Teresia LaRocque, MCC, is Canada’s first Master Certified Coach and co-founder of ICF Vancouver. Over the past 20 years, she has been a key player in developing the coaching industry in Vancouver, British Columbia and Canada.
In my last blog we explored the importance of aligning your business with your ideal life.
Now I want to take it a step further by answering the question, what does a coaching business model look like? This process will help you get clear on what your business is and what it can be. It will enable you to build a coaching practice that adds genuine value to people’s lives while providing you with abundance and fulfillment.
When we first start coaching, most of us establish ourselves through the one-to-one work we do with our clients. An initial focus on individualized sessions helps us increase confidence, gain experience and become crystal clear about what kind of coach we want to be. Through this type of work you discover the characteristics of your ideal client and what you love to coach on. You also get to see the areas where you create authentic value and make the strongest impact.
As you begin to design your business model, it is wise to start with a primary focus on one-to-one sessions because it produces a consistent cash flow. For example, let’s go with a lower end and say you’re charging $300 a month per client. If you get ten clients, that’s $3,000 per month. This may not be your dream salary but most people can meet their financial obligations with that income. Therefore, it is a strong foundation to build upon. Unfortunately, most coaches see this as a stopping point when it’s actually a launching pad for abundant expansion. Your one-to-one clientele represents just one of many potential profit centres.
A profit centre is a hub of income-producing activity. It represents one type of service you provide. Ideally you want to have multiple hubs, each creating a unique stream of revenue under the umbrella of your business. Our individual clients will always be the heart of our coaching practice, but how can you offer more? I want to challenge you to dream big right now. Think about your skills, talents, and aptitudes. How could these be transformed into a profit centre for your business?
Some possibilities for profit centres may include:
The great thing about being a coach and an entrepreneur is that you can design a business model that serves your vision and helps you realize your dreams. Create an abundant business model, get clear on what your profit centres are, and you will attract the opportunities that enable you to grow and succeed.
Erickson Business Center Challenge Expand your vision of what your business could be. What might be your additional profit centres beyond one-on-one coaching?