I was on a support call with a new business coach this week. He has considerable experience of running his own businesses previously but is new to coaching. His questions reminded me of how I felt all those years ago when I first set up my coaching business.
“How do I set my prices?” (he is in Cape Town so UK pricing is pretty irrelevant). We talked about competitor analysis and currency-free benchmarks, such as rates charged by local accountants or the local cost of employing an administrator.
“How many clients can I handle at once?” We talked about his business model (face to face or online, retainer or hourly rate) and the loading associated with each. We talked about how many hours per week he wanted to work and the income he needed.
“What do I talk about at networking events?” Answer – you don’t, you ask some simple questions and listen to the answers. If asked you explain briefly how you change the way business owners run their business and how happy that makes them.
“I’m getting some sales meetings but no sales!” We talked about qualification vs “I’m looking for any kind of meeting with anyone” and the impact that selling a unique solution to well-qualified prospects can have on conversion rates.
“What else do I need to do to get operational?” I talked him through the eighteen steps to a fully-functioning coaching business.
If you are considering becoming a business coach then download our free guide “Setting Up Your Coaching Business” which outlines these eighteen steps.