How to Grow Your Online Coaching Business to Revenues of $1m. Per Year
When you started your coaching business.
You've got a few clients by networking.
You hoped that you would be busier.
Now, you realise that something's missing but you're not sure what.
And the kicker is... You’re not being paid what you're worth.
You’re pretty much taking any new client you can just to keep the home fires burning.
Beggars can't be choosers... Right?
Every start up business owner that's ever been, has been where you are, now.
The ones that break through go on to grow and prosper because they know the system I’m going to lay out for you.
The ones that don’t don’t, go back to full time employment.
80% of all new start ups fold in the first 5 years.
Not because they did not have a good idea.
Not because they did not have enough clients
But because those clients weren’t paying enough for the goods and services they were buying and then not paying fast enough.
Cash flow is king to a start up.
Yet here you are...
You struggle to get high paying clients because no one knows what you’re talking about when you explain to people what you do as a coach.
All of a sudden you’re talking another language.
All of a sudden you’re talking high level concepts.
Blinding them with your incredible insights.
You lose them after the first 30 seconds.
Most of us down here, your prospects included, are just trying to figure out how to get our damn problems solved.
We don’t care how brilliant you are until you prove...
You understand us.
You understand the challenges we face.
You Use words we use to describe our dreams
The passion you have for your area of expertise is admirable but your prospects will only care about it when you prove you are relevant to them.
You will only make money when you talk their language.
You will only have a business when you care more about your clients than your own brilliance.
What drives me up the wall is that somewhere out there, someone is feeding us all lies about how if you’re passionate about something, you can turn it into a business. That if you just BELIEVE in it enough, you can do anything you want to do.
When you first start coaching, you are pleased to have 4 clients.
And you think… “6 more, and it’ll be smooooth sailing.”
And then one of them drops off.
And another keeps cancelling and pushing back sessions, so your one month fee is spread over 2 months.
And then another puts their sessions on hold indefinitely.
And those other 6 clients that you thought would be so easy to get… Where are they?
All of a sudden, the idea of getting and KEEPING 6 new clients every month feels impossible. Especially if you are going to have to do this month-in-month-out till who knows when. It feels like you’re facing the ascent of Mount Everest via the Kangshung Face.
And you are.
If you don’t fix the underlying problem.
The thing you have to understand is that you may be very good at it but coaching is a skill not a business.
And It will only become a business when you combine your skill with your expertise and your wish to transform people’s lives.
It’s a trifecta.
First, you need a strategy based on these 4 things.
1. A deep emotional understanding of what drives your ideal client.
HINT: You have to know what keeps them awake at night
2. An exact GPS location for where your ideal client is on the journey to solving their most urgent problem.
HINT: Are they aware of the actual challenge they face yet?
3. The ability to combine these two essentials by telling a powerful story
HINT: It’s not about you. It’s about them
4. And finally, the wish to be your authentic self and put yourself out there for all to see, warts and all.
HINT: 80% of all content consumed on the web is video and only 15% of what you’re communicating is coming out of your mouth… It’s all about your body language.
Coaching is a billion dollar industry and growing.
You have a lot of competition.
Positioning yourself effectively is half the battle.
Here are the top 4 mistakes you could be making:
Mistake #1: You're not focusing on an urgent problem your avatar is prepared to pay good money to solve… NOW
You are in the transformation business. They don’t want information. That’s free. Thanks to Google. Your clients want results. They want to transform their lives. Your coaching programme is just a means to and end.
Another bridge to cost before they can have what they want.
You have to solve the problem that your avatar thinks they have, not the one that you know they have. You have to give them what they want first and only then give them what they need.
Mistake #2: You think you can rely on your network to deliver predictable client flow.
When you first launch your coaching business, your network is invaluable.
It will provide your first clients and get revenue flowing but you need predictable lead flow. You need to be able to turn the flow of clients on and off, like flicking a light switch.
Networking is not reliable.
It’s not predictable.
And it takes a lot of your time.
Time you don't really have.
Your business needs an automated digital marketing system so you can focus on over-delivering to your existing clients and garnering amazing testimonials.
And stop hustling…
Mistake #3: You are focusing on sales not delivery
Once you have your first few clients, focusing on delivery is essential.
Having past clients singing your praises boosts your authority. This builds trust and gives people confidence in you. The word spreads. Your prospects read the comments about how great you are in their newsfeed. That social proof is gold.
Sales become easier.
You develop a waiting list.
You leverage it to raise your prices.
Your life becomes easier and your cash flow problems dissipate.
Mistake #4: You are not the go-to authority in the smallest commercially viable market.
You can only coach a limited number of people before becoming a slave to your business.
That’s not why you became an entrepreneur.
Say the ideal number of clients you can handle is 10 per month. That works out at 120 clients per year. That means the size of your market need be no bigger than 120,000 of whom 3.7% are your ideal client which is 4,400 people who are ready to do business with you eventually.
1% may be ready to buy immediately.
If you are seen as a thought leader by them.
Someone who gives meaning where there was only information before.
Someone who can explain what the impact will be on their lives.
You will become the big fish in this small pond.
Once you are, you will be the obvious choice when it comes to them making a buying decision.
And more prospects will become clients
Once you have corrected these mistakes, and have the cash flow to prove it.
It’s time to evolve.
This time, it’s your service delivery.
As you do this, you make it easier for your clients to access the coaching they need, when they need it.
It’s time to build out a delivery platform on your website.
It’s time to record videos and create templates.
It’s time to do this in an organised way.
Your coaching calls then become more productive because you are focusing on your client’s challenges and helping them find the answers they seek.
This automated delivery serves you too.
It allows you to create a new offer at a lower price that involves far less of your time because you are only providing group coaching calls every two weeks, for instance.
Your revenues increase.
Yet you work no more than before.
This is your ultimate destination.
One thing to remember…
Organising your content in a way that progressively builds into a complete online programme is important. Create your videos over time, based on the feedback you are getting from your one-on-one coaching sessions means the finished programme is dialled in to your ideal clients needs.
Roll it out module by module.
You’ll work your butt off in the beginning to get all of this set up.
But once these pieces are in place, it truly becomes an automated, almost hands-off revenue stream. Income that pays the bills every month without you having to stress. You’ll have so much more free time and energy to focus on other profitable activities in your business.
You’ll have more free time to be with your family.
And recharge your batteries doing what you all love to do.
What’s next for your online coaching business?
You now have a proven digital marketing strategy for growing your online coaching business to $1 Million per year and beyond. All that’s left to do is determine your income goal and put these steps to work for you.
By automating as much as you can and using the power of the internet to deliver it, you’ll enjoy rapid growth while delivering incredible results to your clients.
The very first step is to develop your digital marketing strategy and develop a lead flow engine.
For advice on how to do this most efficiently, book a time to speak to me below...