11 Mar 5 Best Practices to Grow and Sustain Your Coaching Business
The coaching industry is growing quickly and as a coach you want to be sure you’re at the forefront of this movement. But how to do you guarantee that?
Implement these 5 practices into your business and you’ll see a marked improvement in your numbers:
1. Niche Yourself: The more you focus on one type of client or market the easier it is to grow the business. There are so many different networking events and speaking opportunities that you can attend. When you are focused on a specific market, industry, or client you can select those events that will lead to the largest potential client pool. It will be easier to obtain referrals, and referral sources will know you as the go-to person for a specific industry or market when it comes across their desk. It will be easier for you to truly understand your client, their needs, and desires and better help them succeed.
It should be no surprise that this is exactly why I focus on the Coaching industry. Working especially with coaches allows me to focus on a market and most intimately understand the industry, the business, the people involved, and their needs, so that I can provide my client with as much value as possible.
2. Leverage your time: Schedule group sessions or speaking engagements with groups for potential clients or referrals. The more lives you can touch at a single time the easier it is to grow your business. Personally, I prefer one on one, but stepping out of my comfort zone made me realize the value in sharing with multiple potential clients at one time.
3. Leverage Others: Leverage another’s list and clients. Do a joint venture (JV) or sponsor an event, so you can get in front of a larger audience. Just make sure you know who you are partnering with and who their clients are. If properly vetted, the benefits should outweigh the sponsorship expense.
4. Listen and Help: Always think about how you can help the person in front of you. Do not approach a client with the thought of signing and selling. If you know another coach may be better suited to the client’s needs, refer them. There have been many times in my business where after speaking with a potential client and diagnosing their situation, I chose to refer them to another attorney. It is not about you—it is about the person standing in front of you. It feels great to help, and it will come back.
5. Plan: Time is your most precious commodity. Taking a few minutes to plan, review your schedule, and strategically layout your goals for profit will save you time overall. Do the most high-level activities, those that will bring in money sooner rather than later, or lead to bigger payoffs later.
For instance, you may be spending a great deal of time trying to implement a process, procedure or new program that in no way adds any value to your company or your clients. Instead of focusing your attention in these areas, focus on those activities that bring you closer to or that contribute to your overall goals. Set aside some time each week to look back at how you have used your time and plan how to use your time in the future
There you have it—5 ways you can become a better, more successful coach. For help establishing and protecting your coaching business, visit us at http://www.attorneyforcoaches.com/