With all of this information, you’re ready to start working as an online business coach right away.
Step 1: Develop a pricing plan.
Choosing how much to charge clients is a touchy subject for all new online business coaches. Here’s how to go about it productively.
Read Also: Valuation
On a high level, you should understand the value of your efforts. What is your hourly rate if you work full-time or own a business? Simply divide your salary plus any dividends or bonuses by the number of hours worked. This is the lowest hourly rate you should not go below (unless you work with nonprofits or charities, for example).
Recognize that as a coach, you will charge based on value. Does $500 per hour seem excessive? What if four such sessions with you assisted a startup founder in raising a $4 million funding round? Suddenly, $500 per hour seems like a no-brainer.
Inquire about the fees charged by other coaches in your area or niche. Knowing what your potential clients are willing to pay will help you get started.
But don’t let the pricing issue deter you. Simply choose a number and find your first client. You can always raise your prices later. You can also try cash vs. equity, performance bonuses, being on retainer, or charging per project.
Step 2: Establish your personal brand.
Word of mouth and referrals from existing clients are the most effective ways to acquire new clients.
You should be known as the best at something to make it easier for others to refer to you. We’ve already discussed selecting a coaching niche; now you should consider developing a personal brand within that niche.
A personal brand would not only position you as a successful coach, but it would also assist you in developing trust, expanding your network, attracting more clients, and charging premium rates for your services.
To create a personal brand, define your vision, mission, and value propositions. Where are you going, and how will you help others get there?
Make sure that all of your communications and content are related to your brand. This is how you build a personal brand over time. It is not immediate, but the benefits are long-term.
To get started, read our How to Build a Personal Brand for Freelancers and Entrepreneurs guide.
Step 3: Promote your tutoring company.
It’s time to obtain additional coaching clients now that you’ve got everything in place, from strategy to personal brand foundations to an online course!
Attending networking events and testing (and fine-tuning) your proposal can soon reveal if your industry assumptions were true or not. Participating in local (in-person or virtual) meetups for small business owners is also a good idea.
Furthermore, you should be fairly active on social media platforms relevant to your niche. LinkedIn might be a good place to start for small business trainers. You should also explore Twitter to get exposure to huge corporations and their executives.
Finally, begin a blog as well as a newsletter. A blog will allow you to test and explain your ideas while also attracting organic traffic from search engines. A newsletter may be an effective approach to convert website visitors and social media followers into contacts who are more inclined to buy your online course or employ you as a business coach.
More suggestions may be found in our comprehensive guide to promoting and growing sales for your online course.
Step 4: Gather feedback
The only way to guarantee that your business coaching practice is on the correct road is to collect as much feedback as possible, particularly early on.
You should set up a method to get input on a regular basis:
Ask what sounded appealing in your proposal and what didn’t after each pitch (particularly failed ones).
Obtain written testimonials from previous or current clients.
Encourage people to leave feedback on your online course.
Send surveys to your target audience, contacts, and customers to ensure you’re on the right track.
Step 5: Assess and improve
Your coaching practice is not appropriate for everyone. As a result, you will inevitably receive some negative feedback. Everybody does it.
Make a point of distinguishing constructive criticism from emotional reactions, and then use the former to develop a process for consistently incorporating changes into your practice. Keep track of how your feedback evolves over time.
