READ TIME: 15m
DR JOHN DEMARTINI - Updated 2 years ago
I am often asked for practical tips and tools on how to START or how to BUILD a coaching business.
There are certainly several key steps you are wise to consider, implement and incrementally build on in your journey as a coach.
1. Gain Specialized Knowledge
I often say that if you’d love to become a leader in your field, it’s wise to start with what you know and let what you know grow.
It is also wise to target your knowledge on the topic you’re inspired to master and become highly skilled in.
For example, you may have a specific focus on targeted coaching and would like to become known as one of the greatest coaches in that field.
In this case, create a razor-sharp focus on this area and strive to become more knowledgeable than anyone else. As such, you are more likely to deliver the highest quality information with certainty on a topic you believe is integral.
This is also when you tend to produce results because if you're not certain about the topic you're speaking on, you're likely to have a hard time selling it.
You tend to sell most easily the thing you feel most knowledgeable about, certain about, that you've delivered on, that you have a track record on, and that you know you can do.
Action Step #1:
If you gain specialized knowledge because you love learning about it, and it's high on your values, you're likely to become a master of what you do and gain more respect in that field, making you a leader in that field.
Whenever you read and learn about what is most important to you, you tend to absorb the information more fully because it is so deeply meaningful. You also tend to retain meaningful details and excel in that as a result.
As such, it is wise to identify your unique set of highest values if you haven't already. You can do so using my free and confidential online Value Determination Process on my website which will help you determine what you are uniquely inspired from within to do.
Aligning your specialized knowledge with your highest values can transform your business. It can also help you clearly identify your potential coaching client base.
2. Pay close attention to the needs of your audience or client base
Many people try to do business by coming up with an idea, product or service and then spending thousands of hours and thousands of dollars trying to convince people why they need it.
Instead, my advice is that it is wiser to deliver what people NEED.
If there's no demand for your supply, you'll likely fight an uphill battle trying to sell something that the public isn’t interested in receiving.
There is little value in making presumptions about what people need and immense value in finding out what they need. That way, there's already a demand for it, and you'll have a far easier time getting clients.
If no one's biting, it's because their needs are likely not being met. Customers only bite when they see something that meets their values or what’s most important to them.
Selling is not telling but instead asking questions to discover your clients' needs or what they value most.
Every client and potential client has a set of priorities or areas of life they value most that they want to fulfill. Learning to identify what they value most can be a game changer for your business if you incorporate those values into launching or growing your coaching business, including adding that understanding of their highest values into your actual coaching process itself.
This is because you are most likely to grow your client base when you know how to determine what people are actually looking for, so you can, in turn, provide those services accordingly.
In other words, when you meet people, you first greet them and gain a rapport. You can then establish (and confirm) their need, offer a solution that matches that need, and handle any obstacles (which are usually inversely proportionate to how well you have articulated that need) before closing the deal, providing the services and stimulating referrals.
Action step #2:
Your website can become a powerful tool to use to initiate this process for you. For example, have an online form or chat box that greets each visitor to your site, asks questions to establish that individual's need, and then offer a solution you are skilled at delivering that meets that need.
It is wise to avoid becoming desperate and offering services you are not skilled at, as that is highly likely to affect your brand in the long term. As I often say, "Don't be desperate; be targeted!"
Then, put together an amazing package that's irresistible, a package someone will definitely want. You may choose to start at a rare fair fee and then work your way up and grow your brand.
This is something I have seen work so many times – especially when I'm on a plane. I may start talking to someone, establishing their needs and helping them right there on the spot.
I show them that I care about meeting their needs and helping them. They ask for a business card and more about what I do in most cases. I then give them just enough information to whet their appetite and make them think, "Wow, I'd love to have more of this in my life."
In other words, establishing a rapport and asking detailed questions to find out more about what they need is far more effective than trying to bend their ear about what you want them to buy.
3. Qualify the client, so you're not sitting babysitting people and pushing people uphill
I have certain criteria in place to continue having people as clients.
As an example, being on time for our meetings, paying on time, keeping current with their financial responsibilities, and applying the principles we talk about. If these needs aren’t met, we don't continue.
That's why, again, it is wise to identify your client's highest values because the only thing you can expect your clients to do is going to be what they value most and what fulfills their values most. If you don't know their value structure, you're likely to have a challenge in the coaching process.
For this reason, I train people and coaches on the Demartini Value Determination Process because it's a crucial component in the coaching process. As I often say, you excel in the area of your highest values: in the areas in your lower values, you are less likely to achieve.
Many people don't know their values or the unique hierarchy of values they unconsciously live by. It's these values that determine their perceptions, decisions, and actions.
This can play out because if you attempt to get your clients to do something that's LOW on their values, they will likely procrastinate, hesitate, frustrate, and not act on it. You, in turn, are likely to become frustrated because you don't perceive that any progress is being made.
Identifying your client's values and setting expectations according to them and communicating in terms of them is crucial if you would love to help them achieve sustainable results.
Action step #3:
Consider having some metrics or KPIs for your clients. In other words, objective measurables and ‘accountables’ that you can document instead of relying on subjective responses.
This process is valuable for clients as they see objective data on their progress while building your certainty as a coach.
It also tends to lead to more referrals, which help you grow both your business and resulting revenue.
4. Save a portion of your profits
I learned when I was in my 20s, that it is wise to take a portion of whatever you make and put it into savings until you have a cushion; and then begin investing on top of it. If you're not saving and investing, you're likely to stop your growth.
Until you invest in yourself, don't expect others to. Until you value yourself, don't expect others to. Don't expect a consistent, stable business until you invest and put money away where you get passive capital gains and dividend or rental income coming in and have a cushion for stability.
