With only 46,000 coaches across the world and an ever increasing demand for high-quality experts, it should come as no surprise that coaching is one of the most lucrative business models in the world.
And when you consider the nominal overhead and the ability to scale exponentially, it should also come as no surprise that coaches enjoy higher profit margins than just about any other type of entrepreneur.
Just because coaching is an incredible opportunity doesn’t mean that everyone knows how to capitalize on it.
Of the thousands of coaches in the world, only a small handful have successfully broken out of the Matrix and created a sustainable and profitable business in the industry.
Why is this?
Because the marketplace has been flooded with advice from so-called “Gurus” who’ve never built a real business for themselves.
Everywhere you look different experts give you conflicting advice that leaves you frustrated and stuck in a glass case of confusion.
You can see the result that you want but you have no idea how to break through the barriers in front of you and actually achieve it!
Trust me… I’ve been there.
I struggled for years to build my coaching business.
My podcast had millions of downloads, I had a massive email list, and a growing social media following and I still had less than $15 to my name!
I almost gave up on Knowledge for Men and returned to the corporate world.
But luckily, I fought my way up from the bottom and created one of the largest and most successful men’s coaching companies on the planet.
In the past two years, by carefully applying proven systems and replicable processes, I was able to grow my business to 7-figures, build a podcast with more than 5,000,000 downloads, become a 3X Amazon best selling author, sell out live events, and live the life of my dreams.
It wasn’t an easy road, but it was worth it.
And today, I’m going to help you build your coaching business by sharing the three common pitfalls that hold back most coaches.
These three traps kept me stuck and stagnant for years, but once I overcame them, my business’s growth was exponential and my lifestyle has changed more than I could ever imagine.
If you are willing to take action on what I’m about to share with you, you will be able to “shortcut” your way to success and build a profitable company that you love.
It won’t be easy, but it will be worth it.
Let’s dive in.
1. You’re Amazing at a Skill But Have No Idea How to Teach it to Others
Have you ever noticed how some of the most successful coaches in the world aren’t necessarily better than the people that they are coaching?
Michael Jordan’s coaches wouldn’t have stood a chance against him on the basketball court.
Connor McGregor’s coach couldn’t last one round with him in the Octagon.
And Bill Belichick wouldn’t be able to outplay Tom Brady if his life depended on it.
Yet these coaches were all at the top of their field and some of the most highly paid and respected experts in the world.
How is this possible?
Because they mastered the skill of coaching other people!
Yes, it is important that you have a strong understanding and mastery of the skill that you are trying to teach.
Just because none of the above coaches weren’t talented in the sport that they were coaching doesn’t mean that they didn’t have mastery over the mechanics of the sport and your coaching business is no different.
But being a master of a skill is only part of the equation.
Once you prove that you know how to get results in your own life, you must learn how to help other people get results.
And this is an entirely different ball game.
You must learn how to persuade and influence others. You must learn how to ask powerful questions and lead your clients to victory without giving them the victory.
You must learn how to connect with your clients and coach them effectively. You must learn an entirely different skill set (coaching) in order to successfully share your existing skill set!
However, if you are willing to take the time required to become a master coach, you will be able to help your clients generate unbelievable results and achieve a level of personal success that you can only dream of.
So how do you actually get started on improving your ability to coach others?
While dozens of books have been written on this topic, I’ve found that for most coaches, the simplest way to improve their craft is as follows:
1) Read, Read, Read, and then Read Some More
I probably read more than 400 books since I started Knowledge for Men.
Until I built my business to $500,000/year, I was reading every single day, constantly searching for those one or two “Golden Nuggets” that would allow me to accelerate my client’s results and my own reputation.
If you want to become a better coach, start by reading more (here’s a good list to help you get started).
Review a wide variety of topics from influence to evolutionary psychology to NLP to self-improvement.
The more you know, the better you equipped you will be to handle the plethora of challenges that come with being a virtual coach.
2) Hire Your Own Coach and Observe their Tactics
I didn’t consider myself a truly great coach until I’d hired and experienced coaching for myself.
I once spent more than $6,000 on a sales coach when I was struggling to convert leads and, not only did this coach help me 10X my profits, he also demonstrated several important tactics that helped me understand the mechanics of successful coaching.
Until you’ve experienced coaching first hand, you won’t have a reference point for your own practice. If you haven’t done so already, I strongly recommend that you find a coach, record your calls, and take notes about how they interact with you.
3) Understand that Coaching Isn’t About “Telling” It’s About Listening
Most people think that coaches tell other people how to do things. But they couldn’t be more wrong.
A good coach will speak for maybe 10% of a coaching call. But they will ask such powerful questions that their client will feel like they got their money’s worth and then some.
Successful coaches understand that you can’t help someone transform by yelling at them. You need to take someone by the hand and guide them to uncovering the answer for themselves.
If you’re interested in learning more about how to ask powerful questions that give real value to your clients, I recommend checking out the book The Coaching Habit by Michael Bungay Stainer.
With these three tactics, you will stand head and shoulders above other coaches in your industry.
You will have a better understanding of not only what to tell people but how to say it in a way that helps them get results.
And once you’ve overcome this pitfall, it’s time to overcome your second hurdle.
Marketing and lead generation…
2. You Don’t Have a Predictable and Repeatable Way to Generate Qualified Coaching Prospects
Most coaches employ a rather ineffective tactic that I call “Hope marketing”.
