by Eric Dombach | Business Coaching Systems
Hate cold calling?
Yeah, me too.
(Actually, I don’t cold call anymore…I leave that to an outsourced firm these days.)
But even if you’re not in a place where you can hire a firm, there’s another way to generate warm leads from cold propsects.
Try email!
Email Still Works
Despite claims to the contrary, email still works.
People open, read, and respond to emails — especially when they come from a single person, not a mass broadcast.
And you can still use email effectively to touch base with cold prospects and warm them into interested leads.
Here’s a simple and effective email sequence my clients and I have used to generate sales from cold lists.
Email #1: Neutral and inquisitive
Subject line: speciality
Hi FIRST NAME,
What does your business specialize in?
The trick here is to be short, simple, and to the point — with a quick question that hopefully yields a quick response. Express interest in them and learning more about their resume. Don’t reveal yet if you’re a buyer or seller.
Email #2: The quick follow-up
When they respond, WAIT A DAY before hitting reply. Then say:
Hi FIRST NAME,
Thanks for connecting. What makes you different than others in your space?
Email #3: Sharp USP and reveal
When they reply (or if they don’t within three days), say this:
FIRST NAME,
I ask because I’m a business coach — insert your one-sentence short bio. in the last XX years I’ve advised businesses just like yours. We’ve seen revenues grow from A to B and profits from Y to Z. Would you be open to chat about any of this?
Email #4: The invitation
If they are, shoot them back this quick message immediately:
Chat for 15 mins? Here’s my calendar: LINK
That’s it! You’ve gone from cold prospect to scheduled conversation in just four emails. And yes, it really does work! Give it a shot in your business and let me know the results.
And for more swipe-able strategies like this, get a FREE 30-day trial of our comprehensive business coaching system.
by Eric Dombach | How to Become a Business Coach
So what are you doing all this for?
You know what I mean: the early mornings, the hard work, the pounding of the pavement. The new clients, the problem clients, the missed appointments.
Why are you doing all this work to grow your business coaching practice?
I hope the answer isn’t relegated to just one thing. Yes, you’re doing it to make a living, but there’s more to life than finances. In fact, if your sole focus is on the financial aspects of your life, you’re missing out on a lot of important depth and texture that makes life worth living!
So today, let’s talk about how you can be sure to keep a holistic view of just what you’re working for: real fulfillment. There are seven areas of a successful life — what I like to call the seven “f’s” of fulfillment.
Here they are.
Faith
Maybe you’re not a religious person. Maybe you’re thinking, why does this top the list? But the fact of the matter is, whether or not you subscribe to a particular set of beliefs, you have something that roots you in meaning. What are your highest values? Where do you place your ultimate hope? How do you discern what is ethical and worthy of pursuit? While religious traditions provide powerful answers to these questions, everyone needs to know why it matters that they do what they do. So spend some time reflecting on what it is for you.
Fidelity
Here I mean fidelity to a spouse. Most people are partnered, and tending to your relationship with your spouse is one of the most important ways you can build a fulfilling life. So if you’re letting work get in the way of your marriage, stop, re-evaluate, and do some work. A good marriage has been proven to be one of the most important contributors to happiness and prosperity.
Family
Are you surprised we haven’t hit finances yet? That’s because our families matter more. If you have kids, being able to spend time with them, talk with them, play with them, support them, is of paramount importance. Maybe you’re tending to an ailing parent. Maybe you want your life full of laughter and relationships. Tend to your family relationships and your fulfillment will increase.
Friends
And we’re still not talking about money! Friendship is one of life’s most beautiful gifts — the ability to walk through life with someone you’ve chosen. Friendships change and morph over time, but it’s important to invest in them. So be sure to carve out time for experiences with friends.
Finances
Ah, here we are. Yes, yes, money is important too. But notice that it comes after the issues of ultimate concern and meaning. Money isn’t as important as faith, fidelity, family, and friends — but it can impact those relationships in meaningful ways. The better you’re able to manage your finances, the more you’ll be able to contribute and enjoy the time you spend focusing on what matters most. So tend to your financial wellbeing, so that you can be freed up to invest your time, talents, and treasure were you can make the most impact.
Fitness
Nothing can derail fulfillment faster than a health crisis. Sometimes these things are impossible to control; other times, they’re the predictable outcome of being overworked, underslept, and running on junk food and caffeine. Take care of yourself. Exercise, eat well, drink plenty of water, and get enough sleep. It sounds so basic, but your health is the building block of everything else.
