Have you wondered how to grow your coaching practice?
Have you spent a large time wondering how to fill your business with great clients? Are you restless about growing your coaching business to 5 figures and beyond as soon as possible?
If yes, then I would like to share with you that similar was my condition a few years ago. I was chasing after every strategy that any expert proclaimed- speaking, social media, joint ventures, podcasting, etc. Still, I was unable to get full results for my efforts.
To survive the burnout, I created robust strategies and followed some marvelous secrets for building a thriving coaching practice that made me pass the 5-figure mark. Today, I am eager to uncover my coaching practice to you.
If you have given enough endeavors and are still unable to attract more clients and build a prospering coaching practice then stay tuned. By the end of this blog, you will have a crystal-clear idea of how to abide by a coaching practice that helps you in crossing the 5 figure mark within months.
Table of Contents
- 1 1. Define your winning audiences [first step for an effective coaching practice]
- 2 2. Invest in training and skills for building a thriving coaching practice
- 3 3. Set a SMART goal
- 4 4. Partner Up
- 5 5. Develop strategic alliances
- 6 6. Streamline all your efforts to bring the TRANSFORMATION
- 7 7. Don’t be stingy with free content
- 8 8. Create a million-dollar business plan
- 9 9. E-Newsletters
- 10 10. Your email list is your client list
- 11 11. Follow Up
- 12 12. Referrals
- 13 13. Create a buzz around your business
- 14 14. Double your rates
- 15 15. Create a unique USP to appeal your target audience
- 16 16. Learn to command on premium pricing
- 17 17. Learn the art of closing engagements
- 18 18. Build social proof for your services
- 19 19. Become an influencer
- 20 20. Take time to reflect
- 21 Are you ready to become a business coach?
Your target audience is the first step that will help you to skyrocket your growth. Career management coach and personal branding strategist, Susan Peppercorn says that while starting a coaching practice two things are essential:
(i) knowing your target audience
(ii) knowing how to reach them
The first step is to identify your target audience. Are you a life coach who aims to bring a life transition in individuals? Are moms joining back the work-life an area of your interest?
Are you providing financial coaching? If yes then is it for women, college students or working professionals?
Second, search for your target audiences via both offline and online mediums. As a coach, your priority should be to become visible. Your coaching business won’t come to you, you have to build it.
Learn coaching modalities and methods that may improve your traditional coaching skills. The more tools and impressive techniques you have, the more clients you can serve.
With the help of solid coaching skills and complementary tools, your coaching practice is sure to grow phenomenally. Also, the scope of your influence will increase.
For instance, if you are an executive coach then spend time in researching what the Harward Business review and other journals are writing about. Build yourself as a powerful resource that is too good to be neglected.
You have to be very clear and precise with your goals and the deadlines to achieve them. A robust coaching practice is one that has a SMART goal as its foundation.
SMART stands for Specific, Measurable, Achievable, Reliable and Time-bound. Your goal should encompass all these features.
Let me make this more clear.
Example 1: I will make a 6-figure coaching business by the end of the year.
Example 2: I will make $5000 by the end of this month. I will accomplish this by acquiring 5 new clients through online marketing and referrals.
Notice the difference in the above two examples. The latter one is more focused and if followed will streamline your efforts. You can grab some valuable insights from this interview of Marshall Goldsmith to help you in gauging your goals.
So the takeaway is that your goal should be SMART (like you ;)).
No, I didn’t mean that you need to find a partner for your coaching business. What I want to convey here is to grow your influence and enhance your visibility you should partner with other influencers.
The key here is to find individuals or businesses who have active followers at present and whose products and services slightly overlap with your services in a non-competitive manner.
For instance, if you are a career coach you can partner with a resume writer who blogs regularly. Your services can be promoted on their blogs and their blogs can get your audience. A win-win situation for both without spending much money.
Have expertise in a specific realm? Why not leverage the same by collaboration with others in the same realm?
For instance, Kevin had a fabulous career as a golf club manager. When he moved into coaching he associated himself with the North American Golf association. This exposed his coaching practice to 3000 golf managers throughout North America. He writes for there monthly newsletters and speaks at their conferences.
Think about your ideal client, look out for associations/organizations/ groups that serve them. Thereafter find a way to position yourself in a win-win situation.
You can learn some quick tips on how to choose your strategic alliances.
If you are either trying to shift the thought process of your clients or provide some relief to them with your encouraging words, let me tell you that this is going to have a very short-term effect.
If your coaching sessions are unable to bring the much-needed transformation in your clients they would never come back. On top of that, it will also deteriorate your image in the market. It is a hard truth but outcome matters more than words of mouth.
