178: How Can Coaches Work Less and Earn More Profit?
This episode is inspired by an excellent question a coach asked me. And I love answering your questions so ask away. You can ask me easily from my website contact page. Start by finding the full transcript for this episode at prosperouscoach.com/178 and then enjoy all the resources waiting for you there.The simplest, least expensive business model for coaches is to offer a high-ticket one-to-one VIP Signature Program geared towards helping your target audience solve the big problems that have been in the way of achieving their big goal.Oh, how I wish I had started my coaching business this way in 1997 when I finished certification! It would have saved so much frustration. I would have earned more faster and not wasted so much money trying all sorts of other business models.2 Big Mistakes Coaches Make That Are Easy to FixThe two biggest mistakes I see new coaches make are:1. They aren’t serving a big enough problem, which keeps the coach from earning enough.2. They offer too many options to prospects, which keeps the coach from earning profits. They run themselves ragged trying to enroll clients and lose profits because their expenses are high.There’s a difference between revenue – the total of all your sales – and profit, which is what’s left after expenses and taxes are subtracted from the revenue. You want to be focusing on profits so you can use that as you’d like to for you and your family. I would love to save you from making those 2 mistakes that I made in my coaching business.If you haven’t heard them yet, I recommend you listen to 2 earlier episodes -- Episode 65 – Are You Solving A Big Enough Problem In Your Coaching Business? and Episode 66 – How to Describe Your Coaching Program Without Selling Coaching.The business model I recommend to my clients is the model I have for my own business now. Profits are high, expenses are low and I work with clients only 3 days per week. That means I have a lot of discretionary time.With this simple business model:· You don't need big coordinated marketing campaigns or to be an influencer on social media.· You don't need a Virtual Assistant to help you with all the tasks because admin is minimal. · You don't need a bunch of software programs with monthly fees.Your business can be simple, delightful, fun and relaxed.Don’t get me wrong. I’m not saying that building a coaching business with this business model is easy. There are lots of things to learn. Lots of tasks to pull the foundation together. It starts with choosing a viable target audience and doing interviews to learn what they want so much they’ll invest highly to get it.But all of that Rhonda Hess helps new coaches leverage their zone of genius into a profitable coaching niche and launch with confidence. For VIP step-by-step support apply for Rhonda's VIP Coaching Business Breakthrough Program here and she'll be in touch to invite you a discovery call. Or if you're stuck on your coaching niche, grab a Nail Your Niche Strategy Session with Rhonda here.