Fun
Finally, fun. Life isn’t all just duty and obligation. Take time to yourself to do what you love. Recharge your batteries. Let yourself escape. Fun is important for creativity, productivity, and collaboration, so be sure to find ways to enjoy yourself!
When you do it right, business coaching is a fantastic lifestyle business that can give you the time and financial freedom to live a truly fulfilling life in each of these seven critical areas. Want to learn how? Download our FREE ebook, How to Become a Business Coach.
by Eric Dombach | Business Coach Training
What are business coaching clients buying?
No, really. Think about it.
When you sit down with a prospective client to convince them to sign a contract with you, what are they spending their hard-earned revenue on?
Yes, it’s business growth. Yes, it’s more freedom and less stress.
But at the end of the day, prospective business coaching clients are buying one thing:
You.
That might make you feel uncomfortable, but it shouldn’t! After all, you’re the one with the insight and expertise to help them get the results they’re seeking. If they don’t trust you, there will be no sale.
So what are clients looking for?
I like to say they want to know three things about you:
Competence
First, they want to know that you’re for real; that you’re not a charlatan or hypester, but that you know what you’re talking about and can guide them successfully through their business challenges and landmines.
That’s why I also suggest that your business coaching bio include a summary of the major periods of your professional life, significant awards and recognitions you might have received, and any education, certifications, or accreditations you’ve earned.
Client Relevance
What’s in it for them?
Be sure to include details that will help your prospective clients see themselves in your bio. If you’ve worked in their industry or with businesses their size, include it. If not, that’s okay, just be sure to frame this in terms of achievements vs. mere activity. By this I mean tell them the actual results you’ve driven. Use numbers and statistics to be as precise as possible. It’s much more powerful to say that you helped increase revenue $1.2M than something generic like “significant growth.”
Character
You’re not just some numbers on a screen—you’re a human being. And your prospective clients want to get to know you as a person. Here’s where you can highlight aspects of your character. Briefly mention your family life, significant adversities you may have overcome, and/or what you stand for morally and ethically.
Before / After
Check out this before and after example.
BEFORE
- 20 years in the Electronics Industry, including product research, marketing, field service, product development, and human resource development.
- Experience in government, defense, petroleum, convenience store, and power generation industries.
- Electrical Engineering degree from University of Notre Dame.
AFTER
- 20 years as a successful business executive with experience in marketing, sales, team leadership, engineering, quality improvement, training, management, and human resources.
- Responsible for $7M profit center for Fortune 500 company managing 65 personnel on multi-disciplinary teams in 5 locations world-wide.
- Reduced unit costs of product development by 25% and saved over $1.6M using Six-Sigma improvement processes.
- Responsible for multiple QS9000 and ISO9001 certifications.
- Electrical Engineering degree from University of Notre Dame.
- Left the world of big business to become a business coach and have been awarded for his achievements in growing small businesses in Indiana and Southern Ohio.
- Happily married, father of two daughters, and owner of over 10 pets!
See the difference?
Now do it yourself! Use our sizzling hot bio template to craft your own. And while you’re at it, get more business-building tips and tricks in our popular FREE ebook, Secrets of a Business Coaching Rock Star!
by Eric Dombach | Business Coaching Franchise
Most prospective business coaching franchise owners aren’t sure exactly how much they should expect to invest to launch a new business coaching franchise.
That’s because the full costs of starting a business coaching franchise are often hidden in the fine print or wrapped up in the day-to-day operations of the business.
So if you’re wondering how much you should realistically expect to burn through as you get your business coaching franchise off the ground, here are some straight-up facts and figures…
1. Be ready for large up-front fees when you buy your business coaching franchise.
These can range from $25,000 to $50,000 for the license alone. For the training, you’re going to need to throw in another $10,000 to $25,000 depending on how lavish the 7 to 10-day training is. So, count on $35,000 to $75,000 just to get out of the gate. To compare the up-front fees for many of the major business coaching franchise brands, derived from their Franchise Disclosure Documents, check out our Business Coaching Franchise Buyer’s Guide.
2. Expect to be charged monthly royalty fees by the business coaching franchise.
Royalty fees begin almost immediately, though in recent years some business coaching franchise systems have begun to delay the start of royalties as their entire business model has come under increasing scrutiny in the industry. Royalties can be either a fixed amount or a percentage of revenue. As a business coaching franchise owner, understand that royalty fees in the $1,000 to $1,800 per month range are typical. Try to find a franchisor who opts for percentage-based royalties as opposed to a fixed amount, as this will mean that the franchisor is confident in the business model and willing to shoulder some of the risk and work harder to help you succeed.
