Many years ago, I developed a business coaching tool that changed everything for me.
When I first started, I had a very difficult time closing business coaching contracts. In fact, my first 35 presentations ended in an abysmal 0% conversion rate. (Those were some dark, discouraging days!)
Over time, I gradually improved to where I could regularly close 20%-25% of potential business coaching clients I had a chance to present to.
But I knew there had to be a way to do better. As I sat down with dozens of business owners, I noticed a common theme emerging: they liked the idea of hiring a business coach. They could see that they needed it. They even believed that by hiring me, they’d be more successful.
But they were scared to risk the money.
I realized that I needed a way to mitigate that risk for them–help them overcome their resistance to making an investment that they knew, deep down, would pay handsome dividends.
So I developed the Profit Equation. Before too long, my conversion rate skyrocketed from 20%-25% to 80%+. In fact, there were some months I literally had a 100% conversion rate. That’s an improvement of 400%! What would a 400% increase in your conversion rate do for YOUR business coaching practice?
Here’s what the Profit Equation is–and why it’s so effective for increasing business coaching sales–and how you can use it, too.
The Profit Equation: A Business Coaching Tool that Converts Prospects to Sales
The Profit Equation is a worksheet that allows you to clearly demonstrate the power of coaching and how you’ll deliver a positive Return on Investment.
I’ve refined this business coaching tool over hundreds and hundreds of Complimentary Coaching Sessions. It’s a simple, visual way to walk through the financial benefits of coaching and assure prospective clients that their investment in you is well worth it.
How to Use the Profit Equation
Pull the Profit Equation out toward the end of your Complimentary Coaching Session, after you’ve already spoken in depth about your clients’ trouble spots and what you’ll do to get them on track. Walk them through the entire worksheet in three simple steps:
1. Have your prospect give you their current numbers as best they can. As they relay this information to you, write it down for them in the “past” column.
A quick note: you’ll be amazed at how many of them don’t know even the fundamental metrics in their own business. Be sure to let them know their best guess is okay–while gently reminding them how important it is for them to understand this information if they hope to make significant improvements in their business. (This is a terrific way to demonstrate how much they need you!)
2. Move to the “future” column. Use the Silver Bullets to identify the tactics you’ll employ to help them make improvements in each category. (Not sure what the Silver Bullets are? Find a free cheat sheet halfway down our resources page.) You’ll need to collaboratively discuss which Silver Bullets will create the biggest impact.
Use conservative figures as you fill in the “future” column. And tell your prospect the numbers are conservative. The coolest aspect of the Profit Equation Worksheet is that even a small change in each of the 5 areas will make a massive difference in their bottom line. So tell them explicitly: “Look, even if we only make tiny improvements, you can expect an incredible ROI!”
3. Begin coaching them on what you’ll do with them and how you’ll do it. Don’t hold back. As you show your passion for their business and your knowledge of how to help them grow, they’ll begin to understand the impact you can have on their business.
Many prospective business coaching clients know they need your help and want to take the plunge–but they’re afraid to move forward. Walking them through the Profit Equation will give them the confidence they need to put their fears aside and make an investment in their own growth. And, of course, your sales will skyrocket in the process!
By the way, your 30-day free trial of the Coaches’ Coach system will give you access to the Profit Equation and all the other tools I developed to help you attract, close, coach, and retain high-paying clients. Plus, FREE one-on-one coaching for 30 days. Check it out!