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How to Price Programs: A High-Value Nugget from The Coaching Lifestyle Facebook Group

How to Price Programs: A High-Value Nugget from The Coaching Lifestyle Facebook Group

As you plan and launch your coaching business, you’re bound to have questions.

I know an AWESOME place where you can go to get answers: The Coaching Lifestyle Facebook Group.

I want to share with you an example of the depth of support you can receive—at no cost—when you join our community.

I’m going to paraphrase a conversation that occurred in the group when someone recently asked for advice on how to charge for a six-week course.

Ready?

Here we go:

The first step in deciding on pricing for any program is to get absolutely clear on the results someone will experience if they go through the course and play full-out.

What are the promises of this course?

Patricia’s course, Starting Over After Divorce, is designed to provide the following transformation:

During Starting Over After Divorce, Patricia guides participants in getting their lives back on track after a divorce. Her program walks them through the grieving process, challenging their fears, effective communication, problem solving, working out a business relationship with their ex, and co-parenting effectively.

The next step in determining pricing is to identify what the course must entail, or how it must be structured, in order to support someone getting the promised results.

Starting Over After Divorce, includes:

Six weekly, two-hour coaching sessions.

Two monthly support group sessions, two-hours each, after the initial six-course.

Invitations to a monthly live event.


Melinda:

Pricing a program, course, etc., is a three-part process. It’s one part, “What do I want to make?” and one part, “Reverse engineer,” and one part, “Psychology.”

First, start by asking yourself how much you’d like to charge for the program, keeping in mind the transformation you’re promising (I’ve seen successful six-week courses at all price points: $197, $497, $997, and $1997).

When you consider each price point, which one lights you up? Which one makes you squeal? Which one makes you a bit nervous?

Notice how you respond to each of the price points you explore.

 

Next—and this is the most important consideration—look at the results your clients will walk away with. People invest in results (not coaching or masterminds or consultations or group programs).

When you can convey the value of the results, people are more likely to invest.

It’s important to ensure that the value of the results is in alignment with the investment level of the program. In Patricia’s program, for example, she promises participants will “get their lives back on track after divorce.”

How much is that worth to someone?

A lot, right?! $1,000, $5,000 … some people might even say it’s priceless.

So if people perceive that the promise carries a huge value, and the product is priced at $97, then there is a disconnect. This is especially true when the participant is getting direct access to you—the more access, the higher the value.

Keep this in mind as you structure your program to actually deliver the results—and the value—people are anticipating when they pay the investment level you’re asking for.

 

Next, add in some psychology.

The more access a participant has to you, the more they’re willing to invest. Consider whether your clients will get access to you between those weekly and twice monthly sessions. This factors into the price point.

Two important notes about the psychology of selling:

First, pricing an item just below an even number—for example, pricing at $49 instead of $50 or $99 instead of $100—dramatically improves conversion rates because buyers perceive a greater value.

Second, studies show that there are specific breakpoints when it comes to pricing.

These include:

  • $49
  • $97
  • $497
  • $997
  • $1997

In other words, someone is as likely to pay $900 for a program as she is to pay $700. However, that same person may not be willing to break through that $997 price point.

You may be feeling like $997 is too high, and you may feel more comfortable charging $750. The psychology of selling factors in, here, and tells us that a buyer willing to pay $750 is just as willing to pay $997.

Set your price at $997 and add $247 to your bottom line for each sale.

From what Patricia told me, I’d consider pricing Starting Over After Divorce at $497 or $997 with installment options.

Now, consider which of those price points creates the sensation of vomiting.

Pick that one!

I’m serious.

As entrepreneurs, we always undervalue ourselves, our impact, and our services.

But when you can stretch into that price point—the one that makes you want to vomit—your prospects will sense the value of what you’re bringing to the table.

Just as importantly, you’re able to rise to the occasion and bring the absolute best version of YOU and your services to the table. This, of course, only helps your clients get bigger, better results—faster.

Weigh everything I’ve just talked about and select the price point you feel called to select.

And keep this in mind: everything we do in our business is research.

You’ll choose a price, put it out there, see how folks respond, and see how you feel … and you’ll make tweaks and adjustments as necessary for the next round. Give yourself permission and time to research!

 

Finally, ask yourself what you need to set up behind the scenes to create great engagement and a strong onboarding experience, and to offer exquisite client support to help your clients get the best results in the shortest amount of time possible. Make sure your back end is organized to support you in delivering what you promise.


And … that’s it—a real-life example of the kind of support you can expect to receive when you join The Coaching Lifestyle Facebook Group.

Request to join here:

Enjoy The Coaching Lifestyle.

Several people responded to my post saying they’d received so much value:

 

 

 

 

 

 

 

 

 

 

What can YOU gain from the group? Join here to find out:

Keep Your Sanity Intact As You Start And Scale Your Business.

