Successful Coaches: Cashflow and Making Money
As a coach building a business, your most important activity is lead generation. Successful coaches know how to make and keep good cash flow. There is no success without financial survival.
Coaches need to bring leads and cash through the door every single week for your business to survive.
Here are some tips to develop the right strategy and help you make the right money decisions…
Focus on one successful coach strategy
You need to focus on 1 main strategy to bring in your leads and then add at least 2 amplification strategies over time. For example: you can start blogging (using SEO to rank) as your main strategy, then amplify your results with organic social media repurposing and social ads.
Start and go deep with your first strategy until it’s producing regular income and giving you some data to work with, then add other elements. Until your strategy is yielding enough results for you to have predictable cash flow, do not spread your time across different strategies. (if your lead gen efforts do not yield results within 2 x 90 day sprints drop the strategy and try something else.)
Treat your resources with care – and learn to see opportunities to multiply both time and money. If you lack the marketing know-how or don’t trust yourself managing money, get yourself a mentor or coach before you start spending.
One of the biggest things that can stop you in your tracks when building a successful coaching business is making bad money decisions. I got a PhD in this in my previous business and that’s why I’m confident with my money decisions now.
I have read enough books, taken enough training and made all the mistakes. It was a baptism of fire – but I’m ready to use my knowledge and to help others avoid my mistakes. Here are some of the most important ones…
Not hiring (earlier)
Not hiring earlier is probably everyone’s biggest mistake. I hired my first VA around 2 years into the business. She was amazing. Hiring her allowed me to transition from my agency into online coaching more smoothly.
If your coaching business is a side-hustle this might be the smartest thing you’ll ever do.
Sure there is a learning curve if you’ve not hired before, so you may want to read a couple of books and get some advice from a friend or a professional. But do it!
I often talk to not-yet-successful coaches who are not ready to hire because they don’t think the time is right. Here’s how to tell. If you’re not
Are there tasks in your business you could be doing to bring in more clients that you cannot do because you’re busy doing $15/hr tasks?
For example: are you publishing/editing your own blogs/core content, looking for images, scheduling emails and doing your own social media repurposing?
How much time would you save if you outsourced this?
How much of that time could you use to generate leads?
The second and probably the most damaging one of all, is not investing more, precisely not investing in yourself.
Not investing in…
- Your own self-development
- Your own marketing skills
- Your decision-making (with mentorship)
- Your peace of mind (get a cleaner, housekeeper or meal prep service)
- Your mental space (make time to work on your business instead of in your business – every successful coach will tell you this is how they succeeded)
Investing in the wrong training/mentoring
This one is a bit of a trojan horse. Because you cannot avoid investing in the wrong training. I have done this even in my 5th year of business and beyond. Sometimes you’re going to buy the wrong training or hire the wrong mentor or coach. But don’t let this stop you from investing,
The ones who make it are the ones who can navigate the waters – success is not a straight path, it’s an intertwining network of roads. And sometimes you’re gonna take the wrong turn until you find your way back onto the right road. It’ss gonna happen – but don’t let it stop you from getting coached and mentored because that’s the one thing all successful coaches have in common.
Investing in the wrong tools
Investing in the newest flashy online tool (ehhrmm distraction) may not be the best way forward. Look out for those big shiny objects on special offer.
You probably don’t need them.
Before you decide which tools you need, decide what you need. It’s very likely that you will find a tool that has (at best) 80% of what you need. Do not start comparing tools before you know what you want, because that is irrelevant to your business.
Start by making a list of what you need.
First, write down all the tasks you need the software to perform.
Then go and find the one that has all or almost all the features. (it will always be a bit of a compromise.) But if you don’t go through these exercises first you will surely overspend.
A successful coaching business is built on taking the right turns and making the right decisions, especially when you’re in your first 0 to 3 years in business.
If you’d like some mentorship or marketing coaching to get your coaching business off the ground (or to the next level) let’s talk at www.stephaniefiteni.com/call
———————— About the Author: Stephanie Fiteni
Hi, I’m Stephanie, a Content Marketing Coach and Business Mentor for Coaches. I’m the creator of the Profitable Content Marketing Method™ and help coaches generate more leads and clients through their blogs and websites whilst helping them build a business that makes good money with ease. My clients get fully booked with just 2 hours of enjoyable marketing per week!
I have over 15 years of experience creating websites, building businesses, writing blogs, and creating social media campaigns, and funnels. As well as ranking articles, videos, and podcasts on the first page of Google. I also managed the content and web dev team in my own agency for over 10 years.
I can teach you how to create content that will convert your visitors into discovery call bookings, every time. Let’s Talk