1. Attract the best and repel the rest.
The secret to a profitable coaching business is selecting the right clients. Don’t get into the “fixing” business of turning losers into winners; it’s exhausting. You know the people I’m talking about — they say they want something but don’t take action to get there or aren’t willing to pay for it. Instead, focus on helping ambitious people who are already successful get to the next level. Your life will be easier and they will get great results because success is in their DNA.
To do this, you must be outstanding at what you do. Your services or insights must really work. So ask yourself: Am I the best in the world at what I do? To make a lot of money, you have to deliver a lot of value.
2. Envision your ideal business and work backwards.
Too many coaches get stuck in a reactive business model with no idea who they serve, how, or why, much less how to market to them. They have no strategy and are constantly spinning wheels without any idea what’s next. They’re always trying something new, hopping from tactic to tactic, but they never get anywhere. They’re working hard, but nothing works.
Successful coaches, on the other hand, are proactive. They set a vision and take strategic action to make it come true. They imagine their ideal business and work backwards to make it a reality. They know exactly who they serve, how they serve them, and why. With absurd focus, they follow a single marketing plan that reaches those clients.
When you’re working with a client, you shouldn’t waste a minute of your time or energy. Your goal is to optimize every part of the process. After all, that’s why they’ll pay you the big bucks. Think about how you spend time on your own business the same way. Everything you do should support your vision.
3. Don’t share all of your knowledge at once.
First, pick a niche so you speak your clients’ language. Second, don’t offer a month-to-month program; require a 12-month commitment. Your clients probably won’t get results right away; so if they aren’t committed, they’ll likely quit in the first month or two.
Third, only give your clients what they need to get to the next level. Just because you have a lot to share doesn’t mean you need to share it right away. Your clients will get overwhelmed if they feel like they’re drinking out of a fire hydrant, and analysis paralysis leads to inaction. Give them what they need now with a timeline, let them execute, and then give them what’s next.
Finally, don’t beat your own chest and say how awesome you are in your ads. Your marketing should use case studies and testimonials from clients who have gone through your program, experienced results, and improved their lives or businesses. That’s how you get leads that will convert into paying clients