 

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The Importance of Coaching: Stu Has Shown Me That I AM Equipped to Run a Multi-Million Dollar Business

The Importance of Coaching: Stu Has Shown Me That I AM Equipped to Run a Multi-Million Dollar Business

Part Six of Six

A coach can have a huge impact on the lives of his or her clients, and I certainly know that’s been the case for me. I’ve worked with five different coaches. I hired each one for a different reason, at a different time in my life and career.

That being said, the work I did with each coach built upon the work I’d done before. My results have been greater because at each step of the way, I’ve already laid the foundation for further growth and expansion.

Here’s a summary of my experience with my fifth coach:

The Coach:

Stu McLaren

Why I THOUGHT I Hired Him:

When Kate Steinbacher and I launched The Coaches Console, we were essentially two coaches launching a technology company. As time passed, we found that we alternated our focus between coaching and the technology, but we didn’t focus on both at the same time.

As The Coaches Console reached and surpassed the million-dollar mark, we realized we could reach more coaches if we focused on coaching and technology.

That’s where Stu came in. I hired him because he’s successfully built several multi-million-dollar businesses that bring two different worlds together under one business model—and I knew he could help me do the same.  And he is. And it’s going great!

Why I REALLY Hired Him:

You know how you have the reason that you think you do something and then after you move forward, with hindsight, you realize there was a different reason that was necessary but you just weren’t aware of?

That’s what happened when I hired Stu.  The real reason I “needed” Stu became obvious very quickly.  My dad made a comment once and said when describing someone in his community “she is more gifted then she is confident.”  When my dad made that statement, although he was referring to someone else, it rang through my body like a bolt of lightning.  He was describing me and he didn’t even know it.

As I continue to grow my business and move deeper into unchartered territory (I’ve never created a multi-million-dollar business. I’ve never had to assemble and manage a team.”) my confidence continues to take hit after hit. My doubts creep up and sometimes it gets the best of me leaving me paralyzed or succumbing to my resistance.  It wreaks havoc on me as a business owner, as a leader, as a woman.

What Stu actually provides me through his coaching is someone believing in me more than I believe in myself. And to have someone remind me, regularly, that I DO know more than I give myself credit for. That I AM more capable than I realize. Stu is there as a mirror for me to remind me of my own greatness. So often I just need that mirror and that push as I continue to take leaps and bounds outside of my comfort zone (and lead others with me). Through Stu, I’m reminded of and realizing at whole new levels the importance of surrounding myself with those people that will give me that loving push when I most need it.

How He Helped Us:

Under Stu’s guidance, The Coaches Console is simplifying. And by that I don’t mean scaling back!  We are putting in place the next level of systems, processes, and teams so that we can continue to better support our existing clients in even bigger ways to create their business beyond their wildest dreams so they can live the lifestyle beyond their wildest dreams. And we want to scale to bigger levels and reach even more people.

Stu has guided me in defining a simple, consistent “mega brand”: we’ve mapped out a new evolved business model, along with marketing strategies that blend together the different elements of our business. He has helped me refine our current programs, trainings, and offers to reach more people—and to structure those programs, trainings, and offers to ensure our clients get better-than-ever results.  All of that in under 10 months – that’s the power of coaching, support and accountability.

Now, Stu is guiding me as I map out the vision for the next iteration of The Coaches Console. Most importantly, he’s taught me how to replicate the processes I’ve learned so I can use them again and again. It’s like that old saying about giving a man fish versus teaching him how to fish. Stu is teaching me how to fish, so I can reproduce powerful results over and over.

Why He Was Invaluable on My Journey:

I’ve never built a multi-million-dollar business before. I have no idea what I’m doing. Because Stu reminds me of what is possible, that I DO know more than I realize and that I AM capable, my confidence expands daily as I continue moving forward in this uncharted territory. He reminds me of what’s possible, what my talents are, and how they’ll assist me on this journey. He reminds me that I am capable.

And (thank goodness) he brings the fun factor into the serious nature of business growth and working with clients! Because the more fun our clients can have in the coaching and learning process, the more momentum they create, the more wins they experience, and the better results they get.


In Conclusion …

Working with coaches has transformed my life, personally and professionally.

Because you’re a coach, you already know about the benefits of coaching. But what you may not realize is the huge ripple effect that happens when you coach someone effectively; the amazing impact it has on his or her life for years to come.

That’s why, over the course of the next several weeks, I’ll be posting articles that focus on my coaches and what I learned through working with them. Stay tuned!

Meanwhile, comment below:

Have you ever had an experience where you were navigating completely uncharted territory? How did your coach help you remain confident as you did? Or, if you’ve never had a coach, tell me about how you coped as you navigated unknown terrain—and now, from hindsight, what would have been helpful to know in advance, that a coach could have pointed out to you to make this journey smoother?