Your target should be to render a different perspective to your client so that he/she can altogether undergo a mental, physical and emotional transformation.
Only when your clients feel this, they will pay you and also become a part of your sales team. This will enable your coaching practice to get more and more recognized and valued.
If you want to position yourself as an expert then create insanely valuable free content for your audience. This can be anything from the blog post, video to social media post, etc.
Don’t be afraid to give your best content for free. By demonstrating your value to the customers in small chunks you will help your prospects to see what value you can bring to them with a paying relationship.
Put yourself in the shoes of your audience, diagnose their major problems and fears. This will help you to tailor your content sharply around your target audience. This way you would be able to generate leads easily and quickly.
Without a robust business plan, your coaching practice is not going to thrive for long. Your marketing endeavors and business strategies are going to have a large-scale impact in deciding your ROI.
Thus, create a plan which builds a strong foundation for your future efforts and growth. Before building the same make sure that you have answered some relevant questions.
- How much revenue are you planning to generate by the end of the year?
- How are you planning to attract more clients?
- What marketing strategies will you incorporate [if you are going for paid marketing then what budget will you allocate to the same?]
- What are your infrastructural cost and other expenses? How are you planning to meet that? etc.
Your prospects might not need your services right at this moment still there is a probability that they may require the same in the near future. It is highly likely that either they or someone they know can use your services.
What’s important here is that your service should be easily accessible at that required moment. Your contact information should be readily available. That’s where E-newsletters come into play.
When sending, always keep these elements that make up a successful newsletter.
- Provide value, irrespective of the fact that the reader does business with you
- Exhibit your personality
- Make offers which open options to work with you further
- Be consistent and focused
- Keep content brief- “minimum lines, maximum impact”
- Always keep growing your list.
Though social media may appear the king at this moment, the tried and true method of an email list is an unrivaled way to have direct interaction with and ownership of your audience.
Building a list should be a key focus both for building connection and selling your services.
You can build your email list through social media, via paid advertising, and by posting and sharing content with a link for people to opt into your list.
The need of the hour is to get started after commanding some email marketing tips for coaches. Soon you will notice a jump in the revenue of your business that comes from people who will subscribe to receive your content weekly.
The only thing you need to give due attention to is that your audience doesn’t unsubscribe from your email list. Below are some of the potential reasons for the same.
One of the most effective client generation strategies is ‘client follow up’. Clients that have worked with you in the past are more likely to take benefit from your coaching practice again.
Anytime you have a new program or special offer, these are the people that you should contact first. Build your contact list now and keep it ready to be easily used when time demands.
Contact your prospects frequently but at the same time take care not to annoy them. You can employ various methods for this- Email, text, or social media. More than the method of contact the fact that you remain in touch and nurture your relationships with them is more crucial.
This single client generation strategy can double your income. You might be wondering how to get referrals consistently?
The problem that most of the coaches are unable to include this vital element in their coaching practice is because they don’t want to sound pushy. The solution is to command a tone and way that allows you to ask for referrals professionally, conversationally and without even sounding too pushy.
Below are some of the ways.
- Is there anyone else you know who I can help with my services?
- Have you run into anyone recently who could benefit from my help?
- Who have you met lately who could use my assistance?
- I always appreciate referrals!
The technique is to complement the right words with regular contact, tracking and nurturing your list. Have a look at these four ways to ensure repeat coaching clients and referrals.
To attract clients, you need to first reach out to them. So, how will you do that?
There are many ways through which you can make people realize your worth and prove them the benefits of your coaching practice.
- You can create intriguing social media posts that reflect your aim, audience, and value that the clients will achieve through your coaching.
- A free offer on your website to increase your email list.
- Free and valuable educational content that grabs the reader to avail for the premium ones.
- Start your own video channel and share short videos with your email subscribers.
- Speak up in conferences, showcase your personality and demonstrate your expertise.
If you wish to build a SMART marketing strategy here are some examples to consider.
Yes, this would sound a bit greedy but doubling your rates have to be a part of your coaching practice. As soon as someone asks for your rates, your impulse reaction is to share your old rates or something which doesn’t sound too scary. Right?
You must resist the urge to sell yourself short and say confidently that your rate has been doubled then what it used to be. For a benchmark, you can have a look at the rates of other coaches in the same industry in your city.
Suppose, you are an executive coach and the average rate in your city is $300/hr. Now if you are charging $150/hr then you will never attain the value for your efforts. With every new client, you bring, double your rates to reach the average mark.
This would help in putting less pressure for bringing in more clients and help you in building a thriving coaching practice.
“Transform your dreams into reality”, “achieve more”, “Realize your potential”. These phrases have become very outdated, still, many coaches like to brand themselves this way.
