Ep 130 – A Surprising Way to Boost Your Coaching Income

This episode is short and eye opening.

The other day I was helping one of my VIP clients set her fees for her Signature Program and our conversation inspired this episode.

Anything having to do with money in your coaching business such as income and fees brings up old emotions:

  1. Fear of succeeding and failing.
  2. Insecurity about worth.
  3. Family or cultural beliefs about money.
  4. Fear of rejection.
  5. And, mistaken assumptions about why people buy.

I always encourage my clients to “do the math” rather than choose fees emotionally or based on erroneous ideas about what the market will bear.

By becoming somewhat dispassionate and stepping into the practical coaches can begin to understand how they can help themselves earn well.

Setting low fees is the most common way that coaches shoot themselves in the foot. Another way is by not setting goals. And coaches aren’t the only ones who fail to set business goals.

Why don’t people set financial and other metric goals for their business?

Well, it’s the same 5 reasons I listed above — fears, insecurities, learned beliefs and mistaken assumptions.

But here’s what I know for sure … if you do NOT set goals you’ll fail to grow your coaching business income. If you do set goals you will earn more. It’s as simple as that.

Let’s say in the first full year of your coaching business you don’t set any goals. Instead you just hope for the best and serendipitously earn $25,000 (for simplicity I’m talking dollars here).

Now let’s say you, in an alternative universe, risk setting a stretch goal to earn $100,000 in that first year and you earned $75,000. Would you beat yourself up about that? No, you’d be thrilled! And you’d be inspired to consider what worked and what didn’t work in your strategy.

The point of goals is not to beat yourself up if you don’t make the goal. The point to goals is to stretch yourself and to think through how you’ll make the goal.

Strategy is what brings about financial success. You’ll not only set financial goals but other metric goals too, such as how many Discovery Calls you want to have with prospects (because that’s the enrollment opportunity) and how many podcast episodes about what topics would inspire your audience to have the Discovery Call with you.

Goal-less business is not really a business at all. It’s a hobby.

Don’t let fears or limiting beliefs keep you from setting goals for your coaching business. Set the goal then plan how you’ll make the goal. Then celebrate your results, even if you didn’t make the stretch goal, and assess what worked and what didn’t. That’s how you step into the CEO role of your own business and thrive!

Ep 114 – 10 Things That Help You Become a Coach in High Demand

One of my VIP clients was researching other coaches in her niche last week. She came away from that shocked and concerned.

So many of the sites felt like ghost towns. A lack of current content or pages out of date seemed to signify the sites were abandoned.

Besides this one, three distinct fears crop up fast from researching other coach’s websites:

  • Is the coaching field too saturated?
  • Can I compete with this?
  • Should I even try to make it in coaching?

First, I assure you the coaching field is not too saturated, especially if you do things to stand out in the crowd, which you’ll hear me reinforce a lot.

And should you even try? Only you can answer that. You know your mind and heart. If this truly important to you, you’ll go after it with singular focus and true grit.

It may be hard to accept this. A lot of coaches do not make it — mostly because they lack determination.

Building and sustaining a business is no small feat. So many coaches will spend all the time and money to learn coaching skills then do all the tasks to launch but let the whole thing go before they even cross the threshold. Or, they give it 6 months then give up.

Looking back I’m amazed that I stayed the course considering my many mistakes and some slow years. I’m stubborn that way. Stick-to-it-iveness pays off.

So yeah, there’s tremendous attrition. And that’s true for all startups, not just coaching startups.

I encourage YOU to think of this attrition dispassionately. What really matters is YOUR courage of conviction. Don’t give up. Every problem has a solution.

Find your way and enjoy the journey because few things in life will teach you so many meaningful life changing things as growing your business.

What most coaches ultimately want is to become a coach in high demand. That golden place where clients find YOU and they are ready to enroll. It’s something you absolutely can achieve if you give it a chance.

I ’ve narrowed it down to 10 things all coaches need to become a coach in high demand:

Specialize on an Audience with a Specific Big Problem and Goal

The viability of your audience and niche is the cornerstone of your stability as a coach. If you stand out in the crowd and become well known by a unique and viable audience, you set yourself up for success. The more broad your audience or light your niche, the less likely you’ll gain traction.

Implement a Strong Content Strategy

Standing out matters here too. If your blogs, episodes, videos and social posts seem to be just like every other coach’s, those efforts won’t pay off. Content is still King and Queen!

Grow Unstoppable Determination

This is about character. Will you apply discipline? Will you believe in yourself and this calling even when there’s no proof you’ll make it?

Take Daily High Payoff Actions

A high payoff action makes you squirm. Coaches who make it will do the hard things until they are no longer hard to do and then they’ll find other challenges.

