Coach – Give Yourself a Raise
A classic problem for coaches and other service entrepreneurs is that they run out of time to:
- build automated systems that create a flow of future clients.
- create recurring revenue streams like products and membership programs.
- expand their potential by reflecting on their business and making continuous improvements.
The problem begins early on like this…
- Desperate for initial clients, coaches often set low fees and say ‘yes’ to many opportunities that aren’t likely bring a high enough return.
- When a client moves on, the income loss is keenly felt and there’s a scramble to enroll more clients “from thin air”.
- The limiting mindsets become habitualized for the coach, so new clients are also enrolled for low prices.
- Months or years later, it’s hard to breakthrough the ceiling on their income because the belief is that this is the best they can do.
Somethings gotta give.
2 Steps to Break From the Money for Time Paradigm
Step One: Give yourself a raise.
To gain time to work ON your business now, reduce the number of clients you’re working with through attrition while increasing your fees for new clients.
Instead of 15 clients at $350/mo = $5250…
you could have 10 clients at $525/mo = $5250, freeing up 15 hours each month,
or, 7 clients at $750/mo = $5250, freeing up 24 hours each month.
It may seem shocking to suddenly double your fees. But it’s quite common in service businesses like coaching and consulting. Mindset is generally the only thing in the way. And since you’re raising your fees only for new clients you reward those that stay with you.
Higher prices attract clients that, by investing more in themselves, get more out of your private coaching or consulting. And, seemingly magically people will show up because you’re empowering yourself.
Offer group programs for those who want to pay less for your support so you don’t leave anyone out. (See step 2.)
You may need to make some changes in the way you enroll. Primarily, the shift comes down to believing in yourself. Your services are valuable!
Step 2: Use the time you open up to improve the model of your business.
Offering group coaching in place of some 1:1 coaching will add some relief. But to really breakthrough the money for time paradigm, create education-based programs and products that are not solely dependent on your time for delivery.
Design your offers as a funnel of related steps leading your clients to incremental successes and more engagement with you.
One of the brilliant things about add on or follow on programs is how they leverage the initial enrollment process. That means less selling! Think about it… you’re already doing good work and building relationships of trust with your clients. They are enjoying the momentum and naturally want to know what you have next for them.
Here’s an example of my funnel for my target audience: coaches.
What do coaches need after coach training? To choose their niche then craft messages and offers that easily attract clients.
So my first offer is a program called Your Highly Profitable Niche where coaches do just that: choose a viable niche, find out what their target audience really wants, craft messages and offers that will inspire new clients to invest.
After that what would be the next natural step for a coach? To create a powerful online presence.
That’s why my second program in my funnel is called Client Winning Websites & Blogs, a blueprint to help coaches make smart choices and write compelling content for their website plus manage the web design process so they launch a site that converts visitors into clients.
See how that works? And both of these bundled programs have add ons of private time with me.
Now, how could YOU create a funnel of programs with would create a natural desire to take a next step with you while leveraging your time so it’s offered at a premium? Make sure that each of your offers or programs:
- Brings in revenue without requiring much of your time for delivery.
- Solves a very specific problem your target audience faces.
- Take your prospects on a transformational journey.
- Encourages follow on enrollment in your “next step”.
Author Rhonda Hess co-authored the Coach Training AcceleratorTM and designed the CTA Certified Coach Program. She has a super power for helping coaches choose and champion a profitable niche they’ll love. Learn more at Prosperous Coach.