The Revenue Roadblock: 3 Common Obstacles That Keep Coaches From Making Money
Are you struggling to make money in your coaching business? Is it feeling more like a hobby than a thriving business?
Fear not, my friend; you're not alone!
Many new coaches find themselves in a similar position, wondering why they're not generating the revenue they expected.
The truth is, being a great coach doesn't automatically mean you'll be a successful business owner.
Building a profitable coaching business requires a combination of coaching skills and business know-how.
In fact, for many new coaches, the business side of things can be overwhelming, confusing, and frustrating.
It's not uncommon to find yourself struggling to attract clients, charging too little for your services, or feeling like you're spinning your wheels without making any real progress.
But the good news is, with a little bit of help and some practical strategies, you can overcome these obstacles and start generating the revenue you deserve.
In this blog post, I will help you identify some common roadblocks that might be preventing you from making money in your coaching business. We'll discuss why they are problematic and provide some strategies for overcoming them. By the end of this post, you'll better understand how to avoid these revenue roadblocks, increase revenue in your coaching business, and start achieving the financial success you deserve.
So let's get started, shall we?
Revenue Roadblock #1: Trying to Sell Coaching:
So, you're a coach passionate about helping others and want to share your expertise with the world. You've created a website, a social media presence, and maybe even a few freebies to attract potential clients. But, despite your efforts, you're not making the sales you need to make this business work.
The reason? You're trying to sell coaching.
I'm just going to come right out and say it. Selling coaching is hard A.F.
Now, before you get defensive and argue that coaching is your business, hear me out. Coaching is not a product. It's a service. And, unlike products that can be marketed and sold based on their features, selling a service requires a different approach.
If you're like most new coaches, you're likely focusing on the features of your coaching services, like the number of sessions, the duration of each session, and the various tools and techniques you use. And while those details are important, they don't speak to the core desires and needs of your potential clients.
In fact, if you've been on sales calls with potential clients trying to sell them on the idea of coaching, you've probably noticed their eyes glazing over. They're not really getting what you're saying, and you can tell they're not convinced.
Here's the thing: most people don't really understand what coaching is or why they should pay for it.
To them, coaching might just sound like a fancy way of saying "therapy" or "consulting." So, when you try to sell coaching, you're not really selling them a solution to their problems. You're just selling them a service they don't understand the value of.
So, what should you do instead? Start by identifying the specific problem that you can solve for your ideal client.
For example: Do your clients struggle with emotional eating? Do they need help improving their communication skills. Are they looking to improve their marriage?
Next, focus on the transformation. Focus on the outcomes. Focus on the benefits. Paint a vivid picture of what life looks like for your potential clients after they've worked with you. Show them how their lives will be improved, their problems will be solved, and their goals will be achieved.
Whatever their problem, you need to clearly articulate how you can help solve it to make it easier for them to see the value of what you're offering.
Remember: People are much more likely to spend their hard-earned money on a specific solution to a specific problem than they are on a service they don't understand. So, to avoid the first revenue roadblock in your coaching business, stop trying to sell coaching and start selling solutions your ideal client is willing to pay for.
Revenue Roadblock #2: Not Targeting the Right Audience
Another common revenue roadblock for coaches is not targeting the right audience.
It's easy to fall into the trap of trying to appeal to everyone, but in reality, not everyone is a good fit for your coaching services.
When you try to appeal to everyone, you end up appealing to no one. In fact it makes it harder for you to attract the clients you want when you don't know exactly who they are, where to find them or what messaging to use in your marketing.
The solution? Get clear on who your ideal client is!
Think about who they are. What have they got going on in their life? What are their juicy goals? What big problem would they desperately love to solve?
By understanding your target audience's needs and interests, you can tailor your messaging and marketing efforts to resonate with them.
For example: Let's say you're a career coach for young professionals. Your target audience might be recent graduates who are struggling to find their first job. You know they spend a lot of time on LinkedIn and Instagram, so you create content that speaks directly to them on those platforms. You share job search tips, interview strategies, and success stories from other young professionals you've worked with.
It's also worth noting that you might need to adjust your target audience as your business grows and evolves. As you gain more experience and work with more clients, you might find that your ideal client changes. And that's totally okay.
Remember: The bottom line is that by getting clear on your ideal client you'll be able to attract more of the clients you want and build a business that is both profitable and fulfilling.
Revenue Roadblock #3 Lack of Visibility
You could be the best coach in the world, but if nobody knows you exist, you won't make any money. This is where visibility comes in. If you're not visible to potential clients, you won't be able to attract them to your business.
One of the biggest challenges new coaches face is getting their name out there and building a strong online presence. But with so many coaches and businesses vying for attention online, it can be overwhelming to figure out how to stand out.
And even when you have figured out how to stand out online, it takes a long time to build an audience of your own from scratch.
The solution? It's time to get creative and leverage other people's audiences.
Here are 5 leveraged audience strategies to increase your visibility and reach a wider audience, faster:
1. Podcast Guesting:
Getting on someone else's podcast can be a great way to get your message out there. It allows you to showcase your expertise and offer valuable insights to the host's audience, while also promoting your business and driving traffic back to your lead magnet.
2. Host a Virtual Summit:
Hosting a virtual summit is a great way to bring together a group of experts in your niche and offer valuable content to your audience. This can help you build your email list, establish yourself as an authority in your niche, and generate leads for your business.
3. Guest Blogging:
Writing guest blog posts for websites in your niche is a powerful way to increase your visibility and reach a wider audience. It allows you to showcase your expertise and provide valuable content to a new audience, while also building relationships with other bloggers and potentially driving traffic back to your website if you have one.
4. Guest Teaching in Facebook Groups :
Many Facebook Groups allow guest teachers to come in and share their expertise. By providing value to the group, you'll not only get visibility, but you'll also be able to build relationships with the group members.
5. Go LIVE on Instagram:
Collaborating and going LIVE with other, more established coaches or experts in your niche on Instagram can help you to get more visibility and reach because it allows you to connect with their audience in real time and share your expertise. You can co-create content, share each other's work, and promote each other's businesses.
By implementing these strategies, you can build your visibility and increase your chances of attracting new clients. Don't be afraid to experiment with different tactics and see what works best for you and your coaching business.
Remember, visibility takes time and effort, but it's a crucial part of building a successful coaching business. The more people who know about you and your services, the more likely you are to attract clients and generate revenue.
Starting a coaching business is exciting and rewarding, but it's important to understand the revenue roadblocks that can prevent you from making money.
Remember, the key is:
to sell a solution that potential clients are willing to pay for,
target the right audience,
and increase your visibility.
Do that, and you'll be able to attract the clients you want, generate the revenue you desire, and build a thriving business that makes a positive impact on the world.
The world needs more great coaches, and you can be one of them!
So go out there, and create the impact while building a business you ❤️!