Prosperous Coach Podcast

Today’s episode is about the intersection of 3 things that could raise your coaching business above the competition for clients. When you know what that intersection is and organize your business around it everything gets easier.

Find the full transcript for this episode at prosperouscoach.com/185.

Have you ever heard of the sweet spot? In your coaching business, your sweet spot is that place where you are reliably earning well for a unique service you provide that’s in high demand.

You are THE BEST at this specific thing and it is highly prized by your ideal clients, who look for, find you and hire you with enthusiasm.

You get a lot of satisfaction from helping others through your sweet spot. It makes your heart sing!

Now, your sweet spot is not coaching. It’s a lot more specific than that. It’s not your target audience or coaching niche either, although knowing and targeting those will help you get closer to your sweet spot so figure those out first.

Your sweet spot is the overlap between 3 things:

1.     What you are best at that makes you STAND OUT in the crowd

2.     That you also enjoy doing repetitively and can grow expertise in

3.     And that your audience highly desires and will readily invest in

All businesses, from solo businesses all the way up to big corporations, are trying to find their sweet spot in this crowded marketplace and make that part of their brand. You’ll see companies rebrand, change in dramatic ways and often narrow their focus to their sweet spot when they’ve found it.

This is niching at its best.

The Treasure Hunt for Greatness

Your sweet spot is generally not obvious from the start. It’s something you grow into.

In the early 2000’s I was struggling to attract enough coaching clients to sustain my business. Most coaches are intimately familiar with that struggle at some point. I think that’s because most coaches start too broad and try to sell coaching as if that in itself is something people want.

I was searching for answers in all the wrong places – purchasing training programs and enrolling in masterminds hoping to find what one of my clients calls his True North. 

I remember attending a seminar for coaches that was about finding that sweet spot. I left as frustrated as I started. The presenter kept pushing the idea of passion.

What’s your passion? What do you feel passionate about? What’s your purpose?

I didn’t KNOW! I felt so lost and ashamed that I couldn’t answer that question.

Years later I realized that was the wrong question for me. For some that language isn’t a good fit. Remember that when you’re coaching. Your client may need a different question or approach altogether than your previous clients. Not everyone identifies with purpose and passion. But it might be the right question for you.

Hear this … your sweet spot is not something that will be revealed on day 1 of your coaching business. It takes time to realize how you stand out in the crowd and what is second nature to you that is also something people really want.

Find more details about how to find your sweet spot here.

Want to explore possible target audiences, niches or sweet spots for you? Let's have a STRATEGY SESSION. I’d love to help you unlock this treasure box!

If you’ve never run a business before it can feel scary to charge enough to sustain you and also open yourself up to bigger opportunities. There are 4 mindset shifts to make. You can do this! Find the full transcript at prosperouscoach.com/184.

Fear of charging enough is one of the reasons why so many coaches close up their businesses before they gain traction. In other words … even as a new coach it’s critical that you learn to charge well for your services. 

Mindset Shift #1 — Investing is Empowering

After 23 years of working with clients, I believe with all my heart that when you charge well for your services, everyone wins.

It comes down to this … when people invest in themselves they get more out of the experience. When you charge prices that feel like an investment to your clients they will invest energetically into their own growth. It’s a win - win.

Whereas charging low fees is a lose - lose.

Don’t get me wrong … there is never a need to gouge people or be a mercenary. Simply honor yourself. Do what is right for you. Then you will embody your own vision of success. Realize that if your business doesn’t make it, you won’t be able to help others through coaching.

Think of times when you’ve invested in yourself from your own pocket. You were, in that moment, at the cause of your life rather than the effect.

And the more you focused on receiving the benefits from your investment, the more you evolved. It’s empowering in a life changing way. 

The reverse is also true. When you pay for something that isn’t at least a bit of a stretch there’s less intention behind the action and less attention to squeezing all the value out of that thing.

