How To Grow Your Coaching Business Exponentially Even If You’re A New CoachOn December 12, 2019 by Raul Dinwiddie
Let me tell you a story about Betty. Betty is a coach. Betty wants to grow her coaching business. Betty is watching all the webinars, has downloaded all the books, has downloaded all the PDFs, is attending all the seminars. Betty is also very active. Betty is on all the social media channels. She’s on Facebook, she’s on Instagram, she’s on Snapchat, she’s on Bumble. Hold on. Bumble is personal life. But Betty is doing everything… except growing her coaching business. Burn! Hi, this is Ajit Nawalkha and today we’re talking about growing your coaching business. Growing your coaching business shouldn’t be hard if you know how to transform a client’s life, if you are decent at actually coaching someone and you’re willing to work for it. Business growth should be fairly easy but it’s not. Why? What happened to Betty is what happens to most of us. It’s like me walking into a supermarket hoping to get a healthy, light, good breakfast, and then being bombarded with the almond croissant, the bagel, the vegan sandwich… That’s why I just don’t eat outside anymore, I just eat at home, it’s just safe for everyone. When it comes to figuring out how to grow your coaching business, we just get too many options. Would you be open to listening how we can make it simpler? Did I hear a yes? Yes. Say it again. Yes! Make me believe it! YES! YES! YES! All right, then! Let’s do it! There are three things to consider when growing your coaching business. The first thing is how you serve your clients. Most coaches serve their clients in a very structured way. And while structure is useful, clients sign up with us for a result. They want to work with us for the outcome that they want to experience. The structure or the details of the offer is more for their rational mind to justify and understand how will you work with them. Their buy-in is for the result they are expected to get. Think about how you will serve your clients. What would be the result your clients can expect? How much time will that take? How will you deliver that? The greater the results you offer, the deeper you get to work with the client, and the higher you can charge your client for that result. The higher your coaching offer, the easier it is for you to scale your company. But let’s stop there for a second. I am in no way suggesting charge more to grow your coaching business. What I’m really saying is work more deeply with your clients, get them better results and, because they’re experiencing a grander result with you, you have the capability of charging more. And because you have the capability of driving the greater results and hence charging more, is why you might be able to grow your coaching business more easily. You just blew my mind. Having a valuable result that your client can get in a short amount of time is the first thing that you need to grow your coaching business. Now on to the next bit. It may sound a little counterintuitive, but hear me out. You probably started your coaching business by serving a small audience in a powerful way. It usually looks something like this. You start coaching, you find a small niche audience, you become an absolute authority in that field. Bravo, you did it. You want to take the next step. To really grow your coaching business, you will have to step out of that niche. Now this is not always applicable. A few coaches can become outrageously successful in a small niche with very few clients, but most of us have to expand the scope of work that we do when we really want to scale our businesses. Now here is what I mean by expanding your niche. Let’s say, for example, you’re a mindfulness coach in the Bay area. You might want to expand the scope of your work from mindfulness in the Bay area to mindfulness coach in the San Francisco area. Or it may look like mindfulness coach in the Bay area expanded into personal growth coach in the Bay area. Expanding the size of the market that you serve does take effort and it does come with a little bit of risk, but if you are strategic about it, you should be able to expand your reach and also grow revenues of your coaching business. When you reach beyond your audience, you will enter an area where some of your methodologies and marketing practices will need to be updated. Just be mindful. You are expanding. It is normal to experience growing pains. Just trust me. The next step is to reevaluate your prices. Most of us undervalue or underprice ourselves. I see it all the time. I do it myself. We tend to think, Wow, that’s a lot of money! Instead of saying, Wow, we drove such amazing results! Your coaching fee is a function of the results that you drive, not what you think your worth is. Write that down. I don’t have a pencil. Well, remember that then. Here is a trick you could try. For coaching services that have a direct impact on revenue and profits of a company, say business coaching services, ask for 10% of the revenue or 10% of the increase in revenue that the company experiences. For example, if a business experiences a million dollars more in revenue because of work with you, your fees could be a hundred thousand dollars. Now I am assuming that you are able to generate those quality results to be able to make such an offer. Right? Obviously. Say, let’s take another example. Let’s say you are in the health and fitness space. You could price yourself based on the outcome that your client is to experience. For example, say you’re working on somebody’s knees and getting them healthier knees. You could go 10% percent of what they would pay for surgery could be the fee that you charge if you’re able to heal their knees. Of course, these examples are based on
generalizations, so don’t get all freaky on me. So let’s refresh what we’ve covered. The three things that you need to consider to grow your coaching business. The first is how do you serve your clients? The second is who do you serve? And third, what’s the value of results that you drive for your clients? How do you think these insights will help you grow your coaching business? Share with me in the comment section below. Tag someone that needs help in growing their coaching business. Smash that subscribe button so you can get the latest videos from our Channel every single week. I never understood why people give so much thought to subscribe to a free channel. It’s for free! You get great content, you get it every week, it’s awesome. Do it. Go subscribe. Thank you for watching and have a phenomenal day.