- Hi there, this is Ajit Nawalkha,
your host at Evercoach and in this video
I am showing you the three key pillars
that you need to consider to create multi-six figures
as income for yourself in your coaching business.
I will also show you exactly what needs to happen
in each of the pillars so you can take this video
and use it as a game plan to make a business plan
for yourself and create that six figure income
in the coming few months or years.
So, without waiting anymore, let's get it started.
There are three fundamental pillars
that you need to consider if you want to create
a successful and thriving coaching business.
It doesn't matter what kind of coach you are,
but for the sake of this video, I'm going to keep it simple.
I'm going to talk about coaching in a business context,
but you might as well use the same strategies,
the same pillars, the same ideas
for any other type of coaching that you may be considering
or something that you already pursue.
The first pillar is understanding
of your product or your service.
One of the keys to becoming a really successful coach
is to understand what is the product or service?
What's the outcome that you offer to your clients?
Most of the coaches would start really generic.
They would try to say, hey, I am a business coach.
I am a life coach.
And because they don't have the consideration
of understanding that when you say a broad thing,
like life coach and business coach,
people tend to not really understand what is it
that is the exact outcome that they can expect from you.
When I started coaching as a business coach,
I didn't just say I'm a business coach.
I said I'm a business coach
for education-based companies in the online setup.
It was a very specific market that I started with
and then gone on to expand my market
as I started to build my business,
as I started to have a lot more case studies
in my coaching practice.
So firstly, you need to understand
what is the product that you offer?
If you're a business coach,
what kind of a business coach you are,
what kind of market do you sell?
What kind of clients are you most excited about?
What kind of clients do you want to work with?
What kind of clients can you get the maximum impact with?
Once you've identified who's the market
that you want to serve, you want to identify
how it is that you are going to create that impact.
You see, when a coach starts, again,
we try to go at a business and try to find all the gaps
that the business might have
and try to address all of them at the same time.
When we try to do that,
it confuses yourself as a coach because you don't know
who the right person to talk to.
And more importantly, it confuses your client.
They don't know what's the question
to bring up in the limited time they have with you.
If you direct your focus towards a particular area
when you start the conversation with them,
it allows them to explore one area at a time
which makes it easy for you to drive measurable results
with your clients.
Having measurable results,
results that your clients can associate directly
with the work that they've done with you
is vital for the success of your coaching practice.
If your clients can not place you
as what kind of service you provide
and what kind of outcomes can they expect from you,
it becomes really difficult for them
to continue to engage with you
which is why, while it is important
for you to define exactly what market
and what type of coaching you're going to do,
it is also important for you
to pick a area of measurement that will define
if your coaching is actually working.
The clearer you can explain how you get a client an outcome,
the easier it is for your client to actually work with you
and sign up with you to get that particular outcome.
This also makes it really easy for your clients to say no
and for you to say no.
If a particular client does not fit the criteria
that you are most likely wanting to fill,
is a criteria where you know
that this particular type of company,
this particular type of book,
will always get me the outcomes that I want,
it makes it easier for you to define
which client to work with
and it makes it easier for your client to really define
if you are the right coach to work with.
Now, how you deliver these product
and this service is also critical.
What are the easiest ways to give a package?
When you sign up with a client,
instead of offering them generalized we'll work by the hour,
give them a particular package,
say a particular outcome is achieved in anywhere
between three months to five months to six months,
depending on the offer that you have
and then sign them up for that time.
Have them commit to a three month engagement with you
or a six month engagement with you
because that is enough time for you to really explore
that particular area in the company and with the client
and it is enough time for your client
to really see the measurable outcome
where they are excited to continue that journey.
When you're starting,
try not to sign hourly contracts.
An hourly contract doesn't really give you enough space
to get the outcomes for your client.
When you're starting out new as a business coach,
you can expect anywhere between 3,000 to $5,000 packages
which may range anywhere between two months
to six month engagement.
Now, this number of how much you can charge per package
is, of course, a variable based on the country
that you're based in and how the economy of that country is.
The numbers I'm sharing are mostly associated
with the U.S. market.
So adapt this number to the market that you operate in.
This also means that through the course of a year,
if you get anywhere between 10 to 20 clients,
$5,000 would mean a hundred thousand dollars of income,
making you a six-figure coach.
So, you may say, wow, that is great Ajit.
How do I get these 20 clients?
Well, that brings me to the second pillar
and that is what I call the visibility blur.
Visibility blur is associated with
how do you really make the outreach
that the clients can find you?