I often hear people say that they will wait until they have something extra at the end of the month before they start saving. I am certain that this is not a wise approach. Instead, save and invest upfront, or entropy will likely take away your profits and potential source of savings, and unexpected bills will come in if you don't automatically pay yourself first.
The wealthy have known that. There's basically a law that if you don't fill your day with high priority actions that inspire you, your day's going to fill up with low priority distractions that don't. If you don't put your money into asset accumulation, it's likely to end up with depreciable consumables or unexpected bills.
Once I learned this and began paying myself first and saving a portion of my income, I kept increasing the amount every 3 months, and my business started growing.
It started growing locally and then eventually globally. And now I'm financially independent because I did that.
The more wealth you have, the more people want to do business with you. Believe it or not, nobility and power and influence and wealth are all things that magnetize and draw people to you.
So, if you're struggling, don't expect anything but struggling clients. However, if you're valuable and have empowered yourself, you're more likely to end up with more viable and powerful clients.
Action step #4:
Ask yourself, "If all of a sudden, I doubled my client base and coaching business, would I be able to handle it? What's my weak link? Where's my block in the growth process? Where would the bottlenecks be?"
Then work on solving them in advance and delegating low priority tasks, so you're not trapped performing low priority tasks that distract you from further growing your business or help you move closer to achieving your goals.
You're not going to grow your business unless you delegate.
It is wise to make a list of everything you do. Look at how much it produces per hour and prioritize it.
Look at how much meaning it has. Find out what it costs to delegate it. Look at the spreads on what it produces versus what it costs, and hire people to do the lower priority things, so you're not tied up with trivial administrative tasks. It may be important for the business but not necessarily the most valuable use of your time and expertise.
For example, you may have an area of expertise that can charge hundreds of dollars per hour. As such, it isn't wise to spend time devaluing yourself by performing a $50 an hour job. Once you devalue yourself, the world is more likely to devalue you.
It starts with you. When you know how to manage your own time and manage your own business effectively, you're far more likely to be able to draw more people to you because they're going to see that result.
5. Make yourself visible
If you're not taking advantage of public speaking, you may find it more challenging to grow your business. There are so many platforms available – YouTube, Instagram, Facebook, TikTok, podcasts, and so much more. It has never been easier to expose yourself, your offering and your specialized knowledge to people worldwide.
Organic client growth is still incredibly powerful, but why limit yourself to people in your immediate geographical location or client networks? If you don't get yourself out there, you limit yourself to linear growth instead of exponential growth.
If you have a book published, that also helps others perceive you as a qualified expert. It's not necessarily about the revenue that you get from selling books, but the resulting marketing and brand positioning that often follows.
The same applies to writing articles. I've written for 1500 plus magazines and newspapers worldwide. Constantly getting out there and exposing your message to the world is valuable for brand recognition.
Action step #5:
Depending upon the type of business and business objectives you have - ask yourself how putting yourself out on these social media channels or on podcasts or media and speaking where you can reach your potential audience, will benefit you in your top 3 values. Ask how not putting yourself forward on these public platforms is interfering with your top 3 values.
6. Deliver on your promises
If you don't deliver on your products and services, you're unlikely to keep clients.
I also believe that it is wise to have at least three upsells. Whatever package you offer your clients, have a more advanced package and another more advanced package so you can keep delivering more value to them. If you don't, they will likely leave instead of moving to the next package you have to offer.
Action step #6:
If you're not researching, studying, learning, growing, and adding to your knowledge base daily, you'll likely not keep current and fresh, not be enthused.
I discovered many years ago that if I'm constantly researching, filling gaps in the giant cosmic puzzle of life, and have something new and inspiring that I can't wait to deliver, people can't wait to get it. So, I'm constantly putting much of my energy into learning.
Ask yourself, "What is the highest priority action I can do today that can serve my clients the most?
What is the number one thing that they need, where do I get the knowledge to go and deliver that, and how do I ensure that my expertise is solid?"
I am not inspired to give people fluffy information that aligns with temporary trends and fads. Instead, I am inspired to stand on the shoulders of the greatest people in the field and devour their literature, so I have specialized knowledge in the areas that inspire me. I want individuals who attend my programs or read my articles to know that I can deliver on it when I say I am certain about the knowledge I am presenting.
If you do that, you're likely to grow the business.
In Conclusion
- Start with what you know, and let what you know grow.
- Gain specialized knowledge in what you are inspired from within to learn about, read about and talk about.
- Know what your mission is and what you're committed to.
- Save and invest a portion of your earnings. The more cushion you have in your business, the more stable it will be. I am certain that the more you increase your savings and investments, the more business you're going to get.
- Avoid making assumptions about what people need. If you haven't already done so, complete the free Demartini Value Determination Process on my website. This may be one of the most important steps in launching and growing your coaching business because people will only live according to their values, not yours. This process will not only help you know what is truly most valuable to you but also how to more effectively determine what is most valuable to your clients or customers.
- Implement objective metrics on your clients. Care enough about them to metric their progress.
- Whatever area of coaching you’re inspired to pursue, it’s wise to make sure it's from your heart and that you have grateful tears of inspiration from serving people.
- Document the feedback you get. Every time you get thanked by a client, document it. Place these into categories, so you have a list of all the different testimonials and feedback that you have received. In this way, you can be fuelled by the contribution and difference you make in people's lives and be inspired to go and do more of it.
- Stimulate referrals. Have a goal to generate five or ten new referrals from each client. Set that as a goal.
- Value yourself because others will be more likely to value you if you do so.
Are you ready for the NEXT STEP?
If you’re seriously committed to your own growth, if you’re ready to make a change now and you’d love some help doing so, then book a FREE Discovery call with a member of the Demartini Team so we can take you through your mini power assessment session.
You’ll come away with a 3-step action plan and the foundation to empower your life.
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