Hi there coach, it's Carolin Soldo here.
Today, I want to talk to you about the no money objection.
After watching today's video, you will know our top 10 sources of financing that you can
share with your clients, so they can finally invest in your coaching programs.
Make sure you stay tuned, and you watch the entire video because I'm also going to give
you the actual names of the funding sources that we recommend to you, so you can take
them to your clients, and you can get started right now.
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All about helping you go from passion to profits in your coaching business.
My name is Carolin Soldo and I specialize in helping new coaches and advanced coaches,
just like you, go from passion to profits in their coaching business, go out there in
the world and do the work they love every single day.
Now, one of the things that comes up often in our business and in my clients practices
is the no money objection.
We have to find ways to help our clients invest in our programs.
Today, I want to share with you our top 10 sources of financing that you can steal, and
you can bring to your clients to help them make the investment with you and have the
results that you deserve.
Let's jump right in.
Source number one is credit cards.
A majority of our clients are investing in our coaching programs with a variety of credit
cards.
Visa, MasterCard, American Express, you know them all.
Ideally, we want our clients to be using cards wisely, so we want them to use low or no interest
credit cards for them to minimize fees and minimize interest expenses.
If your clients don't have credit cards, they can open them.
If your clients have credit cards, but they're maxed, there's always an opportunity for them
to call the credit card company and ask for a line increase.
Many people don't even think about this.
They think, "Well, my credit card is maxed.
My limit is full.
I don't have anymore room on my cards, so I can't do anything."
But many credit card companies nowadays are actually open to increasing your line, especially
if you have been a great customer, and you have made your payments on time.
That is source number two, simply calling your credit card company to get a credit card
line increase.
Source number three is a bank loan.
When Boris, my husband, and I launched our manufacturing company a couple of years ago,
we actually used a bank loan because we needed a significant amount of money to be investing
in machinery.
Most banks, nowadays, are looking for a real business plan.
Especially, if you're a new business, and you don't have a proven track record of success
already.
What I would recommend is approaching your banker and your banking institution and saying,
"Hey, I'm a small business.
I want to launch or expand my existing business, and I have a business plan.
Here's what I do.
Here's my target market.
Here are my programs and my services.
Here's how much I want to charge and by the way, here's a projection of income.
So a projected profit and loss statement, maybe even a balance sheet, a cashflow forecast,
a marketing plan and all the important information that goes in a business plan, and I have done
my research, and I think you should be bank investing in me."
When you're approaching the bank, make sure you go in there prepared.
Always bring a business plan.
Do your research.
Show the bank that you're worthy investing in, that you've done the work, you know what
you're doing, and you'll be able to pay them back.
The fourth source of financing is PayPal Credit.
PayPal has been a wonderful partner for us, and we have had many clients gain approval
through PayPal when they applied for a line of credit and working capital.
If you're looking for a quick link to go and check out PayPal Credit, I have included a
link in the description below.
Now, understand, I'm not associated with PayPal.
Of course, all these sources of financing I'm recommending to you are not affiliated
with me at all.
I've just had a good experience myself, and I could recommend them to you as well.
When you're using PayPal Credit, your prospect needs to have a PayPal account, and they can
simply go to PayPal, apply for a line of credit and when you invoice them, your client is
able to use their line to satisfy that invoice.
The fifth source of financing is various online sources of funding.
So I'm going to read you a list of sources that you may want to look into.
Again, we're not associated with any of them.
We have had success financing clients through these sources, so you may experience success
as well.
The first source is Upstart.com LendingClub.com, mybestegg.com, there's PayPal Working Capital,
there's Kabbage.com and Futurpreneur.
We're going to be including links to all of them below in the descriptions, so you can
check them out for yourself.
Your sixth.
I can't say.
Sixth.
Your sixth ... Man, sometimes I hate English.
Can I just do all this in German?
[German 00:05:19].
But then nobody would understand what I'm saying so it's not going to work.
