According to FORBES, Leadership Development & Executive Coaching is a $366 Billion Industry with $166 Billion spent annually. Think about this!
According to Statista.com, the consulting industry is $132 Billion annually. Though this is down since COVID from around $160 Billion, it is still one of the top industries for professional services.
Business Coaching is expected to reach $20 Billion in 2022. So, it is pretty clear there is no shortage of money to go around, right?
So, HOW do you build a $500k+ professional coaching, training, or consulting business without exhaustion or running out of time?
You redesign how you package, price, sell and deliver your services to charge more while working less time.
You get paid more money without giving away all your time.
Think about…
10 – $50k clients.
5 – $100k clients.
4 – $125k clients.
Could you manage this many clients a year if you structure things to leverage your time?
Most professional coaches, trainers, and consultants would say, “Yes.”
When my client, Janinne, came to me, we started with $200k as her lowest offer, and she had a waiting list of people wanting to work with her.
Before I share how to do this, let’s talk about many mistakes that keep coaches, and consultants, from reaching multiple-six and seven figures. You may see one or two of these that could be stopping your financial growth.
Mistake #1
You don’t look different from every other leadership coach, executive coach, business coach, or consultant in your field. Clients will compare prices versus buying the best option when you look like everyone else in your field.
Mistake #2
You are selling your program and services versus selling the results they are looking for when they invest in your services.
This was the case with one of my clients, Kim. She was undervaluing what she was charging for her expertise and wanted to scale. When we restructured how she was selling her services, she began getting clients for 5x more (at the time she made this video). She recently closed her first client which was 20x more!
Mistake #3
You are pricing your services by time (an hourly or daily rate) instead of by the “value” (results) you are providing to the client. This pricing structure leaves a great deal of money on the table.
Mistake #4
You aren’t quantifying the value in $$$$$. There is ALWAYS a quantifiable $$$$ value for your clients! When you help the client uncover the dollar value, you will not only stand out and compel them to buy; you can charge much higher fees for your services.
You will probably be the only one doing this (most don’t), and you will be much more likely to win the contract or client.
Mistake #5
You aren’t giving prospects options. You are making a “take it or leave it” offer. Offering two to three options gives you a much better opportunity to win the client.
Mistake #6
You become the bottleneck in your business that stops your own growth. You don’t have time to take on more clients or work on growing your business because you get stuck in fulfillment.
Are you making any of these mistakes?
So, the way to fix this and land ultra-high-end clients to scale your business and hit bigger goals is to restructure how you are doing things.
So, here are five steps to do this:
Step #1
Position yourself as the Expert & Authority in your field and put yourself in a category of one. Experts can charge more and aren’t price-shopped or compared to others. Do your clients want to hire the best? Be seen as the best and only one who can give them what and happily buy.
Step #2
Restructure how you price and offer your services. Ask the prospect what they want, and what the $$$$ results would be if you helped them. What is the problem you are solving, the improvement or transformation you are giving them, and what is that worth in $$$? Then structure your offers to be the solution they are looking for versus selling your “stuff.”
Step #3
Give them a few different levels of services. Consider taking the highest offer you have and make it your lowest. Then create one or two higher-level packages.
FYI…Don’t make a transaction offer (short-term or one-off program); offer a transformation (more extended engagement and more significant results). This is more money for you and a big win in retaining clients longer.
Step #4
Structure your packages and offers so that they leverage your time and still accomplish the results for the client. How can you minimize the time you spend? More time doesn’t mean it’s better.
Step #5
Eliminate the Feast & Famine Cycle – The more offers you make, the more clients you can win, and the more selective you can be about your clients.
One of the most common mistakes coaches, trainers, and consultants make is not marketing and making offers when they get busy. You don’t want to have to scramble to get your next client, do you?
There are many ways to scale but selling ultra-high-end services is the fastest path. Then, you can add additional income streams, automate, build a small team, etcetera.
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If you would like more education and training on growing your professional consulting, coaching, or client service business, here are some ways to get it!
- You can subscribe to my EXPERT IN YOU PODCAST & SHOW. Choose the platform you like!
- You can subscribe to my YouTube channel.
- You can attend my upcoming Expert In You Business Accelerator & Marketing Luxury Retreat!
- You can book a call if you want my help to grow and scale an Ultra-High-End Coaching or Consulting business!
Did you find this blog valuable? I would love to hear your feedback and thoughts.
To your success,
Ann