I am just learning my way around linked in, and i am enjoying the groups far more than I would have thought. Making real connections with real people and I look forward to contributing in far greater ways.
I thought I would share a brief exchange about building a coaching business.
This is a great example of if you are willing to give you can create a tribe and following easily!
RACHEL • Jay, I wrote you a long message, but then realized that perhaps I should just go ahead and lay it all out here for the good of others who are in the same place.
So here’s what I sent you. A private reply to any of this is great, as is a public exchange.
I’ve spent a little time on your website, and I think I’m getting a better idea of how it is you generate the kind of revenue you do. It seems like you’re operating on a large scale–lots of products, programs, webinars, services…how does one person do so much?
I would absolutely LOVE to do public speaking, workshops, seminars…and I know the importance of having a product to sell, but feel like I barely have time to write decent articles. But I’m a bit of a purest and don’t want to outsource things like blog entries and articles.
I network a lot, have a website/use AdWords/FB and twitter, and I have a profile on one referral network….it has become clear to me in a VERY short period of time that this is not my ticket to a thriving practice.
I’m less than 60 days into my own business, and I have one client. Some fellow entrepreneurs are impressed with me, but it’s not enough for me on any level–financially, professionally, emotionally. It seems unfathomable to me that I could go from one client to making six figures in 6 months…I would be thrilled to make $30K inside a year. I do NOT believe in thinking small, but I think I am acting small.
I’m looking forward to what you will share in the forum or with me personally (when your schedule clears a bit, of course). I know that none of us works for free, so while I don’t expect you to give me all your secrets for nothing, I would be so grateful for a hint, a clue, a nudge in the right direction!
-Rachel
Jay Fiset • Part 1
Hey Rachel, I finally have a bit of space to respond, I am happy to help as A) I have been there and B) there are far too many talented and capable coaches out there struggling.
The topic of business building is huge and will take a few posts to do any sort of justice to but here goes with the headlines.
1) Design a business MODEL that works, I truly believe that most coaches are doomed to fail (or at least substantial struggle) by not designing a real business model. Getting some training/certification and printing cards and getting a website is NOT a business model.
No one would dream of building a house without hiring an architect or draftsman to design and draw what will be built, based on how it will be used, who and how many people will live there and what they want their relationship to their environment to be.
Yet every month all over the world new coaches are certified and sent into the world to “print their cards and get their website up and running” it is almost like a ritual to prepare the virgin for sacrifice at the alter. Ok I am getting a bit mellow dramatic but it is not far off the mark. The % of success in this business is not great considering all of the gifted talented and caring people that are attracted to it.
BTW Rachel, the fact that you are new to this can be a significant advantage, you only have one client you have time to create a model that works for you. One of the big issues is that many people become marginally successful with a full one on one practice and then do not have the time to actually build a business they are too busy servicing clients and hitting their head on the ceiling of to make more $$ I must work more hours and there is no time for business building they are just stuck in delivery using a model that traps and limits them.
So on to what to do about this I firmly believe that investing on the development and perfecting (as much as possible LOL) a business model is the most significant job of any entrepreneur so lets start there.
The 6 basic business model elements are as follows:
1) Lead Generation: The MOST COMPLEX and the area that seems most ignored or at least poorly strategized by most coaches.
2) Conversion: You must have a system for filtering the right clients, creating TRUST and INTIMACY, this is one of the major differences is in our business exists “traditional marketing” does not address trust and intimacy to the degree necessary to make conversion easy.
3) Delivery: This is the easiest part of the model, so ouch so that most coaches get caught here…it is a trap, BEWARE!!!
4) Continuity: Your clients need long term support and you need consistent income, so what will your long term offering be that provides both? You work far to hard and long to create a client put them on something consistent. Think memberships, consumables, ongoing education.
Jay Fiset • Part 2
* Ladder of ascension: You MUST have different product offerings at different price points from low $$ digital products to high end premium one on one coaching, and do not space the rungs on the ladder to far apart. over and over I see people trying to jump from a free downloadable ebook to a $2500 coaching program. It can work, but it will be easier if there was a closer rung like a $497 intro.
* Viral coefficient: While this is #6 it is actually a process that must be embedded into every single other element of your model and if you can do it well, you will have a business machine that literally generates leads for you. If you can get to 1.4 VC your business will grow exponentially!! This means that for every client you acquire they deliver to you1.4 more people. It is doable but MUST be designed into your model.
These elements must be considered within the context of these 2 vital filters
* How much do I want to earn/create/contribute
* How much do I want to work
When a business model is structured properly, you can choose how many clients at what price point and press the gas peddle of your business to create clients and CASH!
This is a BRIEF outline but I hope it helps. I wrote this for Rachel, but I am open to any feedback, comments and questions from anyone.
I am off to Vegas for a couple of speaking engagements.
I will respond as soon as I am able.
If you what more info or to follow me check out.
http://www.jayfiset.com
Jay
RACHEL • Wow…this is a lot of priceless information. My wheels are turning at full speed. It makes perfect sense, and especially having products at different price points–no doubt that makes conversion easier. I’m woefully behind on all six of these aspects of the business plan. Suddenly my business plan (albeit more comprehensive than business cards and a website) seems like something scratched on a cocktail napkin! Thank you for sharing your knowledge about how to get started right…and you are absolutely right about my having an opportunity to get things in place before I get bogged down by too many clients at too low a fee. You really went the extra mile in sharing this kind of information, and I am very grateful.
Good luck in Vegas. 🙂
