A practice full of one to one coaching clients – is that what you’re going for?
It’s smart to get clients in the door and build your market presence. But if you want a six figure coaching business, one to one clients is only half the story. As soon as you can, add in other revenue streams. This will keep you off the money for time treadmill and help you break through the glass ceiling in your coaching income.
I recommend you start by creating marketing that will pay you! Educational marketing is the best way to attract clients. When you put out valuable information products, each product markets your coaching business by building credibility in your target market. And, you get paid while you market.
Some people call these kinds of revenue streams “passive revenue”. Actually, there’s nothing passive about creating a book, ebook, CD set or any other product! However, your investment of time is front-loaded into the creation of the product and the marketing system. Then, these revenue streams pay you multiple times without you having to be there to “deliver the goods”. Once they are in front of your target market, they can pay you when you’re not working.
To make this work, first be sure that you’re aiming your coaching services at a well-defined target market. Then you can generate a whole string of information products and services that work together in what’s called a marketing funnel. If your market is broad, or you just bill yourself as a generalist (life coach, business coach, etc.), it will not be easy create a marketing funnel.
Have you ever felt nervous or inarticulate when talking to a coaching prospect? You know the moment of truth is upon you… it’s time to enroll this new client — but how?
With practice, this process is effortless. Follow these seven steps to winning conversations with prospects. The first two steps of having powerful conversations with prospects begin before you meet the prospect.
Step #1 – Understand Your Target Market
Don’t make the mistake of just trying to get any client. Champion a single target market instead. If you have expertise in your market, tap into your insider knowledge. Otherwise research what motivates them by having a few informational interviews with folks in your chosen market. Take a look at these targeted coaching markets and their top challenges:
Sometimes, to get better results in your coaching business, all you really need is a mindset shift. So many life coaches make a less than stellar income, and their mantra: “How do I get more clients?” rolls around in their heads continuously. Eventually, that focus builds more scarcity than prosperity.
Some wise person said: “How we do anything is how we do everything.”
It’s true. And I say:
How we think about anything is how we experience everything.
When you set your coaching fees and tell prospects about them, give yourself the advantage of a powerful mindset as a solid foundation for your success.
Integrate these Four Power Concepts together to charge what you’re worth.
After coaching professionally for twelve years and helping hundreds of coaches create successful businesses, my answer to this question is surprisingly and unequivocally – NO!
On the other hand, if you’re wondering: “Is coaching a viable business?” Absolutely – YES!
But, here’s the thing… financial success in coaching has little to do with coaching skills and everything to do with setting yourself up for success through best business practices. The result you most want – lots of ideal clients – will come to you by learning the business of coaching.
Have you ever felt that you’re all over the place with your coaching business? Today, you’re speaking at a brown bag corporate meeting about team leadership. Yesterday you gave a talk at your church about relationships. Next week you’ve got a gig at Borders where you’re giving a career choice seminar. You’re versatile, but is that helping you attract enough coaching clients? Probably not.
It feels good to be recognized, so you say ‘yes’ to speaking and training opportunities even if there’s no continuity to the topic or the market. But what are you recognized for… and is it something you can leverage to become financially successful in your coaching business?
If you’re morphing your message, your title and your coaching niche to fit any opportunity or potential client that comes your way, you are actually making more work for yourself! And, if you do the math, you’ll find that most days you’re lucky to be making $25/hr, when you could be making at least 5 – 10 times more if your coaching business had more focus.
When coaches get tired of working hard for little return, they hire me to help them “fix” their coaching business. The fix is simple. I help them get more star coaching clients and make marketing fun by focusing and leveraging their efforts. Here’s how:
It takes 30 seconds or so to get from the lobby to the penthouse in an elevator — just enough time for a business person to make a pitch and capture investor interest. That’s where the concept of the “elevator speech” came from.
As coaches, we want to attract investors too — the ideal clients in your coaching market who are ready to invest in their future by hiring you. And if you cultivate loyalty, they will keep investing in everything you offer.
A masterful elevator speech does three things:
- Succinctly describes your target market, so that your coaching prospect sees that you specialize in helping them exclusively.
- Identifies their most unique and compelling challenge, so that your coaching prospect feels you understand their unique problems.
- Delivers a value proposition, so that your coaching prospect believes you will help them succeed.
When you’ve finished your quick speech the natural response is “Tell me more!” or “When do we get started?” or “I’d like to refer several people I know to you.”