You also become empowered by earning. And I’m not talking about driving yourself towards a business that steals life away from you. I’m talking about feeling fulfilled while you ensure that you can stay in business. 

When you realize that you can earn well you step more fully into your personal power — it is part of self-actualization.

Hear this …  earning your livelihood as a coach takes nothing away from someone else, especially if you make sure that you and your offer stands out in the crowd. Niche down. Target a unique audience. Offer a Signature Program.  Things I teach my clients and more.

There is plenty for everyone. Your ideal clients will hire YOU because it feels right. And isn't that what we want?

Mindset Shift #2 – Own Your Right

I’ve met new coaches who question their right to have a business. If you haven’t already, start owning that right to:

·      Be in business for yourself

·      Earn well

·      Create, innovate and lead

Take your place in the world! Being a business owner gives you a unique opportunity to do things your way, work with the best clients, do what you really want to do. Yes, YOU can have this thriving business serving people.

Mindset Shift #3 – Factor In the Costs

To read about Mindset Shift #3 and #4 click here.

This episode is about how to focus your mind and prioritize your time in your coaching business so you can attract a constant stream of new clients and earn well. Find the full transcript at prosperouscoach.com/183 plus get my free download to help you ace your enrollment conversations.

When you’re in your first few years of your coaching business you are learning so many things. There’s the coaching process with clients, basics of running a business and all the marketing pieces plus client management.

It is challenging to keep your focus on the most effective things to bring the results you want. That’s often why results come slowly for anyone in startup.

Once you begin to get comfortable with most tasks – creating content, social posts, finding your audience and connecting in a more high-touch way – it’s time to turn your attention to the most strategic things you can do to earn well as a coach. 

Do Everything in Your Coaching Business with the Desired End in Mind

For too many years in my own business, I simply focused on crossing tasks off the list – doing what I thought I should be doing day to day and week to week. I was just hoping I would get some traction! 

Then, a more experienced coach and business owner told me to do everything with the end in mind.

That was a big AHA and I felt a bit foolish that I hadn’t been thinking that way all along. The desired end goal for me was attracting a steady stream of ideal clients that would pay me well. Isn’t that a goal for you as well?

So, I thought … what’s the metric that I should be paying attention to now that will help me most? 

When you’re in a service business every enrolled client requires an enrollment opportunity. So, getting prospects into Discovery Calls is the metric to focus the most on. And not just a Discovery Call with anyone but someone who is ready for it.

2 Mistakes Related to Discovery Calls That Coaches Make

There’s an ineffective and a much more effective way to have a free call with prospects. Most coaches I meet are doing what I did – the wrong approach and way too soon. These are the 2 mistakes:

1.     Putting a button or link on your website for visitors to sign up for a Discovery Session or Call with you.

Have you done this? Look, I get the impulse. You think “Time with me is my valuable free offer!”

That’s too much too soon! Timing your offers is important. And who besides coaches will know what a Discovery Call is or that they want it? So it’s not a good idea to wave that phrase around at this point.

A strategic lead magnet is a better free offer. Check out episode 124 called Does a Coach Need a Lead Magnet?

Learn the other mistake and why NOT to put up a free call on your website here.

Today’s episode is about earning more through a high-ticket coaching program that inspires enrollment. Find the full transcript at prosperouscoach.com/182.

I’m going to say something that may shock you … selling coaching by the session may keep you from earning more than few thousand dollars each year.

That was my sad story. So excited about coaching, after training I did what most coaches do, I started offering sample coaching sessions to anyone who would take one and enrolled a few short -erm clients at low fees.

My first full year of being a professional coach I earned $3000. I kid you not. The second year was not much better. People said they appreciated the sessions and got value but they weren’t excited enough about having a coach long term.

What was I doing wrong? I figured that out … later.

1.     I called myself a life coach and was trying to coach everyone about anything. The lack of specialty was not confidence inspiring.

