Chris Frolic is an Erickson Professional Coach and alumni of The Art & Science of Coaching program. He is the co-founder of StealthSeminar, one of the top automated webinar platforms, which has generated over 1 billion dollars in revenue for its users. A life-long entrepreneur, Chris likes to work with the next generation of business creators.
The Foundations of a Strong Coaching Business
Building a business takes time and a coaching business is no different. Every business I’ve ever created has taken years to mature and get stable. Everyone will go through this when building their business. These days I try to support new entrepreneurs with that knowledge and ask myself how I can best help them along that journey. I hope the information I share in this article will help to support you as you grow your business!
As you work your way down your own individual path, I’ve made a list of things that you only get with time and experience. The good news is, when you’ve amassed these things, you can look back at your journey with pride and satisfaction, knowing you’ve built a strong healthy coaching business.
With time, your business will grow and strengthen in these key areas:
- Referrals from past clients.
- A long list of success stories.
- Credibility through past client testimonials (The goal for this is a phone book size amount!).
- Credibility through press/media appearances.
- Credibility through a volume of work (blog, thoughts, videos).
- Past clients that return to you for further work.
- Finding your own personal 'Blue Oceans' of uncontested markets.
- Mastery of your primary market.
- Not being a commodity. Making yourself unique.
- Perfecting your sales messaging and identity.
- Learning from each mistake you make and putting those lessons to work.
- Raising your fees both from your own confidence level rising, as well as bookings filling up (make more money from less work).
- A “war of attrition” against yourself. You’ve outlasted the learning curve.
- Automation and marketing tools that do a lot of your work for you.
- A refined sales process – you know what to say and know what works for you.
- Data on how many leads will generate a client.
- Lost sales don’t bother you anymore because you see your whole business as a working system and not individual sales.
- Knowledge of any seasonality of the business.
As you build the areas noted above, your phone will just start ringing by itself because of all of this foundational work. Things become easy! As you go through this process, you will learn what are the most valuable resources that will help support your business and won’t waste time with the other, less effective methods.
You will have wins along the way, but your business will become more mature and stable the more the above list is working for you. If your journey is through peaks and valleys, the valleys will get less deep, and the peaks will keep growing.
The other side benefit is you will realize your competition is irrelevant because they have to go through their own journey. By knowing this, it will make some of the roller coaster moments a little easier to handle and things will level off.
Armed with this knowledge, what actions today might you be able to take from the list above that can move your business forward?