3 Mistakes Life Coaches Make That is Costing Them Money

What are so many coaches so ineffective at attracting new clients and charging what they are worth? The answer cannot be explained in just one sentence. However, in this report, we have outlines the TOP 3 reasons good coaches struggle financially.

Here is a secret… the quality of the coaching service is NOT the problem. In fact, one could argue that the coach with the most “certifications” and “experience” might still be making 10 time less than the other coach – who learned to employ a better, more effective strategy for marketing and attracting clients.

By going through many coaching sessions with coaches from all walks of life, I have compiled the top reasons coaches are not making money.

The Top 3 Mistakes:

1. Trying to sell features instead of benefits. Stop selling coaching services, sell the benefits your coaching provides.

Very few people wake up one morning and say, “I need coaching services.” Instead, they wake up and say, “I wish I made more money in my business.” Or, “I wish I could get rid of this problem.”

You will not be able to effectively “sell out” your coaching services simply by calling what you do “coaching services.” Stop thinking one size fits all. You must sell them as the solution to someone’s problems. Specifically, choose a specific problem and solve that problem first. Once the client experiences the benefits of your coaching service… you can expand your services and that client will stay with you.

Here is the wrong question. “What type of coaching do you do?” This begs the question of the “content or style” of your coaching methodology. People do not buy because you have a Degree in Nutrition from Yale or you are a Master Practioner of N.L.P. People buy your services because they believe you can “Solve a specific problem they can’t solve on their own.” Don’t sell your “techniques”… sell the “benefits” of working with you.

If you see yourself as a business coach, you must solve problems related to business owners. Such as: 1. How to get more clients. 2. How to hire the ideal employees for your business. 3. How to set up your business so it runs on auto-pilot and create free time for the owner. 4. How to sell your company for the 10 millions dollars and retire on easy street.

These are solutions that business owners worldwide would gladly pay for your expertise to accomplish.

Are you a life coach? People want solutions for: 1. How can I find my life purpose? 2. How can I get out of this rut I am in? 3. How can I actually enjoy life while being a working mother? 4. Why does my career leave me feeling unfulfilled?

The solutions to the above mentioned questions are a treasure trove to people seeking more in life.

Another important tip, always market to the pain point. What is it that is causing the prospect discomfort? Market to that point. First, reaffirm to the prospect the painful situation, then tell about the solution. This will get the prospect emotionally invested in the solution, and therefore they will see the value in your coaching services.

2. Failure to choose a hungry niche and position yourself as the authority in this niche.

You cannot be a coach to everyone, and just anyone will not hire you as their coach. Stop trying to be the coach that can fix everyone’s problem. Anyone who needs coaching is not your ideal client.

You need to determine which niche you serve with your coaching expertise. A niche is a community of people. Sometimes you hear coaches refer to their niche as their “tribe.” In fact, Seth Godin’s book Tribes is an excellent resource on finding good niches and communities to serve. You want to create a purpose or experience, and then become the cheerleader of that community. You want to create a movement, not just a client pool.

Here are 5 tips for determining the viability of a niche:

• Narrow- deep well of people • Easy to find • Easy to connect with • Eager to evolve • Motivated to invest

To have a truly vibrant niche, it must meet all 5 of the criteria above. Coaches often make the mistake of thinking that a large niche that’s easy to find automatically makes it a good niche. For instance, stay at home Moms are a large group that is easy to find. However, they are not likely to invest in coaching services for themselves. They will take your free stuff and then move on to the next thing.

Also, do not do free coaching or barter for your coaching. This will never get you where you want to be.

If your idea of marketing to a niche is putting “Author/Speaker/Coach” on your business cards and website, you will be passed over every time. You are not just a life coach, for instance, you are the expert life transitionist helping middle aged men go from corporate America to owning their own business. Or maybe, you are the Rockstar Business Coach helping small floor installation companies grow exponentially, while at the same time helping the owner go from owner/operator to owner who has an operation manager. The possibilities are endless once you learn which niche you can fundamentally serve.

3. Not treating your coaching practice as a business.

This was the predominant mistake that struggling coaches were making. What do I mean by this?

Very simply put, is this a business or an expensive hobby? Some questions to ask yourself: • Do you have a website? • Do you have a social media presence? • Is your content optimized? • Do you create products for your clients to buy? • Do you work on your coaching business every day? • Do you have a list of prospects and clients you can easily email? • Are you creating fresh content for your website on a regular basis? • Are you getting new clients each month? • Are you hoping you get a client this week or are you marketing every day attracting new clients and leads weekly?

Take a look at your answers. I have talked with many struggling coaches, and the majority of them do not even have a website! How can a prospect find you if you have no web presence? 4. Stop Trading Hours for Dollars.

The biggest mistake I have seen in the world of experts and coaches is buying into the “old model” which states you should exchange an hour of your life for a specific dollar amount. This is simply an outdated belief that you MUST break free from right away, if you ever want to cross the million dollar mark as a coach or consultant.

There is no law that says you can’t charge $29,000 a year for coaching services. In fact, many successful life coaches are charging clients more than this per year.

The fact is you are providing a service which get’s results. Those results have monetary value far beyond that of the hands of a clock? How much is it worth to stop having panic attacks? How much is it worth to help an actor book a major role in a movie? How much is it worth to help a small business owner put systems into place to spend more time with her kids?

Conclusion:

These are just 4 of many income producing tips we have compiled that you can do on a daily basis. Until your practice is full, you need to be spending at least 80% of your work time on income producing activities. Start each day with an income producing activity. You can always answer emails in the evening, and surf the web on your own time.

Are you a struggling coach? Has anything in this report hit home? Do you want to have a successful coaching business?

If you were to implement any 1 of the 3 tips above, you could increase your income by at least 20%. If you were to implement 2 of the tips above, you would see a 40% increase in your practice. But, if you were to implement all 3 tips above, you could turn your coaching practice around in no time, and see an 80% increase.

Remember, the speed of implementation is directly proportional to the likelihood of success. Don’t wait for the time to be just right. The right time is now and there are hungry clients out there that need your expertise in solving their problems.

Practical tips that help coaches make more money 100COACHINGTIPS.COM

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