How To Create A Profitable Coaching Business
The first rule in how to create a profitable coaching business is this: Don’t’ be distracted by shiny objects.
There are an awful lot of ‘shiny objects’ out there for coaches to be distracted by. What I mean by this, is that social media is absolutely stuffed with sponsored posts and advertisements which promise you untold riches and clients as a result of doing this one thing.
For example:
Want your first £100,000 client? Great, just watch this video and follow my system.
Want to create an endless chain of clients, rushing towards you? Great, listen to this one webinar in which one successful coach will tell you what (s)he did – it’s all you need.
Want to fill your diary with appointments with people who will be begging to give you money for your incredible coaching? Just subscribe to this email list.
Wish you had some material to deliver? Just buy my prescriptive programme and structure your coaching around it. BINGO – the world is your oyster and your bank balance will boom.
Why You Should Avoid Them
The people that promise these things are at best trying to sell you something. It may be something that worked for them at some point and which they hope will work for you. At worst are simply growing their own client base.
I wish I could tell you that the one thing is true. That you’re just missing that one thing that is preventing you from having the coaching business of your dreams. Sadly, it just isn’t the case.
Creating a profitable business in the 21st century involves time, effort, perseverance and a particular skill set.
Time
Building a coaching practice takes time. Not just the months between now and whatever financial target you need to hit, but also time each day. In addition to time, you need to have a process to follow which will take you from where you are now to where you want to be. It has been shown time and time again that this process is never the one thing that social media is shouting about that you haven’t done yet.
Effort
If building a profitable coaching practice were easy, there’d be a huge number of successful coaches everywhere. We would never be in the situation where we get to a networking event to discover that there are 5 other coaches in the room, all scratching around for the odd (often the same) client.
A successful, profitable business takes effort to build. The game-changer is knowing what effort to put in and where.
Perseverance
I could lie to you here and tell you that first establishing and then growing a client base is easy (if you just do this one thing), but it isn’t. If it were easy, everyone would be successful. The difference between those coaches who succeed and those who don’t is based on not only having the right approach, but also sticking at it. Stickability is a rare character trait in our instant-gratification world. If you speak to any successful coach you’ll find that they can tell you 10,000 ways that it doesn’t work.
Overnight successes have usually spent years getting there.
Skill Set
Being able to have meaningful conversations with people will make the difference between success and failure. I can hear you thinking that coaching is all about meaningful conversations and you’re right. However, there is a huge difference between a conversation in which the outcome is a coaching one, and a conversation in which the outcome is a new client.
The Coaching Revolution™ is about being able to use both conversations to the benefit you and your client.