It is always exciting to have your own life coaching business, and there will always be plenty to do to keep you busy. From start-up to a more mature phase, building a business often takes time but it can be really fun and satisfying.
However, sooner or later your life coaching business will start to plateau if you keep doing the same things over and over again without having a strategy for business growth.
How can you tell when it is time to grow your business? Here are seven signs that you are ready to expand your business:
1. You Have Regular Customers
According to The Pareto Principle, or “80/20 Rule”, 80% of your business will come from 20% of your customers. They will need an incentive to keep buying from you. Adding new products and services regularly can help them do just that.
2. Your Coaching Clients Are Asking for Specific Items
Get feedback from your clients regularly, through surveys and by having an open communication policy in which you listen to their suggestions and consider them. If more than a couple of coaching clients are asking for a particular new product or service, survey your whole audience. If they agree, then follow through.
3. You Have a Good Team
You won’t be able to grow if you keep trying to do everything yourself. Put together a solid team of freelancers and perhaps part-time or full-time staff to help develop your new products.
4.Your Life Coaching Business Has Good Systems in Place
A lot of life coaches don’t always work in an organized and disciplined manner. Automate as much of your life coaching business as possible, for example following up with your prospective customers using email autoresponders.
Also try to systematize everything, such as organizing what items will go into a new training package neatly in real or online folders. Make the systems so easy they will be “rinse and repeat” to help you grow your business steadily.
5. You Are Meeting Your Goals Consistently
If you are meeting each goal you set on a fairly regular basis, it’s time to stretch yourself with even more ambitious goals. For instance, if you have a long list of products you would love to work on, assess which would do best with your target audience and go for it.
6. You Have a Predictable Income Each Month
A lot of life coaching businesses have lean months as well as highly profitable months. The trick is to have a consistent, reliable income. This may mean adopting different strategies for each month or season. It can also mean strategic launches of new products and services during lean months.
You may also consider setting up a monthly online coaching program in order to automate your income. Monthly webinars can be great earners too if they are promoted well.
It’s a clear sign that you are ready to grow your business if you have consistent income each month and are able to set aside a budget to start new initiatives.
7. Opportunity Is Knocking
It might be time to grow your life coaching business if you find a number of things that your competition offers that you don’t yet (especially if your current customers are asking for it). At the same time, other entrepreneurs might be contacting you with joint venture proposals or other requests to work together. This could be the ideal way to get more done without having to pay a lot of wages. Put the products together, market the products and then split the revenue 50/50.
Does 2019 look like a year to grow your life coaching business? Go chase your dreams and make it happen!
Writer, Coaches Training Blog community