If you want to succeed in your coaching or consulting business, then there are 3 key elements that you need to have in your business in order to continually grow for years to come.
These 3 key elements will help you position yourself as the go-to authority in your niche, get consistency in your income, and help you overcome all setbacks you face in your business.
Key Element 1 – Become A Specialist
The very first core element that you want in your client business, is to become a specialist. You want to be seen as specialist, and not a generalist in your business.
Peter Drucker once said,
“ The aim of marketing is to know and understand your customer so well that the product and service fits him and sells itself. ”
So, what does being a specialist mean?
Let’s say for example, if you have a heart problem, and you want to find a doctor that can help you with this problem, who would you go to?
- The General Practitioner – who knows a little bit of different types of medical conditions but isn’t specialised in dealing with the problems of the heart. This doctor pretty much sees all types of patients.
- The Heart Specialist – who specifically deals only with the issues of the heart. This doctor only sees patients with heart problems and conditions.
If you’re like me and most people, then you definitely want to go to see the heart specialist.
Because you know that this person is really good at what he does.
And just by the title of “heart specialist”, you know for a fact that this person can solve the problems that’s related to your heart.
That is exactly how you want to be seen in your business as well. Because when you are seen as the specialist, you become the person that people want to go to, to solve their problems.
Even if you’re just starting out, you do not necessarily need to have an established reputation or a brand that people already know. All you need is just a very precise messaging that really targets your ideal clients. So, they will be able to know that you are the authority or the expert.
Here’s what I mean.
Let’s say you’re a new mother and you’re looking to join a yoga class to lose weight and strengthen your muscles.
You come across two different yoga classes with different messaging:
- Yoga For All Shapes And Sizes
- Postnatal Yoga For New Mothers
Which class would you join?
Chances are that you would go for the “Postnatal Yoga For New Mothers” class.
Simply because it speaks specifically to you.
You are a new mother, and you want to join a yoga class that you know is specifically catered to people who have just given birth.
This way, you will be assured in your mind that the exercises and workouts taught in this yoga class are suitable for you.
But, for the yoga class that is for all shapes and sizes, you may be worried that some of the exercises and workout may not be suitable for you or may even cause you to injure or hurt yourself.
So when you position your services to show that you understand who your ideal clients are, and you understand their situation and pain they are going through, you will be able to come up with a marketing message that really resonates and speaks to them.
Like what Peter Drucker had said, you have now understood who your ideal clients really are and created a solution specifically for them.
When you do this, your ideal clients will see that your solution clearly fits them. And because of that, your solution has pretty much sold itself to this group of people.
In the minds of your ideal clients, they have seen you as the specialist that can specifically cater to them and their needs. You have now established yourself as the authority in their minds.
So this is something you want to implement for your own business as well.
Nowadays, so many people are becoming generalist in their field. If you were to ask coaches and consultants who is it that they help, most of the time they will tell you that they can help everyone.
For example, weight loss coaches would say that they can help anybody that wants to lose weight.
If you position your business this way, the problem with that is that you will alienate a lot of people because your messaging is just too broad.
Now, you may ask, “But Davis, what if I can really help many different people?”
I definitely do not doubt that you can help many different people, but what you have to understand is that you need a different messaging for the different groups of people that you can help.
So going back to the example of the yoga teacher, she could have a different class to cater to different groups of people.
In addition to the “Postnatal yoga class for new mothers,” she could have a “hot yoga class for busy professionals”, or a yoga class that is specifically catered to men.
This way, you are able to really target different people with different pain points instead of classify them under “Yoga class for all shapes and sizes”.
It is very important for you to be seen as the specialist in your client business because when you position yourself as a specialist, immediately you will be seen as the expert and as the authority in your market.
Your ideal clients will see you as the person that can solve their problems, and there will be no fight with all the other businesses who are positioning themselves as the one-size-fits-all solution.
So if there are three different types of ideal clients that you can serve and help, then you want to have a different messaging for each of them that will speak specifically to their pains and struggles.
If you’re just starting out, I suggest to just hone in on one ideal client you can serve first, and then build your business around that particular group of people. Only later on when you start to grow your business, you can start cater to the other groups of people that you can help.
Key Element 2: Be Willing To Experiment
Many people, when they start their coaching & consulting business, give up too easily after they fail to get clients on their first few attempts.
The reality of building a business is that it will probably take a number of tries before you manage to get your marketing messages right, or get your sales funnel pieced out correctly. That means you will be wrong many times at first. This is no different for me, or for many of the top coaches and consultants today.
When I first started, I was struggling to get consistent clients for my business. And I never made more than $1,000 per month for almost a year.
But I understood the fact that building a business is a process, and that as long as I learn from my mistake each time, I will get better. And this is what you need to understand as well because as long as you have a “never give up” mentality, you will get better each time with the feedback you get from the people who didn’t buy from you.
When Thomas Edison tried 10,000 times to get the light bulb to work but didn’t, he didn’t say he failed, but instead he said that he “found 10,000 ways that didn’t work”. And this mindset eventually led him to invent the light bulb in the end.
That is the same mindset you want to approach your own online business with.
Key Element 3: Having A Systematic Process To Get Clients
Many coaches and consultants do not actually have a systematic process to turn leads into clients. Their process to get clients is very much “random”.
For example, they might go to networking events today to hand out business cards, then try a little of social media marketing tomorrow, then try to ask for referrals the day after. But they don’t have an actual process of attracting people to their business and converting them into premium paying clients.
In fact, most of the time, they will just do business with anyone who is willing to pay them. This is the worst kind of situation to be in.
Because you know you need the money to help with paying off your mortgage, loans or bills, but you might end up with clients who aren’t a perfect fit for you, and end up draining your time and energy.
And if you find yourself having to “convince” people to work with you, or having to explain in detail what it is you can help them with, then it means that you’re doing things wrong in your business and you need to have a system that eliminates these problems.
Having a good system in place in your business helps you do 3 very important things for you:
1) It will automatically help you build rapport, trust and likability in your prospect’s minds towards you so they will get excited about what you can help them with.
2) Let you filter out the most qualified prospects who are the best fit for you and have the ability and willingness to pay you for your help
3) Ensure that you only talk with people who have the highest chance of becoming a premium paying client (by the time they actually speak with you, they already know what you can do and are ready to pay you to help them.)
Basically with a good system in place, it will flip things around in your business – no longer will you have to hope or try hard to convince people to work with you, but they will come to you already wanting your help and are ready to sign up as your clients.
And if you have a team that is involved in the process of acquiring clients, then you need to make sure that they are properly incentivized and motivated to be able to give the right experience to your prospects.
Your Success Awaits You
With these 3 key elements in your business, you will be able to get more consistency and control over your revenue and income.
Building a successful coaching & consulting business is not an impossible goal or something that is unattainable. However it requires the right strategy and the right mindset in approaching your business. These 3 key elements will help you bridge that gap from where you are right now to where you want to be.