by Eric Dombach | How to Become a Business Coach
So, you’re thinking of becoming a business coach. But just what is business coaching, and why should you consider it as a possible career path?
If you care about relationships, measurable results, and making a real impact on the world, it might be the right fit for you.
At its core, business coaching is empowering entrepreneurs with awareness, education, and accountability. This happens through powerful mentoring relationships between coaches and clients. Business coaches offer their clients the awareness of possibilities, education in business best practices, and accountability for execution. The result is the transformation of client companies into profitable, life-enriching investments.
Achieve Measurable Results
Many entrepreneurs struggle to create systems and processes that lead to stable, replicable results. Your task is to change all that. As a coach, you help clients build businesses that can thrive with or without them. Business coaching creates clarity and accountability. Unlike other forms of coaching, where results may be subjective, business coaching focuses on highly objective measurements. These are tracked through key performance indicators, financial statements, and the clear objectives set forth in strategic and tactical plans.
Bottom line?
You get paid when your clients do, making it the ultimate win-win relationship.
Make an Impact on the World
But perhaps most importantly, business coaching is about making a difference. Business coaches build up society, supporting real-world job creation and increased opportunity. Healthier companies equal greater employment and opportunity for all. A rising tide raises all ships — and business coaching is often an important piece of that puzzle.
Sound like a dream job? See if business coaching is right for you! Check out our FREE ebook, How to Become a Business Coach. It will introduce you to the business coaching industry and show you, step-by-step, exactly what to do to become a successful business coach who makes a lasting difference in the world.
by Eric Dombach | Business Coaching Tools
Did you know that coaches who do seminars get 38% more revenue than coaches who don’t?
I’ll say that again, just in case you missed it.
Coaches who do seminars get 38% more revenue than coaches who don’t.
This is because leads who go through seminars convert to clients at a much higher rate.
Why?
Because doing seminars is like bringing a group of people into a room and conducting a “complimentary coaching session” with all of them at once. Think about what happens in a complimentary coaching session.
We help them catch a glimpse of what we can do for them as business coaches. We teach our frameworks, our models, our vision of what their business can become.
We give them a taste of what they need. We give them optimism. We give them hope!
By the time we’re done and meeting with them for a one-on-one complimentary coaching session, they’re already pre-disposed to buy!
At that point, it’s usually just a question of finding out what level of coaching engagement they want. Do they want our $1,000/month silver package,$2,000/month gold package, or our $3,000/month platinum package
Again, when done right, leads who come to our seminars become red-hot and ready to buy. That’s the power of what we call a stunning seminar.
So how do you run a stunning seminar?
First, create the right environment.
A couple of important tips for creating the right environment. You should have energetic, exciting music in the room as people come in. This gets them talking at full-voice and filling the room with energy. Keep the room at 72 degrees maximum so it feels comfortable and no one can get sleepy. Make sure there’s movement. Get people up, moving, talking to each other. Have them problem-solve together, interact with your content, and share about their businesses with each other (and with you!). And, of course, have food!
Every team member you bring along must exhibit top host or hostess behavior. You and your team should treat people graciously, warmly, and passionately serve them as if they were guests in your home. Roll out the red carpet when they enter the room. After all, it takes just three to 30 seconds to create a first impression…and 20 more encounters to change it!
Every team member you bring along must exhibit top host or hostess behavior. You and your team should treat people graciously, warmly, and passionately serve them as if they were guests in your home. Roll out the red carpet when they enter the room. After all, it takes just three to 30 seconds to create a first impression...and 20 more encounters to change it!
You and your team can use the GUEST principle to make sure you and your team members make that positive first impression.
Greet each person warmly.
Use their name (nametags are a godsend).
Eye contact.
Smile.
Thank and compliment.
Second, use the right curriculum.
I like to walk seminar attendees through my Five Steps to Freedom methodology in just under two hours.
The Five Steps to Freedom is a big-picture framework that walks them through the entire life-cycle of a business, from idea to exit. Any business owner will be able to find themselves in this framework and begin to relate to where their business is on the model. What’s more, they’ll be able to catch a vision for where they can go next. This means they’ll be able to relate to the presentation and feel like they’ve gotten useful, actional takeaways from it.
Third, close confidently.
in the last 15 to 13 minutes of your seminar, we present different levels of engagement. We present three options: (1) one-on-one coaching, (2) group-coaching, or (3) a complimentary coaching session for those who aren’t ready to enroll on the spot.
When you do this process correctly, you’ll sign up some one-on-one and group coaching clients on the spot. At worst, you’ll have a whole stack of red-hot leads to follow up with at a complimentary coaching session later! Like I said before, complimentary coaching sessions booked at the end of seminars close at a much higher rate than others.
Use this script to capture as many leads as possible: “Now, if you simply don’t have the time this morning or you have a business partner who needs to help you choose the program that works best for you, what I can do is give you the opportunity to schedule yourself into my calendar for a complimentary coaching session. We’ll use that time to pick the right coaching program for you.”
Fourth, track your results.
Once the seminar is done, review your KPI’s. You should compare actual vs. planned on the following metrics:
- Registrants booked
- Registrants attended
- Complimentary Coaching Sessions booked
- Clients signed
Over time, and with practice, your skills will increase — and so will your conversions! So what are you waiting for? It’s time to start running your own stunning seminars today!
Want the full Stunning Seminars system, complete with scripts, marketing, and the Five Steps to Freedom curriculum? Get a FREE 30-day trial of our comprehensive business coaching system, which includes Stunning Seminars!
by Eric Dombach | Business Coach Training
Your coaching clients need a strategic plan. And if they don’t have one, or if their plan is inadequate, you should begin each coaching engagement by developing one.
