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BOOK EXCERPT
The Rich Coach Secret Formula For Building A Profitable Coaching Business
Excerpted and adapted from Rich Coach • Broke Coach by Bart Smith
Reprinted by Permission
Is there really a secret formula for becoming a Rich Coach? There may not be one magical shortcut, but there IS a practical collection of building blocks that repeatedly show up inside successful coaching businesses.
The problem for many coaches is not that they are missing one brilliant idea. It is that they have never assembled all the important pieces into one working system.
Here is the Rich Coach formula in plain English.
Qualities Of A Rich Coach
1. Choose A Profitable Coaching Niche — Know who you want to help, what problem you help solve and why that audience is willing to invest in a solution.
2. Get Additional Training Or Certification When Useful — Formal certification is not the only source of coaching ability, but additional education can strengthen your skill set, confidence and credibility.
3. Build Authority — Publish content. Write articles. Create videos. Get interviewed. Speak. Write a book. Give people evidence that you know your subject.
4. Create A Coaching Business Plan — Know how the business will operate, what you will sell, who you will serve, how you will market and what results you are trying to produce.
5. Avoid Roadblocks & Minimize Mistakes — Pay attention to the habits, expenses, poor decisions and missing systems that can slow down a coaching business before they become expensive problems.
6. Set Your Fees & Create Packages — Do not make prospects guess what you offer. Build clearly defined coaching services, packages and programs with pricing that makes sense for the value being delivered.
7. Create Your Coaching Forms & Agreements — Client agreements, intake forms, worksheets, progress logs and other documents help make the coaching relationship more professional and organized.
8. Create A Coaching Session Structure — Know how your sessions will work. A consistent structure makes the client experience easier to manage and easier to improve.
9. Develop Additional Streams Of Coaching Income — One-on-one coaching should not be your only option. Products, group coaching, workshops, books, memberships and digital programs can create additional revenue.
10. Build A Marketing Plan — Decide how people are going to discover you. Pick several tactics you can execute consistently instead of randomly marketing only when your calendar is empty.
11. Increase Credibility At Every Opportunity — Testimonials, books, interviews, case examples, speaking appearances and valuable content all help prospects feel more confident about working with you.
12. Put CRM & Lead-Generation Systems In Place — Keep track of prospects and follow-up activities. Good opportunities disappear quickly when nobody remembers to follow up.
13. Create A Lead-Qualification Process — Not every prospect should become a client. Develop a process for determining who is a good fit, who can benefit from your coaching and who is ready to invest.
14. Bring The Drive & Hunger — No tool, website, course or marketing tactic can replace consistent effort. You still have to execute, learn, improve and keep going.
Put The Pieces Together
Notice what this formula does NOT say: “Become a great coach and the money will magically appear.”
Being a great coach matters tremendously, but a coaching practice is still a BUSINESS. It needs positioning, offers, pricing, agreements, systems, marketing, lead generation and follow-up.
When those pieces begin working together, the business becomes easier to understand and easier to grow. You know what you sell. You know who you sell it to. You know how people find you. You know what happens when they become a lead, and you know how the coaching relationship works after they become a client.
Build It One Piece At A Time
You do not need to complete every item this weekend. Pick the missing pieces that are hurting you the most and start there.
Choose the niche. Create the package. Fix the website. Write the agreement. Start the email list. Publish the content. Build the follow-up system.
One improvement at a time, you stop running a collection of coaching sessions and start building an actual coaching BUSINESS.
(THIS CONTINUES IN THE BOOK)
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