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The Three Things Your Coaching School Didn't Tell You about Making a Living as a Coach
Have you ever wondered why such a high percentage of graduates from accredited coaching programs leave the profession in less than two years?
Have you ever wondered why so many coaches struggle to make ends meet on what their coaching business brings in?
The sad reality is there are three things your accredited coaching school didn't tell you. They never taught you about the three costly mistakes many coaches make. Find out what these three mistakes are and how you can avoid them. Learn the secrets that will help you thrive as a coach and catapult your coaching business into financial success.
Three Costly Mistakes Coaches Make
1. Charging 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 goes for giving something of value away without asking anything in return. The likelihood of your gift being appreciated or even used at all is low.
Why is that? There's an energy of lack associated with charging too little for your services. Often potential clients who seek out the lowest priced coaching services aren't looking for the highest return on their investment. They are looking for the cheapest price because they are coming from a place of lack.
And here's the rub. Those clients who pat themselves on the back for shopping around and finding the lowest price 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 between appointments with crises, and inundate your inbox with questions.
If you are feeling desperate to fill your coaching roster that's exactly the kind of client you will attract to you—the desperate kind.
2. Providing only coaching services.
One of the biggest mistakes new coaches make 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 services at the $300 to $400 per month price range? Do you think people will happily plop down 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 high-end coaching packages.
3. Creating 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 number of hours and get a very good return on your investment over time. Leveraged money can increase the amount of money—hence 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 valuable guidance and information. However, if you actually want to make a living as a coach without having to supplement your coaching income with outside resources, then you must look beyond what they are teaching you in coaching school.
The three things you've 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 coaching business that provides you with the lifestyle you want.
Copyright © 2009 by Susan L. Reid
Copyright ©2009 by Susan L. Reid, DMA
Intuitive small business start-up expert Dr. Susan L. Reid is the award-winning author of Discovering Your Inner Samurai: The Entrepreneurial Woman's Journey to Business Success, and business coach and consultant for entrepreneurial women starting up home-based business for the very first time.
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