58: Start Planning For Profit In Your Coaching Business

This episode is part of my Money Mastery series. To see the show notes for this episode go to https://prosperouscoach.com/58I’m about to suggest a new mindset and practice that will help you take a big leap in the amount of money you earn from your coaching business — even if you’re a brand new coach.It’s all about taking yourself seriously as a business owner and graduating from that hobby-like coaching business to what’s called a going concern – a sustainable business that reliably provides for you and your family.There are two parts to this episode. In the first I’ll explain the 3 phases of coaching business development. You’ll see why soon. The second part is about planning. Are you wincing at that? Planning to earn could actually mean that you do earn and earn well.I’m purposefully keeping this part very basic so if you’ve been a CFO in a corporation or a CPA or this is your 2nd entrepreneurial experience, you may not need this episode.But if you’re a new coach longing to earn well in your first business then what I’m sharing may shift something inside you that needs shifting.So first …3 Phases of Coaching Business DevelopmentThe Startup PhaseThis is what I help new coaches to do right from the get go. In the phase you create your business foundation:·       Decide on the big problem you solve for a viable audience ·      Develop your niche, brand, messaging, website and signature program·      Learn how to effectively enroll higher paying clients ·      Choose a set of marketing strategies to attract your audience·      Fully take on the role of business owner·      Plan all aspects of your business including earnings·      Begin to transition into full time coachingI’m taking a stab at a metaphor to hopefully will help you understand the importance of each of these phases. let’s pretend your desire to have a coaching business is an apple tree seed. For good measure, you put several of these vision seeds into healthy soil, give them water, warmth and light. Soon, little sprouts come up.You leave the strongest seedlings to grow and sacrifice the rest. That’s when you nail down your niche and audience. The goal is to have one little tree to focus you love and attention.The Establish PhaseThis is where your business begins to feel real. You will:·      Consistently put out good content targeted to your audience·      Develop your reputation·      Build your leads list and followers on social media·      Master enrolling clients·      Earn enough to quit your job·      Grow your website SEO·      Find spheres of influence or colleagues who can help your star rise·      Establish the ideal rhythm and flow of your business·      Fine tune your business to maximize profits and work smarterBack to the metaphor … your little tree has set down strong roots and delivers its first harvest.Read about the Maintain or Scale phase here.