As a coach, you play an essential role in helping others achieve success, be it in their personal lives, careers, or businesses. However, to make a real impact in people’s lives and/or businesses, it is crucial to continually grow and scale your coaching business.
Over the past three years, we have seen thousands of all types of coaching businesses. Many are in the normal life coaching and business coaching niches and countless sub-niches within them. And we have seen our fair share of coaching niches in the category, “We would never have thought of that in a million years.”
Scaling Your Coaching Business From $0 to $10,000+ Per Month
Congratulations! You received your certification and/or took some courses to learn how to get your idea for a coaching business from idea to fruition.
Below are just a few action steps to ensure that you have a proper foundation for your business:
A. Develop a strong brand identity: Your brand should reflect your unique coaching approach, values, and expertise. Invest in a professional website, logo, and marketing materials that clearly communicate your value proposition and attract your target audience.
B. Choose a niche (if you haven’t already): Focusing on a specific target market or problem area will allow you to become an expert in your field, making it easier to attract clients and differentiate yourself from competitors.
C. Create valuable content: Share your knowledge by creating blog posts, videos, podcasts, or webinars. This helps to establish credibility, build trust, and generate leads for your coaching business.
D. Leverage testimonials: Ask satisfied clients to provide testimonials or case studies to showcase your coaching effectiveness and generate social proof (video and written).
E. Implement a sales funnel: Attract prospects through content marketing, nurture leads via email campaigns, and convert leads into clients using targeted sales conversations.
For example, as a life coach, you could specialize in helping busy professionals find a healthy work-life balance. You could write blog posts about stress management techniques, offer webinars on time management, and use testimonials from clients who have successfully regained control of their lives.
Scaling From $10,000 Per Month to Six-Figures and Seven-Figures
Here’s a key thing to keep in mind…
The skills it took you from $0 to $10,000 will not be the same skills that take you from $10,000 to six and seven-figures.
To build and grow your coaching business and reach new income levels, you need to grow, too.
Once you have built your foundation, your funnels are dialed in, you have all your marketing, support, pre-sales and post-stales systems in place, it’s time to SCALE.
This is where the rubber meets the road… Where the magic happens.
How quickly many coaches have scaled from $10,000 a month to six and seven-figures a month is to be commended.
There are not may businesses or business models where one can create and experience such stratospheric growth so quickly. (Not to mention, our financing services for coaches will help you reach your revenue goals faster.)
On a high level, a few things you can do to begin your journey to scaling your coaching business are:
A. Increase your pricing (optional): As your experience, reputation, and client base grow, consider raising your prices to reflect the value you provide. And as you increase your pricing (as an alternative you can keep your pricing the same and develop higher-ticket programs) , look for opportunities to add more value to your books, courses, programs, and training. And of course, don’t forget to position financing in your coaching business to expand your reach.
B. Develop a signature program or product: Offer a premium coaching package or develop an online course that allows you to scale your business by reaching a larger audience. You will find this is common with many (if not all) the six and seven-figure coaches. Remember, success leaves clues.
C. Build a team: Hire an assistant to handle administrative tasks and delegate responsibilities. Hire high-ticket sales closers to free you time enrolling clients so you can spend your time working with clients and creating more content. High-ticket sales closers will also free up your time to focus on higher-level activities, such as business strategy, creating events or retreats, and other higher ticket offers.
D. Strengthen strategic partnerships: Collaborate with other industry professionals, such as consultants, therapists, or fitness trainers, and others in your niche to expand your network and generate referrals. As you go into the scaling phase, it is not all about what you know, it very much is WHO you know. Network. Network. Network.
E. Optimize and automate marketing efforts: Use CRM systems, marketing automation tools, and data analytics to improve the efficiency and effectiveness of your marketing campaigns.
For example, a business coach could create a signature 12-week program to help entrepreneurs scale their businesses. They could then partner with local co-working spaces and business associations to offer workshops and seminars, thereby increasing their visibility and attracting new clients.
Why spend 1/2 of your time making appointments with prospects who are interested in your programs/offer when you can be investing your time on building your business and delivering more value?
If you are a new coach generating MORE than $10,000 per month and want to scale your coaching business, it’s time to get a professional appointment setter to get you the highest quality leads you can get for your business…
Scaling to an Eight-Figure Coaching Businesses
You’re rocking your business. You have multiple courses, several high-ticket offers, and you’re making the rounds and being featured in more podcasts and articles than you can count. Your business is rocking while all the dreams you’ve had for you and your family and yourself are coming to fruition.
