5 Strategies For A Thriving Coaching Business
You’ve taken the leap and finally launched your coaching business. You’re excited about creating a meaningful business, making a positive impact and changing lives. But here’s something that you’ve probably overlooked.
You’ve taken the leap and finally launched your coaching business.
You’re excited about creating a meaningful business, making a positive impact and changing lives.
But here’s something that you’ve probably overlooked.
You think that a coaching business only involves being an extraordinary coach.
Hate to break it to you but being extraordinary at coaching isn’t enough to creating a thriving coaching business.
You could be the best coach out there but if you don’t know how to market yourself, you’ll have more of a hobby than a coaching business.
Don’t forget you’re not just a coach. You’re a business owner. An entrepreneur.
That’s why I want to invite you to step up and think like an entrepreneur.
An entrepreneur with a mission, vision and strategy to create epic success.
Here’s 5 strategies to help you to create a thriving coaching business.
STRATEGY#1 HAVE SOMETHING WORTH SELLING
If your aim is to build a thriving coaching business you’ll need to create coaching packages that people are willing to pay for.
It’s impossible to build a thriving coaching business when you’re assuming what people want.
End the business guessing game and do everything you can to maximise your knowledge of your ideal client. Hire a business coach to guide you. Commit to doing as much research as you can about your ideal client so that you understand exactly what their wants and needs are.
See yourself as a researcher and get genuinely interested in your ideal client’s challenges and dreams.
When you do this, you’ll find the “sweet spot” and you’ll be able to create packages that 1) draw from your innate genius and 2) correlate with people’s challenges and desired results.
This is one of the fastest ways to attract eager clients who are ready to work with you.
STRATEGY#2 CRAFT A CLEAR MESSAGE FOR YOUR COACHING BUSINESS
The coaching industry is the fastest growing industry after technology. This means that the demand to stand out as a coach is ever-increasing.
From the day you start your coaching business, you want to craft a clear message. For example, if you’re a digital strategist your message might be helping people to refine their digital strategy to create consistent clients.
Make this element of your business a priority so that when people see you online at a first glance they know immediately what you’re about.
Having a clear message is the hook that draws people in. Learn everything you can about your niche and craft a message that speaks directly to them.
This is an essential element that you want to nail and communicate to your audience from the very beginning.
STRATEGY #3 COMMUNITY NOT CUSTOMERS
Don’t build customers, build community.
When you focus your efforts on building a community, you’ll create a sense of belonging for your clients. This will ensure that people stick around and become loyal fans.
Make it your priority to build know, like and trust by being consistent with when and how you show up in your community.
Create content that engages, entertains and adds value. Give them a reason to stick around and choose your community over somebody else’s.
Think about the main platform you’ll start with to spread the word about what you do and the value you can offer. Maximise it by lasering in on the marketing methods you’ll use to build trust with your community. For example, this might be getting really good at doing Facebook lives to add value in your Facebook community.
Your coaching business will continue to grow as your community grows.
STRATEGY #4 CONSISTENCY
Consistency is the foundation of trust.
Entrepreneurs know that success isn’t the result of “quick wins” but consistency of actions repeated over time.
Coaches who try to create big success early on set themselves up for failure and disappointment.
Don’t forget that building a business is a marathon not a sprint. Focus on the activities that you’ll do consistently on a daily, weekly and monthly basis.
As well as being consistent with when you do things, you need to be consistent across all of your communications. Look at all the elements in your business including your website, social media channels, newsletter and freebies.
Make sure that there is consistency across what you say you do and what you offer. Specifically look at your message, story, free offer and flagship offer. This helps your community to trust you and feel familiar with everything that you put out.
If you’re constantly chopping and changing your message, brand and offers you’ll come across as changeable and untrustworthy.
Look at your freebie, flagship offer social media, website and community and look for ways that you can tie it all together.
Having a coherent theme across all aspects of your business is the fastest way to build credibility and trust.
STRATEGY #5 MEASURE
Passion will only get you so far, strategy will get you there.
Coaching and running a coaching business are two separate things. You need to be a coach and an entrepreneur who evaluates what works and what doesn’t work.
When you’re in your coaching sessions you want to implement core elements to be an extraordinary coach. This will involve listening, showing up present and getting your clients results.
Outside of your coaching sessions you’ll need to put your “entrepreneur hat” on. You’ll need to think like an entrepreneur.
What you measure grows.
Understand that your coaching business needs to be treated like a business that makes money. The best way to increase the money you make in your business is to track it.
Make it your business to look at your profits and losses to assess what is working and isn’t working in your business.
At the end of each week review your sales orders, website views, consultation numbers, conversions, engagement numbers and list numbers.
Remember that your coaching practice is a business and in order to stay in business you have to make money consistently. Therefore, start reviewing your numbers regularly.
Don’t forget what you focus on expands.
Your coaching business will continue to grow as you much as you track and measure your numbers.
When you realise that you’re not just a coach but an entrepreneur, you’ll start giving the attention your business needs.
So do yourself and your clients a favour by adopting the strategies above.
Move away from working in your business and start working on your business to grow it.
When you do this, you’ll stop worrying about whether you can pay the rent and you’ll be able to show up present for your clients.
Step up your game and start thinking like an entrepreneur.
You’re more than capable than you think and it’s time for you to take the next step.