I just closed another account! My conversion rate has been 85%, 6 out of 7 Complementary Coaching sessions closed since November––four months. This was the biggest one so far, $3,000 per month for my Platinum program for 2 hours of coaching per week. I got a $6,000 payday on Thursday. It’s awesome!
I have been trying to become a business coach my whole life in some form or fashion. I spent so many years doing the wrong things. I can’t tell you how liberating this is to know that if I were to stop acquiring clients right now, I‘d be working 13 hours a week and I’m making about $200,000 per year.
I sat down the other day and literally almost started crying because of how much this is impacting me. I feel like a loaded weapon. I have another call tomorrow with a $10M company and not going in for less than $3,500 for 2-hour and 2,500 for the 1-hour coaching program.
So I just want to say to Eric and the team, I’m so grateful and happy. Thank you so, so much!
Over the past weeks, I’ve been SO encouraged by how our global network of 6,000+ business coaches have run like first-responders to the front-line of the battle for the survival of small to midsize businesses! But many of them are asking the same question: “I know business owners need coaching now more than ever–but how do I go about selling business coaching during a crisis?”
The truth is, the COVID-19 crisis isn’t going away on both critical fronts: public health AND the global economy. As businesses have been forced to close their doors to slow the spread of the virus, the U.S. Chamber of Commerce estimates that 25% of small firms have temporarily shut down. And one in 10 SMBs say they’ll have to close down permanently in less than a month.
But we’re hearing amazing stories from coaches who are leading their business-owner clients through the Crisis Leadership Model:
SHOCK => ADAPT => EXECUTE => SCALE/FAIL
Businesses that were about to close their doors have been adapting, executing, and scaling faster and bigger than ever — because of you, the business coach!
Why Business Owners Are More Willing to Talk Now
However, the #1 challenge for business coaches right now is how to explain your value to business-owners facing imminent collapse so they’re willing to pay for your help.
Business owners are answering their phone and talking to business coaches with an eagerness we haven’t seen since the great recession of 2008-2010!
Business owners are answering their phone and talking to business coaches with an eagerness we haven't seen since the great recession of 2008-2010!
Business owners who wouldn’t give you the time of day just one month ago will now gladly talk with you for 30 seconds to 30 minutes IF you know what to say.
What to Say When You Get Them on the Phone
You MUST know how to position your value within 30 seconds flat, or it’s game over. If you do, you’ll be able to book a Complimentary Coaching Session and land a paid coaching gig.
Here’s the script our coaches have been using over the past couple weeks:
“Hi ________, my name is _______ with ________ Business Coaching. Right now I’m helping my business-owner clients leverage the opportunities in this crisis by right-sizing their expenses, while quickly adapting their business to drive revenue and hold onto their best talent at a time when everyone else is downsizing, hiding and watching their businesses fade away. Would you be open to some help with this?”
And, THEN, you’ve gotta be ready to discuss the relevant “Silver Bullets” — the solutions we offer to the challenges business owners face. For example: the Break-Even Plan, Revenue & Profit Budget, Cash Gap Plan, USP & Guarantee, Tactical Marketing Plan, Sales Management System, Key Performance Indicator System, to name just a few.
Let’s keep serving, giving, and pouring ourselves out this week!
Want more great tips like these? Join our FREE weekly coaching sessions each Monday! Coaching Through Corona: How the World’s Top Business Coaches Are Helping Their Clients Survive and Scale Through This Crisis. Register HERE.
Just months before 9/11 happened, I had left my job as a pastor to become a full-time business coach.
In June of 2001, I spent $10,000 for a week of business-coach training and in July started spending my last bit of savings (just $5,000) to market myself and land clients.
Where were you sitting on September 11, 2001, as hijacked planes tore through the twin-towers in NYC and the Pentagon?
I was sitting across the table from Richard and Paula, the owners of a struggling family restaurant.
I was doing a “Complimentary Coaching Session” explaining how my business coaching could save their restaurant and give him the freedom to pursue his dream of running for public office.
