Starting A Relationship Coaching Business
The world’s top coaches are happy to charge well for their coaching services and they’re happy building a highly profitable relationship coaching business - or any other type of coaching business for that matter - because they understand the truth…
In order to show up and do your best work, you need to pay the bills and take care of your family and yourself!
You can’t do any of that if your relationship coaching business is barely profitable or worse… In the red!
That’s why it’s absolutely critical that you learn the 3Ps - the 3 primary elements - of building a successful, sustainable, and profitable coaching business:
Packaging your services is critical to the life and health of your relationship coaching business.
Look at it this way - you have 24 hours in a day and you need to eat and sleep. You probably also want to spend some time with your family and loved ones. Then there's chores, study time, exercise, commuting, and the list goes on and on.
This means you can only take on a specific number of 1:1 clients before you hit burnout or start sacrificing your wellbeing to get everything done.
The best way to grow and expand your business is to learn how to create irresistible coaching packages that will have clients knocking down your door to work with you.
So, instead of offering one-off coaching sessions and needing to enroll consistently, you can offer 3, 6 or 12-month long-term coaching packages that will secure your monthly income without needing to coach round the clock.
Long-term coaching packages will also allow you to create a stronger relationship with your client and achieve bigger shifts and results for them.
This is about measuring the progress and expansion of your relationship coaching business and it’s where selling comes in.
The truth is, most coaches would rather eat a can of worms than do anything around marketing or sales, but there’s no way around it - if you want to succeed as a coach, you need to consciously direct your focus on the progress of your business.
This means getting really good at selling your offers and having successful enrollment conversations with potential clients.
Follow these 3 fail-proof tips to master the art of selling:
Be clear on your why: Have a crystal clear understanding of why you do what you do and why you offer your services. Having conviction on what you offer and why it's important will help you communicate your message with assertiveness and confidence.
Know your who: Identify who it is that you are offering your services to. The more clarity you have on your ideal audience, what they do, what they want, what challenges they face, the easier it will be for you to customize your approach and package to fit their needs and desires.
Serve, don't sell: Think about the enrollment conversation as a service instead of a sale. Coach your potential clients powerfully, show them what you can create for them, from a place of love and service. And the enrollment will happen on its own.
Knowing how to charge without overvaluing or undervaluing yourself and your service is possibly the most important element in building a successful coaching business.
Start by setting a weekly, monthly and yearly income goal for your business than look at industry peers and top coaches to get a feel for what you’d like to charge for your offers including courses, packages, and 1:1 sessions.
Remember that pricing your packages and services doesn't mean they will always stay the same. Review and update your coaching prices at least twice a year, so they continuously match your upgraded skills, results, and value of your time and experience.
Whatever else you do, never ever ignore the 3P's of building a profitable coaching business and always look for opportunities to expand on your knowledge.
These pillars will help you start strong and give you the fundamentals you need to build a business that supports you, your vision and mission as you become a truly transformational relationship coach who has what it takes to change lives and create a real impact in the world.
Now that you know the 3P's - Pricing, Packaging and Progress - let’s dive a little deeper to get more clarity on each. Get your journal or open a new document on your computer and answer these questions:
- 1On a scale of 1 to 5 (5 = fantastic, 1 = needs improvement), where would you rate yourself in terms of sales skills?
- 2How can you improve your sales and enrollment skills? (think courses, sales coaching, practice sessions with friends, etc)
- 3Name one successful coach that you admire/look up to and research some of their sales and marketing techniques. (eg: sign up to their email list and pay close attention every time they launch a new offer or course)
- 1How many hours a month do you want to dedicate to active coaching sessions?
- 2Do you enjoy teaching online courses and programs or running live retreats?
- 3When you’ve answered questions 1 and 2, read the Ultimate Guide to Creating Coaching Packages and implement what you learn.
Think about the monthly and yearly income goal for your relationship coaching business. When you have those numbers down, list out your offers including 1:1 sessions, packages and other coaching offers such as online group programs and courses.
Then answer the following questions for each of your offers:
- 1What’s a price point that would feel good to me?
- 2What’s a price point that would leave me feeling undervalued and underappreciated?
- 3What are some of the other coaches in my space charging for similar offers?
Dive deeper into how to set your coaching prices in this video.
Ready for more? Click here to learn about how to build trust in any relationship.