The Importance of Coaching

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The Importance of Coaching: Justin Taught Me the Seven-Figure Strategy

The Importance of Coaching: Justin Taught Me the Seven-Figure Strategy

Part Five of Six

A coach can have a huge impact on the lives of his or her clients, and I certainly know that’s been the case for me. I’ve worked with five different coaches. I hired each one for a different reason, at a different time in my life and career.

That being said, the work I did with each coach built upon the work I’d done before. My results have been greater because at each step of the way, I’ve already laid the foundation for further growth and expansion.

Here’s a summary of my experience with my fourth coach:

The Coach:

Justin Livingston

Why I Hired Him:

I hired Justin because I needed someone to tell me what to do to reach that seven-figure mark. Michael Port gave us the model, or structure, for The Coaches Console. Regena Thornhauser gave me the feminine, personal development piece.

Then it was time for strategy and implementation.

How He Helped Us:

Bottom line: Justin took The Coaches Console to that seven-figure mark. Using four different strategies, he helped us scale to that million-dollar-mark more quickly than we would have on our own.

Why He Was Invaluable on My Journey:

Obviously, the fact that Justin gave us the strategies and the action plan to get to that seven-figure mark is priceless.

But that’s not why he was invaluable. Justin was invaluable because when he brought me the proposal for our work together, I almost choked on my lunch—the dollar amount he wanted to charge us was more than I’d ever paid for anything.

At first, I was like, “There is no effing way.”

Seriously.

I told him it just wasn’t possible; we just didn’t have that kind of money to invest.

He put together a video and told me the four ways he would show me how to get to seven figures. He said, “Here’s the strategy. You’re a smart woman and I know you can do this on your own. But you’ll do it faster with my help.”

And then he showed me the Return on Investment. It was huge. Our investment paled in comparison to hitting and busting through the seven-figure mark.

Then, he sat back and allowed me to make the choice.

And that’s where Justin was invaluable. In sitting back and allowing me to make the choice, he opened the space for me to shift my thinking.

I had the time and space to turn my definitive statement of, “I can’t afford this,” into a creative statement of, “How can I afford this?”

That spark of creativity allowed me to see beyond the immediate “no money” situation to the potential Return on Investment when new strategies brought in more money than I could imagine.

Instead of letting that kneejerk, “there’s no effing way” reaction stop me from growing, I realized the choice was mine.

Was I willing to change?

Because he laid out the plan, right there in front of me, and I saw the exact strategies—when I’d execute them, how much money each one would stand to create, and when I could expect to see that ROI—I realized that I could afford to invest. It was just a matter of navigating my business to manage my cash flow and make it happen.

And guess what? It worked. Because I asked myself those questions, Justin was able to help us grow to seven figures … fast.


In Conclusion …

Working with coaches has transformed my life, personally and professionally.

Because you’re a coach, you already know about the benefits of coaching. But what you may not realize is the huge ripple effect that happens when you coach someone effectively; the amazing impact it has on his or her life for years to come.

That’s why, over the course of the next several weeks, I’ll be posting articles that focus on my coaches and what I learned through working with them. Stay tuned!

Meanwhile, comment below:

How has your investment in working with a coach paid off? I’d love to hear about your ROI. What is something that you’ve implemented as a result of working with your coach that produced a significant return on your investment? How did it impact your life or business? And if you haven’t worked with a coach, tell me about how you’d like your investment to pay off, in your business.


The Importance of Coaching

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The Importance of Coaching: Regena Helped Me Evolve into the Woman I Needed to Be

The Importance of Coaching: Regena Helped Me Evolve into the Woman I Needed to Be

Part Four of Six

A coach can have a huge impact on the lives of his or her clients, and I certainly know that’s been the case for me. I’ve worked with five different coaches. I hired each one for a different reason, at a different time in my life and career.

That being said, the work I did with each coach built upon the work I’d done before. My results have been greater because at each step of the way, I’ve already laid the foundation for further growth and expansion.

Here’s a summary of my experience with my third coach:

The Coach:

Regena Thomashauer

Why I Hired Her:

I hired Regena because I knew I needed to evolve as a woman in order to cross the seven-figure mark in my business. It’s not about the millions; it’s about who you become on the way to making millions. The leader of a five-figure business is not the same person as the leader of a six-figure business. The leader of a six-figure business is not the same person as the leader of a seven-figure business.

How She Helped Me:

I knew my big business vision—to cross the seven-figure mark and to impact thousands—and I knew I needed to evolve on a personal level: intellectually, emotionally, spiritually, and energetically.

I also knew that what got me to where I was before I hired Regena would not get me to where I wanted to be.

When I first enrolled with her—with the feminine-centered concept of personal development in mind—my husband asked me why I was signing up. He said I was already an amazing woman, and wondered why I needed this work.

He had a point: at the time (nine years ago), my life was a 10 out of 10. Every part of it was off-the-charts amazing. I was newly married. My coaching business was thriving. I was going on incredible adventures.