Your USP should be very specific and tailored to your target audience. If you have done your homework well then there should be no problem in identifying the best USP for yourself.
You can think of your USP as filling in these blanks: “I help “audience” in “location/industry/area/specialty” do/solve/overcome/achieve “challenge or aspiration.”
“I help over-35 entrepreneurs, executives, and salespeople in the USA to create systems to exceed your goals while holding you accountable to the projects that will most directly help you profitably achieve your vision.”
Some specific words can be customized according to the sub-segments of your audience.
Your goal should specify your target audience and it should emphasize the particular challenge that you are trying to solve. By taking more and more interviews you will be able to frame a USP in the clients’ own words. This way your audience will be able to connect with you soon.
Charging more is a very good approach and there are a couple of reasons for that. Firstly, you will get better clients. When I say “better clients” it means clients those who are committed to undergo a transformation.
Secondly, you get paid what you are worth. I am being a bit blunt here but if you don’t believe you’re worth $3,000 to transform someone’s health, then you’re not.
Your rate should be a reflection of your self-worth. It should be aligned with the value that you believe you are bringing to the table. Not what someone else tells you.
The thumb rule is commanding on premium pricing. Though you can price your packages differently to suit various set of clients, always remember that you can sky-rocket your growth only when you achieve high-end paying clients.
People pay for certainty.
If you say, “Listen, if you invest $5,000, I guarantee you will transform,” and back it up with results, you’ll see a massive difference in the conversions and the way people turn up for your services.
If you’re wavering and thinking, “I think I might be able to help you.” You need to go back to the drawing board, look at yourself in the mirror, and prepare well. Start working on yourself. Gather some quick tips on how to sell high-end coaching packages.
17. Learn the art of closing engagements
If you have mastered the art of closing engagements then the likelihood of the success of your coaching practice is inevitable.
Closing engagements require the ability to engage the coachee authentically. This is only possible when you have honest and open conversations. If you go rash in the last then all your efforts of engaging the client throughout the session will prove to be futile. Don’t be in a hurry to close a deal at the price that you want.
Take the points of your coachee into consideration, resolve objections patiently, suggest possible solutions. Once you learn the art of closing engagements, development of your coaching business will become more natural and fun. Determine the main pressing points and fears. Convey how your coaching practice can help your client to transform his/her suffering into success.
You need to build enough social proof so that it gives confidence to your skeptical audience that you can do what you say in your USP.
A list of experiences and some quirky client testimonials can be utilized to back your USP up.
You can build your social proof even if you don’t have clients at the moment. What I suggest is, identify some 10 people from your target audience. Offer them a free coaching session in exchange for posting the video publically. Now post the best moments on the landing page and make the full recording available for your audience in exchange of a mail.
Build an email funnel with the help of your email series. At the end of the series offer a 30 minutes free coaching session for anyone who would like to benefit from your coaching practice. Now you are giving an opportunity to your clients to experience your value personally.
The next step is to ask for a direct business in a non-pushy way.
Something like, “Now that you’ve experienced my coaching, are you interested in becoming a coaching client? I have a 2-month starter package that would solve your needs.”
Either the prospect will demand for some time or would hire you right there. If the former happens, then just ask the client how frequently you can follow up because you are not intended to trouble him/her. If the latter happens, be prepared with your packages and process.
Through this technique, you not only convert your prospects to paying clients but also successfully build more social proofs.
19. Become an influencer
Your personality should compel people to wait and listen to you. Your aura should attract them towards your guidance. You need to establish yourself as an influencer both online and offline.
Only when your audience can find that you can solve their grave problems, they would be interested to invest.
Leverage public-speaking platforms, networking events & groups and the power of online media. Leave an impact on your target audience that no other coach in your niche can.
If you are working hard but still things are not going at the pace you want them to be then probably something is going wrong. At this moment you need to halt for some time and reflect on your coaching practice.
Figure out how far you have come, what mistakes did you make, lessons learned and experiences gained.
We live in the Information Age. The strategies, tactics, and tools you need to successfully launch a six-figure business are all at your fingertips.
The only limiting factor is YOU.
Becoming a successful coach requires becoming a bigger person. It requires self-analysis, commitment, and an insatiable curiosity for your coaching business.
Self-reflection will help you to discover what is the current stage and how can it be improved.
Rome was not built in a day! Believe in yourself and always be passionate and adamant to achieve what you have dreamt for.
As it is rightly said- “Universe always falls in love with a stubborn heart!”
Yes, you are…of course, you are. So why are you waiting?
This is my webinar:
Because of the demand for the webinar, the seats will be filling up very fast, so please make sure that you register as early as possible. I don’t want you to miss out on it because you were lazy.
I will see you on the other side :).