Why?
Because you and your coaching clients need a roadmap to help both of you know that you’re making progress.
Without one, you’ll be at the mercy of your clients’ subjective sense of how things are going; with one, you can return back to clearly defined metrics to remind both of you whether or not the relationship is working.
This is so critical that it’s standard-issue in every coaching client I engage with. In fact, it’s the very first thing we tackle together, a core component of my onboarding process.
Of course, a strategic plan is about more than just proving to your clients your worth. It’s vital to helping them achieve success in business. If they want to get anywhere, with or without you, they need one–and a good one!
What’s a Strategic Plan?
A strategic plan is an evolving, written document that sets forth the vision, mission, and values of a company; long- and short-range goals; and KPIs to measure progress so that the team moves together as one.
We use and recommend Verne Harnish’s 1-Page Strategic Plan (1PSP) as the basis for this work. (Be sure to read Harnish’s Mastering the Rockefeller Habits before you start implementing this tool.) This fantastic at-a-glance document will help you and your clients have an immediate sense of direction and purpose.
A strategic plan is an evolving, written document that sets forth the vision, mission, and values of a company; long- and short-range goals; and KPI's to measure progress so that the team moves together as one.
Create the Strategic Plan with Your Clients’ Teams
To implement, hold a day-long workshop with your coaching clients and their teams. Use this session to completely fill in the 1PSP. Review the 1PSP with them, define terms, facilitate a conversation around each point, then fill in the document.
Use the Strategic Plan in Your Coaching
With the 1PSP in hand, now you can execute on it by using its KPIs in your weekly coaching sessions. Make sure your coaching clients are on track to hit each of their targets. Celebrate their accomplishments. Hold them accountable for any failures. Reflect, re-work, and re-tool as necessary.
Do a two- to four-hour session quarterly with your client and their core leadership team, just to check and make sure all the basics are still the same. Update as required — though often, if you’ve done your job right, these sessions are exciting opportunities for everyone to reflect on how far they’ve come with the help of your coaching!
Strategic planning is the backbone of any successful business. Be sure to utilize it in your coaching!
Looking for more great tips and tricks like these to make you a better coach? Get our FREE ebook, Secrets of a Business Coaching Rock Star.
by Eric Dombach | Business Coach Training
Think of the world’s greatest coaches.
Mike Kryzewski. Gregg Popovich. Pat Summitt.
What’d they do? How did they get the very best from their players?
And what can you, as a business coach, learn from them?
Here’s what the world’s greatest coaches know:
You have to blend two behaviors that might seem diametrically opposite, but that, in fact, work together in perfect harmony when you deploy them correctly.
Those two behaviors are criticality and nurturing.
This difficult but important blend of behaviors is best summed up by this quote from one of Gregg Popovich’s players: “He’ll tell you the truth, with no BS, and then he’ll love you to death.”
So how does this translate to business coaching?
First, set high expectations.
But make those expectations aspirational, not punitive.
That is to say, tie those expectations back to your belief in your clients’ abilities, not to your ego.
"He'll tell you the truth, with no BS, and then he'll love you to death."
When they struggle and fail (we all do!), frame your feedback for them like this, “I’m giving you these comments because I have high expectations, and I know you can reach them.”
This creates a sense of belonging, connection, and perspective in your clients.
Next, bring your criticality up.
Require your clients to set goals, report KPIs, and be accountable.
If you need to, implement a fine system–yes, literally fine them!–when a client misses meetings or deadlines and needs more accountability.
You might think, I’ll lose them if I’m this hard-nosed!
The reality is, you’ll lose them if you’re not.
Finally, bring your nurturing up.
Send gifts to celebrate wins.
Send greeting cards for birthdays and holidays.
Share affirmations and celebrate clients during and at the end of coaching sessions.
If you’re a local coach, you could even take your clients on special celebratory trips!
Let them know at every turn you’re rooting for them, working for their benefit, and supporting their success.
These two behaviors, discovered and perfected by the world’s greatest coaches, will transform you into a more effective coach–and your clients into the success stories that make coaching so rewarding.
For more great insights into coaching clients, download our FREE ebook, Secrets of a Business Coaching Rock Star.
by Eric Dombach | How to Become a Business Coach
When you’re a beginning business coach, it can feel difficult to land those first few clients.
And they’re really the key to getting off the ground.
Once you’ve got a few success stories…some testimonials you can cite…references or, better yet, referrals from thrilled clients…things begin to jump into high gear.
But building momentum can take time.
Which is why I often recommend that beginning business coaches take on a client or two on a barter basis.
It worked for me!
A couple of my early clients didn’t have much cash, but were more than happy to barter with me.
From one client, I bartered some coaching for a nice, big office desk which he made for me during his evenings and weekends. Eventually, as the business grew, they were able to begin paying cash.
From another client, I got a very nice professional business photo.
More important than the bartered goods and services, be sure to ask your bartering clients for referrals to paying clients.
Additionally, once you’ve added cash flow to their business, ask for an introduction to their accountant, with whom you can build a strategic alliance for even more referrals.
Why Beginning Business Coaches Should Barter
Most of all, it’s about skill and confidence.
When you’re just starting out, there’s nothing more important than beginning the process of coaching a living, breathing business owner.
Bartering gives you an opportunity to get some wins under your belt, which builds momentum as you continue you meet prospects and market yourself.
As the old sales proverb says, the most confident person wins.
As the old sales proverb says, the most confident person wins.
So, get out there and close some clients! Begin building your confidence and the experience and referrals will begin to flow.
Just starting out on your business coaching journey and looking for more great tips and tricks? Read our FREE ebook, How to Become a Business Coach.
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