As you work to grow your business, there are many options available to attract clients along the way. One thing that may tempt you is the idea of licensing your proprietary system and/or training coaches or trainers to teach it to others. This can be a lucrative revenue stream but first I recommend you follow these steps before moving into that arena.
Step #1: Fill Your Own Practice. When you are working to attract clients and fill your practice, everything else that doesn’t focus on this goal is a distraction. Your first priority is to fill your own practice to build a strong business. So you network, run free teleclasses, offer your IFO, etc., all designed to fill your practice to capacity.
As I often say, the fastest path to cash is with individual coaching clients. Many people want to run groups or teleclasses before they have a full practice, but unfortunately this often doesn’t work. You need to have a big list to market to before you can start groups that will garner the kind of success you hope to achieve.
Step #2 Create Groups. Once your practice is filled and you have a waiting list, that’s when you are ready for the next step. Now you can start creating groups, boot camps, seminars, and masterminds and attract clients like crazy. This phase can last for several years and you’ll make very good money helping lots of yummy people get really great results.
Working with groups gives you the opportunity to reach so many more people. Group work is very productive and also more affordable to those who participate than individual coaching. This is when you make your work more accessible and you start to leverage your business.
Step #3: Certify Other Coaches and/or Trainers. Once you get to the point where you can no longer satisfy the demand for groups, then it’s time to consider licensing your proprietary system or training other trainers or coaches in your method. You will have a very successful business that is ready to expand to the next level.
Don’t Create Your Own Competition.
If you try to train other coaches or license your system before you have a solid foundation and strong business, all you really end up doing is creating competition for yourself who will make it harder to attract clients and fill your practice. Yes, you’ll generate revenue but you’ll also expose your practice to other people who now know how to do exactly what you do.
Don’t take your eye off the ball. Stay focused on completely filling your practice. There is nothing more important. Attract clients, make money, keep the pipeline full and close sales – that’s what you want to work on.
How is filling your pipeline going? Are you continually getting new prospects lined up, closing sales and bringing on new clients? Make that your main objective and let go of anything that distracts you from this goal.