Creating a Viable Coaching Business
You may know someone who has become a coach because they’ve given others advice and are good at it. They may have fallen into coaching or consulting, and now they are trying to figure out how to make this a sustainable business. They may be trying to figure out how to build their online presence.
Many people join my Persuade to Profit program when they reach this spot. When they join, I hear many stories from what they’ve encountered with previous programs online. I listened to a story from a new member this morning, where she was a part of another business training program, and the sales tactics that they were teaching her were all about manipulation.
The process was built around emotionally fucking with people. That is something that I see in the industry all the time. There are many narcissists out there trying to fuck with people in the coaching industry. And I want to be very clear that it’s not how I teach sales.
I think it’s fucked up that there’s coaches out there teaching people how to manipulate other people. That’s one of the things that’s pissing me off. Another thing that’s pissing me off is selling programs to beginners or marketing programs that are too advanced for new entrepreneurs.
Companies selling these types of packages usually don’t have a system or a structure in place. They have people getting into steps and levels that are over their heads. Sometimes, they don’t even have a product.
They don’t walk people through a market research process and don’t help their clients create offerings. When they work with their client to develop offerings, it’s solely based on one-on-one work, but then that turns into a trap later. Another mine they layout for clients is they give half of the information you need to upsell you on the other half you need to be successful.
How Sales Is Taught
The way that I teach sales is based on solving people’s problems. When you solve other people’s pain points, money is exchanged. You’ve got to find out your potential client’s issues and what fears they possess without the intention of manipulating people.
Set Your Company Foundation to Scale
Number one, I want you to start thinking about now is setting the foundations to scale. I want your business to be built on cement, not quicksand. In Persuade to Profit, we walk you through these foundations.
First, we have to systematize your knowledge. How do we turn your expertise into a product? How do we start building things from the beginning? You don’t have to be so actively involved from the get-go. You don’t want to create another prison or create another job for yourself.
Your Company Needs to Have a System
I would keep in mind that you need to have a system, and it doesn’t need to be an overcomplicated system. Build your first system, which could be as simple as social media followers to an email list to call to sale.
To be successful, you need you to have your whole system built out. Put processes in place you can start building upon. Once you have that, then we can talk about higher levels, such as scaling strategies.
If you jump into the higher level stuff without having the foundation first, you’ll find yourself overwhelmed. It’s quite simple in the beginning, and it should be simple in the beginning. Next, please start taking money seriously.
Why You Should Take Money Seriously
From the beginning, people are in business to make money, period! Some people get mad when I tell them they have to make money. I run a business, and I plan on helping a ton of people, which requires many resources. It would be best if you thought about this big picture from the beginning of your enterprise.
Many people do their business because they like it, but that’s not a business. That’s more of a hobby. So do you have an expensive hobby, or do you have a company? If you have a business, there is a focus on money and revenue.
I want you to start thinking about what types of resources you are going to need for the future because I want you to avoid problems in the future. I want you to start thinking about pricing yourself for profitability from the beginning.
Be Careful NOT to Devalue Yourself
I see a lot of new entrepreneurs undercharging for their services. When you do, you are devaluing yourselves. Make a list of everything you’re doing for your clients, and when you realize how much you’re charging, you know you’re not making shit. This is why you have to price for profitability, and you have to do it from the beginning.
If you don’t price for profitability, you’re going to have cash flow problems down the road. You’re not going to pay yourself and will most likely again, trap yourself by the time you get to six figures.
Create Business Goals Beyond One Month
I know one of the mistakes I used to make is I would think like a month to month. I want you to go beyond that and think about how much money you want to be making in a year? What do I want to be making in 18 months? Next step, start wrapping your head around when to hire help.
When You Should Hire Help for Your Business
What are those indicators? When are you going to be ready to do that? And again, it’s not going to be in the beginning, But it’s something that I want you to keep in mind. It’s something that I want you to be aware of as you’re starting so that you build the foundation to build a business.
Build a company that you can take a damn break from when you want. Build a business that’s a joy to work in and work on. Create a profitable company that helps many people and a business that pays you well.
Your Successful Business Isn’t Successful If You Can’t Pay Yourself
I want to be very clear about something if you’ve built a “successful business,” and you are working 24 seven, have no time to yourself, and can’t even pay yourself a salary, something is off.
I’ve had many conversations with mostly women business owners who are in this position. When asked about their business, they say they are “OK” or “doing well.” They’re making $10,000 a month, but their profit is only $2000. Additionally, they’re working 24 seven.
Bring Awareness to Your Business Lifestyle
I’m not here to judge you about how you manage your money. I want to bring to your awareness of the business lifestyle you are choosing to live. If you’ve built a successful business, but you can’t take any time off, and you can’t pay yourself a salary, then you can’t call that scenario a success. You’ve created a prison for yourself. Here are key indicators that you are not successful and how you can start to change your business situation.
Key Indicators Your Business Isn’t Successful
I noticed a common factor for people who are in this situation – they only offer one on one work. You’re stuck doing one on one work and haven’t taken the stuff that’s in your brain and turned it into a scalable product. Start thinking about how you can scale your business and what needs to get done.
The other thing I’ve noticed when I speak to people in this space is they can’t tell me what their customers or processes are that they have in place. Simply, when there’s no system, there’s no process. You don’t have a workflow to move people through. Your work becomes overwhelming, you can’t track anything, and you don’t know where your money’s coming from next.
Being in Business Isn’t About Working 24/7
We are not about overworking, regardless if you just started your business or if you’re already bringing in six figures. We’re talking profitability and scalability from the beginning. Build something that you can pay yourselves without having to do everything for your business.ay yourselves without having to do everything for your business.