For the coach who is serious about business, they know that earning more money and increasing revenue is critical to having a viable business and to reaching their own personal goals. This includes both earning more per hour (increasing their rates) as well as bringing in more total revenue by working with more clients, and even expanding their menu of services to include info products, etc.
Earning more money is not only about finances. It is also about self-esteem. What do you think you are worth? I remember when I first started out, I was still in coaching school; I charged $125 for 4 coaching sessions of one hour each. I was at a networking event and a person asked me what made me a good coach…I remember crumbling and leaving shortly thereafter. When I got home I called my coach. I told her how uncomfortable I had gotten and how my confidence eroded in an instant. What could I say to that question…? I was still in school and I was not credentialed.
My coach asked a very pointed question: “What do you bring to the table as a coach?” That’s when the “Duh” bell sounded. I knew I brought a great deal to the table: my 20 years experience as a corporate professional and business owner, my life’s education and travels, my ability to communicate and connect and the list went on…and included my own coach to whom I could bring an anonymous challenge for expertise.
Her next questions were the best: “Now, that you know your value, what will you do to set up your practice like a professional business?” and “What will you raise your rates to?” I made it my business that week to set up systems and procedures to run my business, they were paper and pen, but made me feel like a business owner AND I raised my rates to $250 per month that day. A real Woo Hooo! moment. AND, shortly thereafter I increased my client load from 10 to 15 and no one even flinched about the price!
It is amazing how different the feel of the conversation can be when you are setting up a new client and you say: “The way I run my business is…” and then you explain how the coaching and business relationship will unfold. Clients perk up and listen because they want to be sure to get all that you are sharing…you perk up as well because you have just explained the best run shop in town and you are proud of it! That “perk up” is your self confidence level rising exponentially as you become the savvy business owner you know you are capable of being.
Have you noticed how people pay more for services that are professionally run and executed? Think of a fast food place and a fine dining experience. The difference is in everything: the quality of the food, the atmosphere, the type of service, and the time invested by client and business owner.
Your coaching practice will be the same. If you invest in your coaching education and practice and professional business processes and systems and use them fully, you will offer expert coaching services and spend less time doing the necessary administrative tasks it takes to run your practice and you will feel confident in charging more for your services AND your clients will expect to pay more as well.
Professional business systems also allow you to grow and expand your services. Perhaps you want to add group coaching to your one-to-one service, an e-book for sale, and/or a product that you may have created. A professional business service can help you accomplish these additions with style as well, again increasing your offerings, and your bottom line success!
How do you create systems to run a thriving business?
There are numerous ways to put together a coaching business. You can take pieces from many places, Excel spread sheets and a combination of software products and put them all together to create your systems and processes. As mentioned, this can feel daunting…we constantly ask, “which is the most reasonable, best value and will the pieces work together?” A coach’s overhead and processes can cost from a few hundred dollars a month to thousands depending upon the systems and expenditures they create. You can spend a year just trying to figure it all out. Or you can go the easy and inexpensive route to a professional coaching practice: The Coaches Console. Click this link for more information about this system: www.coachesconsole.com.