But here’s what I told him: I was afraid that if I didn’t pay attention, I’d start to take all that awesomeness for granted and it would fade. I didn’t want that to happen.

Regena had more knowledge than I did at the time about what it means to live fully as a woman in this world. I knew she could help me define my next level 10, for my life and my business. And that’s exactly what she did.

She expanded my knowledge and my capacity as a woman so I could continue to create the life beyond my wildest dreams. As my capacity grew—as a woman—so could my vision, mindset, and leadership as a business owner. They went hand in hand.

Regena gave me the tools and training to evolve with my business, in order to continue the growth I’d already created. This personal exploration was very much rooted in feminine energy.

Why She Was Invaluable on My Journey:

First, Regena taught me that people stop evolving when they focus on strategy but leave out personal development. That lesson is profound. It’s one of the biggest keys to success. 

In addition to that critical golden nugget of information, she gave me the tools and training necessary for me to become a woman capable and equipped to lead a seven-figure business, and be an inspiring leader for the team that makes all the magic happen. I can use those tools to continue to evolve over time—and that is invaluable.


In Conclusion …

Working with coaches has transformed my life, personally and professionally.

Because you’re a coach, you already know about the benefits of coaching. But what you may not realize is the huge ripple effect that happens when you coach someone effectively; the amazing impact it has on his or her life for years to come.

That’s why, over the course of the next several weeks, I’ll be posting articles that focus on my coaches and what I learned through working with them. Stay tuned!

Meanwhile, comment below:

Share a piece of personal development advice you’ve received as part of personal (or business) coaching. How did that advice shape your journey? If you’ve never had a coach, share a piece of advice you’ve heard from someone you consider a mentor, and how does that nugget of wisdom impact your life today?


The Importance of Coaching

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The Importance of Coaching: Michael Showed Me How to Turn My Plan into Reality

The Importance of Coaching: Michael Showed Me How to Turn My Plan into Reality

Part Three of Six.

A coach can have a huge impact on the lives of his or her clients, and I certainly know that’s been the case for me. I’ve worked with five different coaches. I hired each one for a different reason, at a different time in my life and career.

That being said, the work I did with each coach built upon the work I’d done before. My results have been greater because at each step of the way, I’ve already laid the foundation for further growth and expansion.

Here’s a summary of my experience with my second coach:

The Coach:

Michael Port

Why I Hired Him:

Kate Steinbacher (my friend, former coach, and business partner and co-founder of The Coaches Console) and I hired Michael because we were just starting out in The Coaches Console, and we needed clarity on what kind of business we actually had.

We were coaches, coaching others, and had only ever had a coaching business providing coaching services. Then, we launched our software and technology and offered that to coaches. Running a technology was a whole different model that required a different mindset and skillset. It was a whole different landscape, and we needed help getting clear on our business model.

We were the proud owners of a tech company—but we were coaches, not techies.

How He Helped Us:

Michael helped Kate and I get clear on our business model so we could grow it.

He helped us with visioning and business planning; more specifically, he guided us in the powerful process of figuring out which specific tasks we needed to complete in which areas to translate our business plan into reality.

Finally, he introduced us to our programmer, who eventually became our Chief Technology Officer.

Why He Was Invaluable on My Journey:

Michael was invaluable on my journey because he gave us the clarity we needed to identify what, specifically, we brought to the market, and how, specifically, to use it to reach our mission.

One of the greatest lessons Michael shared with me (and that still impacts my business and life 12 years later) was: “Become profoundly comfortable with the discomfort of being an entrepreneur.”

He coached Kate and I through what it really means to live as an entrepreneur: to be a leader and to show the way, to take risks, and to continually improve while creating the discipline to navigate yourself (with support) toward your dreams and goals.


In Conclusion …

Working with coaches has transformed my life, personally and professionally.

Because you’re a coach, you already know about the benefits of coaching. But what you may not realize is the huge ripple effect that happens when you coach someone effectively; the amazing impact it has on his or her life for years to come.

That’s why, over the course of the next several weeks, I’ll be posting articles that focus on my coaches and what I learned through working with them. Stay tuned!

Meanwhile, comment below:

When you worked with a coach, how did he or she help you overcome one of your biggest obstacles, and what impact did that have on your life as a result? Post below and let’s celebrate together! If you haven’t worked with a coach, post below and let me know how you could imagine a coach (as a guide, accountability partner, confidant, and trusted resource) helping you to overcome an obstacle you’re facing now. What would that mean for your life and business?


The Importance of Coaching

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The Importance of Coaching: Kate Gave Me Possibility, Accountability, and Encouragement

The Importance of Coaching: Kate Gave Me Possibility, Accountability, and Encouragement

Part Two of Six.

