How to Grow Your Coaching Business
For every level you find yourself in business, there’s always a higher level.
If you are just starting out in coaching, you probably make anything from $0 to $5K a month. You also get in clients sporadically and unpredictably. Your desire would be to move from that point to where you become stable.
When you are able to create stability in your business, creating a consistent flow of clients, you may be earning in the range of $20K to $50K per month. However, at this stage, you still need to grow your business to bring in more income for you, depending on how ambitious you are in business.
If you are raking in $50K monthly, you can scale it to $100K. If you are at 6-figures, you can move to 7-figures monthly. There is always a next level.
The question now is; how do you move from where you are to the next level in your business?
Here are some strategies on how to achieve this.
1. Forget the Crowd
I remember the days when I attended business sessions and the gurus tell us to have as many customers as possible. They made us believe that it was the sure path to business growth. Well, those suggestions worked then, I give it to them. However, it was and is still dependent on the kind of business you do. Then I had some products I was selling, so it was helpful at the time.
It’s okay for the bankers to go all out and flood their client base with all kinds of customers, provided they are able to make deposits from time to time. Though they desire the big wigs, they don’t mind having the featherweight customers. For them, growing a successful business is a numbers game – the more people you reel into the business, the better.
If you also sell products that aren’t high end, you need the crowd. You need as many people to buy your products as possible. Your business growth is dependent on the increase in the volume of sales made. So you can go all the way out and get as much crowd of customers as you can to buy your product.
In the coaching business, growth is not necessarily a measure of how many clients you are able to drag into your business. In coaching, growth is a measure of the quality and quantity of customers you are able to help achieve their desired outcome. In fact, the reason you are stuck where you are might be because you are busy chasing clients from left, right and center. That is why you spend so much money on marketing strategies that yield little or no results. If you run your business like that, you will end up getting so many unqualified clients who gets you very little results, underpay for your services and make your work less pleasurable.
If you want to grow your coaching business, then stop chasing the crowd. Know the value you offer, and then target you can get outstanding results for, and who can pay premium prices for that result. This way you work with less clients and scale up your business faster.
You don’t need a hundred clients to earn $100K every month, that’s pretty exhausting and I personally can’t deal. But what if you have a program priced at $5K? All you need is 20 clients every month and you’re off to the races. That is how you grow your business with minimal effort and resources.
2. Loosen Up a Bit
One of the things that is becoming a lump in the neck of most coaches is the idea that they have to be formal and professional. Don’t get me wrong, formality and professionalism have their place in the corporate world. But trust me, the coaching business world is less about those things and more about the relationship and bond you create with your clients. People buy from other people they like and trust and not based on formality and professionalism.
I know you feel that if you don’t communicate in a stilted language or appear in the most professional way, high paying clients won’t take you seriously. Listen, that’s a big fat lie. That may have worked in the ‘50s and ‘60s, but not in today’s contemporary world.
Let me tell you something, the folks that need your help are not concerned about all the formalities. They need you to get them results. We live in a world were informality and entertainment is the boss. Check out all the entrepreneurial and business moguls, they don’t get caught up in the formalities. The pay more attention to seeing results than they care about appearing nice and dandy.
If you want to grow in your coaching business, at least in this time and age, you need to create a relaxed atmosphere for your clients. They need to see you for who you are, not the packaged hype that does not guarantee results. When you talk to them on your webinar, let them feel your humanity. Being light-hearted and friendly might work better for you.
Don’t be so uptight, your big shot clients aren’t looking for a coach in a suit that can’t deliver. On the contrary, they are looking for a coach that can get them great results.
3. Stop Inventing…Innovate!
I know you like trying out new ideas, I do too. However, jumping from one new idea to the other will keep you running in circles without any tangible result. For Pete’s sake, you are not Albert Einstein, neither are you Isaac Newton. Your job as a coach that desires to grow is to build on that program that you’ve proven to deliver results.
A lot of coaches who jump from one idea to the other do so because they probably think it will make them relevant. They want to be seen as the coach who regularly comes up with fresh things. The challenge here is that you will be so focused on getting so many ideas out there and none gets traction. You will end up being a generalist, instead of a specialist.
This is a big issue. You spend all your time chasing shiny objects instead of improving your coaching program.
Once you’ve packaged a program that delivers great results, stay on it and make it better. I only recommend experimenting of several ideas at the beginning of your foray into coaching. If you get a working program, put in your time and resources to it. From time to time, evaluate the results your clients get from the program and use the insights gained to make it better.
Growth does not come by invention, it comes by innovation. For every modification you do to your coaching program that makes it get better results, it increases the value of the program.
4. Always Have the Right Mindset
What is your perspective of growth? How do you feel about attaining certain heights in your coaching business? Do you think that certain levels of growth are exclusive to just a few people?
Your mindset is everything. It determines if you will move forward, go backward or stay stagnant. Your mind is the stirring wheel for your actions. If you imagine any possibility, then you have the potential to see it.
A lot of coaches that have come to us at Clients Oasis feel uncomfortable when we tell them to restructure their program’s price from say $500 to $5,000. Some of them think that if they set it that high, they will lose so many of their clients. But the results so far have proven to be on the flip side. Only a handful of clients drop off, and the remaining get staggering results while quadrupling or even increasing the coach’s income by over 1000%!
If you have climbed a mountain before, one of the things you would discover is that the higher you go, the thinner the air. Again, the surface area of a mountain is larger at the bottom than at the top. So if you want to get to the top, have the mindset that you don’t need to have so many customers. All you need is the few customers that know the worth of your program.
The right mindset sets you on the path of doing what is required to grow your business. You can’t make any positive advancement if you don’t think you can. If you can think it and believe it, then you can do it.
Let’s go on a Hike…
As nice as growing your business sounds, it is not a walk in the park. At best, it is like hiking. You need determination, will, and of course, flexibility to grow your business. You have to step out of the old norms and myths, they only draw you back.
None of the things I’ve shared with you will work if you don’t have the right mindset. You have to envisage the possibility of growing your business before you can take any meaningful action. Believe it, and you can achieve it.
Growing your business can be a huge task, but you don’t have to go through the process alone. We would love to help you make the journey easier. All you have to do is click here or use the button below to schedule your call. Together we would work out a plan to scale your business.