10 Hard-Won Tips For
Growing a Coaching Business
From $0 to $10k+, in 90 Days
Growing a coaching business is hard just like any other business. It takes commitment and consistency not to mention resolute determination to follow through.
Sorry to drop you into an ice bath in the first sentence but it is best not to start if you're not ready to do it takes.
You tell yourself that you are going to start your own business. You tell yourself you are going to quit the 9 to 5, work from home, and be a mindset and productivity coach.
When you hear yourself saying that to friends or family, you feel excited.
They tell you it's a great idea but you worry about how you're actually going to make your dream become a reality.
Sure, you're good and getting things done.
Everyone knows you are just awesome at helping your friends get their heads in the right place before a big game but no one ever paid you for your advice before.
That, right there, is taking it to a whole new level.
Meaning, that you have to turn pro, right now.
But then the questions come crowding in.
You know you're winging it. Looking so confident on the outside but all churned up on the in. You've never been so in control of your own destiny before.
That's a two-edged sword...
So here are 10 hard-won tips, to get your coaching business off on the right foot
#1: No one cares about your certifications...
Yes, I know...
You had to work hard for them and you were close to the top of your cohort but your clients couldn't give two hoots.
All they want to know is whether you have the expertise and experience to get them the results they long for.
They care about that and that alone.
The more skilled and experienced you are, the more happy customers you will have... The more confidence they are going to have in you.
So your number one goal is to practice. practice. practice.
According to Malcolm Gladwell, it takes longer to develop your innate ability than you think. You should plan on 10,000 hours which at 40 hours a week equates to 5 years of hard graft.
Only then will you be able to charge top dollar.
#2: Discover your unique unfair advantage
Whichever aspect of the personal coaching industry you choose, you'll find it ultra-competitive so you have to play to your strengths.
Defining your unique unfair advantage is crucial.
Your UFA combines every facet of your life into one unique package which no one else can match. Defining what certain something is and leveraging that to your advantage is crucial.
You may love to present from the stage.
Or you may be very good at helping people confront difficult truths.
You may even have a knack for explaining difficult concepts in simple terms.
Whatever makes up your unique unfair advantage sets you apart from your competition.
#3: You need to focus
So you need to be very good at what you do and play to your strengths but you also need to focus.
This can be a problem for a lot of new coaches because they believe that the world is their oyster. They can serve anybody and everybody.
In fact, they believe they maximize their chances of success by not niching down.
The reverse is true.
A heart surgeon gets paid more than a general practitioner.
The former could do the latter's work but the reverse is not true.
So you need to become a heart surgeon in your field. Better yet, become an electrophysiologist who can diagnose and treat arrhythmias, for example.
Your 'niche' needs to be one inch wide and a mile deep.
If that worries you, consider how many clients you could work with in a year and still have time off for family and friends.
My guess is that if you want to give of your best to each and every one of them, the maximum number is way less than 100...
And, for the sake of argument, each one paid you $1000. Do the maths. That's a six-figure income with minimal outgoings.
#4: You need to position yourself
Knowing there are only a limited number of hours to devote to clients, you have to maximize your income.
That means you have to choose an audience with the disposable income to pay you what you are worth.
You could be a mindset and productivity coach for entrepreneurs who are just launching their own businesses... Or for established entrepreneurs making 5 figures per month.
Different levels of disposable income.
Positioning yourself is the way to ensure the greatest return on your time... But without being an experienced expert, justifying your higher fees will be difficult.
#5: Use the strategy of pre-eminence
The strategy of preeminence is a powerful, way to transform your coaching business. It draws people to you instead because they recognize you as the most trusted advisor in your market.
It gives you uncanny insight into what people want and why they act and react the way they do. It turns clients into friends for life.
You serve your audience and treat them as valued clients long before money changes hands... And you treat others as you would like to be treated.
Once you have taken this on board, your whole approach changes.
You set out to give without pre-condition.
So, for example... You put a load of value out there without asking your prospect to subscribe to your email list first.
The result is that your list is 80% smaller. Yet the people on it have done so because they want to not because of some bait and switch tactic like a lead magnet.
When was the last time that you felt you had downloaded something of REAL value?
I cannot remember it happening one single time.
Pre-eminence also means that you hold your audience to the highest standards.
You don't let clients get away with less than their best.
And you make offers, you know serve your audience and will help them achieve their goals.