Here’s how it goes…
8:00 a.m. Open the computer and check inbox to see if new clients have reached out to them
8:15 a.m. Start sweating profusely once they realize they don’t have a single lead
8:16 a.m. Get down on both knees and pray that someone will reach out to them
8:17 a.m. Check social media to see if their prayers have been answered
8:18 a.m. Accept the fact that they have no leads and proceed to waste the day watching cat videos and playing Fortnite
They operate their business without any proven systems. They simply hope that they will somehow be able to convince a few people to fork over $500/month for their services and when that doesn’t work, they hang their heads and accept failure.
If you want to become a successful coach making multiple six figures per year, this simply won’t cut it.
You can’t operate your business without a proven system for generating qualified leads on demand.
Which means that there is some good news and some bad news.
The bad news is that there are thousands of different systems and strategies for generating leads, from:
- Video marketing
- Social media
- Paid advertising
- Guest Blogging
- Self Publishing on Amazon
And that’s just the beginning.
The issue is that, while all of these tactics work, they aren’t all created equally. You need to get the sequencing right and focus on the big rocks first.
So many people waste months or even years of their lives by spinning their wheels and focusing on outdated and ineffective tactics.
In reality, you can create a wildly profitable business with only 2-3 channels of marketing and lead generation.
In fact, from my experience, the coaches who succeed at the highest levels are the coaches who are the most selective with the types of marketing they will use.
And that’s where the good news comes in.
I know what it’s like to struggle with lead generation and I’ve felt the pain of operating a business on “hope marketing”.
So I decided to put together an exclusive online training where I’ll show you the simplest way that you can generate dozens of qualified prospects that are ready to buy every single day.
The system I’ll share isn’t a “Get Rich Easy” scheme.
It will take hard work and a willingness to be open to new ideas, but if you’re willing to show up and put what I will teach you into practice, I promise you that I can help you grow a successful coaching business faster than you ever thought possible.
3. You Have No Predictable Sales Method for Converting Prospects into Paying Clients
Even if you are among the top 1% in the world at your particular craft, have an incredible ability to coach and help others, and a wicked effective marketing campaign, you still won’t be able to build a successful business if you don’t understand how to succeed at sales.
Without the ability to sell your prospects on your service, collect their credit card information, and get paid, you will never earn real money as a coach and never create the lifestyle and freedom you desire and deserve.
The problem is that most coaches are wildly ineffective at converting new prospects.
Every time they book an appointment, they operate off the cuff making different offers, quoting different prices, and basically making everything up on the spot with no regard for what’s worked in the past.
They don’t have a predictable system for converting clients so they have no idea how much they should spend on marketing and their business ends up feeling like a game of Roulette at a Las Vegas casino.
If you want to become a highly paid coach, this simply won’t cut it.
You need to have a proven process that converts prospects at a high rate.
You need to know how to ascend and descend prospects to different coaching packages based on their energy and enthusiasm during the first phone call.
You need to to have a system!
Although I don’t have the time to give you a blow by blow guide to increasing your conversion rate, here are a few quick tips for improving your sales process and cashing the big checks.
1) Have a Pricing Table and Stick to It
As a coach, it’s easy to allow the emotion of the moment to convince you that you should give a discount or offer special rates to prospects because they’re struggling financially.
If you don’t value your time and energy, neither will your client. I’ve had clients who’ve taken out loans to hire me before and they were always far more motivated and action-oriented than the clients with whom I had a special deal.
When you don’t value your services at the highest level neither will your client. And if they don’t value your services, they won’t get results.
And when your clients don’t get results, your coaching business fails. Period.
Create a solid pricing structure based on the amount of money you believe your coaching is worth and don’t waver on it no matter what. If a client is serious about working with you, they will find a way to come up with the money.
2) Remember that You’re Helping Your Client
Often times, I’ll talk with coaches who feel guilty about charging for their services… Which is absolutely insane!
Do you get angry when you go out to eat and have to pay for the bill and tip the waiter? Of course not!
Do you get pissed off when you have to pay your rent every month? I certainly hope not!
You don’t get angry about spending money on these things because they provide value for you.
So why should you feel guilty for charging your clients so that you can help them overcome their obstacles and live a more amazing life?
As long as you are helping your clients and delivering results, you can feel confident in yourself and your price. Never forget that your clients want your help and they are willing to pay you.
Never feel bad for charging a fair price.
3) Create a Sales Script, Optimize It, Then Follow It
I have about 6 sales reps working for me right now.
Every time they pick up the phone they know exactly what they are going to say. They know how to handle objections. They know how to ascend or descend a prospect to the appropriate coaching package. And they know how to ask for the sale.
They don’t get on the phone and wing it. They have a proven script that they follow each and every time.
If you want to become a successful coach, you need to create a simple and powerful script that you optimize continuously until you have a conversion rate that works for you and your business.
The more consistent you can be with your script, the more confident you can be about your conversion rate, and the more effectively you can market and scale your company.
The world of virtual coaching is changing and the days of sloppy coaches managing to find success because of high demand are starting to fade away.
If you cannot create a proven system to find, convert, and successfully coach new prospects, you will be out of business and back in a cubicle by the end of the year.
I know this isn’t a “nice” thing to say, but it’s the truth.