5: The Simplest Coaching Business Model

This episode is part of my Start Smart Series. A listener asked me to talk about the simplest and least expensive way to get a coaching business off the ground. Great question!I love it when listeners tell me what they want to hear on the show. If you have a specific request, go to my contact page on —ProsperousCoachBlog.com — and get in touch.High Profit, Low Tech and High TouchThe answer to the easiest coaching business model is ultra simple! It's 1:1.If you're charging enough and enroll your clients into a longer term package, you won't need many clients each year to make a good income. I only work with 20 - 30 clients each year.Your marketing could be minimal if you have ready access to your chosen target audience. And because expenses are incredibly low for this business model, 1:1 is the most profitable option.Think about it ... You don't have to have a website (although you may want to.) You won't need a team or even a Virtual Assistant to help you with all the tasks because admin is minimal. You don't need big coordinated marketing campaigns, a strong presence on social media or a bunch of apps with monthly fees.Literally all you need is a phone and a private place in your home to take client calls. And maybe an inexpensive business card for networking.You know what I'm describing, don't you?It's the way every service entrepreneur did business before the internet. Don't roll your eyes. It's still the way a lot of service entrepreneurs operate.Sometimes I wonder if it isn't easier than all the online stuff everyone, including me, does now. But an online business model does allow you to have an international audience, and I love that.For that analog way of business, you have to be an active networker, go where your clients are, be a good conversationalist and a non-salesy enroller.When I started, I only offered private coaching. I found all of my clients through networking and speaking.It was only in my second year that I added in face to face group coaching. Then started doing VIP days - that's 3 to 8 hours of working with one person in one day.It was only in year 6 that I shifted to online. I created a Membership Program. Honestly, a huge amount of work for poor returns. Then, I added a high ticket online Mastermind with two yearly retreats. And I sold two self-study online training programs. For one of them, I took a group of 20 - 50 through it quarterly as well with a closed Facebook group.It was fun doing all of that stuff and I made good money. But it was soooo much work keeping it all rolling. And so much of my income was going to expenses!That's often overlooked when coaches choose a business model. The more complicated or technical you go, the harder you work, and sometimes the less money you keep.There really is no passive revenue except royalties. I was lucky to have the opportunity to co-write Coach Training curriculum for a royalty and that curriculum is still being used.Market Less, Serve Clients LongerBut you know what I like the most? Getting to know my clients well and doing deeper work. The 30 hour work week with a 4 day weekend isn't bad either! That's my lifestyle choice.So in my 20th year in business ... (find more Show Notes here.)