2.     I was charging fees that were far too low, which conveyed a lack of credibility.

3.     And most importantly, the idea of coaching itself was not inspiring to prospects.

You see, most people don’t wake up and say to themselves “I need a coach!” And this is a big problem for coaches. It means that coaches have to convince people they want something they don’t already know they want.

Coaching feels like a hard sell and it’s not a strong position to be in. If you’ve been listening to me for a while, you’ve heard me say this before. 

You know it doesn’t mean that you shouldn’t be a coach, doing coaching and have it be your main skillset for your business. It just means don’t sell coaching.

 There’s a better way.

I made some changes to my approach, which made everything click into place:

1.     I narrowed to a viable target audience and did research to find out what BIG problems were in the way of their big goals.

2.     I created a Signature Program customized to exactly what my audience knows they want.

3.     I raised my fees significantly because the Signature Program was worth it.

Changing the perception is what made the difference. Perception is a powerful thing.

No longer was I giving sample coaching sessions and trying to convince a person that coaching was what they want. Suddenly, I and my program were perceived as credible and I could command higher fees.

Create a Customized Signature Program

This is why I help coaches create a VIP Signature Program that’s long term and customized to their chosen target audience. It’s a process that makes everything in your business congruent and powerful.

Coaches feel confident because they have something of value to offer that’s perceived as valuable to prospects. They learn to articulate what they do in meaningful terms and without the agony of trying to convince people to buy coaching. And they are able to earn more serving less clients each year.

There’s a better way.

To read the 5 steps to take to shift your business model to delivering a Signature Program AND see the example Signature Programs click here.

This episode is inspired by all the coaches out there heartfully doing things every day to attract ideal coaching clients and help them transform. Find the full transcript for this 181st free episode of Prosperous Coach podcast at prosperouscoach.com/181

Last week, a coach asked me to review the content she was putting out to attract paying clients — her podcast episodes, social posts and presentations. Her business hadn’t reliably taken off yet and she wondered if she was on the right track.

It’s smart to take a step back and look dispassionately at everything.

I was super impressed by her discipline. It was clear to me that she was DOING all the right things – daily social posting, building her network on LinkedIn, publishing an episode every week and getting in front of her audience with presentations.

Technically, everything was on track. She had all the processes down. She was taking all the right steps with admirable dedication.

What’s Missing in Your Coaching Content?

But there was something missing from most of her content … connection.

You know … not just words but words that land. Not just topics but topics that are top-of-mind for her audience. And not just words and topics but relating to the audience.

I want you to know this is a mistake a lot of coaches made. And, it took me a long time to figure out that just putting out content wouldn’t help me have a financially successful business.

It’s time to develop yourself as a savvy and authentic marketer. 

I know, I know you don’t want to market. Who does? But marketing effectively is simply about connecting on a level that your audience responds to.

Marketing Connects Your Ideal Coaching Client to You

Marketing is not an evil thing. You don’t have to lie or manipulate to attract clients. 

It’s about connecting the dots between you and your ideal audience. Create a beautiful customer journey for the right people to find you and the right people to connect with you. Your ideal clients. Your people. What Seth Godin calls your tribe. Check out episode 69 to learn about creating a customer journey.

The way that most coaches market is dry, soulless and lacks insight into their audience. And that’s only because the coach hasn’t put a focus on their audience.

Let’s talk about the first 3 developmental stages of a successful coach for a minute …

1.     First, there’s learning the skills and model of coaching. Some coaches stop here.

2.     Then, there’s learning how to develop a solid foundation for your coaching business. This isn’t trivial. It’s what I do with my VIP clients in my 5 month mentoring program Coaching Business Breakthrough. Some coaches skip over most of this. They throw up a website, try to sell coaching and flounder.

3.     Then, there’s learning how to speak to your audience in a way they can hear. The truth is it’s not possible to attract paying clients without this. 

Personally, I love this last part. I’m fascinated by human beings. I like to understand them. And I want to have a relationship with my target audience not just sell them stuff. 

