beliefs
  • Overwhelm

I’m guessing those topical niches bombed primarily because these challenges are usually chronic problems. They are challenges that people are used to living with and so they aren’t inspiring people to actively seek and invest in solutions.

All coaches can help any existing clients with things like stress, limiting beliefs and overwhelm. But in marketing messages and on websites these topics tend not to inspire enrollment except for a short engagement at a low price.

It’s missing a specific target audience and their ultimate outcome as an anchor point. But even if you did attach one of these chronic problems to a target audience and their goal, it may not feel acute enough to the audience to inspire investment.

Similarly, big overarching goals or life skills can bomb for the same reasons above:

  • Self Care
  • Work/Life Balance
  • Law of Attraction

If you search for topics like these on the Internet you’ll find millions of articles on them. Great support for free but not likely to result in paid engagements with long-term clients. And if clients are short term for low fees, it means you have to work with a lot more people. And that means more marketing and enrolling moments for less income and profit.

Strategizing a smart niche for a viable audience isn’t a needle in a haystack kind of equation. It’s more like the beginning of a jigsaw puzzle where you try to find the opening move that quickly builds momentum.

If you’re stuck and struggling with your coaching niche, let me help you over this wall.

Let’s have a Strategy Session. It will focus you in and give you direction for everything else you create in your coaching business. It will help you stand out the crowd and build your brand & reputation.

I’ll send you some exercises to start then we’ll spend 90 minutes brainstorming on the call. I’d love to work with you. Sign up!

In the Next Episode: Are You Solving A Big Enough Problem In Your Coaching Niche?

Ep 63 – Ten Ways To Be More Strategic In Your Coaching Business

In the last episode I talked about high payoff actions you can take in your business. High payoff actions are the ones that get you the results you want.

Those actions are always strategic – based on a strategy that you’ve thought through.

In this episode, which is the 2nd in the series called Coaching Business Checkup, I’m going to talk about the top ways for new coaches to be strategic in their business.

No Strategy is a Slow Strategy

I was thinking about this recently … when did I begin to be more strategic in my coaching business?

It began when I targeted a viable audience and figured out what they want so much they’d invest in my help to reach that goal.

That was my first point of strategy. That’s #1 because if you don’t target a viable audience no other strategy after that will work.

Embarrassingly, it was only after my 2nd coaching website and after my 3rd year in business for myself that I began to think more strategically.

And wow how it paid off. And how I wished I’d been more strategic from the beginning, but I didn’t know how.

Before that I just flew by the seat of my pants, which is a strange saying but we all know what it means.

Looking back I have to laugh at myself a bit, thinking that I could have a successful coaching business without strategy. But I’ve always been someone to jumps in headfirst. Now when I jump in head first, I’m actually using my head by being strategic. But it’s not fair to compare what I know now to what I knew then.

I was blessed in so many ways — still am — by serendipity.

So many angels and surprises came my way in the form of opportunities and wonderful human beings that gave me a helping hand.

I would never have leaped to the idea of helping coaches, first with their coaching niches, had I not been tapped to be a trainer in a coach training company.

And after a year, I was asked to rewrite the curriculum of that organization called Coach Training Alliance. They’ve been using that curriculum for 2 decades. It’s a wonderful coach training school.

Because the owner gave me an opportunity, I learned that I was good at taking complex concepts and tasks and breaking them into step-by-step processes.

My teach archetype was born then. And coaches started hiring me.

Having no strategy is a kind of a strategy. If you have time to burn or if going about things totally organically is a value of yours, no strategy can work in the long run.

Smart Strategy Means Faster Results In Your Coaching Business

But when it comes to attracting enough clients who pay well, stay longer and refer more ideal clients, having a strategy now, when it’s early days in your coaching business, is the way to get there faster.

For most of us, getting there faster is critical. Most of my clients need to earn and earn well. Their coaching business is in lieu of getting another J.O.B.

So strategy is the way to go.

If you’ve not learned to be strategic yet, that’s okay. And today is the day to start.

10 Critical Strategies For New-ish Coaches

You may be wondering why am I talking about strategy so much in a series called Coaching Business Checkup?

Well, here’s the deal, if things aren’t going well for you in your coaching business it always boils down to a lack of strategy. And there are several areas to look at.

For now I’m going to list them. Then in following episodes I’ll go into more detail about these ways to strategize your fledgling coaching business so you have better results.

And, at the end, I’ll have a free download for you with a Coaching Business Checkup you can do quarterly to assess how you’re doing and what needs attention. It will be cool and super helpful!

