Only 3% of business coaches break the six-figure barrier, but then struggle to get beyond low six-figures in their business.
There are reasons why this happens, and there is a great way to fix it.
Let’s first talk about the problems business coaches face that keeps them from building a multiple-6 or 7-figure business they will enjoy.
1. Many business coaches (especially those working with small businesses) do custom coaching.
By this I mean; they work with many different types of clients, in many different kinds of businesses, helping them do many different things. They are a jack-of-all-trades! This is a difficult business model and hard to scale.
2. Coaches typically under-charge for their services keeping them underpaid and often working with difficult clients. There is nothing that sucks the passion out of coaching faster than low fees and difficult clients.
If they are charging premium fees, they pigeon-hole themselves into more of an employee role vs. a coach or consultant. This may mean they are in the clients business working at times or offering done-for-you types of coaching or services.
3. Many coaches lack rinse & repeat processes and systems to attract and close great clients or leverage their time as a coach.
Now, let me share the solution to building a high-end (multiple-6 or 7-figure) coaching business you can enjoy that also gives you more personal freedom.
- Pick one specific problem to solve for a specific niche. A niche doesn’t have to be an industry or type of business, but it can be.
- Create ONE CORE OFFER where you can CHARGE PREMIUM FEES. This offer should solve a big problem for your ideal clients.
You get little fees for little problems, and you get big fees for big problems.
Do you have a $10k-$50k offer or higher that requires little of your time?
- Position yourself as an EXPERT and an AUTHORITY for your offer and be great at delivering results. People will pay more for an expert than a jack-of-all-trades. Think of a surgeon vs. a family physician. Be the surgeon!!
- Have systems and processes for your marketing, sales and even the delivery of your services.
- Continually build your monthly income with retainer fees or monthly residual coaching fees.
I would love to hear your thoughts. Drop a comment below.
Or if you want to learn more about how to build a MULTIPLE-6 or 7-FIGURE coaching business you can enjoy, check out my masterclass where I go into great detail!