Now learn about the 8 secrets to content that enrolls coaching clients.

This episode is about the un-mined gold in your coaching business. It’s also a Listener’s Choice episode, which means it’s popular with coaches. I’ve updated it because, you know … continuous improvement. Find the full transcript for this episode at prosperouscoach.com/180

Because I’ve studied the strategic art of niching and coaching niches for so long I’ve noticed something that no one is talking about.

There are niches within your niche that will serve you better than staying broad. There are layers. The surface is not the most exciting or lucrative layer. In fact, the most exciting and profitable niche is many layers deeper.

The Layers of Your Coaching Niche

When I work with my VIP clients we begin by discovering a niche ideal for them that’s a few layers down to something more strategic than where they started.

Let me give you an example … 

I had the pleasure of doing business mentoring with Maria Napatov, who helps stepparents transform family chaos into meaningful and harmonious co-parenting. Her brand is Synergistic Stepparenting and she has a valuable podcast of the same name. If you’re a stepparent or know a stepparent point them in her direction!

Let’s breakdown the layers of Maria’s niche:

·      First there’s the track — relationship coaching.

·      The layer beneath that is a more specific relationship — parenting.

·      Drilling that down further is the stepparenting relationship. You know those individuals have a whole set of challenges that other parents do not!

·      And then below that is the specific PROBLEM Maria helps stepparents solve — going from chaos to harmonious co-parenting. She’s created a dynamic Signature Program to help stepparents transform.

Do you see how SPECIFIC Maria’s niche is and can you imagine why that’s an advantage to attracting clients?

Doesn’t Niching Narrowly Mean You’ll Lose Opportunities?

Many coaches are afraid to niche more tightly at first. If you niche narrowly your friends and family might question your wisdom because they don’t get it. But their advice to broaden won’t help you.

You might be thinking … “But by narrowing in all those ways Maria is missing so many opportunities! She’s missing the chance to work with all types of relationships or all parents about any parenting topic.”

But actually specializing is a strategic thing to do.

The reality is this … in this competitive world coaches must grab attention from the larger service business pool not just from other coaches.

Broad Coaching Niches Mean Slow Business Growth

The broader your niche, the less attention you’ll get. The less attention you get the harder it will be to enroll paying clients. Think about how your scroll through your emails and your social channels. You scroll and scroll until something grabs your attention through RELEVANCE!

You will ignore what is not relevant. And so will your prospects. You know I’m right about this.

Read the full transcript and find out more about how to STAND OUT and become known for your coa

So there you are. You’re trying to choose your niche. You’re trying to write your web copy. Or maybe you’re trying to figure out exactly what you help your ideal clients accomplish in your Signature Program. And, I hope you are!

But you feel stuck. Fears and doubts are clouding your judgment. You are in danger of playing too small in your coaching business, which will cost you.

You are worried about promising too much. After all, who are you to take a client’s fees and make them believe you can help them achieve … anything!?

This 179th free episode of Prosperous Coach Podcast is about that worry that you might be promising too much. Get ready for a mindset shift! Find the full transcript of this episode at prosperouscoach.com/179

Experienced Coaches Don’t Worry About Promising Too Much

So first, all new coaches worry about over-promising. But experienced coaches don’t. What do you think is going on there? 

It’s certainly NOT because they soft pedaled the specific outcomes they help their clients achieve. Because coaches who stay safe in their messaging will not attract and enroll enough clients to survive in their business.

And it’s NOT because they are lying. You can’t stay in business long as a coach if you don’t operate from integrity.

So where is the line between what you can promise and what you shouldn’t promise?

Well, here’s the eye opener … don’t promise anything!

Both Coach and Client Have Responsibilities But They Aren’t the Same

I don’t promise my clients anything. I help them make smarter decisions and take more strategic actions.