3. You may pay “brand-building” fees into the business coaching franchise system.
On top of these costs, find out if the business coaching franchise system includes a brand-building fee. This fee is usually 2 to 5% of your revenue. It is (allegedly) used to build the brand locally, or in your region — though in most of the business coaching franchise systems we’ve studied, very little large-scale branding actually takes place with these dollars. So be sure you know that you’ll be getting your money’s worth.
4. Don’t forget your material costs.
Franchisors may also require you to buy a website, software, and marketing and branding materials which include stationery, letterhead, and the like.
You’re likely to invest more than $200,000 to start your business coaching franchise.
From my years of selling business coaching franchises for several of the best-known business coaching franchise brands, I’ve observed that start-up costs for a business coach franchise average about $200,000, including working capital. It’s not uncommon for a first-year business coaching franchise owner to spend more than $100,000 to set up their business and then go through another $100,000-$150,000 in working capital while trying to get cash-flow positive by landing those first few clients.
Some business coaching franchise opportunities require less working capital, some much more. But understand that many business coaching franchisors charge huge up-front fees just to survive themselves… and that’s because their franchisees aren’t producing enough royalty income to keep them solvent. Buyer beware!
SO, that’s how much money it really takes to start a business coaching franchise. Obviously, you don’t want to end up tied to a business coaching franchisor who cares more about selling his brand than seeing YOUR businesses succeed. So, if you’re considering purchasing a business coaching franchise, make sure you conduct thorough due diligence and have all the facts first!
For more information on the business coaching franchise industry, as well as a comprehensive breakdown on all the ins and outs of buying a business coaching franchise, download our FREE ebook: The Business Coaching Franchise Buyer’s Guide.
by Eric Dombach | Business Coach Training
What’s the best way to find hot business coaching leads?
You know, leads who are ready to buy right now?
Is it painstakingly detailed SEO, researched down to the slightest keyword variation?
Is it an impassioned closing pitch you’ve perfected for that webinar or speaking engagement?
Is it good, old-fashioned shoe leather—knocking on doors or cold calling potential customers until you find one ready to buy?
To tell you the truth, this is a bit of a trick question.
That’s because the best way to find hot, ready-to-buy business coaching leads…
…is to make them.
Are You Making This Mistake?
The truth is, one of the worst mistakes you can make as you market your practice is to fall prey to “hot lead syndrome”—the process of constantly looking for and chasing potential clients who need what you’re offering right now.
It sounds rather innocent. What could be wrong with trying to find people who are ready to buy right now? Cuts out all that tire-kicking and waiting until the time is right.
But that misunderstands the nature of business coaching.
Because when you sell a valuable professional service, you need to build up a high degree of trust and credibility with potential clients before they’ll be ready to hire you.
And that doesn’t happen overnight.
What to Do Instead?
Stop looking for a silver bullet or a magic combination of keywords. Recognize that this is a process—one that requires an investment of time and energy.
There’s no magic “hot business coaching” lead generator.
There’s only consistent, day-by-day execution of a marketing plan that will warm cold contacts over time.
(By the way, this is better anyway. It ensures you have a steady stream of warming leads at different stages, as opposed to the “feast or famine” cycle that many coaches are all too familiar with.)
So here’s what you do right now, today, to get the process rolling.
Identify who your ideal clients are. How big is their business? Where are they located geographically? What industry are they in?
Then, focus on adding value to your target market immediately.
You can do this in any number of ways.
- Send a regular email newsletter of high-value, actionable content.
- Host webinars or seminars.
- Share relevant content on LinkedIn and Twitter.
- Get invited as a guest on podcasts that serve your target market.
- Start your own podcast or YouTube channel.
- Write guest articles in industry magazines.
- Create blog posts like this one.
- Write a book or ebook.
Don’t worry if they’re not ready to buy now. Just be sure they’re the type of business you want to work with.
Even if you catch them when they’re first exploring their problems or establishing their goals and aspirations, you will build credibility.
And when they finally do become a hot lead, you’ll be the person they turn to.
Now get out and make it happen!
For more great business-building practices like this, get our FREE ebook, Secrets of a Business Coaching Rock Star.