I can still picture the booth we were sitting in when one of their wait-staff came to our table. Two planes had just ripped through the North and South towers of the World Trade Center complex in Lower Manhattan.
Needless to say, the meeting ended abruptly.
I drove home thinking, “What in the world have I done? I’ve just left my job as a pastor and put my entire financial future on the line to become a business coach and now this!? What will I do to feed my wife and four kids?”
Just Keep Going
Maybe you’re feeling that way right now as the Coronavirus is raging through the earth, taking out small businesses by the thousands, leaving millions unemployed in its wake?
For me, in September 2001, it was too late to turn back. I had nowhere to go and nothing else to do but rush right into the economic collapse like a first responder.
And that’s exactly what I did.
I had nowhere to go and nothing else to do but rush right into the economic collapse like a first responder.
It was a brutal street-fight for the next few weeks. Within 48 hours of the 9/11 attack, I had lost my first and only two clients. One was a deli in a nearby mall food court. The other was a small contractor, who made me give back his first $2,000 coaching payment the day after he agreed to start with me.
But, I kept going. I JUST KEPT GOING.
I was determined to help these business owners who were getting brutalized by the panic and almost instantaneous drop in consumer spending, post 9/11.
As I did so, an amazing and curious thing happened. Business owners began to see the value of my business coaching. And they started paying me! It felt like a miracle.
Amazingly, by the end of September 2001, I had banked $10,000 in coaching revenue — EVEN as the 9/11-induced recession was delivering blow after blow to the economy.
I kept going and in 2002 had my first $25,000 month.
In 2003 I had my first $40,000 month and added my first associate coach. That year, I banked over $400,000 in revenue AND took a total of 8 weeks off from my coaching business.
In late 2004, I banked my first $85,000 month. By then we had developed a sterling reputation in our community and I had recruited and trained 7 associate business coaches.
Then, in 2005, I sold my business coaching firm for $1 million dollars to four of my seven associate coaches, realizing an 800% return on invested capital and completing the first successful transfer of a business coaching firm in the history of the fledgling business coaching industry.
Now Is the Time to Act
Why do I tell you this? To impress you?
No! I want to share an important lesson with you.
It’s time to take action!
Like a first-responder, you can run right to the scene of the economic disaster wreaking havoc in the world of small businesses.
If you just serve, give, and pour yourself out, you will be rewarded down the road.
Are you looking to become a business coach? Don’t miss our FREE ebook, How to Become a Business Coach–and learn the skills and strategies you need to succeed in this business.
If you have any coaching clients in the U.S., then I’m sure you’re hearing a ton about the $2.2 Trillion stimulus package known as the CARES Act and, specifically, the Payroll Protection Program (PPP) with about $350 Billion available in mostly forgivable loans to American SMBs (plus, a second such bill that recently refilled the coffers with another $310 billion!).
A lot of what you’ve been hearing is crap (sorry!) A bunch of rubbish being published by people lacking expertise. A lot of it outdated after 24 hours, etc.
As with anything run by the U.S. government, it’s wildly complicated and constantly evolving, of course. 🙁
That said — I’m SO grateful that Chris Duzich, one of our Certified Coaches’ Coaches has taken it upon himself to study and understand the implications of this bill. (FYI — Chris started his career at PWC after completing his master’s degree in Finance and attaining his CPA license, so he’s got serious financial chops.) Chris is also one of our most accomplished coaches, billing more than $40,000/month in coaching fees and has been helping lots of his clients apply for PPP funding over the past week.
This past week, Chris and his team have helped 12 businesses apply for $2.7 Million dollars of loans through the PPP.
AND, he’s got another $600,000 in his pipeline. AND the banks are loving the files that Chris and his team are producing. Less back-and-forth with the lender means his clients are getting their money FASTER!
Less back-and-forth with the lender means his clients are getting their money FASTER!
How to Help Your Clients Benefit from PPP
Here’s what Chris has learned thus far…
You need to get to the right bank and FAST. Many of the larger banks are completely buried and working preferentially with only their top-tier customers.
