One of the questions that I am always asked during our NLP Coach and NLP Master Coach certification trainings is related to what are the keys to running a successful business. And it is very true, the business development aspect of the coaching practices is rarely discussed during coaching certification training – if ever!
Over the years training and coaching coaches, and also enabling organisations and individuals to take charge of their success, I have put together and improved a model that I call ‘the 7 Keys to Running a Successful Coaching Business’. Now, what’s important to remember is that the model presupposes that all keys are used in the same time in order to truly unlock the full potential of the coaching business.
Keep it short and simple! I know, coaches and consultants in general, can have a tendency of overthinking and overcomplicating things. When it comes to the business development, it’s always better to keep it as short and as simple as possible, with lean processes and agile development for products and services (more about this in my next post).
2. Define success
You would be surprised how many times I hear an ‘I don’t know’ when I ask a coach what success is for them and what the goals they have set for themselves and their business are. It’s always easier to get somewhere when you know where you are going.
3. Have a reliable Logical Framework
Do you guess or do you test and measure? How do you make decisions in your coaching business? Do you know exactly how much money you have available this month and how much money will you have available next month? How do you decide between various promotional tools? Which one has the biggest impact for you? How can you improve that impact and outreach? How do you navigate the complex system of managing a business? Are you consistent? Optimising your decision-making process is of utmost importance – your business is not something to gamble with.
4. Create multiple streams of income
‘Cashflow is king’ someone used to say – when it comes to staying in business and even more, running a successful one, it is important to create multiple streams of incomes. Whether from funnels or spirals, coaches can benefit significantly from diversifying their sources of income – from free to low-cost products and services, to high-cost ones and then onto exclusive ones.
5. Love sales
Love sales and even more – love to be sold to. You want to know how you can sell more? Well – be perfectly comfortable to be sold to – remember Perception is Projection. Are there any negative emotions or limiting decisions from your past holding you back? Maybe it’s time to learn what you have to learn and let go of them easily and effortlessly! Not to mention that, because of Perception is Projection again, you will only be able to make the money that you have unconsciously decided you are worth…
6.Make an offer
One of the reasons coaches don’t close a sale is because they never make an offer. How do you expect a client to buy something from you if you are not offering anything? Make an offer – EVERYTIME!
7. ACV – Always Create Value
Last but certainly not least, in order to have a successful coaching business, design customer experiences (that start before their first interaction with you, even if it’s online, and go until after the end of any collaboration) that make the customers happy and satisfied, wanting to come back and willing to tell their friends about their experience. One way of achieving this is to create value every step of the way – from the free stuff (go for FREEMIUM whether you are giving away newsletters, blogs, events, podcasts, tools etc.) to the exclusive products.
Do you want to know how you can make these keys work altogether? Have a look at our FREE ‘How to Run a Successful Coaching Business Video’ here!
And also, which ones are your keys to running a successful business? Have your say bellow!