You see, I can’t promise anything because ultimately my client’s success is not up to me. No matter how good my guidance is and how well I work with them, in the end, THEY have to make things happen. That’s why my motto and podcast sign off are: Stay inspired and make things happen! My motto is not: With my help you can achieve anything!

If they don’t make things happen that’s not on me. That doesn’t mean I don’t care and do all I can to support them to success.

This should be a relief, because your clients’ results are not on you either. Period. And that may be a bit humbling because you might have been under the impression that you will make THE difference between whether your coaching clients sink or swim with regard to their goals and your niche.

Nope.

What Exactly Can You Control, Coach?

Let’s think this through. This is a matter of survival and mastery for you.

Read about what you CAN control and CAN'T control and how that affects what you offer your clients.

This episode is inspired by an excellent question a coach asked me. And I love answering your questions so ask away. You can ask me easily from my website contact page. Start by finding the full transcript for this episode at prosperouscoach.com/178 and then enjoy all the resources waiting for you there.

The simplest, least expensive business model for coaches is to offer a high-ticket one-to-one VIP Signature Program geared towards helping your target audience solve the big problems that have been in the way of achieving their big goal.

Oh, how I wish I had started my coaching business this way in 1997 when I finished certification! It would have saved so much frustration. I would have earned more faster and not wasted so much money trying all sorts of other business models.

2 Big Mistakes Coaches Make That Are Easy to Fix

The two biggest mistakes I see new coaches make are:

1.     They aren’t serving a big enough problem, which keeps the coach from earning enough.

2.     They offer too many options to prospects, which keeps the coach from earning profits. They run themselves ragged trying to enroll clients and lose profits because their expenses are high.

There’s a difference between revenue – the total of all your sales – and profit, which is what’s left after expenses and taxes are subtracted from the revenue. You want to be focusing on profits so you can use that as you’d like to for you and your family. 

I would love to save you from making those 2 mistakes that I made in my coaching business.

If you haven’t heard them yet, I recommend you listen to 2 earlier episodes -- Episode 65 – Are You Solving A Big Enough Problem In Your Coaching Business? and Episode 66 – How to Describe Your Coaching Program Without Selling Coaching.

The business model I recommend to my clients is the model I have for my own business now. Profits are high, expenses are low and I work with clients only 3 days per week. That means I have a lot of discretionary time.

With this simple business model:

·      You don't need big coordinated marketing campaigns or to be an influencer on social media.

·      You don't need a Virtual Assistant to help you with all the tasks because admin is minimal. 

·      You don't need a bunch of software programs with monthly fees.

Your business can be simple, delightful, fun and relaxed.

Don’t get me wrong. I’m not saying that building a coaching business with this business model is easy. There are lots of things to learn. Lots of tasks to pull the foundation together. It starts with choosing a viable target audience and doing interviews to learn what they want so much they’ll invest highly to get it.

But all of that also gets YOU ready to serve them in a way that will also serve you. There are mindset and habit shifts to make to help you charge high-ticket prices. I love to help coaches with that.

Complex Business Models Mean a More Complex Life

Learn more about the simplest business model for coaches and why 'passive' revenue is anything but passive.

Now that you’ve taken the training, what you should call yourself? Should you be a life coach or something else? Should the word ‘coach’ even be in your personal title? That’s what this episode is all about. Find the full transcript and personal title examples at prosperouscoach.com/177.

So first, let me say that I don’t think your personal title is remotely the most important decision you need to make for your coaching business. In my mind, that decision is informed by WHO you serve and WHAT you help them accomplish. Those two things – your audience and their most desire outcome – are powerful concepts.

That first decision is the centerpiece of every other decision you’ll make for your business.

Still, just getting to be the one who decides what you call yourself can be fun. After all, how many jobs allow you to decide your title?

So first, let’s talk about something that might be hard for some coaches to hear.

