Creating a coaching business from scratch is easy IF you know what steps you need to follow. In my experience as a coach, you will need to follow 7 essential steps in order to create a coaching business.
Are there more things that you can add to the list? Sure. But what you have to keep in mind is that just simply following these 7 will help you create a basic business.
So with that, let’s begin.
Step #1: Finding Your Perfect Niche
The first step of creating your coaching business is, without a doubt, finding your niche.
What is a niche?
A niche is a specific group of people that you aim for as potential clients. The group has to be specific. If the kind of people that you are aiming for is too general then you won’t be able to take off.
Let me give you an example. Suppose you are a chain smoker and you want to quit smoking. You look through various ads seeking professional help when you come across two coaches who interest you.
Coach A: He is a coach who helps people get over bad or addictive behaviour.
Coach B: She is also an addiction coach but she happens to specialise in helping smokers.
Now, which one will you invest your money and time in? Coach B right? Because they are specifically addressing the issue that is bothering you.
That, right there, is the power of a niche, the more your zero down on the specific category that you want to specialise and coach in, the more you will be able to attract people who specifically need help in that area.
Having a broad niche comes with the risk of you looking like someone who is the “jack of all trades but master of none.”
Obviously, you don’t need to be pigeonholed into one niche for the rest of your life. You can begin in a particular niche and when you have established yourself in it, you can move on to other niches or expand. Tony Robbins started out as a phobia coach, Ramit Sethi started out as a financial advisor, look at where they are now.
Choosing a niche depends on various factors:
a) The competition within the niche: Choose niches which have high competition. This might sound counter-intuitive but think about it this way. The only reason why a particular niche is competitive is because there is money to be made in it. If a niche has low competition then that is usually an indication that there isn’t much money to be made in it.
b) The kind of people that you are attracting: We will cover this in detail in the next step.
So, how exactly do you discover and validate your niche?
I made a video on youtube some time back which will guide you through the process:
That, in a nutshell, is how you find and define your niche. Let’s move on to the next step.
Step #2: Finding High-ticket Clients
What is a high-ticket client?
A high-ticket client is someone who pays you at least $2000 for your coaching services.
Now, why should you aim for high-ticket clients? Is it just about the higher paycheque?
The money that these clients are willing to pay you is an indication of many things:
a) FIrstly, it shows you that they are extremely invested into the coaching and the solutions that you have to offer. The fact that they are willing to pay such a big amount is an indication of that.
b) A high-ticket client is usually more receptive to your coaching and what you have to give to them because they are so invested in you.
c) A high-ticket client usually has higher referral rates than low-ticket clients.
There are many coaches out there who don’t aim for high-ticket clients simply because they believe that they are not worthy of getting them. That is complete and utter garbage.
If you find a niche which has value and you can position yourself as someone who is an expert in that niche then you will get a flow of high-ticket clients.
So how do you find out whether a chosen niche has the potential of getting high ticket clients?
a) Scope the competition: Analyse your competition and see whether they are attracting the kind of clients that you want to attract. You can go on the social media pages of your competition and check out the kind of people that are commenting and engaging. You can also checkout the prices of the programs that they are offering and make a fair judgment call as to whether the niche has potential for high ticket clients or not.
b) Search groups and forums: Join Facebook groups and forums where your chosen clients interact. See what they are talking about and see how much in demand your services are. If there is a high enough demand for your service and not enough people supplying it, then you have a great opportunity of leveraging high demand prices.
If you want to get an in-depth analysis of what it takes to sign up high ticket clients then scroll and checkout my free webinar. I cover this topic in detail. I also teach you more in my Coaching Business Foundations (a step-by-step blueprint for new coaches). You can get your FREE copy here.
The next thing you need to work on is your social media presence. Coaches, in this day and age, have no idea how good they have got it with social media.
Think about this. You have a tool in your hands wherein you can reach millions and millions of people and you can do it for…$0.
Just wrap your head around that.
A decade ago people had to spend money on billboards, newspaper ads, television spots, flyers to get their word out and they had to spend a lot of money to do so. Now they can do the exact same thing, reach more people, reach people from around the world, for free.
That’s an insane mind bending idea. And it SHOCKS me when I find out that coaches are not invested into social media.
You don’t need to do much to get your word out at all.
At max you should use 3 social media platforms:
Instagram can especially work wonders for you if you happen to be a health coach or a wellness coach. All that you need to do create your presence online is by creating your account wherein you share your wisdom.
