The last year has been tough for the coaching industry which is why it?s important to look for ways to streamline your business where you can and improve your bottom line.
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At the time of writing (early 2021), the USA’s business coaching market is valued at $11.6bn, making it the second-fastest-growing industry in the world over the past decade.
So what is the driving force behind this exponential growth? Well, for one, as the industry grows, more people are introduced to the possibility of business coaching as a legitimate career path. Secondly, if you’re a business owner and your competitor elicits the help of a professional coach, you could be exposing yourself to a competitive disadvantage if you don’t follow suit, and thus, the demand for coaches increases.
However, if you run a business coaching company, you are probably already aware of the competitive nature of your industry. This is precisely why it’s vital you do what you can to streamline your business so you can stand out from the crowd and scale your company to new levels. With that in mind, here are three ways you can do just that.
Take a business coaching program
It’s safe to say the last year has been one of the most challenging and unpredictable periods in recent history. All over the world, companies were forced to completely revamp the way they do business in order to meet the new demands of shifting consumer behavior, thanks to Covid-19.
As many coaches are finding it hard to adapt their businesses, now is a good time as ever to seek out expert advice and position yourself strongly in the market. Programs such as Clients on Demand offer tremendous value in helping coaches navigate these tough times, demonstrating the most effective ways to digitize your business and get to grips with the new world of remote working.
Granted, some industries are struggling more than others due to the lack of client interaction and social distancing rules; however, you will be surprised just how far the extra knowledge and expertise found inside these programs will get you.
Check out these client testimonials which are full of inspirational stories from coaches explaining how the programs helped them refine their strategies and business practices, which allowed them to thrive, even throughout the global pandemic.
Work with fewer clients
It’s very easy to fall into the trap of thinking that the more coaching clients you can get, the better. However, many experienced coaches will tell you that is the wrong way to go about your business. Why? For starters, the busier your schedule, the more pushed for time you’re going to be. No matter how good of a coach or how well organized you are, the quality of your service will eventually begin to suffer.
This is bad news for various reasons, but primarily because your reputation is your number one priority as a coach. Your ability to deliver results for your clients is your biggest and best marketing tool, as a large portion of your clients may come to your business via word of mouth.
If you work with fewer clients, you can focus on delivering the absolute best service possible without having to cram in rushed appointments in order to meet the demands of your busy schedule. However, you may be wondering why you would take on fewer clients if it means you’ll end up earning a lower salary, which brings us to our next point.
Find the right price for your service
Most people struggle to earn a decent income as a coach, and the main reason usually isn’t anything to do with the quality of their service – it’s simply because they are undercharging.
Unlike selling a physical product, it’s much harder for coaches to determine a fair price for their service as most of the value is perceived. This uncertainty usually leads to people undercharging for their service rather than overcharging.
So, what’s the reason for this trend? Here are a few of the main culprits.
- Insecurity over the value they bring as a coach
- A lack of an understanding of the value of the outcomes they deliver for their clients
- A failure to understand how low prices can cause problems for the clients they are trying to help
- Mistakenly prioritize pricing as the most important aspect of their business
Unfortunately, getting over these issues is far easier said than done; however, it’s well worth your time investigating whether or not you can charge more for your service. Here are some tips on how to do that:
- Get super targeted with your marketing and try and attract the clients who are perfectly suited for your service
- Understand that higher prices make your service seem more desirable
- Know that you have the option to market yourself as a luxury service
- Charging more allows you to work with fewer clients, which means you can provide a higher quality service
- Learn how to increase the perceived value of your brand (this is where coaching comes in)
Additionally, to make things easier, you should consider condensing your service into a course so that you can clearly highlight the value of your service (rather than charging per hour). This has a number of benefits such as easier organization, a smoother learning experience for the client, potential buyers can see the learning outcomes in advance, and it gives a natural structure to your coaching.
With that said, not everybody will have the luxury of breaking down their service in this way, and if that sounds like you, just keep in mind the potentially amazing benefits of raising your prices, it may just be the smartest business move you could make.