#1 Target a Viable Audience

#2 Discover Their BIG Acute Problem And Top Goal

#3 Develop a Signature System To Reach Their Top Goal

#4 Design A Simple Business Model

#5 Create a Positive Customer Journey with Strong Conversion Processes

#6 Set Up Enrollment Opportunities and Learn How to Enroll

#7 Build Trust with a Visibility Strategy

#8 Create a Valuable Customer Experience and Collect Social Proof

#9 Set Up Internal Systems To Save Time

#10 Develop High Payoff Action Habits

There are other strategic things you can do. The list could be endless.

I believe that there are developmental phases for coaching business owners that are like building blocks. They should learned one phase at a time.

In fact, trying to implement strategies that are beyond your current phase of business development can trip you up and postpone success.

So I invite you to be patient and start with the foundation. This is what I do with new coaches in my VIP Coaching Business Breakthrough program.

I help you master those 10 strategies. If you’re struggling to create all the strategies you need for your coaching business, let’s talk.

In the Next Episode: How to Strategically Choose Your Coaching Niche

Ep 60 – How To Price Your Signature Coaching Program

This episode is part of my Money Mastery series. It’s the follow on episode to How to Develop Your Signature Coaching Program. Consider listening to that first before this episode if you haven’t already.

Common Pricing Strategies and What Works Best for Coaching

I can think of 3 common pricing strategies for pricing:

  • Cost plus pricing – where you calculate your costs then mark up the program so it pays you well.
  • Competitive pricing – where you set your price based on your competition.
  • Value based pricing – where you set your price based on the value of your offer to the client.

I do encourage you to the do the math of what it will cost you to deliver your program. Most coaches miss this piece. And it’s quite eye opening to realize the cost of the time you spend getting a single client in addition to specific costs of marketing and inclusions in the program.

That said, to ultimately determine the cost of your program I prefer VALUE based pricing.

Here’s the reality, if you narrow to serve a viable audience and create a unique program based on market research, then your program probably doesn’t exist out there so competitive pricing or so called “market value” isn’t a useful guideline.

Also, few if any of your prospects are ever going to do cost comparisons, especially if you don’t sell coaching but rather offer a unique program.

Purchasing a program such as I suggest you create is an emotional decision.

They will hear or see your message. Their trust in you builds because you’ve struck a resonant chord with all that you’re doing.

Then, they go to your website, which is hopefully already designed as a client winning coaching website not an online brochure. On that website are beautifully streamlined words and conversion processes that gently encourage visitors to have a Discovery Session with you.

All of this is thoughtfully coordinated and strategized but in a non-salesy way to build trust with potential clients rather than trying to convince them about the value of coaching.

They hire you because they like you and trust you. You’ve been in front of them with valuable content and your website reinforces that. Then, in the Discovery Session you lovingly assess if they are a good fit for your program and enroll them.

You don’t want to sell people – to have to convince them to hire you. It’s unsavory. It makes you feel skeevy.

But if you have a signature program that you have thoughtfully crafted to fit their circumstances, their pain and desires then no hard sell is necessary. You do need to ask them to enroll though. ; )

The Mystery of Odd Numbered Pricing

You’ve no doubt seen that a lot of people use odd numbered pricing where prices end with 5, 7, or 9. For example, a long-term high value program might be priced at $5,975 for a 5-month program or an online training might be priced at $697.

Early on in my coaching business I eschewed that whole odd number practice and priced evenly. $5,000 instead of $4,975. $500 instead of $497.

And I struggled to enroll clients. I’m not saying there may not have been other factors involved.

And then, I looked around at the people I admired that offered mentoring, coaching and training. I noticed they were all using odd numbered pricing. I switched and immediately saw a difference in my revenues.

Weird? Yes. But we as human beings have been trained all our lives on odd numbered pricing and it’s ingrained. There’s an emotional response to it even if it’s not logical.

That said, if you have an issue with it, do your own testing.

Encourage Single Payment Investment

With your Signature Program, encourage or incentivize a single payment investment by creating significant savings over a payment plan.

For example, if your 4 month program is $3,995 for a single payment. Make the payment plan total roughly 25% higher. So, 4 payments of $1,249 paid at the beginning of each month — which adds to $4,996 — is over $1,000 more than the single payment.

Incentivizing a single payment helps both you and your clients in these ways:

  • They invest once rather than continually making payments, which is an irritant.
  • They are not focused on the financial investment but rather fully focusing their energy on transformation.
  • Also, bundled programs like I’m suggesting don’t deliver value in even amounts month to month.

