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Setting Payment Expectations Up Front

6/23/2012

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As business coaches, we're always teaching entrepreneurs to manage their cash flows.  We advise them to take deposits, larger deposits, accelerate the payment schedule, etc.  However, we often fail to adhere to our own advice.


It's very important to lay down the expectations up front with our clients (hence the purpose for the engagement letter included in the program).  Make it very clear what the fees are, when you expect to get paid, what happens if they don't pay (or on time).  For example, your new client should already have the expectation of making a payment at your first meeting.  Then, depending on your meeting schedule, they should know exactly when the next payment is due.  Make it very clear.


Finally, on a related note, let them know what your meeting cancellation policy is: how much notice you need, what they still have to pay for.  My recommendation is to always get next month's meetings on the calendar and let them know they pay the fees even if they cancel those meetings.  That will maximize your time with them, which will in turn maximize the results.
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How to Run a Successful Business Coaching Practice, part 5

6/19/2012

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Use Social Media


You can’t avoid this. Gotta do it. Get on Twitter, Facebook, and LinkedIn. Make yourself a Fan Page on Facebook, too. I use LinkedIn as my referral rolodex. When someone needs to make a connection, I refer them to my LinkedIn profile. I use my Facebook profile to add a little color to my persona. I’ll put up some personal pictures or notes about myself, while staying away from religion and politics. I use all of them to promote my events. The point is, keep your name in front of your market with these easy tools.

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How to Run a Successful Business Coaching Practice, part 4

6/16/2012

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Stick to Your Marketing Plan


Most coaches start their practice with a pretty good marketing plan in place. Just like our clients, we tend to drop some of those activities as we get busy. Don’t do that! Get yourself a checklist each month to remind you to do your newsletter, attend events, make calls, visit with referral partners, etc. The key to any effective marketing plan is consistency, tracking results, and making minor adjustments along the way. As soon as you drop your marketing efforts, you will see the effects on your calendar, when it’s too late. So, keep it up, stick to the plan and keep yourself booked solid.

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How to Run a Successful Coaching Practice, Part 3

6/16/2012

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Work Hard!


Being a business coach can seem like a relaxing, rewarding, easy-going business. While times like that will come, getting it to that point takes a lot of hard work. You will be attending business mixers and events, hosting speaking events, doing some free sessions, writing blogs and other online updates. You will need to be disciplined and dedicated to your marketing plan, which will keep you very busy at first.

In addition to the hard work in marketing and promoting your business, you will put in some long, hard hours working with your clients. Because you are a human being, you will have some hard times, some tough days. However, when you visit with a client, you must be on top of your game and be ready to give them 100% in your coaching. Doing that for 2-3 sessions per day can be very draining, and very rewarding. So, be ready to put in some hard work and the business will reward you accordingly.

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How to Run a Successful Business Coaching Practice, part 2

6/16/2012

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Provide Great Service


I always admired Atticus in the book, To Kill a Mockingbird. Atticus was a larger-than-life lawyer and would help those who needed help, even when they couldn’t afford to pay him, at least not with money. Atticus was committed to helping the people who need it most. Similarly, a successful pharmaceutical company has this motto: “We help improve patient’s lives. When we focus on that, profits come. The more we focus on that, the more profits come.” The lesson is to continue to develop your services and your skills and your bag of tricks in such a way that you are always focused on your clients and on helping them improve their businesses. If you are able to do that, and do it with a passionate zeal, you will be successful!

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How to Run a Successful Coaching Practice, part 1

6/15/2012

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Introduction


I’ve heard in different places that the success rate of coaching businesses can be as low as 10%. And I believe it! This business is very challenging. It can be a daunting task to get started, build a brand, get published, and drive the revenue you need without working yourself to death in the process. MyBusiness Advisors is in its seventh year of business, and I have experienced all of the challenges you can imagine, and more! Now, I want to share the lessons learned with you, to help you make a success out of your coaching practice. So, let’s get right to it.  We'll look at Ten Tips to ensure your success.


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Become A Business Coach like Stuart

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    Stuart Preston

    Stuart has run MyBusiness Advisors for over ten years.  Here, he share his experiences for those who also run or wish to run business coaching practices.

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