There are three simple steps to launching your dream, a 7-figure coaching business. Launch. Leverage. Lead. It’s important to follow each step and complete the previous step before moving on to the next. Just like building a home, you lay the foundation, then add walls, and finally secure the roof.
4 Keys That Must Be In Place During Each Step (4Fs)
- Focusing: shift from reacting to taking action. Stay focused on what’s important. Multi-tasking and having a “plan b” isn’t going to help you build a 7-figure coaching business.
- Forward–thinking: an entrepreneur must stay ahead of the curve in business, and within the industry as a whole.
- Failure: every successful person will tell you to get up one more time than you fall. To develop a 7-figure coaching business, you will make mistakes. Keep learning, find a mentor, and take responsibility for your mistakes. Don’t be afraid to fail; be afraid to not own your mistakes.
- Forgive: you will have clients, nay-sayers and others wish you harm, take offense, or otherwise hurt you. Forgive them and stay focused on your goal.
As my hero Jack Canfield, the author of Chicken Soup for the Soul says:
“You can’t let another person’s words diminish your dreams. You must feel the fear, move past it and build a different reality.”
Let’s build your reality.
The 3 Step Formula in Creating a Successful Coaching Business
Get Clear and Discover Your Brand
You can build a coaching business by targeting any niche. Choose a niche that uses your signature strengths, which are your top five strengths in Strengthsfinder, and serves a clientele that you enjoy working with. The more clear you are, the easier it will be to attract your ideal client.
Develop Package, Pricing, and Business Model
Who you serve will strongly influence the prices you charge and what offerings you include in your package. For example, serving soon-to-be college graduates and coaching them on their career path would mean you charge them less than a high-performing executive and a college student probably needs quick, targeted coaching whereas the executive desires a long-term coach. Take a look at the coaching packages I’ve designed to get ideas.
Determining a Marketing Plan That Leverages Strengths
What signature strengths do you have that you can leverage to serve the client? Someone with ideation or adaptability may find great joy in working with a young startup company that needs ideas and creativity. On the other hand, someone with discipline and focus may not be able to support a startup that is continually pivoting out of necessity.
Deploy Sales Strengths
Leaning on your top strengths can help you during your sales calls. After all, you want it to sound like you. Whether you operate with a command strength or empathy, be authentically you. You will attract people who need that strength to work through their challenges and help them create breakthroughs. When your brand, your sales call, and your coaching are congruent, you can leverage your authenticity to grow your coaching business.
Design Website and Deepen Coaching Presence (LinkedIn)
Every business needs a web presence, and your coaching business is no different. Design your website and encourage people to engage with you. Several ways they can engage with you through your website are to download a valuable resource, sign up for your newsletter, or read and comment on your blog posts. However, for them to engage, you’ll need to add these elements to your website. These elements will become part of your sales funnel that will grow your coaching business to 6 figures and beyond.
Determine Marketing Plan That Leverages Strengths
There are thousands of coaches that have built a coaching business; however, there are thousands who struggle, and after months never get their first client. What’s the difference? Just as an architect draws a house plan before the house is built, you need to draft a business plan and a marketing plan before the business can be built. Of course, you can build a house or a business without a plan, but not well.
Incorporate your strengths in your marketing plan. If you have woo and positivity in your signature strengths, why not have a YouTube channel and let your personality shine? This will attract customers. If you are a relator, perhaps you invite people to a brief live webinar. Let them experience your gift of being able to connect, and they’ll happily apply to become your client.
As I mentioned earlier, there are many coaches, yet some never get their business off the ground, and others limp along with just enough clients to keep them hanging on. Yet, to build a 6 or 7-figure coaching practice, you need to lead well.
One of the ways to show leadership, and let potential clients know, like, and trust you is by writing a book. This book becomes your calling card and can help you utilize a second tool of leading in your coaching business, speaking engagements. These two tools in your tool belt enable you to become known and trusted. This will magnetically attract your ideal client to you and you will build a coaching business with much less effort than it takes to attract the wrong type of client.
There are three easy steps that anyone can use to create a thriving coaching business: launch, leverage, lead. Without implementing what is required in each of these steps, it will be nearly impossible to create a thriving business. However, by incorporating these steps and tapping into your core strengths to design a business that’s perfect for you, you can grow a 6 or 7-figure business relatively quickly. For extra credit, do an action item daily for 9 weeks. You may be surprised that you will attract a client. Use the comment box below if you have any questions about launching, leveraging, or leading.