You look at the dream board you created just a couple years ago and realize that you’re driving the car you wanted. You’ve been on the vacations you’ve wanted to go on. You’re living in the house you envisioned yourself living in. But… you realize that this is only the beginning. You’re just getting started.
Now that you’ve built your platform, you realize that NOW is the time for you to really shine. It’s time to positively impact more lives. It’s time to make bigger differences. And it’s time for you to take your business and your life to the next level. Some things to consider in this phase:
A. Diversify your revenue streams: Add new products or services, such as group coaching, memberships, or mastermind groups, to reach a broader audience and increase revenue.
B. Leverage technology: Create an online platform or mobile app to automate coaching processes, track client progress, and deliver resources, such as video lessons or e-books.
C. Expand globally: Develop a multilingual website, hire international coaches, and create region-specific marketing campaigns to reach a global audience.
D. Invest in personal and professional development: Attend industry conferences, participate in mastermind groups, and seek mentorship to continually improve your coaching skills and stay ahead of industry trends.
E. Measure and optimize: Track key performance indicators, such as client satisfaction, revenue growth, and lead conversion rates to identify areas for improvement and refine your business strategies. For example. a successful executive coach could develop a mobile app that offers personalized coaching plans, resources, and progress tracking for busy executives. By translating the app and marketing materials into multiple languages, they can reach a global audience and significantly scale their coaching business.
F. Develop a franchise model, licensing agreements, or offer certification programs: If you have a proven coaching system and a strong brand, consider offering franchise opportunities, licensing agreements, or certification programs to other coaches. This can exponentially expand your coaching business while allowing you to maintain control over your brand and coaching methods.
G. Build a thought leadership presence: Write books, speak at industry events, or contribute to leading publications to establish yourself as an authority in your coaching niche. This can lead to increased credibility, visibility, and higher demand for your services.
For example, a relationship coach with a successful track record could write a book on maintaining healthy relationships, speak at relationship conferences, and contribute articles to popular magazines. This will solidify their status as an industry leader and attract high-paying clients.
Networking and getting into exclusive mastermind programs is critical for this stage. If you have a $2500 (or more) program, already generate six-figures, and you want to scale to seven or even eight figures, this is how to make that happen:
Yes. It’s true. Coach Financing was at the last Mastermind event for coaches and high-ticket closers… and YES, we will be sponsoring and attending more in 2023. (Click button above.)
A couple of us at Coach Financing were at the last Mastermind and we got a chance to meet and hang out with many of our clients in Cabo. To say we had a blast is an understatement.
If you were there… you know what we’re talking about. 🙂
Where else could we go to meet and mingle with tons of coaches generating 6, 7, and 8-figures in their coaching businesses?
In fact, Coach Financing was one of the main sponsors for the event. Several of our staff will be at the next couple of Mastermind events being held in 2023. It would be amazing to see you there and meet you in person.
Now keep this in mind… Every coach started with $0.00 in revenue. They had no clients. No courses. Just dreams and a determination to make their dreams come true.
No matter what stage your coaching business is at, it’s essential to continually invest in growth and development. By implementing the strategies discussed above in a very high level, you can scale your coaching business to new heights, provide real value to your clients, and make a lasting impact in your niche.
Remember, the success of your coaching business depends on your dedication to continuous improvement and your ability to adapt to an ever-evolving industry.
The coaching profession continues to grow rapidly, as does the need for coaching in general. We are about to experience some very interesting and exciting times due to massive advancements in technology. AI is a game-changer for all of us.
We predict that the need for coaches is going to explode as automation and AI creeps into many businesses of all sizes.
People will need to develop new skills, some may want to start their own businesses, and some may simply need coaching to wrap their heads around a world that just flipped and has become unfamiliar to them (if they weren’t staying on top of the latest innovations in their field).
AI is already making a positive impact on our business — and we are committed to stay ahead of the curve… until Coach Financing and the coaching profession as a whole is run by robots, anyway. But until that happens, the humans behind the scenes here are committed, dedicated, and excited to help you reach your business goals.
If you ever have clients who are unable to pay for your services in full, consider enrolling into Coach Financing so you can enroll more clients, make a bigger impact, and scale your coaching business faster.