A coach can have a huge impact on the lives of his or her clients, and I certainly know that’s been the case for me. I’ve worked with five different coaches. I hired each one for a different reason, at a different time in my life and career.

That being said, the work I did with each coach built upon the work I’d done before. My results have been greater because at each step of the way, I’ve already laid the foundation for further growth and expansion.

Here’s a summary of my experience with my first coach:

The Coach:

Kate Steinbacher, co-founder of The Coaches Console

Why I Hired Her (Twice):

The first time: When I was still in Corporate America, I hired Kate—my ski buddy—as a life coach. Recently divorced, I was on my own—and for the first time in a long time, I had to figure out what I wanted. I felt like I had all the pieces to my life … but I didn’t know how to put them together. I felt uncertain and scrambled.

The second time: When I got fired, I knew I didn’t want another job. I wanted to pursue my hobby—coaching—and turn it into a business.

How She Helped Me:

The first time: Kate helped me put all those pieces together and discover that not only did I love coaching, but also that it is my zone of genius.

The second time: Kate helped me get clear on the pieces I needed to turn my hobby into a business, and then she gave me a sense of possibility—and accountability—to make it happen (and it didn’t hurt that she made it fun, too).

Why She Was Invaluable on My Journey:

Kate was and is valuable on my journey because she helped me get clear on the fact that I wanted to get unstuck and move forward with the mantra, “Go big or go home” … and on how to do that.

More than anything, though, Kate’s encouragement was and is invaluable. So often in pursuing the launch and growth of my business, I hit dead ends, encountered areas I didn’t know anything about, or felt like the whole thing was impossible.

In those dark moments, Kate’s coaching allowed me to quiet my doubts and fears so my courage was just one degree louder … loud enough for me to continue moving forward on my journey.

I’m confident that without her encouragement, I would have fallen prey to my fears and doubts. I would have given up, retreating to the safety of my comfort zone.

I’m also confident that if I had given up and had found another job, I would have loved it and I would have been happy (that’s just how I roll).

But through Kate’s coaching, I surpassed happy and made it to fulfilled, ecstatic and empowered about my business, my life, and myself as a woman. That’s way better than “happy”!

One of the lessons Kate taught me early on in my business and in my coaching was to never ask my clients to do anything I hadn’t done myself or wasn’t willing to do. This has been an integral part of my life and business, and helps me continue to walk my talk and practice what I preach 15 years later.


In Conclusion …

Working with coaches has transformed my life, personally and professionally.

Because you’re a coach, you already know about the benefits of coaching. But what you may not realize is the huge ripple effect that happens when you coach someone effectively; the amazing impact it has on his or her life for years to come.

That’s why, over the course of the next several weeks, I’ll be posting articles that focus on my coaches and what I learned through working with them. Stay tuned!

Meanwhile, comment below:

What was one valuable lesson you learned from your very first coach that still impacts your world today? And if you haven’t worked with a coach, that’s okay (for now). Post below about how you think a coach might be able to support you in reaching a goal or a dream you have for your life or business.


The Importance of Coaching

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The Importance of Coaching: Two Things I Never Go Without

The Importance of Coaching: Two Things I Never Go Without

Part One of Six.

As The Coaches Console business grows, so does the community (which I absolutely LOVE—only in my wildest dreams did I imagine building a community of amazing coach-preneurs passionate about changing the world!).

As more and more coaches join The Coaches Console family and I share parts of my story, I find that they’re curious about my own path—from being let go at my corporate job to becoming the co-founder of a business that’s getting the world coached one person at a time—while climbing steadily beyond seven figures.

As is my nature, I’ve spent some time thinking about the “how” behind the journey thus far, looking for a way to systemize it (you know by now that I LOVE systems, right?).

My thinking revealed an interesting pattern, which is that there are two things I never go without:

A mastermind

A coach


Mastermind

A mastermind is a community of like-minded and like-spirited people who are on a journey similar to yours. Masterminds meet regularly (in person or virtually) to share ideas about challenges, strategies, and wins.

In every mastermind experience I’ve had, I’ve found a safe, confidential place to show up not knowing, ask questions, research, and enjoy mutual support.

As a coach-preneur, you’re facing two distinct situations.

First, entrepreneurship can be lonely, because it’s akin to a personal development journey. In order to grow your business, you have to face your greatest fears, and conquer them. Having the support and understanding of a group of people who have completed—or are currently traveling—that same journey is invaluable.

Which brings me to my second point: as an entrepreneur offering your services to your community and your clients, you’re farther down the personal development path. Therefore, when you’re wearing your coach-preneur hat, you’re constantly in a leadership position.

However, when you join a mastermind, you become part of a group of people accustomed to being in that leadership position. Your fellow mastermind members are having experiences similar to yours. In this situation, then, you don’t always have to be the leader … you can learn and lead at the same time, and relax into the mastermind without worrying about whether you seem “polished” or “like you know what you’re talking about.”

