life coaching return on investment

Exploding Your Coaching Business’s ROI

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Are you getting started on your lifelong dream of putting up a coaching practice? That’s great! In the beginning, you may spend sleepless nights thinking about how to increase your revenue stream and get in more clients as quickly as possible. Like any business, you’d want to hit the ground running and work your way to handsome digits.

It’s not hard growing your profits, with a little time, lots of dedication, and a few amazing tips as follows, you can forge a coaching reputation with great returns:

Figure out your clientele 

Coaching is a lot like medicine; there are general doctors who tend to basic problems and consequently make less money, then there are specialists like cardiologists who focus on a specific area and make tons of money. So will you be a specialist or a generalist?

That’s up to you, but specialization has worked better for many in this line of work. You should narrow your target market to an age bracket, gender, among other considerations to ensure you’re appealing to an audience with high purchasing intent. For instance, you could focus on becoming a health coach and targeting the busy, working population, say maybe between 25 and 50, who rarely have any time to implement exercise routines. You could start out as a generalist first to determine how the various niches work out for you so you can come to a decision. 

Additionally, think about what problem you’re aiming to solve and how you can provide a unique solution based on your experience, knowledge, and skills. Select a niche you’re most comfortable and fluent in so you can offer life-changing results.

Identify your advertising options

Like most businesses in the world, you’ll need to advertise to grow your brand. Many options come to mind, and we recommend three, starting with PPC. Pay per click advertising encompasses LinkedIn ads, Google Adwords, and Facebook ads, and it offers an easy way to create a buzz about your new business. Facebook particularly stands out for its detailed user demographics, and you can test out different campaigns and figure out which one works best for you depending on the success of the results. You may need a professional digital marketing agency for some assistance with effective advertising. 

The two other options we recommend are expert positioning and strategic partnerships. Strategic partnership involves a symbiotic relationship where you link up with a complementary third-party. A good example would be a fitness coaching partnering with a popular fitness blogger, with each party helping promote the other’s business. Expert positioning, on the other hand, entails producing quality and practically helpful content that’ll increase your chances of going viral and thereby increase your audience and leads. 

Automate sales and delivery

Webinars, multiple-part video series, and email autoresponder series are all things you should look in to. You can quickly earn the trust of a stranger with webinars, and other automated processes that allow you to focus your energy on running your business. This automation of services should also extend to your course or package delivery. It’ll be a lot of work creating sequential content on a program that cuts across several weeks, but once you do, it will be a completely self-reliant income stream.

Don’t give out freebies

Early on in your career, you may find it difficult and uncomfortable to request payment from clients, especially friends. However, you shouldn’t offer freebies because you’re likely to create a pattern. Be sure to start charging from the onset. With more time, experience, and practice, you should increase your hourly fees to reflect the value you offer to clients. Don’t make special exceptions for friends or family. 

The more, the merrier

You should also consider offering group sessions as well. Some clients may not be up for it, but you could offer incentives such as a reduced price-per-head for a group sit-down.

What’s more, if you don’t have one already, get an ICF-recognized life coach certification to create a solid brand impression. Clients will be more trusting of you, and it’ll bode well for your professional image and, consequently, your marketing efforts. 

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