Want to build your coaching practice in to a million dollar business? It is possible if you work hard and have a plan. Of course, not every coaching practice will end up generating a million dollars, but you can create a successful and very prosperous coaching practice if you carefully follow these five steps.
A Million Dollars From your Coaching Practice in 5 Steps
Before the steps are spelled out, you will notice that the word “easy” was not used as a qualifier. You see the word “easy” often in articles about how to build a successful coaching practice, but not in this one. Building a successful business is never easy, but it is possible.
Lay Out a Solid Foundation
Starting a business takes plenty of strategic planning. It starts with a good business plan in which you outline the core details of your coaching practice. A business plan should clearly state your business goals, the type of coaching you will do, your target customers, a comprehensive marketing plan, any needed financing, and other administrative details.
Marketing, Marketing, and Marketing
In real estate the mantra is – location, location, location. But, for an entrepreneur, the mantra is – marketing, marketing, marketing. You have to create a marketing plan (part of your business plan), properly implement that plan, have ways to measure it, and then be able to adapt it, eliminate it, or start all over with it.
Marketing is forever – you will always need to market. The hope is that as you gain clients, your clients will do plenty of word-of-mouth marketing and generate referrals, but no business survives only on referrals. Marketing involves networking, traditional advertising, online advertising, social networks, writing, free information, and any way you can get your name out to potential customers.
Retain Your Clients
Though marketing and referrals will bring in new clients, the longer you retain a client, the more you will make and the less you will need to spend on marketing. To do this, you need to deliver value, respond quickly to potential, current, and past clients, and get results. Even if clients like you and feel comfortable with you, they will need to achieve the desired outcomes to stay with you.
You should always be seeking new ways to serve them, provide them with value, and allow them to achieve their goals. Once they do achieve goals, you should recognize their achievements with gifts or incentives, and feel the same joy they do.
Build Your Coaching Practice as a Business
You are not only a coach, you are also a business. To generate more revenue, you need to create additional stream of income. Coaching one-one-one will be the core of your business, but you can venture out in to other avenues of wealth creation. Explore group coaching, coaching by email, mentor coaching, DVDs, books, article writing, seminars, and more. To build your coaching practice in to a million dollar business, alternate streams of income are essential.
Though confidence cannot be quantitatively measured, it is perhaps the most important trait for any entrepreneur. Confidence is not cockiness, as cockiness often leads to sloppiness and cutting corners. Confidence is about positive focus, work ethic, and understanding the potential and power you have to be a successful coach and a prosperous entrepreneur. Your coach practice thrives on positive confidence.
These five steps are not easy, and they require imagination, concentration, and perseverance. They don’t detail each and every move you should make – business is like a game of chess; there are certain ways you must move, but when you do them and which piece you move depends on the time, the situation, and the competition.
Build your coaching practice in five steps? Build a million dollar practice with these five steps? It’s not easy, but it is very possible!
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