In addition to the emotional benefits of joining a mastermind, there are skill-related benefits, too. Each member of a mastermind group brings unique skills and experiences to the table. Therefore, I am constantly learning—and sharing my own lessons.

The longer I’ve been in a mastermind group, the better results I’ve gotten in terms of new knowledge, emotional support, bigger goals and visions, and creative solutions. And did I mention friendship?

There’s nothing like a warm, nurturing group of people who believe in you to lift you up as you do the same for them.

And you know this! Because you’re a treasured member of The Coaches Console community, where brilliant, passionate coach-preneurs come together to share ideas, offer advice, and lift each other up!


Coach

The brilliant people in my mastermind group always give me great ideas and advice, and sometimes I need clarity on how to take what I learn and translate it to my business. The accountability is great, too.

Because I’m a coach, I place tremendous value on walking my walk.

I know coaching works. I know I need a coach, especially because I want to move as quickly as possible as I strive to make my vision—getting the whole world coached—a reality.

My own coaches have helped me:

  • Gain clarity about how to move forward from being divorced and fired to starting my own coaching business … in essence, by taking all the pieces of my life and put them together to figure out how to move forward.
  • Fine-tune the plan for my business so I could get unstuck when I hit a plateau and couldn’t get past a certain number of clients or a certain revenue point, no matter what I tried.
  • Become the person I needed to become to lead the business I wanted to create.
  • Understand the meaning behind the metrics and measurements in our business, and use those to adjust The Coaches Console business model so it could finally reach the seven-figure mark.
  • Develop confidence when navigating the management and growth of a multi-faceted company I’ve built so far, so it could become even more efficient and effective.

Overall, the five people I’ve hired as coaches have guided me toward greater clarity and efficiency, so I continue to grow and expand as I reach one goal and set another, bigger, brighter one.

They’ve helped me become a better version of myself, so I could create a better version of my business.


In Conclusion …

Participating in a mastermind group and working with coaches have revolutionized my life, personally and professionally.

Because you’re a coach, you already know about the benefits of coaching. But what you may not realize is the huge ripple effect that happens when you coach someone effectively: the amazing impact it has on his or her life for years to come.

That’s why, over the course of the next several weeks, I’ll be posting articles that focus on each of my coaches and what I learned through working with them. Stay tuned!

Meanwhile, comment below:

Do you have your own coach? If so, what is one way he or she has impacted your life or business? I’d love to hear from you.


The Importance of Coaching

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“Oh, Crap, Now What?”: How to Avoid Overwhelm, Exhaustion and Feeling like a Fraud When Your Business Takes off Without You and the You-Know- What Hits the Fan!

by: Melinda Cohan

“She said, ‘yes!”

Kate Steinbacher, Co-founder of The Coaches Console, had just landed her first coaching client.

She was excited … and shocked. She’d just started her coaching business, and thanks to being a natural-born networker and a charming extrovert, she already had people lined up, excited to work with her.

Only, she didn’t have any systems in place for supporting her new client … or the clients she hoped would follow.

So Kate did what any typical coach would do. After she got her first, “yes”, she picked up the phone, called her mentor coach and said …

“Oh, crap! Now what?”

Like many coaches, Kate operates primarily from her right brain, creativity taking the lead.

Operating a business is more of a left-brain activity, requiring logic and organization.

(Ah yes … I’m betting you know where this is going!)

For the first year of her business, Kate let her creativity and her passion for coaching run her business. She loved coaching! She felt lucky she was getting paid to do it. In that way, she operated from the mindset of a Hobbyist. But she had the goals of a Business Owner – to make a big impact and great money.

Rather than putting systems in place (like a Business Owner would), her “official plan” was to call her mentor coach every time she ran into another part of her business with which she needed help and say, “Oh, crap! Now what?” (Sounds like a Hobbyist, right?)

From all outward appearances, this plan was working well for Kate. She was getting and supporting more clients, and she was having fun. She was professional, credible, and thriving.

But from Kate’s perspective, things looked quite different.

Her approach was costing her time and money. She was so disorganized (her own words!) that it took 3 months for her to receive money from her clients. In one situation, she was so embarrassed about her lack of organization that she waived her client’s invoice all together! (If Kate were here, she’d tell you the same story, herself.)

She struggled to manage her time, and soon became very overwhelmed and stressed trying to juggle everything herself.

This is typical for most coaches and “start-up, service-based entrepreneurs” (those who have a set of skills and/or services they offer to a group of clients).

They discover they have a passion that is really a calling. They bravely venture into entrepreneurship. They work with mentors and teachers who begin to educate them on everything, the hundreds of necessary tasks they need to start and run a business.

Then, overwhelm sets in.

There is so much to do and so much to learn, and without a system, running a business can feel incredibly stressful.