#6: Never exchange your time for money
Once you have positioned your coaching business to serve your potential clients to the best of your ability... AND to ensure you receive the best return possible, it's time to systemize your method.
That is... With every client use a logical process, that delivers the result your customer wants.
You may customize it for each client but the underlying process is the same.
When you first started your coaching business, you were happy to sell your time by the hour... Now, it's time to package that process up into a method and give it a simple name.
Once you have your method, the next logical step is to create your irresistible offer... Focused on the problem/result that your ideal client has/wants.
Remember, in doing this, less is more. High ticket clients do not want smorgasbord offers.
#7: The better your messaging, the better quality of your clients
This is where the rubber meets the road.
... Where you launch your coaching business into your chosen market.
... Where you start making connections with members of your audience.
You may be tempted to start advertising.
This would be a mistake.
If you are not making $30k per month, you are not ready to buy paid traffic.
First, you have to prove that your offer converts. You have to prove to yourself that you can attract clients who are willing to pay you what you ask... And the way you do this is by writing great posts on social media and on your blog.
Believe me, having the ability to write engaging posts is a prized asset.
Without a deep understanding of your ideal client, your messaging will be unclear. It won't resonate with your ideal client and you will find that making connections is tough.
My clients and I spend a lot of time working on writing what I call belief-shifting posts in my DBS workshop. For the moment remember you have to take your folks on a journey from where they are now to where they want to be.
In the process, you point out the milestones to look out for on their road to success.
#8: The better quality your clients are the more they will pay
So you will spend a lot of time writing to start with but there is a good reason for doing this.
You will answer a lot of the questions that your ideal client may have... Even before those questions come into their mind.
And in so doing, you will prove your expertise. Tell stories about other people who have overcome the same problem your ideal customer faces... And draw the clients you want to work with to you.
Good clients do not appear fully formed.
You have to create them.
These are the ones who love everything you do.
They are the ones who will buy almost everything you have to sell and see the real value in your offer and are ready to pay the price.
Many business coaches guide their customers to sell on the phone.
I encourage clients to focus on their writing; and their belief-shifting posts. Then, their customers come to them with their questions answered.
All this BEFORE they reach out to you to find out how they can work with you.
This way focuses on quality, not quantity... On creating long-term assets (your writing). This way you will still have a coaching business even if you take a couple of weeks off.
The more you put out there up-front, the more you will attract quality clients... The more they will be ready willing, and able to pay you what you deserve.
#9: You Need to Hire Your Own Coach
Other people will not invest in your coaching programs if you’ve never hired your own coach.
That way, you are putting yourself in the shoes of your ideal clients.
Take careful note of the concerns, the thoughts, and the desires you have before you take on a coach.
Note what attracts you to the one you choose and what repels you too.
Note what impresses you about how their program is constructed.
What's not that should be?
Rate the whole experience.
Then apply what you have learned to your own coaching business.
Not just the new concepts but also what you have learned from the whole experience.
Good and bad.
Working with a coach will raise your game. It will move you closer to your own goals... This will happen faster. Your coach will steer you clear of the mistakes you would otherwise have made.
Hiring a coach or two will save you money despite you investing 4 or even 5 figure sums in their programs.
#10: Become a brand
You don't have to be Apple, Tesla or Dior to have a brand.
Creating one is about building emotional connections with your audience.
It's about what they say about you when you're not in the room.
Sticking to your values and beliefs is super important.
Many entrepreneurs out there just want to crush it.
Beat the competition.
Make more sales and be the biggest and the 'best'. The trouble is that this sort of ego-centered coaching business does not last. Whereas, an empathy-driven business that practices the strategy of preeminence does.
It may not grow as fast, to begin with, but it does put down deep roots. Roots that hold it firm through storms and unexpected black swan events.
So decide what you want your coaching business to stand for and become known for. And you'll attract not only $10k in 90 Days but also continue to earn five-figure sums because your potential clients will seek you out... And ask to work with you.
The ones you have worked with will sing your praises to their friends.
Growing a coaching business, like any business, is hard.
You will feel alone and overwhelmed from time to time... Because you are doing something that most people will never do.
You are becoming a leader.
Someone others look up to and listen to.
That does not make it any easier so let me invite you to join the Story Marketing Tribe.
We are a community of coaches, consultants, and expert service providers... All encouraging, supporting, and driving each other on.
It's completely free (for the moment).
To find out more click here.