Try this experiment. Google the words, “successful coaching business.”
You’ll see over 2 million results come up.
That’s a ton of information to work through.
The worst part? A lot of it is misguided, out of date or just wrong.
After hundreds and hundreds of hours spent in coaching sessions and working with coaches around the world, I’ve come to realize there are only a handful of growth strategies that will help you rapidly build a successful, profitable coaching business.
Some of them may seem strange but they work.
Here are 4 of my personal favorites.
Strategy #1: Make Yourself Replaceable
If you’re involved in every aspect of your coaching business, you’re headed for disaster. Growth and expansion can happen only when you “let go” and make yourself dispensable.
This means allowing others to take over specific roles.
Make a list of all the tasks and activities that are outside the actual coaching work that you do - this could be copywriting, design or technical aspects of the business.
When you have this list, commit to outsourcing at least one of the tasks to someone else as soon as possible.
You might want to hire a Virtual Assistant for a few hours each week, a copywriter or someone who can handle tech.
It doesn’t matter how you do it but you must get it done.
You cannot scale your business if you’re the only one running it…
And you’ll never achieve the impact and income you want.
Strategy #2: Fire Your Clients
Not all of them, of course. Just the ones that aren’t a good fit.
Your job is to coach people who can benefit the most from your unique skills and expertise – these are your ideal clients.
It’s not your responsibility to help everyone.
When you stay with clients who aren’t a good fit, you run the risk of destroying your reputation.
Clients who don’t love your methods and your style will be the first to “spread the news” that you’re a bad coach.
You can’t blame them.
It’s your responsibility to identify your ideal client persona and then work only with people who fit this identity.
Yes, it can be scary to turn away clients or let your clients go – especially if you’re a new coach – but this is the smartest way to a successful, sustainable coaching business in the long term.
Strategy #3: Say No
Yes is about expansion. Yes is about growth. Yes is about becoming known.
This is what a lot of business owners believe. Especially the unsuccessful ones.
Saying no – more than you say yes – is one of the most powerful and effective productivity hacks in the world.
The truth is building a successful coaching business is hard work.
Sometimes it’s extremely hard work.
It’s going to take almost an inhuman amount of effort to get to your goals.
If you say yes to every favor, every project, every offer to partner up or every “opportunity” to contribute your expertise…
You’re going to end up with no time, no energy and no business left to run.
Learn to be discerning and decisive. Only say yes to projects that move you toward your goals.
It’s going to be tough but you owe it yourself and your dreams to prioritize your success…
And that’s what you’re doing when you say no to anything that does not move your business forward.
Strategy #4: Set an Uncomfortable Price
You started a coaching business to serve others, but you also did it to make money and create an income.
There’s nothing wrong with accepting money when you add value and create transformational results…
But many coaches don’t want to admit this. They feel “ashamed” or “greedy” or “selfish” and this is a major problem.
When it comes to pricing their packages, programs and services, these coaches get stuck.
They worry about it, sweat over it and get crazy trying to make a decision.
Here’s what you need to do to avoid this …
Always set a price that’s more than you think you’re worth.
If you feel comfortable with a 60-minute session rate of $300, push that number up to at least $350 or even more.
Aim for a price that makes you feel a bit uncomfortable.
It’s the only way to be sure you’re not pricing below your worth.
Undervaluing your services and products is a massive mistake that will hold you back.
Your coaching business will stay small for months or years.
Some coaches never get to stage of expansion because they simply don’t have the financial resources to do it.
Some of these strategies may push you way out of your comfort zone, but that’s where the magic happens.
You can’t be an extraordinary coach or build a successful business by staying in the “kiddy” zone where everything is easy.
Start with just one of these strategies and then move on to the next and the next until you’ve covered all 4.
This will help you implement internal and external changes to create a rockstar reputation and grow a successful coaching business that lasts.