We are pleased to share an article entitled “ Down to Business ~ Getting real about coaching and creating your ideal future” written by Gary B. Henson.
Let’s get one thing understood right from the beginning: If you’re thinking like a coach and you’re not thinking like an entrepreneur, I understand why you’re struggling to have the income and the lifestyle that you deserve.
Coaching is what we do, but who we are being is a world-class entrepreneur first and foremost. We are running a business, not a practice. We’re not practising. We are in the business of coaching our clients in order to make a living.
The beauty of running a coaching business is that the sky’s the limit when it comes to earning potential. However, many coaches struggle to know how to maintain a steady enough flow of clients to earn a comfortable living.
Coaching is a great lifestyle, and I’ve enjoyed the 37 years that I’ve been working with my clients (and coaching coaches) to help them break through their blind spots and develop a different approach to their business. But, if I’m not producing a rewarding income for myself, then I have failed.
Sure, I love providing value for my clients and watching them grow. And, frankly, I love to make a difference in the world, one client at a time. However, none of that is possible if I’m not profitable and successful as an entrepreneur. No income plus no profit equals no future in coaching.
So how do you make a full-time living as a coach? Let’s dive into how to make yourself irresistible to prospective clients. What every client is looking for is quantifiable results. They may not use that language or be able to communicate to you that way, but that’s what they really want.
Your initial conversation with your prospects should be all about achieving the results that they want to achieve. The first concept you’ll want to understand is that you never define coaching or try to convince your prospects that they need coaching; that doesn’t work. What winners do is demonstrate coaching to them in a way that they can understand the value and results you bring to them.
Think about it this way — if I’m describing coaching or defining coaching to someone who has already experienced a bad coach or a different understanding of coaching, what I’m doing is associating myself with their negative experience. On the other hand, if we are working on solving their most pressing issues and demonstrating how we can bring solutions to them, they can easily understand the value of having you as a coach.
Be careful that you don’t see them as ready to move ahead in that moment; they still need to get warmed up to you and measure the value versus what they’re paying you.
One key to attracting clients is over-delivering on what you promise. We promise our clients a minimum of three times return on their investment. We can do this because when we commit to a project (a minimum of one year agreement), the client must commit to the same goals and outcomes and agree to be coachable.
We don’t promise to do the work for them; that’s their job. We also have them commit to ground rules for the coaching relationship, so they understand how we work with them to get the results that they are looking for. Pair your excellent coaching with their all-in commitment, and it is a recipe for astronomical results.
Another key to making coaching your full-time career is being selective with who you work with. You only want to work with the most committed of clients. Most of our prospects are not coachable or only reluctantly coachable at the outset of the new relationship. That’s just human nature, and if you find someone who is coachable from the outset, consider yourself fortunate.
I like to measure all prospects based on their commitment. I use the word “commitment” frequently when I meet a new prospective client. I’m continually asking them during the first meeting or two (sometimes it’s better to be patient and not try and sign a new client at the first meeting) what they are committed to and how they see the coaching process getting us there. I am always measuring their willingness to change and evaluating their commitment to the process.
By asking meaningful questions and actively listening to the client’s responses, we can discern whether the prospect is ready to embark on a journey of allowing their coach to take their business to the next level. By this time, I have shown them that they are not likely to achieve their BIG goals without somebody coaching them in a direction that they would not go on their own.
Once we have gotten to the point of understanding how the coaching relationship works, including our fees and the contractual agreement, we have a coachability conversation with them. We make it very clear to our clients that we are not responsible for delivering the results to them. They must be willing to subordinate themselves and play full-out in order to get the desired results.
We explain to them that the structure of the coaching relationship will have at least four key performance indicators, (measurements) that we will be reviewing on a regular basis. They must be clear that when we promise them a minimum of three times return on their investment, their commitment to the project is absolutely paramount to achieving their desired results.
You might be asking yourself, “All that sounds great, but where do I find my ideal high-paying clients?” That’s a question the coaches who come to us for training ask us on a regular basis.
Networking is a cornerstone of any business’s development. But be careful — there is an easy way and a hard way to developing abundant relationships.
My suggestion for those of you who are serious about building a six- or seven figure income is to develop a strong, clarified niche and become the trusted advisor in that niche.
Think of the type of people you love to work with, then become the expert in that niche. First, find out where they hang out and go hang out there with them. Next, bring valuable information (using the internet or AI as your source) to them where you know they are hanging out.
In addition, you can have worksheets or business cards for them with your contact information included. You can also offer to be a speaker at their regular meetings or set appointments with some of the people to help them, at no charge. These appointments become demonstrations where you do coaching sessions for free and give them an opportunity to experience how well you work as a coach.
Now, here is what you really want to know and likely why you have been reading to this point: How do I make a good living as a coach and what do I need to know that I don’t already know about coaching? As I said, it takes commitment on the part of the client in order to succeed.
The same thing goes for coaches; once you understand that you wear your entrepreneurial hat on a daily basis and you work as if your success depends on you, results will follow you.
Here are some tips that will put you on the right path to success as a coach.
- Find a system or a process that is credible and use it to learn how to find and coach clients and how to develop a successful high-paying niche. Plan on investing in your coaching business. The biggest mistake you can make is to think that you can create a lasting career without investing money into yourself and into your future.
- Learn how to successfully market and brand yourself in order to keep clients coming in on a regular basis.
- Hire a coach. If you’re going to convince others that coaching is a good idea, you’d better have a coach yourself. I don’t mean a “buddy” coach or someone that you’re paying small bucks to tell you what you want to hear. Invest in yourself; it pays off in the long run.
- Become a continuous learner. That doesn’t mean going out and getting 10 new certifications. Read books that will help you grow your coaching business and become the trusted advisor for your clients.
- There’s a big need for business coaches in the business world, so I recommend looking at business coaching as the best way to become successful as a coach. Business owners are looking for ways to increase their profits, and coaching is one choice that makes sense for them. They also have a budget for coaching, so they can afford to pay high-end fees.
Too many coaches get into the industry and fail because they don’t understand how to charge clients and bring value to each and every relationship. Don’t be that coach; either you’re in or you’re out! So make coaching your full-time occupation. Go for it!
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