67: What Is Your Coaching Business Model?

This episode, called What Is Your Coaching Business Model? is the 6th in my Coaching Business Checkup series, which is all about how to strategize the most important parts of your business. If something isn’t working well in your coaching business, it might be a lack of strategy holding you back.At the end of this whole series I’ll have a downloadable Coaching Business Checkup Assessment you can use to diagnose and treat what’s ailing in your business so you can fix it and thrive.The full transcript for today’s episode can be found at prosperouscoach.com/67.Just in case this business model idea is totally new to you, let’s define what a business model is and why you want one.Why Have a Business Model for Your Coaching?A business model is literally a design for the success of your business. It’s a structure you create that makes your business viable. In other words, it’s your plan for earning good money as a coach.Essential, right?Like many aspects of your coaching business, your business model can’t really take shape until you have targeted a viable audience and developed a smart coaching niche. Those decisions are the cornerstone … everything else you build for your coaching business comes from that.Notice I said a moment reliably attract people to your offers. That takes strategy. It’s a far cry from what I did for so many years at the beginning, which was what I call the “I hope it works” approach to business.Without a business model, you are leaving your success up to dumb luck.No doubt, you experienced a lot of business models just living in the modern world but you might not have thought much about it. I’ll just name a couple to help you understand the conceptLet’s take Netflix. You get an account. Pay monthly. And for that low fee, you get access to their impressive catalog of TV series and movies to stream on demand.That’s called the Subscription Model. It has 3 main parts: Subscription service + Options the consumer wants + Delivered on demandIt is something you could create someday. More about that in a minute.How about Uber? Their model is called Create the Marketplace, which operates on supply and demand SUPPLY = people with cars who want to earn + DEMAND = people who want to get someplace now without drivingIt’s very specific and innovative. And this is close to what a coach needs to do. You identify a BIG PROBLEM that a specific audience faces and create a hunger for your program which helps to solve that problem through coaching.The Simplest Coaching Business ModelA while ago I aired an episode called The Simplest Coaching Business Model and it’s been a favorite with record downloads. This episode goes deeper into what’s involved.By the way, thank you so much for going back to my earlier episodes! I can’t tell you how often I hear that people are binge listening to every episode. That’s a great way to learn a lot fast.It’s a great sign that episode is popular. It means that coaches now are much more business savvy than I was when I started. So well done you. Keep that up!Learn what is the simplest coaching business model here.