Have Patience

The first eighteen months after launch is a critical time. Because it’s during that time you’re most likely to give up. Patience is absolutely required. Without it, you’ll live in disappointment and give up before you’ve gotten started.

Value Your Time Highly

Act as if you are already in high demand. Choose wisely where you put your time and energy. Control your calendar and pinpoint your efforts. Set up and hold boundaries. Be a professional.

Charge High Prices

Graduate from student mode quickly. Stop charging by the session or month and develop a Signature Program. Charge fees that will allow you to work with few clients each year.

Develop a Platform

A platform is a stage that allows you to reach people. I was asked to train at Coach Training Alliance and to re-write their curriculum. This put me in front of hundreds of coaches that wanted my help to build their business. As you network to reach your specific target audience, because you’ve specialized an organization or center of influence might notice you and help your star rise.

Help Your Client Achieve Critical Results

If your clients are satisfied you’re worth the investment, you’ll enroll more but only if you’re charging well for your services. Professionalism and a sense of authority are strong attractors.

Ask for and Reward Referrals

I used to think any happy client would refer. But people are busy. You have to incentivize referrals. For example, when one of my VIP clients refers someone who enrolls in my 5-month VIP Coaching Business Breakthrough program I reward them with 2 free sessions to use anytime. It’s a strong incentive.

In the Next Episode: How to Market Your Coaching Business Just Like You Coach

The Coaching Business Backslide: How to Get Out of Your Own Way

You’ve invested a lot of time, money and passion to become a professional coach. No doubt, you’ve already made a difference in people’s lives.

But that initial push to learn how to coach and build your business foundation can quickly turn into disillusionment if paying clients don’t beat a path to your door at the get-go.

Impatience slows manifestation. Is it time to get out of your own way?

After 16 years of mentoring, I witness 3 main ways that coaches get in the way of their own success at this stage:

  1. Allowing doubts to crush momentum after a few coaching prospect rejections.
  2. Hiding behind the computer, constantly repositioning their niche, website and messages.
  3. Becoming paralyzed, afraid to get out there consistently to build trust and enroll clients.

Sound familiar? Here are 3 ways to think differently about your blossoming business …

Check Your Expectations

Expectation is a possibility killer because it lacks the most essential ingredient of possibility thinking – being open to outcome.

Words to live by: Happiness is low expectations. The idea isn’t to settle for less or shut down when challenged.

The idea is to BELIEVE in the journey. Set goals and create a vision. Then, make it happen with courage and grit. After all, isn’t that how you’d coach your clients?

That’s why self-made entrepreneurs are so celebrated. They believed and persevered.

But, if you ask them, they’ll tell you of delays, unexpected challenges and learning from mistakes … many mistakes.

There’s a lot of rhetoric out there that might make you think any coach can and should become an instant phenom.

But, if you pause for a moment, you’ll see that the people selling that message are working very hard at their own success. They’ve got a profitable niche, smart messaging, conversion processes, clear offers, and a team working with them to build their own little empires one day at a time.

Like every other entrepreneur, they built their empire on delays, unexpected challenges and learning from mistakes.

Give Yourself the Gift of Momentum

Consistency + congruence = leverage.

Leverage rocks! After 18 months of consistently blogging to my audience with a congruent message, I started enrolling clients from Google searches! I earned more with less effort.

One day – when you’re not tapping your foot with expectation – your efforts will arrive at a critical mass and something unexpected and wonderful will happen that takes your business to the next level.

Faithfully nurture your reputation and show up consistently.

Look at it this way …

If you get a cavity in a tooth, you wouldn’t stop brushing your teeth would you? You’d improve your habits. Maybe even become an avid flosser.

If your child falls while trying to walk do you encourage her to stay down and give up? No way. You let her fall on her bum and show her how to get back up.

So get out there every day with enthusiasm for your message, your value and your offer. Enjoy people. Even if they don’t hire you … right away.

Your ideal coaching clients are out there. Keep waving your arms so they can see you.

Yes, there are ways to get attention more quickly and enroll clients more easily at higher fees. It takes congruence – connecting the dots between your audience’s desires, your message and offers. It’s an art. I can help you with that.

Timing Does Matter

Sometimes, you begin to build your coaching business but there’s not enough room in your life to bring it fully into reality.

If you’re gainfully employed or have a family you’re caring for full time, there’s often not enough drive left to stay the course and grow your coaching business into a thriving livelihood.

Your options? Create a transition plan, clear space and redouble your efforts. Or, put your business to the side until you’re willing to take that leap. No shame.

But if you want it now, shrug off doubt and expectation, and aim for leverage!

What ways have you got in your own way to build your coaching business? How have you built leverage to reach that moment of critical mass where you thrive?

