The Ins and Outs of the Coaching Business- Part Two
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We’re in a series right now giving you everything you need to know to start or grow your coaching business. If you missed part one, check it out here.
The thing that I hear constantly, and what I know some reading this are thinking is, “why would anyone listen to me?” We live in a time when there’s a lot of information. However, you would be surprised by what people know. The topic that you think has been covered enough hasn’t. If you are in this online space there are a lot of things we all know and get tired of hearing. People that aren’t in this online space don’t know what we see everyday.
We know things because we read the same blogs, listen to the same podcasts, and watch the same videos. We’re used to what we see everyday, but the non-online world person has NO clue about these topics. You can still teach your topic to a HUGE audience that hasn’t heard it, or hasn’t heard it in the way you teach it. This is why, with the right training, anyone can become a coach.
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Pricing
Ok, so we’ve established that you can coach, and that coaching can be a profitable revenue stream for you. Let’s talk about the money part. Pricing for coaching can be handled in two ways.
Per month pricing
In this model you charge a monthly fee and for a certain period of time. The standard period is three months. In that month you have to decide how many “calls” or “sessions” you will offer. I have seen this vary from one call a month to one a week.
The frequency of the calls determines how much you’ll charge. When in doubt, I tell my clients to charge at least $97 an hour. That number is worth your time and not out of reach for your potential clients. I’m not a fan of the per month model because people tend to shy away from something that feels like the expense won’t stop.
Flat rate pricing
In this model you charge a flat rate for your calls/sessions. This is the model I use for my coaching program. My customers have told me they like this model because they can come and go as they please. Again, you decide what to charge per session. If you broke down my rate hourly, it’s $250 an hour.
What should you charge? I’m always going to tell you to test things out for yourself. What works for me, or someone else, might not work for you. I would tell you to try both systems and see what your customers respond best to. Testing is the key to success in any business.
The structure
Ok, so how the heck do you actually coach? Like pricing, coaching can be done in many ways, too many to list in this series. You can start simple through a Google Hangout. Here you have a video call with your client.
You can step it up and use a private video service like Go to Meeting, or one I’ve used called Any Time Meeting. Each of these services has a free version. To record your sessions you will have to upgrade to the paid version. With the paid versions, you can record the sessions, share your screen, and take notes that will be automatically emailed to your client after the session. If you are going to use the free versions of these, or a Google Hangout, you can use a Google Doc for notes between you and your client.
These days I use Free Conference Call for my private and group coaching sessions. The service is FREE, but you can still record calls, share your screen, and do everything else you need to coach. They even offer a transcription of your call for free. If you’re looking for a cost-effective option, check it out.
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I’m going to end part two here. When I come back on Tuesday, I’ll be talking about marketing your coaching business. I have some interesting ideas that can help you fill up your program!
2015 can be your year. You can build a profitable business that supports your family. If you need help with implementing, and getting your questions answered, check out a new program I’m offering. Registration closes December 2nd. Details here.
What area are you coaching or will coach on?
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Photo: Flickr/ Darren Kuropatwa
This week’s articles
3 Reasons Why Relying on Social-Media Marketing Is a Losing Strategy
Entrepreneur Magazine
3 Reasons Why Focusing on Impact Instead of Income Makes You More Money Sooner
The Good Men Project
How To Create Real Freedom In Your Life
Mind Body Green
You’re Not Getting Paid Enough
The Good Men Project
5 Mistakes to Avoid When Moving to Hawaii
The Huffington Post