Some People Poke Fun at Life Coaches

I’m not at all a fan of the personal title “Life Coach”. Here are 2 good reasons not to go with that moniker:

1.     Some people like to poke fun a life coaches. There are TV shows, films, articles out there that smirk at the concept. And I think … why set yourself up for that ridicule? Why climb the mountain to prove your value when just a shift in language could do that for you? Unfortunately, the phrase ‘life coach’ doesn’t inspire confidence.

2.     Life Coach is non-specific. If there is anything I’ve learned about success in business it’s that specificity grabs attention whereas generality does not. Life is everything. Calling yourself a life coach is like saying “I can’t decide how to specialize so for now I’m just an everything coach.” That will likely keep you from earning much. Specializing garners credibility so you can charge more.

It’s time to get more specific and creative than ‘life coach’ or other fill-in-the-blank coach titles.

You Are Not Limited to Your Certification Title

Just because the certification you received is a life coach or wellness coach or relationship coach certification does not mean you can get creative and stand out in the crowd with your title and all of your messaging.

Standing out in the crowd is important. If you’re on any social media channels regularly you’re going to see a lot of coaches trying to ply their trade. Most of them are selling coaching. That’s a hard sell. While some people know they want coaching, most do not. Coaching is not the top of mind benefits people look for.

If you haven’t already listen to Episode 51 – Why is Coaching a Hard Sell? I think it will open your eyes to a challenge you’ve already been trying overcome. In a nutshell use your coaching skills to serve paying clients but don’t push the idea of coaching because it’s not outcome people know they want. It’s part of your toolbox.

Professionals don’t always need to point attention to their toolbox. Sometimes, it’s a disadvantage.

Learn how to make your personal title more specific and strategic here.

Don't you just love having ready made questions you can ask your clients that are so powerful they will send your client into self reflection? Me too. Find the full transcript at prosperouscoach.com/176 .

The right question can really help anyone zoom past obstacles and into a power zone of awareness and action on their own behalf. 

That's why questions are so valuable to coaches and in coaching session.

So the first question that you can ask that of course really unlocks a lot for your clients:

What do you want?

Well, sometimes people have a hard time answering this question, but with probing questions beneath it, you might be able to get them to it. 

The second question is:

What's holding you back?

As human beings, we do generally have a sense of this. We might be in denial about it, but we generally do know what we're doing that's either sabotaging ourselves or what we're thinking, what we're feeling that is lingering too long for us to be able to transform.

So what's holding you back? 

That question will cause your coaching client to go inside and really look at the truth with a capital T. 

The third question is:

What is it costing you to continue holding back? 

I don't know if we normally as human beings think about what the costs are of our actions, of our thoughts, of our habits, but to ask someone that causes them to look at themselves from a place of self responsibility.

The fourth question is:

How could you show up differently? 

Presumably you're talking to them about a circumstance or a situation and this question allows them to wonder, Oh, I'm at choice here. How could I show up differently? 

I remember this one time where I was going to be speaking in public at a pretty big event for coaches and I was just so nervous. I called my husband for support and he has asked me: How do you want to show up, Rhonda?

I paused and I thought about it. Well, I want to show up standing in my power, believing in myself and being open and vulnerable to my audience as well as delivering something that is actually valuable to them.

Those four answers just grounded me. They made me feel good again, made me feel ready again. And I realized that it was okay to be vulnerable with my audience. It's okay that I was nervous and I didn't have to try to obliterate that nervousness before getting on stage.

The fifth question is:

What is a new perspective that you could adopt right now?

Oftentimes when our coaching clients are telling us how they feel or what they think about something, it might be a gripe. It might be the raw feeling and there's nothing wrong with that.

As a matter of fact, I invite my clients to share their raw feelings.

You can respond to that raw stuff with the question: What's a new perspective you could adopt right now about that?

You're inviting them to pick themselves up out of the situation and get a 30,000 foot view. Look at it from the other person's point of view. Or from their highest self point of view.

To read the last 3 of 8 questions go here.