Enrolling Coaching Clients Requires Mindset Mastery

Recently, I posted 10 powerful questions for enrolling clients and it sparked excitement from some coaches that haven’t found sample coaching sessions effective and concerns from others about the potential for manipulating prospects with the questions. Thanks for the great discussion!

https://prosperouscoachblog.com/enroll-coaching-clients-mindsetSuccessful client enrollment is part competence with an enrollment process and part mastery of mindset. I explain in my previous post why, after more than a decade of coaching, I prefer the process of enrollment questions over giving a sample  session.

Are enrollment questions manipulative? No, not in themselves. But if the coach asking those questions is attached to the outcome of getting a client the questions could feel manipulative to the prospect. The coach’s attachment to outcome is the potentially troublesome factor.

What Were You Thinking?

Why do some coaches and consultants have a constant flow of ideal clients, while others don’t?

The answer to this mystery isn’t what you might think…

  • It’s certainly not that they are more skillful.
  • It’s not that they know all the right people.
  • And it’s not that they’ve got a big list of prospects.

It comes down to how they value themselves.https://prosperouscoachblog.com/thinking/

When it Rains it Pours

Half of my clients find me when they’ve run out of clients and can’t seem to get anyone to yes. We plump up their niche and core messages. And suddenly it pours. They have more clients than they can handle, when just a while ago they couldn’t get anyone to hire them.

What happened? They got their mojo back.

Could This Be the Reason Your Coaching Business Hasn’t Arrived Yet?

Your mindset.

It’s true. The make or break factors in coaching business success are rarely about education, specific business skills, or experience. Instead, it all comes down to how you manage your mind.

Nearly all my clients have struggled with believing in themselves at one moment or another. I’ve struggled with it on and off myself. What’s pulled me forward again and again is a BIG WHY. With all my heart I want to serve and earn with the freedom to do it my way. Over the years I’ve learned to use obstacles as my prosperous path.

Change Your Mind

https://prosperouscoachblog.com/reason-coaching-business-arrived/When you break through, it’s a shift in perspective that does it. You simply change your mind. Suddenly, what seemed like a steel wall in your way becomes a wisp of cloud. If the steel wall persists, it’s not because it’s real. It’s just waiting for you to see the wall come down. You have the power.

There’s a simple tool you can deploy whenever you feel that knife edge of wanting to give up: Turn what feels like a big deal into no-big-deal. Release your fixation on whatever you think is lacking and put their focus back on serving.

Move forward like a toddler reaching for a toy – with joy and determination.

10 Ways to Break Free from Perfectionism

Perfectionism can be paralyzing. You’re in good company if you get bogged down by it.

But, can you train yourself out of it? Yes!

If there’s a scale of perfectionism I was once a 10. But now I’m closer to a 5. By necessity my coaching business trained me out of it. I realized that if I wanted to earn more and work less that expedience is key. I saved a lot of time and aggravation by relaxing standards where they truly didn’t matter.

What was most eye-opening is that I discovered that perfectionists are not the most financially successful or happiest people on the planet. So why put myself through brain strain?

https://prosperouscoachblog.com/10-ways-break-free-perfectionism/In a recent juicy conversation with some coaches in my Prosperous Coach Inner Circle Mastermind*, we took perfectionism apart; examining what it is, when it arises, the significant costs and how to move beyond it. Here’s the wisdom that came out of that conversation:

6 Shifts to Go from a Hobby to a Coaching Business

Every day I meet talented, brilliant individuals who love to coach, but haven’t generated enough paying coaching clients. I’ve discovered something interesting — only some truly want to have a business. Without that driving desire to build something that’s all yours through your own decisive action and creativity, a thriving coaching business is just a “someday” dream.

What about you? Are you 100% committed and amply motivated to have a successful coaching business? Do you want it enough to do what it takes? If the answer is no, that’s okay. And now that you know that, you can either summon commitment and motivation, or accept that this isn’t the right path for you at this time. There’s no shame in that.

The truth is, entrepreneurship is not for everyone. It’s a scenario that requires that you work on your growing edge, continuously learn, refine and innovate, with a bit of coasting here and there. If YOU truly want a thriving coaching business but aren’t there yet and don’t know why, check out these 6 signals that you might be operating more as a hobbyist and make the shift.

Do you get discouraged and stuck easily?

super woman in business

Everyone gets discouraged and stuck sometimes, but if it happens whenever you make a mistake, hear “no”, or are challenged by a learning curve…

MAKE THIS SHIFT: Summon courage to help you on this journey. Courage comes before confidence and you have this inside of you. Chogyam Trungpa, author of Shambhala: The Sacred Path of the Warrior said that courage is not being afraid of who you are. You are inherently valuable. Be willing to make lots of mistakes without judgment, hear no, and be on steep learning curves. It’s an integral part of building a successful business.