In Facebook, you can join various groups and pages and share little tidbits from your coaching.
In twitter and Instagram, you can use popular hashtags and use it in your post to give it a boost and reach thousands of new people.
Social Media gives you the platform to interact and connect with fellow coaches and, more importantly, future prospects and help you build up your reputation as a leader in your niche.
Step #4: Creating a powerful lead magnet
A lead magnet is something that you give out in exchange for leads such as First Name and email address. It is a “magnet” because you are attracting leads in exchange.
The lead magnet has to be something high value and it is usually an ebook that contains super valuable information that your clients are looking for OR they can be solutions to the common problems that people in your niche are facing.
There are primarily two reasons why you should invest time in creating a high value lead magnet:
a) It gets you email addresses in return which you can add to your email list. You can use these emails for future campaigns.
b) If the content you are sharing is high value then you are going to automatically improve your reputation and standing as the go-to coach in your niche.
Now because so much of your reputation is tied to the lead magnet there are certain things that you should take note of:
a) Make sure that the content is brilliant and well written. If you are not a good writer then higher a content writer to write it for you. If you do hire a content writer then make sure that they have a clear idea of what your vision is all about so that they can write something congruent to who you are.
b) Make sure that your pdf is designed beautifully. Once again, if you can’t design then hire designers who can design it for you.
c) Run the lead magnet through 3 or 4 friends who can give you proper feedback. If the feedback is valid then use it.
d) Put up your lead magnet in various forums and get feedback from total strangers who are aware of your niche. All these little things will pay off in a big way later on.
After this, you can put up the lead magnet on your website in the form of a pop up. Checkout Neil Patel, Ramit Sethi or Hubspot’s website to see how they have positioned their lead magnets in their websites.
Step #5: Creating a good-converting email funnel
What is an email funnel?
An email funnel is a series of emails that you send to your readers to generate a 2 fold purpose:
a) Deepen the bond between you and the prospect.
b) Sign up the prospect for a strategy call and turn them into a long term client.
There are two kinds of emails that you send out to get this accomplished and they are both integral parts of your email funnels:
a) Hardsell Emails: These are the emails which you are going to specifically send out to your list to sign up for your strategy calls.
b) Value Emails: These emails, as the name suggests, are there for giving your list pure value. You are not going to sell them anything in these emails just give them solutions to their problems and simple exercises that they can implement in their daily lives which is relevant to your coaching.
How you set these value and hardsell emails up to create a robust funnel is completely and totally upto you.
The way we go about it is that we send hardsell emails once a day, every day for a week and then, after that, we send 4 value emails for the period of one month. This cycle keeps on going on and on.
Step #6: Creating Your Webinar
Webinars are one of the most important tools that you have at your disposal. With a good quality webinar you can:
a) Convert cold traffic into hot prospects.
b) Give out immense value and gain in reputation.
c) Advertise your future/other programs.
Since a webinar is so critical as a conversion platform you need to take care that you are giving out the best value as possible. I suggest that you attend the webinars of your direct successful competitors and see what they are doing.
You take in the best points and model your webinar after them. Webinars can be pretty brutal in the beginning, feedback wise and attendance wise. My first 5 webinars had a grand total of 4 people, 2 of whom were my friends.
DO NOT QUIT.
Keep at it. Don’t lose heart.
Long before you know it, you will explode.
Step #7: Developing an amazing coaching program
Last but not the least, is your coaching program.
The content of your coaching program is obviously very important but HOW you present it is super important as well.
You need to package your program in a way that it looks worthy of a high-ticket program. The way you do it is very simple.
You present your program in a 3 tier package system:
a) Standard Package: In this package, you give a tiny taste of what your program has to offer, but the taste has to be intriguing enough to make them want more of what you have to offer.
b) Mid-Range Package: Here you give them a little more than the standard package but not too much. The idea is to make your clients feel like they have gotten more than they have hoped for but now, that they know what you are about, they want everything that you have to offer.
c) Premium Package: This is where you go all out. Give them everything that you have to give and give them some more. Think of what you will do if your lover asked for your help and deliver that. Make them feel like royalty for have the priviledge to get this much value from you.
The pricing of the packages are as follows:
Standard: $50 – $100.
Mid-Range: $500- $1000
Premium: $2000 and above