Have you ever wondered why such a high percentage of graduates from accredited coaching programs leave the profession in less than two years, and why so many coaches struggle to make ends meet?
The sad reality is there are three things your accredited coaching school didn’t tell you about how to thrive financially as a coach. Find out what these three things are, and what you can do about them to end the struggle and catapult your coaching profits.
Three Costly Mistakes Coaches Make
1. Charge too little.
I know, I know. When you first start out, you’re told to price your services low to attract clients. In theory, this sounds good. In practice, however, you’re shooting yourself in the foot.
Here’s why: When you charge next to nothing for something, your market perceives the value of your product or service as being too low. That translates into your value as a coach also being viewed as low. The same with giving something of value away, without asking anything in return. The likelihood of it being appreciated or used is low.
Why is that? There’s an energy of lack associated with charging too little for your coaching services. Often potential clients who seek out the lowest priced coaching services aren’t looking for the highest return on their investment. They’re coming from a place of lack and looking for the cheapest price.
And here’s the rub. Those very same clients who congratulate themselves for shopping around and finding the lowest-paying coaching services are the same ones who will turn around and demand the most from you. They will repeatedly cancel appointments, have a thousand-and-one excuses for not completing their homework, call in-between appointments with crises, and inundate your in-box with questions.
If you are feeling desperate to fill your coaching roster that’s exactly the kind of client you will attract to you – desperate.
2. Provide only coaching services.
One of the biggest mistakes coaches make right out of coaching school is to focus exclusively on setting up their coaching packages. The problem with this is that coaching packages are typically the highest priced services in a coach’s arsenal.
So what happens if you are a new, inexperienced coach and you start promoting your coaching at the $300 – $400 per month price range? Do you think people will happily turn over their hard-earned money just for the opportunity to work with you? Of course they won’t.
People don’t trust what they don’t know. If you are an unknown entity fresh out of coaching school, you will have to create multiple price-point options for your potential clients to choose from, in order to make a living as a coach.
What that means is that you will have to create services AND products that are lower on the price-point scale. This will give your potential clients the opportunity to try you out and get to know you through your lower-priced products and services, before they sign up for one of your higher-end coaching packages.
3. Create passive revenue income.
Yikes, what is she saying? Creating passive income is a detriment? How can she be saying that? Passive income is all the rage! You’re right, it is. However, it’s not for you, at this time. Here’s why.
When you’re first starting out as a coach, you want to create leveraged, not passive revenue income. Passive revenue means: create once; sell once.
Leverage revenue, on the other hand, means that you put in a certain amount of hours and you get a very, very, very good return on your investment over time. Leveraged money can increase the amount of money and the amount of profit you can make from your product. Leveraged revenue means: create once; repurpose multiple times.
That’s why it’s so important to create both services and products at multiple price-points that you can leverage multiple times in multiple ways.
I’m not here to bash what they tell you in coaching school. In fact I think coaching schools, especially the accredited ones, provide much needed valuable guidance, insight, and information. However, if you want to actually make a living as a coach, and not have to supplement it with outside resources, then you must look beyond what they are teaching your in coaching school. The three things you have learned in this article will give you a jump-start on making your dream a reality, and get you well on your way to building a business that provides you with the lifestyle you want.