This episode is part of my Money Mastery series. The series has been getting great response from listeners.
About episode 58 —planning for profit in your coaching business — Roger said he had several takeaways:
- Having a real understanding of the stages of business.
- The idea to set an expense budget.
- “The big one is that I realize I was relying on my part time paid employment to support my coaching business as more of a hobby. So I have a shift now into thinking of it as more of a business and your great tip of taking a salary from my coaching business to pay bills will be fantastic.”
Thanks for sharing that, Roger!
Today’s episode is about a better way to package a coaching program and earn more than by the session or group of sessions.
First, let’s talk about schools of thought. There are schools of thought about everything.
If you’re still in coach training some trainers may insist that coaching should not be programmed. In other words, you shouldn’t create an offer other than coaching sessions because it means that you take away the coach’s agenda.
If you’ve been listening to me for a while you know I believe that you can both serve a client’s agenda AND offer a specific program for a specific audience that solves their biggest problem and gets them where they want to go.
After 22 years of experience in my own coaching business and helping hundreds of coaches reach financial success in their businesses in my private VIP program, I know that selling coaching by the session only may keep you at poverty income levels.
So what is a better way that helps you earn well as a coach? I’ve been leading to this in the previous episodes so I hope you’ll listen to those too.
Create a Customized VIP Program
This is what I help all my clients create.
It helps the coach feel confident they have something of value to offer. They learn to articulate what they do in meaningful terms and without the agony of trying to convince people to buy coaching.
Of course, like all successful aspects of a coaching business, creating this program has critical steps that go before.
- It begins by targeting a viable audience – one that’s full of seekers – people who do invest in their professional and personal growth.
- Next you uncover their biggest known problems and the ultimate outcome they want to achieve. That becomes your coaching niche.
- Then, you put together a signature program tailor made to that audience. Your program has a clear set of milestones that you’ll help your clients achieve on the way to that ultimate desired outcome.
- Then, you learn how to articulate that to prospects in a way that’s benefit rich, supplying them with assurance of both tangible or concrete and intangible or emotional things they’d like to achieve with your help. That there is a structure in your program helps them to trust you and feel inspired to invest.
- Lastly, you need a strategy to attract clients, build trust and rapport, then gently send them through a conversion process, sometimes called a funnel, so they are motivated to have a Discovery Session with you, where you’ll enroll them.
Getting all of this done isn’t easy by yourself.
It helps to have a guide like me help you with all the steps no matter how big or small.
Examples of VIP Coaching Programs
For example, let’s say you’re a relationship coach helping people to find their soul mate. Your program might include the following milestones – takeaways you’ll help your clients achieve:
- Identifying personal values and partnership values. What are their must haves and deal breakers in their life partnership?
- Getting ready for a partner. What are their strengths but also habits and behaviors in need of adjustment? What are their limiting beliefs about relationships? You might even have something like a life makeover in your program.
- Setting first date goals. Helping them set personal boundaries and show up with confidence.
- Discovering the best places to meet people and connect.
There’s a clear arc to the program and plenty of opportunity for the client to bring the agenda to sessions. This structure is more about helping prospects feel confident to work with you.
Or, let’s say you’re a leadership coach and target HR leaders to gain greater impact in their role – something you’ve discovered from market research that’s a top goal of HR leaders. Your program’s milestones might include:
- Creating a vision for the impact they wish to make.
- Identifying what’s been in the way.
- Uncovering their professional strengths and learning how to leverage them.
- Identifying skills and behaviors that need attention and areas to stretch.
- Develop good habits to strengthen their resilience, mindset and competencies.
- Building their rapport, identifying sponsors and other relationships that would help their star rise.
- Helping them develop a thicker skin and become bolder in meetings.
You can see that the focus in these descriptions is not about you and your skills as the coach. It’s about the target audience and what they want. But at the same time these kinds of milestones are what all coaches can help their clients achieve.
Either of these programs could be a 4 – 6 months or longer.
Bundle Significant Value Into The Program
So far in your coaching business you might be simply trying to convince a client to hook on … to want coaching and be willing to invest in a certain number of sessions up front.
It’s painful. And it’s without context especially if you haven’t narrowed to a viable audience, done market research and discovered what your audience wants so much they’d be willing to invest in your help to get it.
Programming your coaching into a VIP program creates a context for why a person would want to invest at a high level in their future success. And, you can develop this program without even using the word “coaching”. That’s your toolbox not an outcome they know they want.
Identify What They’ll Get In Your Coaching Program
The next step for creating your program is to identify the features. What do they get when they invest in the program? Consider bundling some of these things into your program:
- A certain number of private sessions, say 10 – 18 sessions depending on length of your program, your preferences, and what it takes to achieve the goals
- A certain number of group sessions or access to a closed Facebook group for community support
- Annual retreats
- Half or full VIP day where they fly out to work with you face to face on some aspect
- Unlimited emails to you
- Session recaps
- Pre-created guides, forms or assessments to ease a process.
These things still involve coaching and coaching skills. But they add excitement to a program and help justify the fees to enroll.
In the Next Episode: How to Price Your Signature Coaching Program