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Here at the-Coaching Blog-run by Gerard O’Donovan, our aim is to constantly bring value to those seeking to improve their lives. Therefore we have a policy of publishing articles and materials by guest authors whom we value and appreciate. Today’s guest author is James Sale (United Kingdom).
To be successful as a coach in today’s competitive market is a tall order; the reality is that there is so much competition, and so many ‘me-too’ coaches out there. The net effect of all the down-sizing, delayering, and simply the ‘I’ve had it with corporate life-itis’, means there are seemingly millions of coaches everywhere. Organisations that provide training and accreditation in this area have a field day: they are able to accurately state that this is one of the fastest growing sectors in the world, and at the less ethical end ignore the implications of what this means when so many are scrambling to get on what is perceived as a gravy train. Of course, ethical training organizations, like Noble Manhattan, build the how-to-market-and-sell factor into their initial training, which goes a long way to obviating the problem.
But that said, it is still the case that it is difficult to make serious money being a coach and only a few will, maybe 4% if Pareto is correct (the 20% of the 20%). Most of the rest will be working hard and increasingly billing less, but in order to do more. And it is not just coaching, but training and consultancy too. I well remember some 12 years ago when I discovered this from a client who declined – on this occasion – to buy into my open time management half-day training course for the modest fee of £99. Why? Because the local Further Education College were running just such a course for £49 and theirs was a whole day! The client seemed genuinely to equate more time with more quality and value, as if he were getting more by having the extra half-day; it didn’t occur to him that maybe the extra half day was all bloat and exactly the saving of time he needed to manage! But I need hardly explain why this struck me as a no-win competition for me: I had become a commodity, had not properly positioned myself and the value of what I provided, and frankly was about to lose out to a whole bunch of salaried people who were never going to be paid on results. And this too happens with coaches.
But that was twelve years ago and since then one has learned a lot. My friend, the great coach Steve Jones, shared with me a wonderful Revenue generation model, which I have used ever since, and which is really powerful if you want to become a coach who has leverage and makes money. There are seven stages.
First, you need a clear vision of what you want your business to be and to become
Begin with the end in mind, in fact. This includes factors like the lifestyle you wish to embrace, as well as the level of revenue you wish to generate, and the kind of quality you want to provide to a defined audience. “Defined” here is a very important word. And don’t forget either that the end in mind also means the exit strategy: how will your business end? Sounds morbid, but coaching is not exempt from the realities of life.
Second, you need to be clear about what your ‘product’ is
This means answering the question: what solution am I providing? And if your solution is an entirely ‘service’ driven, as many coaches and consultancies are, then how do you derive residual income from its delivery? Put another way: are you simply trading your time for money? If you are, then you haven’t really got a business: you are self-employed. That may be what you want – but go back to Vision. Is that what you want – in the long-term? Remember, nobody stays young forever! One thing I have discovered via my own product, Motivational Maps, is that having a product allied with the service offering is far more powerful and compelling for the client and for longer-term retention.
Third, you need a strong position in the marketplace
Another way of putting this is a brand. What do you stand for, what are your values? Above everything I like Jay Abraham’s take on ‘position’ (which is so relevant to coaches): be pre-eminent in your niche. To be pre-eminent in your niche goes beyond CPD, though CPD is the starting point. It is learning for life, but that is a cliché: it is more like developing a hunger to know your field, to read, to study, to listen and see the best in action, and to emulate them. It is to have the highest role models possible and then go on to supersede them. That is what we are talking about when we talk of becoming pre-eminent in the coaching field.
Fourth, you need to have an effective process to generate and manage leads
Of course, without a strong solution-offering and compelling position in the market, lead generation will be wasted. But lead generation is absolutely central. Who are your champions? What databases do you have? What is possible via the web and social media? What networks do you belong to? And what about ‘supermarkets’ – have you found any that can distribute your tin of beans?
But having got the leads, we need to convert them into sales, and immediately we have a problem: many coaches and consultants whilst technically good at what they do find they cannot sell effectively. This then requires study, practice, and emulation of others who are best in class. Actually, it is not so widely known but there are brilliant sales coaches out there: coaches who coach coaches on selling! One I regularly use is Hugh Liddle of Redcap Sales Coaching: I have referred several superb coaches to him and he has made a significant difference to their ability to acquire clients. The fact he is USA-based makes no odds: it is so easy to coach via webinars and allied technology.
Then the sixth stage you need, all being successful in the first five stages, is to manage the factory! You have so much work on, the problem of coping with it becomes pressing. Quality issues arise, short-cuts occur. Do we employ others? Have associates? How do we build a sustainable system of capable delivery? How can we systematize, productize our offerings? This area itself often overlooked, becomes a place where serious innovation can make a huge impact on the bottom line.
And finally, how do we exceed client expectations so they buy again, so they provide referrals (back to lead generation) so that they experience the wow factor and we are well beyond the commodity game? This is about quality, the very issue that success and expansion at point six compromises. It is about going beyond meeting client expectations, even beyond delighting them, and instead astonishing them with the level of our service; and this is our challenge.
If you are a coach, then, or even just somebody running your own business, ask yourself these seven questions. Rate yourself, out of ten for each one. How are you doing? What do you need to focus on if you are going to have a thriving business that generates residual income even when you are not working? Go for it!
About James Sale
James Sale is the Creator and Founder of Motivational Maps Ltd, a company with over 250 coach licensees in 14 countries. The Map questionnaire is now in 7 languages. James’ book, Mapping Motivation, is published in January 2016 by Gower Publishing and can easily be purchased on Amazon.
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