Two areas where many coaches struggle is in setting their rates and making the time to continue their own training. In this article we'll discuss these two critical success factors and how you can use them to grow your coaching business.
A common struggle for new or developing coaches is how to set your rates. Do you go with what other coaches in your area are doing? Do you offer something unique or additional that allows you to charge more? Do you even have the confidence to ask for what you're worth?
Your rate is your announcement to the world of your confidence in your skill set. You don't do yourself or your business any favors by being the best deal in town.
Sometimes your rate is the first announcement that you make to a potential client. They might hear about your rates from someone else or see something about your rate. What is it that you want them to hear? Your rate tells your truth.
With each appropriate rate increase I've had over the last couple of years,
I have attracted more ideal, ready, and successful clients. There's an absolute correlation between your rate and the type of clients you attract. The bargain hunters aren't generally going to be people you enjoy working with or see good success with.
A little tip for those of you who are already coaching- if 1 in 5 people do not question your rate, your rate is too low. It's really important from the beginning of your coaching to set the right rate. There's no benefit to you or your clients in offering the lowest price around, because it's not sustainable and doesn't allow you to do your best work with each person.
As your business grows, it's very easy to stop putting time into the things that got you there – your ongoing training and marketing. Being an entrepreneur takes effort and takes planning. Anything worth doing, success, takes work ethic, energy, and effort. Don't let anybody tell you it's easy. If you see a marketing program that says, "Oh, we show you how to make this all easy," it should be fun, but it's not effortless. It shouldn't necessarily be a struggle, but building a business is not easy.
I'm sure it's no surprise to you that some of the best basketball players throw 300 free throws a day. Championship water skiers take their first runs at 5 a.m. There are no Cinderella stories. Get clear about the time and energy it takes to build a business and get the results that you want.
I personally work at it every day. I get up in the morning, and I really think about what my plan is for the day. I think about marketing my business every day. In the beginning, I worked even more at it. Now I have a lot of things systematized, but the key to entrepreneurial nirvana is continually showing up. Action is that engine that drives all success.
Any coach, mentor, or adviser I've come across that has said they have the "entrepreneurial magic pill" that builds your business, I knew it was a fraud, plain and simple. Growing your business will always take effort, but it doesn't mean you have to struggle. In fact authentic marketing should naturally flow out of who you are and your excitement about the work you do.
Be really clear what your training schedule is going to be for growing your business so you leverage your time for the biggest results.
Whether you're just starting a coaching business or already have one think about these two critical success factors and how you can use them to grow your coaching business.
