When a client finishes coaching with you, do you scramble to replace them? If you don’t have time to grow your business because your schedule is booked delivering coaching services, then you may have hit a ceiling in your income. Ouch! I call this the money for time treadmill.
It may seem like your only option is to work more and/or charge more. Charging more may be a good idea at this point, but there are other ways to leverage your time and boost your income.
To get off that painful treadmill, offer products and programs that don’t require more of your time for every sale. Here’s the catch: you will need to invest time to build these products and programs. But it will be worth it! Get the best return on that investment by designing programs that fit into a leveraged marketing funnel.
Time is a Limited Asset
No one has more than 24 hours in a day. So it’s critical to treat your time as your most precious asset. Use it wisely, value it highly.
How much time can you free up from working IN your business to work ON your business?
If you already have time for business development built into your schedule, well done! Now, create an automated system to keep your pipeline full of prospects that already know, like and trust you. You’ll never scramble again to get clients.
If you have little time to work ON your biz, first run through this checklist and make course corrections if necessary, then follow my other suggestions below. You’ll find yourself in a very different place in a short time.
- Are you holding clear boundaries around your work time with family and friends? If you were working for someone else, you’d hold those boundaries well. Choose business hours and treat them as sacred time for your business.
- Are you continuously over-delivering with your clients? Clients don’t need that, you just think they do. Coaches usually do this because they don’t trust the value of their services. Less is often more. Let your clients do their own work. Deliver impeccably on the terms you’ve set for your fees. Give extra time only occasionally, after making the agreement with your client.
- Are there more tasks you could delegate to your team / Virtual Assistant? Denying yourself support for administrative and technical tasks is often connected to a scarcity mindset. Your VA can give you the time you need to break through income barriers. If you value your time highly and delegate what isn’t your strength, your income will grow.
Reduce Your Private Coaching Client Load
Offer group programs in place of some of your 1:1 coaching hours. And reduce your number of private coaching clients through attrition, while incrementally increasing your fees.
- 15 clients at $350/mo = $5250
- 10 clients at $525/mo = $5250
- 7 clients at $750/mo = $5250
New clients will not balk at your increased fees if you’re focusing on a viable coaching market and positioning your services as essential.
Diversify Your Coaching Revenue Streams
Dedicate the time you gain to designing, producing, launching, and building a marketing campaign around coaching products and programs that leverage your time. Create new offers that:
- Solve very specific problems your niche market faces.
- Bring in revenue without requiring much of your time for delivery.
- Build awareness about you through relevant education based programs and marketing.
- Take your prospects on a journey to gradually increase their interaction, engagement and investment with you.
- Encourage add on sales.
Combine those offers into a leveraged marketing funnel of products and programs that increase in price as they add value and/or time with you. Make sure all of your offerings serve your niche market by filling the holes in their knowledge and helping them solve problems, while they also showcase your skills and expertise.
In my next post, I’ll show you an example of a well-leveraged funnel of offers.
In the meantime, begin using these income boosting strategies now and watch how your business streamlines while it feels more prosperous and fun. I’d love to hear your comments on this post!