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Blast the Lid Off Your Coaching Incomeby Rhonda Hess Send Feedback to Rhonda Hess How to increase coaching incomeMore Details about How to increase coaching income here.
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When a client finishes coaching with you, do you scramble to replace them? If you don't have time to grow your business because your schedule is booked delivering coaching services, then you may have hit a ceiling in your income. Ouch! I call this the money for time treadmill.. To get off that painful treadmill, offer products and programs that don't require more of your time for every sale. Here's the catch: you will need to invest time to build these products and programs. But it will be worth it! Get the best return on that investment by designing programs that fit into a leveraged marketing funnel. . Time is a Limited Asset No one has more than 24 hours in a day. So it's critical to treat your time as your most precious asset. Use it wisely, value it highly. How much time can you free up from working IN your business to work ON your business? If you already have time for business development built into your schedule, well done! Now, create an automated system to keep your pipeline full of prospects that already know, like and trust you. You'll never scramble again to get clients. If you have little time to work ON your biz, first run through this checklist and make course corrections if necessary, then follow my other suggestions below. You'll find yourself in a very different place in a short time. 1. Are you holding clear boundaries around your work time with family and friends? If you were working for someone else, you'd hold those boundaries well. Choose business hours and treat them as sacred time for your business. 2. Are you continuously over-delivering with your clients? Clients don't need that, you just think they do. Coaches usually do this because they don't trust the value of their services. Less is often more. Let your clients do their own work. Deliver impeccably on the terms you've set for your fees. Give extra time only occasionally, after making the agreement with your client. 3.Are there more tasks you could delegate to your team / Virtual Assistant? Denying yourself support for administrative and technical tasks is often connected to a scarcity mindset. Your VA can give you the time you need to break through income barriers. If you value your time highly and delegate what isn't your strength, your income will grow. Reduce Your Private Coaching Client Load Offer group programs in place of some of your 1:1 coaching hours. And reduce your number of private coaching clients through attrition, while incrementally increasing your fees. Example: 15 clients at $350/mo = $5250 10 clients at $525/mo = $5250 7 clients at $750/mo = $5250 New clients will not balk at your increased fees if you're focusing on a viable coaching market and positioning your services as essential. Diversify Your Coaching Revenue Streams Dedicate the time you gain to designing, producing, launching, and building a marketing campaign around coaching products and programs that leverage your time. Create new offers that: 1. Solve very specific problems your niche market faces. 2. Bring in revenue without requiring much of your time for delivery. 3. Build awareness about you through relevant education based programs and marketing. 4. Take your prospects on a journey to gradually increase their interaction, engagement and investment with you. 5.Encourage add on sales. Combine those offers into a leveraged marketing funnel of products and programs that increase in price as they add value and/or time with you. Make sure all of your offerings serve your niche market by filling the holes in their knowledge and helping them solve problems, while they also showcase your skills and expertise. In my next post, I'll show you an example of a well-leveraged funnel of offers. In the meantime, begin using these income boosting strategies now and watch how your business streamlines while it feels more prosperous and fun.
Rhonda Hess is Founder of Prosperous Coach®, an online community and business development system for professional coaches. Her mission is to help coaches discover the thrill of charging what they’re worth and making it big in coaching on their own terms. After building an online library at Prosperous Coach full of practical tips on the business of coaching, Rhonda created her comprehensive program – The Coach’s Power Path,– to walk coaches step by step through exactly what to do, how and when, to get clients and build a financially successful coaching business. Rhonda’s blog and ezine – Coaching Business Strategies –bring updated perspectives to the business of coaching. Her ebook, Working Websites for Coaches, is the best guide available to help coaches write web content that pre-qualifies ideal clients, manage the web design process, and launch a lead-generating ezine. Her workbook, The Life Coach's Guide, shows how to launch a coaching business in 25 clear, simple steps. She is an expert at helping coaches target an accessible and profitable niche market. Rhonda co-authored the Coach Training Accelerator, a best selling self-study program, and also designed the Certified Coach Program, the world class live program for Coach Training Alliance. As Senior Trainer, she personally trained over 500 coaches through CTA. Rhonda holds certifications with Coach Inc, International Coach Federation and Coach Training Alliance. For more information about Rhonda’s business resources for professional coaches visit the Products page.
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