Now, there are many different ways
you could be working towards your visibility,
but I'm going to give you two very simple ways
that you can execute pretty much right away
for you to get started and start
to get visible in your space.
Say you decide to be a business coach
and you decide to focus on design-based companies.
One of the ways to get really visible and in front
of the audience that may be interested
in a coach that focuses on design-based companies
is for you to address forums that are in that industry.
Say, for example, if you were to address
other creative heads of different companies,
you want to find a platform, a forum,
a dinner where you could have all these creative directors
come in and have a conversation about design with you.
This could happen by you hosting that dinner.
This could be happening by you attending
a virtual or a live conference.
This could happen also by you making personal outreaches
to people in your area, in your vicinity,
to have a dialogue, have a one-on-one conversation
about the future of design.
The key here is to find a curious enough dialogue
that they would be interested to engage in.
If you are open to having a conversation
to a dialogue which is say about the future of design,
or where's the design going now
that most companies are going virtual,
how does design of different products going to evolve
that they need to be shipped instead of be at a store?
All of these questions are curious enough.
They're on top of the mind of the people
who are in the creative space, who're designing,
who're designing for the new world.
This means there's an opportunity for a conversation.
Don't think so much about how you can get a client.
Worry so much more about how you can open a conversation.
How could you open a dialogue?
How could you get the curiosity
of potentially interested people in working with you?
You see, there is a different kind of energy
that you send out when you are having a conversation
versus trying to sell somebody to something.
When you're having a conversation, it's a fluid dialogue.
It's an easy conversation where you come
from a place of serving the person
that you're having a conversation with.
When you come from a place of service
and you help somebody else,
there's a greater possibility that the person is interested
in hearing what you may have to offer.
And if they're not interested in hearing
what you have to offer, very honestly, like I said,
you're not really looking for 200 clients this year.
You're looking for 20.
You could have 200, 400, 600 really great,
intriguing conversations with individuals
that really care about the ideas,
that really care about the future of an industry,
really care about how everything is evolving,
really care about the experience.
It is so much more powerful
to have all of those conversations
which may lead to 20 conversions that may be clients,
that really, really want to interact with you
and work with you,
but that is just one way of creating visibility.
This is more tedious,
but if you are somebody who is extroverted
and likes to interact with people
and think they would do better
if they were in physical presence with people,
this may be the right way for you to approach.
The second way to build visibility
is by using the online channels.
It doesn't matter what age you are, what gender you are,
what race you are, online is the greatest neutralizer
and equalizer for everybody.
Anybody can go online and anybody can start
a dialogue online.
Based on your passion, based on the area of work
that you want to focus on, based on the kind of industry
that you want to work with,
create online content that can be distributed
through the online relevant channel
that would engage people that may have interest
in a similar topic.
Let's take the example of being a business coach,
working with design forums.
If that is something that is of interest to you,
go to the online forums and start interacting with people
in the online platform of designers,
people where they are engaging about the latest
and the greatest dialogues.
Start creating content from inside out
where you talk about your experience with design,
your experience with what's the future of design.
Talk about what is some of the trends
that you may be seeing.
This allows for people to have a conversation
around that particular topic.
And as they have conversations around that particular topic,
it makes it easier for you to actually follow them back,
have a conversation and a dialogue with them
and as the dialogue naturally progresses,
it creates the opportunity to have a phone conversation
or a video conference with them
which allows you to further the conversation
which in turn may allow you to create a client.
This is a much easier process mostly because online mediums
can be done from behind the computer
as you're talking to a camera
which is significantly simpler
than to book a time with somebody and meet them for coffee.
It's easier conversation and can happen at a global scale
which means even if you're in a remote location,
you're in a place where there's not much
of design forums available,
or the kind of companies that you want to work with,
kind of people that you want to work with.
You can use the method of the internet of reaching globally
and finding clients anywhere in the world.
Now, of course, I've oversimplified the online
and offline strategies that you can use
to get your first few clients,
but if you give access to the right strategies,
the right tactics, the right action step,
the right day-to-day plan,
it is much easier to get your first 10,
15 clients than you would have otherwise imagine.
Now, this brings me to the final pillar
and that is to understand the finances
or the financial planning of the coaching business.
A lot of the coaches make it overly complicated
to get to point A to point B.
A lot of coaches make it over complicated
to make their first six figures or find a stable income.
A lot of coaches make it really difficult for themselves
to realize how will they transition between their jobs
because they over-complicate the business plan
or the financial plan of their company.
