Purpose/ Your Why
It begins with your purpose your Why. Why do you exist as a coaching practice? What is your core purpose? Once you will be able to define this aspect, you will be able to pursue your Vision.
If you do not know your Why I recommend you go to the Why Institute to determine your Why “When you know your WHY - your WHAT has more impact”. Here is the link https://whyinstitute.typeform.com/to/BjRaRj?source=websitehome
Values – Your guiding principles.
You need to determine your Values so that the clients you deal with are in line with your Values.
If one of your Values is integrity, then you must ensure that your clients are honest if they are not you are not living your Values.
Your Vision is where you want to go
Determine your income.
As a Coach and an Entrepreneur, you need to determine your financial goal.
What are your expected revenues in 1 year and 3 years?
What is the average revenue for each client?
How many clients do you need to achieve your financial goal? = Expected revenues / Average revenue per client.
Your Why, your Values and your Vision are your foundation for your practice.
Step One: Determine your Market / Niche
Often what I see is that a lot of coaches indicate that they are an Executive Coach, Career Coach, Personal Coach, Life Coach, Business Coach, etc., but they do not indicate what they are known for and what are the value or benefit they are giving to their clients?
By focusing on a specific Market or Niche you want to become more effective in your prospecting and be known in your market place than just a Professional Coach.
Some coaches say that they do not wish to become an expert in their field but what I say is that you still want to focus on increasing your skills and talents so that you can bring your clients to achieve their objective quicker, and more efficiently.
For example, when I get approached for career transition, I have no experience in career transition and I will not coach a client in this field as I will not be helping the client effectively.
Normally clients wish to deal with coaches that have experience in their field so that they can relate.
Step Two: Value proposition
The value proposition is the reason a prospect will purchase your product or service.
Step Three: Attract Prospects and Follow-up
Key: Build Trust with your prospect
1) ASK for referrals
With your existing customers, your current network or a strategic partner
From existing customers obtain testimonials. ICF allows you to use testimonials, “Client Testimony / Photo Authorization and Release Form”. Use case studies on website or social networks so that prospects can relate.
Identify businesses that serve your market segment, this way you may form a strategic alliance.
LinkedIn contacts: Ask for an introduction to a prospect
2) Publish educational content and become a speaker to show your skills and talents.
Blogs, post on Facebook, LinkedIn, Twitter
Articles and Advertising
YouTube videos / Online webinars
Marketing Funnel to obtain leads. Drive prospects to your website to obtain leads (e-mails). (Give away PDF Educational Item)
You constantly need to be building your prospect list and pipeline. Once you have a Prospect list / Pipeline connect with them on social networks like LinkedIn, Facebook, Twitter and make sure you reach out by telephone or e-mail.
Steps to reach out to your prospect
Preparation + Opportunity = Success
Success occurs when preparation meets opportunity. (Zig Ziglar)
Therefore, to be successful in your prospecting you need to be prepared.
Identify your prospect and define their problem or need. I understand that as coaches we work with the client’s objectives, but it does not stop you by giving a prospect a concrete example of how you helped a client keeping the confidentiality aspect.
Seek out personal connections (ex LinkedIn)
Check out prospects website
Search for media coverage of the prospect
Ensure you have a script, have mindset, positive energy and Believe in what you are offering.
Make the contact
The Coaches Console indicate that 80% of the prospects convert on the 5th contact and 90% of entrepreneurs give up after the 4th try.
Therefore, follow-up is the key.
In closing a coaching practice is a business and should be treated in such way.
Put yourself into committed action to achieve your vision and continue to enhance your talents and skills so that you will be recognized as a trusted and effective Professional Coach.
Orest Lysymanko, ACC
Orest Lysymanko is a Professional Business Coach. His mission is to help Business Owners and Professionals achieve their most important goals strategically and maximize their full potential. His proven personalized business A.C.T.E. approach and his 90-day Strategic Planning Program allows his clients to achieve their desired results.