CHAPTER 4
Strategies to Start
A Small & Mid-Sized
Coaching Business
If you’re like most coaches, you love the actual work of coaching. You love supporting clients and the work inspires you and lights you up.
That’s great news, but here’s the not-so-great news...
If you’re like most coaches, you resist many of the other elements that are part of being a professional coach -- elements like marketing and selling offers plus all the other tasks that go toward building a successful coaching business.
In this chapter, we’re going to look at some of the main strategies you need to establish your expertise and build an in-demand small and mid-sized coaching business.These are the needle-movers that will get you quickly moving toward a successful business even if you’re just starting out.
Master the
Art of Selling
Master the
Art of Pricing
Master the Art of
Target Marketing
Master the
Art of Niching
Master the Art of Selling
Most coaches would rather have a painful experience in the dentist’s chair than have a sales conversation with a potential client! This is a massive block to your success as a business coach.
Remember that selling is love. It’s how you get to help more people and this is a powerful and positive way to approach sales.
Master the Art of Pricing
Most business coaches do not spend enough time researching the industry average for their area of expertise. This leads to huge problems down the line and the biggest of these is chronic underpricing.
When you charge a lot lower than the average industry rate, you will attract less than ideal clients and it leaves you working around the clock just to make ends meet.
Master the Art of Target Marketing
You already know the size of the business you want to work with – small and mid-sized companies -- but there are a whole lot of other questions you need to ask yourself.
For instance,
Do you prefer working with younger Founders and business owners?
What type of business do you want to focus on?
Creative enterprises, software companies, technology startups… the list is long.
Knowing exactly who you want to work with is critical for your success because it’s the only real way to create effective marketing and sales assets that will attract the right clients.
Master the Art of Niching
While it’s true that you need to be flexible and open to wearing many hats as a small and mid-sized business coach, you also need to be clear on your area of expertise so clients know exactly how you can help them.
This is where choosing a niche comes in.
In general, small and mid-sized business coaching is about facilitating the day to day running of the business as well as guiding the client to achieve their overall goals and vision for the company.
However, you can also laser in on specific aspects of running a business such as helping companies get “unstuck” when they hit an income ceiling, guiding them to grow and scale, creating new income or revenue streams and more.
Let’s look at how you can get more clarity on each of the needle-moving business strategies highlighted in this chapter.
Master the Art of Selling
Check out this free high-value video on the art of selling with integrity and ease.
Master the Art of Pricing
Take 30 to 60 minutes to research the most recent average industry rates for small and mid-sized business coaches. List these out in a document on your computer or write it in a notebook. Look for rates around various coaching offers and packages including group coaching, 1:1 rates, and more.
Learn more about how to price your coaching services with this video:
Master the Art of Target Marketing
Answer these questions to gain more clarity on the type of company or business you want to work with:
Question 1
Who is the small or mid-sized business owner or Founder that you prefer to work with?
Eg: women entrepreneurs, millennials, etc
Question 2
What type of business do you want to support?
Eg: software company, creative businesses, etc
Question 3
What are some of the values, principles and ideals that you want to support as a coach?
Eg: an eco-friendly business, an organization that supports a cause that you believe in, etc.
Master the Art of Target Marketing
Answer these questions to gain more clarity on your niche as a small or mid-sized business coach:
Question 1
What is one area of business that you could talk about for hours and hours?
Eg: Starting a business from scratch, massive scaling and growth, etc
Question 2
How do you want to help companies improve their game?
Eg: uplevel their income, expand and grow their reach, customer base, etc
Question 3
What are some personal and professional experiences that could help your clients?
Eg: you’re a serial entrepreneur who’s started multiple businesses, you’ve experienced failure around starting a business, etc