My own 5-month Coaching Business Breakthrough program is front loaded with value. The first 2 – 3 months, depending on the pace of my client, are where I’ll deliver the most support and assistance to create everything for their coaching business. The last two months are less labor intensive because we’ve completed the bigger milestones.

It’s a risk for you if someone pays monthly and drops out in the early months.

In the last 17 years, 90% of my clients have paid the single payment up front for my signature program. I’ve noticed that those who opted for the payment plan often became difficult clients because they were not as committed to their own success.

I think that’s because they weren’t fully invested up front. They had one foot out from the start. A part of them didn’t believe in themselves up front. And a part them wasn’t fully ready to have a business yet.

In the last 5 years none of my clients has opted for the payment plan.

When people want something enough

they find a way to make it happen.

And just that mindset and action empowers them significantly!

Should You Have Tiered Pricing?

One last thing about pricing … some people advocate having tiered pricing.

I say no. You’ll do better if you direct clients to your Signature Program and stand behind it.

  • First, a confused mind never buys. The more offers you have that you’re marketing at one time, the less likely someone will enroll.
  • Also, remember … don’t sell coaching. It’s a hard sell.
  • Do coaching with paying clients who have enrolled into a program they know they want.
  • And, the more people you sell into your signature program the more you earn doing exactly what you love.

If you want to create lower priced programs than your Signature Program, consider making them altogether different. For example, offer an online program about a different thing your target audience wants help with. It’s not only different in focus but also different in format.

Sell it as a down sell only after someone firmly turns down your Signature Program. That way you don’t set up competition for the program you most want to deliver.

But consider, that you don’t really need to have other offers besides a free downloadable offer so you can build rapport and stay in touch with your network unless you’re prepared to create a separate way to attract potential clients to that offer.

This and the episode before it were an episode loaded with tips. Consider listening to them again and please share it with fellow coaches. So many struggle with this piece.

Also, if you want help to create your entire business foundation with everything I’ve talked about in these episodes, go to prosperouscoach.com/VIP and tell me about you.

We’ll have a conversation about what you want and what’s been in the way to see if you’re ready for a coaching business breakthrough.

In the Next Episode: Get Out Of Your Own Way To Earn More As A Coach

Ep 57 – Coach, Is It Time To Give Yourself a Raise?

This episode is the 5th in the series called Money Mastery. 

The last episode called Are You Turning Away Coaching Clients with Your Pricing explained a more strategic approach to pricing than charging by the session or a package of sessions. I highly recommend that you listen to that.

In this episode, I’ll focus in on the mindset and simple mechanics of how to give yourself a raise, no matter what approach you’re using to charge right now.

Shift Your Money Mindset

If you’re a new coach chances are you’re not thrilled with your income yet. And there may be conflicting ideas in your head about taking money for coaching.

First there’s the idea “Well, I’m a new coach so I shouldn’t charge much.”

But totally at odds with that is the desire “I want to be financially successful at this.”

And then, there’s this other idea that can come with the helping professions “Money isn’t that important to me.”

It’s like mental whiplash.

So first … compassion. I feel ya, because as a new coach I was thinking those same things. One of the coaches in my Facebook group — Prosperous Coach Club —said it so clearly:

“As someone new to the field you desire to earn a good wage but setting fees is like the taboo topic. It is uncomfortable. You feel your skill set and knowledge is worth it but fear your lack of experience being newly in the field doesn’t warrant it.”

Exactly. Thank you for that Jenny.

Most new coaches charge fees that will keep them earning below the poverty level. The strange thing is that if you applied for a job you’d never say ‘yes’ to the rates you’re paying yourself!

You deserve to earn more. Period. And deciding to own your worth is all you need to do. 

Rather than thinking that you should charge as a newbie, own your life and work experience. Charge to sustain yourself.

Be a good boss and pay yourself well. Everyone wins. You, your family, your clients – everyone!

Let’s take a more pragmatic and dispassionate look at this.

Do the Math

Think from the get go like a business owner and do the math.

What I mean by doing the math is to actually figure out what you want to earn and then play with the number of clients and fees per client you’ll need to earn that much.

Now to demonstrate this I’m going to keep things simple. In the last episode I suggested there’s a much better way to price than by the session or a package of sessions.  And I stand by that. But to make doing the math easier to understand I’m going to talk about pricing by the single session.

