Here are three easy steps to hit a homerun in the business and practice of coaching while most coaches are simply striking out. As with most professions, there is more to success than the practice of the profession, itself. That is, there is more to a successful medical practice than treating patients. And there is more to a successful coaching practice than coaching. Sorry. But that is just the way it is.
Getting both the Business and Practice of Coaching Right
Let’s save some time and agree that, whether you are the one doing the actual work or not, more than half of the time and effort in your business and practice of coaching will not involve coaching. It will be all about finding new coaching clients and collecting fees from your current coaching clients. And if you don’t cover these two bases, you will soon have no income, have no new clients to replace those who will inevitably leave you, and have struck out.
Identifying New Clients by Showing How Great a Coach You Are
The best way to get new clients is through referrals from your current, satisfied clients. Don’t forget to set the expectation and ask explicitly for referrals from your current clients – just remember that you have to earn those referrals by delivering great services. Beyond this all important activity, you can also develop new clients by speaking and writing in ways that demonstrate your expertise. Look for opportunities to speak to potential clients, and write for them in your own newsletter or contribute to other coaches’ newsletters.
Collecting Your Due and Making Them Feel It Is a Bargain
Collecting your due from your business and practice of coaching comes from setting the right expectations to start, and following up in a professional but firm way. This should be straight-forward if you are delivering as promised in your coaching. The trick is not to be shy about speaking of yourself as a genuine professional coach who delivers results that make your fees a bargain. Then it is just a matter of following through, and following up. I recommend that you don’t handle this end of your business. Separating the delivery of services from collection ends of your business will be more than worth the added expense, to your collections and your blood pressure. Enough said? Great! Now go and do it!
Hope you took some great value out of this post today! I’d love to hear your feedback, so make sure you leave a comment with your thoughts or questions. And also, you can click on the Twitter button below to retweet this article… Thank you!
JTS Advisors Strategy and Accountability Coach