Business coaching is a fantastic career choice if you love working with people. And NOW is the best time to consider a change. Business coaching is a huge $11 Billion industry, growing at a blistering pace of 5.1% a year.
Now YOU can join this booming industry. That’s because, with the right training and personality, it’s possible to make as much as $100,000 to $300,000 per year as a business coach, with billable rates ranging from $2000-$4000 per Month.
So how do you do it? See the three steps below…
- Find a Business Coaching Curriculum
If you already have experience and want to build your own training system, that’s great. Most people, though, want to piggyback on the experience of others and simply adapt an existing curriculum.
To do that, look around for effective, step-by-step programs that help you solve common business problems quickly and efficiently. One such program is found at http://www.coachmarksteinke.com/
This is absolutely critical. Without this kind of methodology, you’ll never retain clients long enough to make an impact in your local market.
- Market Your Way to Prosperity
The next step is finding clients — and it’s what scares new business coaches most. Don’t be intimidated; it’s not hard when you know how. Here at Focal Point we have over 50 marketing strategies that will help you grow your business coaching business.
Here are seven that I have found to be effective in my practice:
- Networking. Here’s what you do. Make a list of your 10 most trusted friends and colleagues. Ask each of them for 10 referrals. These will be some of the warmest leads you’ll ever get.
- Workshops. This is where you determine a hot business topic such as: Are you wearing too many hats? Do you want to raise your revenue 130% in one year? Where are you on the Sigmoid Curve? Then invite business owners to show them how to implement these strategies in their business.
- Internet Marketing. Use your website as a lead-generation and sales tool. Give away a FREE report on business growth secrets, then call people who download it. Offer your leads a complimentary coaching session and close the sale!
- Direct Mail. Send postcards or letters in the mail to business owners. Invite them to contact you for a complimentary coaching session. Use emotional copy and messages. For example: “Tired of not seeing your family because your business can’t run without you? Here’s how to increase your revenues by at least 72% in the next 12 months…”
- Telemarketing. Use the phone — love the phone! Talking to business owners for a few hours each day can make you millions of dollars. Hate cold calling? Hire a telemarketer vendor to book phone appointments for you, then call them back to conduct mini coaching sessions.
- Referrals. Eventually, your existing clients will be your most consistent source of new clients. Always ask for referrals, then pay them 10% of each new client they send your way.
- Strategic Partnerships. Find other businesses and professionals who serve your target market — attorneys, CPAs, and so on. Set up a relationship where they recommend your services for a piece of the action. That makes it a win-win-win! If you do this right, these professionals will actually bring you into their boardrooms to sign their clients for $2,000 to $3,000 per month.
- Systematic Execution of Your Plan
Do you have your curriculum and sales and marketing strategy? Now it’s time to execute.
Find an experienced mentor or your own coaches’ coach to make sure you stick to your plan. Join a mastermind group and report your progress to your peers. Having people who hold you accountable will make all the difference in the world to your ability to be successful. Do these three things, and you can establish a 6-figure business coaching practice in less than a year.