If you’re not making at least $10k – $20k per month and getting clients consistently, then you’re either doing the wrong things in your business, or you have yet to implement the right things in your business.
Here’s the bad news:
If you continue running your business the same way, then things will most likely stay the same for your business.
You will still be making the same amount of money you’ve always been making, and you will still be getting the same kind of clients you’ve always gotten.
Einstein once said that the definition of insanity is doing the same things over and over again expecting different results.
So if what you’ve been doing isn’t working, then it’s time to make a change.
Now for the good news:
If you aren’t making at least $10k – $20k per month in your business yet, then it’s most likely because of only 4 main reasons, and I call these the “killers” of your coaching & consulting business.
And if you fix these problems, you will start to see progress and results in your business. That means more leads (highly qualified leads), more clients (premium paying clients), and more revenue (consistently) to your business.
Here are the 4 main “killers” and how you can fix them:
Killer #1: Not Charging Premium Prices
If you’re not charging at least $1,000 per month, or $3k – $5k one-time fee for your help, then you’re not valuing yourself enough.
Here are 3 reasons why you should charge more:
- When you raise your prices, you are perceived as “higher quality”.
- There will still be people who CAN afford your premium prices
- You can get to $10k per month and beyond faster
When I first started out, I was only charging $100 per month, but I was giving 5-star service and help to my clients. I’d bend over backwards for my clients because I really enjoyed my work.
But I was getting killed because I was overworked and under-appreciated. I always felt I should charge more, but I didn’t know how to because I was afraid that existing clients would get mad.
Furthermore, I already had people telling me that $100 per month was too expensive so I was afraid that if I increased my price, people wouldn’t buy.
But then I realized that no matter how little you charge, there will always be people who can’t afford, and no matter how much you charge there will still be people who are able to afford.
So when I decided to raise my prices, I not only hit $10k per month in just 4 months after, but I started to get better clients as well.
If you aren’t charging premium for your time, and you feel that you should be getting more than what you’re charging at the moment, then it’s time to increase your price.
Killer #2: Targeting More Than One Client Segment
Going too broad is a big problem I see amongst many coaches, consultants and experts, and I get it because you can help many different groups of people and want a marketing message that appeals to everyone.
For example a fitness coach who wants to help anyone who wants to lose weight and get fit, or a love coach who wants to help everyone find their soulmate.
However there’s a saying in market that goes, “if you try to target everyone, you end up targeting no one.”
And that is very important to understand because when you try to target everyone, you get seen as a generalist rather than a specialist.
Compare the general practitioner to the heart specialist. Who do you go to when you have a heart problem? And of the two, who gets paid more?
I’m sure you know the answers to both 🙂
So focus your marketing on just that one specific group of people that you can get the best results for, are able to afford your premium prices, and have a pain strong enough that they are willing to pay for your help.
When you do that, not only will you start to attract more of the right people to you, but you will be seen as the go-to expert in your niche.
Killer #3: No Consistent Lead Generation Machine
If you have no idea how you’re actually getting leads, or have a proper process to get leads, then you don’t really have a business. You have a hobby.
If you’re manually chasing leads one by one from networking events, or asking for referrals and doing cold outreach to pitch your services, then you’re not leveraging your time properly.
Not only is doing all these tiring and tedious, but it’s unscalable and simply a waste of your precious time.
Instead, focus on creating client-attracting assets to get people coming to you.
Client-attracting assets are authority content pieces that serve as automated lead-generation tools.
Each client-attracting asset focuses on just 2 things:
- The right kind of content that will attract your “perfect client”
- The right channel to place that content
When you do this right, these client-attracting assets will serve to feed you leads for life. The more assets you have, the more leads you will generate for your business without you ever having to manually chase leads again, or even have to explain to them what is it that you do.
By the time people come to you, they would already be highly interested in what you can help them with.
Killer #4: No Systematic Process To Convert Leads Into Clients
The final and most important piece in your business is to have a systematic process that will help you turn these leads into premium paying clients.
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 you need to have a system that eliminates those problems.
Having this system in place helps you do 3 important things:
- Automatically helps you build rapport, trust and likability in your perfect clients’ minds towards you so they will get excited about what you can help them with.
- Lets you filter out the most qualified prospects who are the best fit for you, have the ability to pay you, and have the willingness to hire you.
- Ensure that you only talk with people who have the highest chance of becoming a premium paying client.
With this system, 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.
Getting to $10k per month and beyond is just a relentless focus on 3 things in your business:
- Identifying the ONE “Perfect Client” for your business and understanding them extremely well
- Attracting them through your Client-Attracting Assets
- Converting them into premium paying clients with a systematic process
With these 3 elements in your business, it will allow you to build a solid coaching & consulting business.