Let’s say you want to earn $100,000 annually and you’re charging $100 per one-hour session. 

To earn $100K, you’ll need to have 1000 paid client hours each year.

Let’s take this a step further and divide 1000 paid client hours by 50 weeks. That’s assuming you’ll take 2 weeks off each year and work the other 50. 1000 divided by 50 = 20. 

You’ll need 20 active clients paying $100 for their weekly session.

Does have 20 paying clients each week sound doable?

When I first started as a coach, I would have said ‘yes’. I had the illusion that enrolling coaching clients would be easy. Every one wants a coach, right?

But 20 years in I now know that it takes a lot of marketing and enrolling to have 20 clients. And serving 20 clients per week is a big client load! 

The largest number of 1:1 clients I’ve worked with is 15 and I found that to be far too many clients for me. I’m more comfortable with 10 one-to-one clients at time.

Consider how much work it would be to find, enroll and maintain 20 active clients every week.

Sure, you might leap to the idea of doing group coaching or having an online membership program, and you could do that eventually. 

The reality is filling those groups and building that membership program is a big endeavor fraught with challenges. It’s something that fits better later on once you have a leads list and know better what you’re doing.

As a new coach, to keep your overhead and labor low consider offering only 1:1 coaching for a while. Build up your leads list and your reputation. Later, you can try group programs.

I talk about this in my episode called The Simplest Coaching Business Model.

Now let’s give you a raise to make it easier to earn 6 figures.

Let’s say that you decide to increase your fees to $500 per session but still aim for $100,000 annually. You deserve that raise. Make your life easier.

At that rate you only need 200 paid client hours per year. Divide that by 50 weeks. 

You need only 4 one-to-one paying clients each week. 

Now, that’s more enjoyable and sustainable than 20 each week.

Decide To Raise Your Coaching Fees

But you might be thinking, well, Rhonda, how can I charge $500 for one session? Who would pay for that?

You’d be surprised. I’ve seen a lot of coaches charge much more than that.

But know this … they have put a lot of strategy behind their pricing. It starts with:

These are all the things I teach new coaches how to do.

It’s not just about throwing up a website selling life coaching or some other type of coaching and enrolling people by the session.

This doing the math exercise was simply to illustrate how to think about paid client hours and how as you price higher you make earning well a more realistic scenario.

I suggest that you do not charge by the session at all. If you haven’t heard my last episode, go back and listen to understand this. It’s at prosperouscoach.com/56

In any case, you can’t begin to earn well until you charge more.

Decide to give yourself a raise.

Two years into full time coaching, I distinctly remember feeling so frustrated with my income. I couldn’t figure out how to break through the blocks I had about it.

And then I had a mental break through. How did I do that?

One day I simply decided to raise my fees. In fact, I challenged myself to raise my fees by 25% with each new client I enrolled.

And that’s what I challenge you to do now. With each new client you enroll, increase your fees by 25% or more. You’ll be amazed how you take a leap in the way you position yourself and own your value.

My preferred method for raising fees is simply to charge higher fees for new clients. 

You can also raise fees across the board with existing clients by giving them notice. Tell them that as of a specific date your fees go up to a new amount.

Increasing Your Fees Helps Your Coaching Clients Too

Sometimes we don’t consider the effect that low fees have on our prospects and clients.

As I increased my fees, my client took bigger leaps.

They were more invested both financially and emotionally in the work so they showed up more fully, put more into their actions. And because of that, they were more ideal clients for me so I enjoyed the work more.

  • As I increased my fees my confidence grew.
  • As I increased my fees I was able to be more choosey about clients and opportunities.
  • As I increased my fees I developed better marketing, enrolling and coaching skills.
  • As I increased my fees I relaxed.

And relaxing had a profound effect on every aspect of my life, especially my ability to enroll clients. I had fewer ‘no thank you’s’.

My conclusion? If you really want to do the meaningful work possible with coaching and get paid well, charge higher fees

Now everyone has their glass ceiling. I’ve hit a new one over the years and had to work with my mindset to get through it.

There came a time for me where earning more was no longer my goal. Serving more people and living my life the way I want to are the reasons I charge the way I do.

Here is my recommendation for you:

  • Don’t be about money, be about value and sustainability.
  • But, do be a smart business owner.
  • Set revenue goals.
  • Do the math to plan how you’ll achieve those. 
  • Take smart actions.
  • Keep making incremental improvements in your mindset and habits.

In the Next Episode: Start Planning for Profit In Your Coaching Business