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Archive for August, 2013

The 3 Business Models For A Coaching Business: Which One Are You Right Now?

One of the challenges of start-up coaches is when they live in the Land of Overwhelm!

Overwhelm exists when you attempt to get too far ahead of where you are right now in your business.  As a coach you naturally have the ability to vision and create goals and big desires.  Overwhelm creeps in when we start living in the future and we don’t yet have the infrastructure and systems in place for your current reality.

Let’s take a look at the 3 Business Models for a coaching business to determine (a) where you want to be VS. (b) where you are right now!

Business Model #1:  $0 – $50k in consistent annual revenue

This model offers:

  • A free gift on a website for opt-ins and growing a mailing list
  • Sample sessions to convert prospects to paying clients
  • Private, 1-1 Signature coaching programs (a.k.a. your 1-1 coaching)

Business Model #2:  $50 – $150k in consistent annual revenue

This model offers:

  • A free gift on a website for opt-ins and growing a mailing list
  • Sample sessions to convert prospects to paying clients
  • A group or a teleclass program
  • Private, 1-1 Signature coaching programs (a.k.a. your 1-1 coaching)

Business Model #3:  $150 – $300k in consistent annual revenue

This model offers:

  • A free gift on a website for opt-ins and growing a mailing list
  • Sample sessions to convert prospects to paying clients
  • Your private coaching has been converted to DIY or Home-Study Programs
  • Multiple groups and/or multiple teleclass programs
  • Private, 1-1 Signature coaching programs (a.k.a. your 1-1 coaching)

So which business model is your coaching business in RIGHT NOW? Not where do you want it to be?  Of course we all naturally want  to be farther along than our current reality; that’s the nature of goals and visions, right?  But where are you right now?  To determine that, you don’t base it on what you are offering. Instead you base it on your consistent annual revenue.

The critical key about those business models is the word “consistent.”  To know which business model you are in right now and then focus your time, energy and creativity on implementing systems and automation that accomplishes consistent results within that business model is how you can quickly grow and evolve your business to the vision within you.

If you are not getting consistent results in the products and services you are offering that is a good indication that something is wrong, broken or missing from your systems, integration and infrastructure of your business.  Focus on organizing, integrating and automating the systems for the business model you are in right now. That will keep you out of overwhelm and will create a confident, solid business upon which growth can occur!

Posted in: Business Operations

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Failure Is Not An Option, It’s A Requirement

This person was fired by a newspaper editor for lack of ideas… Walt Disney

This entrepreneur failed and went bankrupt five times before he finally succeeded… Henry Ford

This world leader failed sixth grade…. Winston Churchill

This person set the home run record (714), but he also held the record for the MOST STRIKEOUTS (1,330)… Babe Ruth

This basketball player MISSED 9,000 shots in his career, LOST more than 300 game and 26 times was trusted to take the game-winning shot and MISSED… Michael Jordan

He said, “I’ve failed over and over again in my life, and that is why I succeed”.

Failure is not an option; it’s a requirement if you desire to reach success.

When you have the right systems and the right support, “failure” simply becomes “research.”  You can learn from your mistakes, leverage what others have done before you and take calculated risks to grow into your full potential.

Systems allow you to dissect and investigate which pieces of your business are working and which are not.  Just like Henry Ford when he was developing his innovative assembly line concept, he was able to pinpoint exactly where the breakdown occurred and make changes to correct things so he could create different outcomes in his future attempts.

Support allows you to navigate uncharted territory with full awareness and to receive input and feedback on adjustments and changes that will yield to different results. Just like Michael Jordan when he was reviewing his game tapes to watch his missed shots, he and his coaches reviewed what worked and what didn’t so he could make adjustments in his techniques.

The only time “failure” becomes a problem and something to dread is when the right systems and support structure are not in place in your business. Without systems that allow you to focus on the precise point of breakdown and without support to help you make impactful adjustments failure can be the cause of your passion fading to burnout. Failure can be the cause of you loosing site of the end-goal and cause you to take things personally without being able to recover.

Like these world leaders and all-star athletes, you too can leverage ‘failure’ as research for the betterment of your skills and advancement of your business.  As an entrepreneur, when you can embrace failure as part of the journey and leverage failure as research, you reclaim your confidence and fuel your passion; surprising even yourself with what you are capable of accomplishing!

During these summer months, as you are on vacation, take time to reflect on your journey and give yourself full credit for the ‘research’ you’ve experienced thus far on your way to creating a successful, thriving business. Give gratitude for the systems and support you have in place. And if you discover that you are lacking in systems and/or support, identify what systems and what support you can put into place to help you leverage failure and transform it into research.

Posted in: Professional Development

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