If someone asked you, on a scale of 1 to 10, where you’d put your coaching skills, hopefully you’d say 10 or at least an 8!
When they ask coaches about their solo coaching “business” skills… their answers usually aren’t that high. For those who think about marketing as the only important solo coaching business skills, they may answer as low as 3 or 4, sadly.
Your Business Coaching Skills May Be Low if…
- You look around to see what others are charging.
- You pull a number out of the air and quote that.
- You quote a fee based on what you think/hope that potential client will pay.
- You do trial and error… or you guess.
- You quote a low fee because you’re desperate for a client.
- You take any client in any niche just to have some income.
- You charge only what you’re comfortable charging.
- You still think Marketing is the only business skill you need.
- You are uncomfortable about answering the “What do you charge question” and your potential client senses that.
The Business Skills You Need to be an 8, 9 or 10 on That Scale
- Add up all your business expenses and taxes. This is easy with the What Should I Charge worksheet, it does all the math for you! It adds all your business expenses, taxes, profit and adds your salary. That number tells you how much you need to bring in a year to make your living doing what you love.
- Revisit your coaching offerings and look for the ROI your clients get when they work with you. If the ROI on their investment isn’t high enough to cover what you need to charge… Then you will want to…..
- Redesign the coaching program you provide so it will give clients enough value so they’ll pay the fees you need. This is the Start With The End In Mind method you’re already familiar with.
- Now, you can feel confident about your coaching business skills and asking for the fees you need because:
- You KNOW you have the coaching systems for the solutions your clients are looking for.
- You will be sure of the ROI, Return On their Investment, and you can explain it to them.
- You will know you deserve your fees because you reworked your coaching offerings.
- Now you can start to market with a new confidence.
- Now is the time to put up your website or… update the one you have.
Some coaches don’t come to terms with the fact that they are self-employed and they are now both the employer and the employee. Many coaches prepare to be a great coach (the employee), and spend no time on the employer part.
As A Solo Coach You’re Both The Employer And The Employee
Some coaches still haven’t acknowledged the employer responsibilities they have unknowingly taken on. There can be many reasons for this. For example:
- They thought marketing was all they needed to make their living as a coach.
- They may not have realized that colleges and most training still teach us to be employees; being the employer requires additional information.
- They may have tried business training that was designed for business models which are very different than the business models for solo coaches. This can lead to confusion.
- It’s safe to say they may have been an employee all their working life and have no experience as an entrepreneur.
- No one has shown them the simple way to find their expenses, add their taxes, subtract that from their coaching income so they know how much income they need to pay themselves a salary. Sadly, your income is not your salary.
Business Skills For Coaches is designed to show you how to both set and get your coaching fees. Business Skills For Coaches shows you a few basic skills and provides a program that does all the math for you… which makes it all EASY to understand.
You can get clarification on any of these concepts. Just click here to schedule your complimentary Business Skills For Coaches Discovery Call.