(One of our Coaches Console members described her start-up experience before she began using TCC as “holding everything together with spitballs and duct tape”!)

Seriously – combine these things …

  • Learning the hundreds of details necessary for running a business
  • The desire to appear professional and organized
  • The urgent need to make money
  • The fear of failure and fear of success

… and you’ve got the recipe for overwhelm.

Everything feels urgent and important.

Fortunately, although we can’t decrease the number of details involved in running a business, or the desire to appear professional, the need to make money, or the fear of failure, we can offer you a solution to this overwhelm!

The cure to overwhelm is to prepare for clients before you get them.

Yes, you read that right: before you have any clients, you should set up effective systems for attracting, converting, and supporting them.

Your fear-based ego may be jumping in right now, exclaiming,”But wait! What if you never get any clients? Why would you waste time and resources creating these systems if you fail?!” Or, “You need money – just go out and get clients!” Or, “You’re smart. You’ll figure this out later.”

Let that go.

Take a bit of time up front, as the CEO of your business, to learn and understand the best practices necessary for laying that foundation. Be proactive, rather than reactive.

And find a mentor who can show you the way.

Kate had a great mentor, but she was in reactionary mode. She did not take the time to become proactive, and therefore she spent her first 3 years of business stressed, overwhelmed, and feeling scattered.

We would LOVE to help you avoid those “Oh crap!” moments!

To help you become more proactive, we want to share the 5 Critical Keys to Your Thriving Coaching Business. Later, we’ll go into more depth, but for now, you can begin thinking about whether you have these keys in place.

Critical Key #1: Attract. The first step is to attract your ideal clients, so they know who you are and what you have to offer.

Critical Key #2: Engage. Once you’ve found those leads, it’s time to engage them and give them a taste of the transformation they can experience by working with you.

Critical Key #3: Convert. When you’re looking for leads, you plan to turn them into clients, right? This is where you do just that, so you can make your impact and grow your business.

Critical Key #4: Support. Once the ink is dry, it’s time to ensure your clients enjoy working with you and feel supported.

Critical Key #5: Refer. You’ve heard it before and we’ll say it again: word of mouth is, hands down, the fastest way to grow your business. Make it easy for your clients to refer their friends to you.

Consider this your homework! Take a few moments now to jot down some notes about these 5 Keys as they relate to your business.

Finally, be on the lookout later this month for additional resources to help you flush out these 5 Keys, identify the best practices for each, and discover how to organize and implement them in your business.

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Your Niche Is NOT a Person: How to Nail Your Niche So You Can Grow Your Business and Make a Bigger Impact

by: Melinda Cohan, July 29th, 2016

You’ve heard it a million times before: “Choose a Niche.”

It’s common—and solid—advice. I know, it can be so annoying when you hear it. In fact, that advice used to make me want to punch someone in the face! But when I changed my perspective, I began leveraging the power of the niche, and I was able to grow my business and make a bigger impact.

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Why?

Choosing a niche allows you to fine-tune your marketing, to make it laser-focused and effective. It enables you to support your clients on a deeper level.

But …

So many new coaches misinterpret this advice and believe that choosing a niche means they’re confined to supporting a certain type of person; that they’re forever limited in how they can use their coaching gifts. Further, it may seem like choosing a niche forever limits your revenue. (I know, I’ve experienced this mindset, myself.)

As a result, many new coaches decide not to select a niche, believing their passion is bigger than that. (Incidentally, this is a Hobbyist’s mindset, which doesn’t work once you’ve moved up to the next rung of the ladder on the entrepreneurial scale.)

The root of this problem is in how people define “niche.”

So often, coaches mistakenly come up with a client avatar, and call it a niche (for example, if you’re a relationship coach, you may believe your niche is 30-year- old men on the brink of divorce, who earn a certain amount and have 3.2 children).

If that’s not a niche, then what is?

The dictionary defines “niche” as a specialized but profitable corner of the market.

To take it one step further, we consider a niche a set of challenges a common group of people face … and the results they desire.

When it comes to nailing your niche, then, you must identify a specific set of challenges your coaching can overcome, and results it can achieve. Then, you must find the most common collection of people who face these challenges and desire these results.

From this perspective, you can focus on a select group to make your marketing laser-focused, but you can still attract different types of people from many areas.

For example, TCC helps people overcome these challenges: not making money, struggling to get clients, and overwhelm. The results they most want: to get more clients, earn more money, and make a huge impact. When we look at all the people in this niche, we zero in on coaches. Our marketing is geared toward coaches, but we also attract many others in this niche, including nutritionists, personal trainers, consultants, massage therapists and more.

Let’s go back to the relationship coach example.

It’s your passion to support people in relationships. But your niche is not the men, or the women, or the couple. Your niche focuses on the top 3 challenges those men, women, and/or couples face when they’re in relationships … and the top 3 results they desire.

Make sense?

