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I have completed my coaching certification and after 25+ years of corporate experience, am venturing into executive & leadership coaching.
I have one client (yay) already, but when working through the financials (package a, b, c) realized ultimately how little money it is when you're really only working with someone once a week-ish. Outside of having 100 clients, is there any other way to maximize the potential here? Would love thoughts, advice, et al.
Which program did you go through to get your certification?
It's more profitable to coach groups. If you are coaching one-to-one that should be priced as a high-ticket. You could add books, podcasts and other resources that would benefit your client to your toolbox (marketplace).
Congratulations! Try working backward...how much money do you want to make? How many hours per week do you want to coach?
For example, if you want to make $5K per month, you can have 1, $5K client, 2, $2,500 clients, 5, $1k clients...you get the idea.
Next - how can you exceed the expectations of your clients? In other words, how can you give them more value than what they are paying?
I agree with what others have said about having additional revenue streams. When you're starting out, subcontracting with other companies is a good way to see a lot of clients, which a) helps you refine your coaching techniques, and b) tends to bring in a steady income.
Hope this helps!
Thanks so much. Super helpful!
What's your value proposition? You need to offer something no one else does. That's why our company does so well. We offer a complete package that provides FREE job search advice, strategies, etc. along with their resume.
Since I don't know exactly what type of coaching you are offering, it's hard to say how you can maximize potential. Sometimes it's having a niche, other times it's offering an extra service that differentiates you and gets you enough clients.
Congrats on your certification and years of valuable experience! I've been a coach for nearly three years and have found supplementing 1:1 client work with contract coaching and freelance writing is helpful. Opening up various revenue streams also helps get the word out about your work and funnels into more 1:1 coaching clients. Good luck!
Thanks so much. Great advice. Where have you found your contract coaching clients?
I work with an outplacement firm and a corporate wellness company. There are lots out there!