A lot of coaches start their coaching careers
and think they need to write a book,
they need to make a event, they need to write a course.
All of those are great things,
but all of those need to come after your one-on-one coaching
or your one-to-group coaching.
And the reason is because when you engage somebody
on a book level, you're selling the book for maybe $20.
To make six figures,
you'll have to sell thousands and thousands of books
which means you need visibility
of hundreds of thousands of people.
Whereas if you take the other approach
where you say, hey listen,
I am going to go out in the market with the specific market
and specific outcome that I will create for my clients.
It's much easier for you to get the party started
and get a very small segment of clients.
Just 10, 15, 20 clients is significantly easier
to attain than thousands of clients for a book.
Most coaches make the mistake to fall into the trap
of the gurus.
The people who say make another course,
make another course and as a course creator,
you will be able to generate hundreds
of thousands of dollars.
While some people can, yes, achieve that,
it is fairly difficult when you're just getting started.
I say this because I have done both the paths.
That the number of clients you need to interact with
and ease of getting clients is significantly easier
if you start your path as a coach,
if you start your path as somebody who's working
with clients one-on-one for a larger amount of fee,
but a fewer number of clients or one-to-group
which is still for a higher amount of fee
than what a course or the device cost.
So, don't worry about
the complicated financial plans just yet.
On creating a course, a book, a group program, an event.
All of them will come later.
All of them will happen in time,
but first worry about how you could get
your first 20 clients for $5,000.
How could you get your first 40 clients for $2,000
in a group program?
Whatever that may be, make an easier plan.
The path you want to take is something to this degree.
Say you want to sell a $5,000 package
and you need 20 clients to make your first hundred thousand.
Now, to get your first 20 clients,
decide that one out of every five conversations
would say a yes or will become a client.
That would mean to get 20 clients,
you need to do 100 conversations.
To get to 100 qualified conversations,
you may need to outreach, have a conversation with,
have online conversation with about 10 times
the size of people that you're actually going
to actually have a proper, in-depth conversation with
which means if you want to have 100 in-depth,
proper conversations, you need to open
about 1,000 conversations.
Now you have a financial plan to get to your 20 clients.
You need to open a 1,000 conversations.
Out of these 1,000 conversations,
100 would materialized to be deep
and meaningful conversations
that have the potential of becoming a client.
And if you do a good job in keeping this conversation
and getting people excited and showing them
and demonstrating your capabilities to them,
you will have 20 clients generating at $5,000,
creating $100,000 for you
which is why you need to have a good product.
That is the first pillar that is wildly important
for a successful coaching business
is to have a good product,
a good service that you can offer.
A good way to really impress the potential client
and make them feel that you are the right coach for them.
Now, there many sub-elements
to building a coaching business
which is why we've created this YouTube channel.
As you will explore, you'll find more and more trainings
on this channel that allow you
to learn different elements of business
so you can consistently and confidently work
on your coaching business and continue to expand it.
What we have also done recently
is we have created online business certification program.
It's called "Certified Business Coach By Evercoach."
In this program,
we give you all of the competence
and all of the different tools and strategies
and ideas that you can use to be able to reach out
to any small and mid-sized company
and be able to present a solid proposal to them
and get them the outcomes that they truly desire.
These are the same strategies that I have used
as a coach consultant to go out in the world
and create a really affluent and healthy practice
for myself as a coach and a consultant.
And I'm proud to report that most of my clients
would report 30% growth in their revenue.
Some of them even report 100% growth in revenue,
despite the circumstances that are happening around them.
Even during this time,
most of the companies that I have worked with
have reported at least 70% growth in their revenue
or their bottom line, depending on their priorities.
Now, this is not because I have some special power
or some special capability
that helped these companies go further
than most of the coaches are able to take their companies.
It is because of the unique approach that I call
The Coach Consultant Approach.
The Coach Consultant Approach takes the ideas,
the best ideas from coaching and takes the best ideas
from consulting and merges them together
to help companies grow faster.
In this four-month certification program,
I'll break down each of these strategies for you
so you can go out in the world and start creating
the same change that I have been able to do
for my clients.
Below this video, you'll find a link
that gives you all the information about the program.
How did you find this video?
Did you find it useful?
Did you find that you could use these three pillars
and these three simple pillars actually helped
you simplify your business model?
And can you see yourself generating five, 10, 15, 20,
$100,000 in your coaching business?
If there are any specific strategies you'd like me
to explore more of, hit that up in the comment section below
so I can make follow-up videos that will help you with that.
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Thank you so much for watching and I'll see you next week.