You MUST get the application filed correctly the first time. Incomplete or inaccurate submissions will result in significant delays.
The SBA loans are on a first-come, first-served basis. You and your clients cannot afford delays. Delays will result in their getting NOTHING because the $500+ Billion is going very quickly.
Needless to say, if they go out of business, you lose the coaching revenue.
Calculating the Revenue Potential
Of course, you may be wondering, “How much money can my client even get from this?”
Let’s say your U.S. client’s annual payroll is $120,000, and all of their employees make less than $100,000. You multiply their average monthly payroll of $10,000 by 2.5. Their maximum loan amount is $25,000.
This money can be used by your clients to retain valuable employees and ensure that when America is back to work, your client will be back to business as usual, and you retain your coaching fees.
Chris is offering members of Coaches’ Coach and their clients complimentary consultations to help walk you through the process. So book in with him and let him help you!
We want to help YOU help your clients get 2 month’s worth of payroll covered so you can help your clients stay alive!
By the way, ongoing insights to business coaching thought leaders like Chris is included for all Coaches’ Coach members! For more great tools and timely insights, get a FREE 30-day trial of our comprehensive coaching system today.
Here’s another frequently asked question we get from business coaches around the world:
What are my business coaching franchise options? Are there ways to get into the business besides buying a franchise?
The answer is a resounding YES.
You see, there are basically three different ways to get into the business coaching industry. First is a business coaching franchise, second is a business coaching licensing arrangement, and third is a white label training and education system like the Coaches’ Coach.
Let’s dive into each one.
Business Coaching Franchise Option #1: Buy a Franchise
Over the last couple decades, one of the most popular options for becoming a business has been to buy a franchise. However, of all the options, business coaching franchises have the highest level of risk and require the most money down, typically $50,000 to $100,000 in the first year, and then five to seven years of on-going monthly royalty payments of about $1,000 to $1,800 a month, depending on the system. Most franchises lock you in not only for these significant costs, but also lock you into a contract that you can’t get out of and prevent you from competing in certain marketplaces. All told, this is a risky and expensive way to become a business coach.
Business Coaching Franchise Option #2: Licensing Arrangements
Licensing arrangements are offered through companies that will license or certify you as a business coach. You can typically join without the binding contracts that accompany business coaching franchises with a significantly lower financial outlay. Generally speaking, you’re looking at $10,000 to get started as opposed to, say, $100,000 for a franchise. Your obligation with a business coaching licensing deal is typically on a year-to-year basis, and you pay a much lower monthly fee––maybe $200, $300, or $400 per month. It’s a good way to get a comprehensive curriculum and system without nearly as much risk.
The primary drawback of licensing arrangements is that you don’t own the brand. If you want to promote your own brand and accrue brand equity to your own business, a licensing arrangement might not be for you.
Business Coaching Franchise Option #3: A White Label System
The third option is the model we use here at the Coaches’ Coach. This is an entire business coaching system that you can use as you’d like. In fact, a lot of business coaching franchisees use our program to supplement what they’re already doing! With a white label system like ours, you can take the content, rebrand it, and customize and modify it as you’re paying a monthly membership fee.
With a white label system like ours, you can take the content, rebrand it, and customize and modify it as you’re paying a monthly membership fee.
In our humble opinion, the Coaches’ Coach system is the best on the market. It includes everything you need to build your business successfully—lead generation tools, systems, templates, digital marketing training, sales training, plus the entire curriculum including the templates and documents you need to coach your clients. Everything is included.
Unlike franchises and licensing, there is no big financial outlay up front to get started with the Coaches Coach. The agreement is month-to-month and you can choose from an investment level of $97/month, $197/month, or $297/month, depending on your needs. In addition, we can provide a certified Coaches’ Coach to teach you the business if you want to make the fastest possible progress.
Whichever you choose, be sure to weigh your options carefully and do all your due diligence so that you make the smartest, safest decision. Download our FREE ebook, The Business Coaching Franchise Buyer’s Guide, to help you make the right decision for you.