What’s really awesome about defining a niche in this way is that it actually frees you up to work with more types of people.

You’re not tied down to marketing to men, OR women, OR couples. Instead, your marketing focuses on all the people experiencing the top challenges and desiring the top results you previously identified.

In other words, may actually have the chance to work with men and women and couples!

Here’s where it gets even better: when you can clearly articulate your niche according to challenges and desired results, you can create more effective marketing copy for your website, sales pages, program descriptions, email campaigns, and more.

Because you’ve dialed in on those challenges and desired results, you can use the same language your ideal clients use. This conveys the message that you understand what they’re facing and can help them.

Your marketing becomes laser-focused. And when your marketing is laser-focused, it attracts, engages, and converts potential clients.

So, yes – nailing your niche is a must! It’s a key foundation to your marketing success, no matter which marketing strategy you use. (And, as a huge benefit, it will help you avoid failed marketing attempts that cost you time, money, and energy!)

How confident are you that you’re able to deliver what you’ve promised in your marketing … that you’re able to help your clients solve their challenges and achieve the results they desire?

If you want to pinpoint critical issues and identify steps you can take NOW to feel more confident about setting up, marketing, and succeeding with your coaching business, take our free Business Confidence Quiz now.

The quiz delves into the 5 critical keys to a successful coaching business: attract, convert, engage, support, and refer, and when you complete it, you’ll receive personalized tips to help you become super-confident, organized, and professional in your coaching business. It takes just a few minutes, and it’s free. Take the Quiz here, now.

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Hobbyist vs. Business Owner – Understanding the Distinction

by: Melinda Cohan, Jul 25th, 2016

Are you a Hobbyist, or a Business Owner?

Understanding the distinction is a crucial step in your entrepreneurial journey. This single insight can seriously impact the level of success you experience in your business, and with your coaching.

Failing to understand it may cause you to hit the upper limits of your success without your even realizing it … and no matter how great your efforts, you will not see the results you desire.

Over the past two weeks, I published a 2-part series on The Evolutionary Scale of an Entrepreneur, in which I described the following 5 rungs on the ladder:

  1. Technician
  2. Hobbyist
  3. Business Owner
  4. CEO
  5. Shareholder

In case you missed those posts, a Technician is typically someone who secures a job doing something she’s really good at, and that she truly enjoys doing.

Most coaches/entrepreneurs have the courage to move beyond Technician, and become Hobbyists … and that’s where they often get stuck. They fail to move on to the next rung: Business Owner.

Why?

Because while they set goals and intentions as Business Owners, they operate from the mindset and commitment levels of Hobbyists.

Here’s the great news:

When you can bring your mindset and actions into alignment with your goals and intentions, you can finally move from Hobbyist to Business Owner … and reap the rewards, which include increased cash flow, greater fulfillment, and more FUN!

As a quick note, neither Hobbyist nor Business owner is good or bad, right or wrong. They’re just 2 different ways of running a business. The point here is that to achieve the level of success you desire, your mindset must align with your goals and intentions. When you create this alignment, you experience peace, results, and happiness.

Take a look at the following chart, which outlines the distinction between Hobbyist and Business Owner in several key areas of a business.

 

business-vs-hobbylist-Long-version

Thanks to all of the above, Business Owners coach more clients, make more money, and make a far greater difference in the world.

Now, both Hobbyists and Business Owners can be great coaches.

They just have different mindsets, actions and goals for their business.

So let me ask you an important question:

Are you reaching the level of success you desire? Are you making the impact you want to make?

If you are, then exactly where you are is perfect, whether you’re a Hobbyist or a Business Owner.

If you’re not, take a closer look at the distinction between Hobbyist and Business Owner to identify where you are and where you want to be.

Then, place your attention on closing that gap, and as you move up to the next rung of the ladder on the entrepreneurial scale, you’ll start experiencing the level of success you envision for yourself, while having the desired impact you wish to have on this world.

Stay tuned for next week’s article, in which I discuss the truth about defining your niche. Here’s a hint: your niche is not a person! (Gasp! I know – and I can’t wait to share this information with you!)

Why is this an important part of this 5-part series? Well, when you move to the Business Owner rung of the ladder on the entrepreneurial scale, you absolutely must create a clear foundation for your marketing, just as you do in the back end of your business. Nailing your niche is critical, before you can even begin getting “out there” and landing clients.

Meanwhile, if you are ready to be the Business Owner you know you can be, so your business can make its biggest impact, start by pinpointing critical issues and identifying steps you can take NOW to feel more confident about setting up and succeeding with your coaching business! Take our free Business Confidence Quiz now.

The quiz delves into the 5 critical keys to a successful coaching business: attract, convert, engage, support, and refer, and when you complete it, you’ll receive personalized tips to help you become super-confident, organized, and professional in your coaching business. It takes just a few minutes, and it’s free. Take the Quiz here, now.

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