Number six is borrowing money from investors, friends or family.
We often advise our clients to look at the people around them.
That includes family members, friends and even private investors who might be interested
in investing in you and investing in your clients to help them do what they want to
do.
Ask your family, ask your friends, ask your wife, your husband and look around for a business
owner or someone who might be looking for an investment, just like you right now, who
can lend you the money and you can pay them back with interest.
Now, when you're borrowing money from friends and family and private investors, I highly
recommend that you put agreements in place that protect not only you, but protect your
investor as well and make sure everything is done fairly and everything is in good order.
The seventh source of funding is to sell assets.
Your prospects might have expensive jewelry.
They might own cars.
They might own investment properties.
They might be owning things that are of value that they can easily sell.
Now, you might be thinking, "Oh my God, I can't ask my clients to sell their stuff,"
but why not?
Think about the amazing transformations that you can create for them.
Think about the life changing results.
Their relationships, their health, their bodies, their money.
They only have one life and if you believe in what you do, you have the power to change
their life forever.
Isn't that worth it?
Isn't that worth them selling some jewelry, them selling a car?
Maybe buying it again later.
I think it is.
It's always an option to explore.
The eighth source of financing might be an investment account, a retirement account or
something like a 401(k) here in the United States.
Again, many people think that those things are off limit and you can't be looking at
your retirement account and those things are sacred and they're safe, but again, you're
living your life only once.
You're living right now.
You might not be at retirement age yet.
You may have another 20 years to live.
You want to make sure your healthy, happy and successful right now.
That's what a coach can do for you.
That's what you can do for your clients.
Why not suggest, politely, for your clients to be looking at stocks they can sell, 401(k)
accounts they can take money out of, sometimes you can borrow against a 401(k) as well.
That's many different options but your clients might be able to explore what's possible for
them in that area as well.
The ninth source of financing is a savings account and it's something very obvious but
many people don't like to go there because they see savings as something that is sacred
and untouchable.
It's for rainy days.
It's for when something really bad happens.
But, what about right now?
Again, it goes back to how urgent the situation is.
Your coaching programs are not the nice-to-haves.
Your coaching programs are solving urgent major life and business issues right now and
that's why your clients need to look at these sources of financing.
They need to look at savings and savings are there to help them live better lives right
now.
Lastly, you can have your clients look at refinancing their homes.
Refinancing can be especially beneficial if your coaching programs are more expensive.
What if they're more high ticket, if they're more premium and they're between 10, 15, $20,000
or more.
We have clients who are charging $150,000 for their coaching programs and up and those
are very high end consulting programs and packages.
Now refinancing a house may seem like a big deal, but it might actually be beneficial
for your clients because they could lower their interest rates in the process.
They could lower their monthly payments and they could come away with an additional chunk
of cash they can be investing in themselves, their business, their lives and whatever it
is that you're offering them right now.
Now, I'd like to hear from you.
Let's have a conversation.
In the comments below, let me know what your favorite financing options are and what has
worked for you in the past.
I also have a very special freebie for you today and it's our sales conversation cheat
sheet.
Having those conversations is not always easy.
Talking about money, working through objections, digging into the pain, building rapport.
There's so much that goes into it and I want you to be successful.
Go ahead.
There's a link below in the description of the video where you can download our sales
conversation cheat sheet.
It's going to show you step by step how to manage a sales conversation effectively so
you get to the sale and you get to the yes you want to hear.
And if you want to take it even further, check out our brand new masterclass.
It's the three simple secrets for you to get all the coaching clients you could ever want.
There's a link below in the description.
Sign up today.
Classes are running all this week and in that class, I'll share with you the three simple
secrets, three things you can do right now, to get more coaching clients in your business.
As always, if you liked this video, let me know.
Give me some love.
Like the video.
Give me some comments below.
Let's have a conversation and I can't wait to see you again next week.
Take care.
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