The coaching business is booming. The industry as a whole is expected to grow to more than $20 billion by the end of 2022, which means a huge opportunity for coaches looking to connect with clients.
But, like with any business, it’s common for coaches to plateau — even successful coaches. Maybe you’ve been operating for years, and you’ve experienced incremental growth. You reached 6 figures, and then you inched comfortably into making a few hundred thousand dollars a year.
But how can you push your business to the next level? How can you reach 7 figures?
Scaling a coaching business from 6 to 7 figures annually doesn’t require more talent or more hard work or the right niche. There are simple changes you can make to your business that can drive you toward $1 million-plus each year. Here’s a look at 4 of them.
1. Build Systems
The processes and workflows that you got you to 6 figures and beyond will not get you to 7 figures. You need to build systems that automate and streamline your day-to-day activities so that you can work with more clients. Your systems can include:
- Client management: Create a system for onboarding new clients, answering customer service inquiries, building a library of testimonials, processing referrals, plus more.
- Sales management: Map out your sales funnel and find ways to automate as many activities as possible.
- Legal management: Your business may require non-disclosure agreements and legal contracts. Automate the completion of these agreements so you’re not wasting time doing things by hand.
- Financial management: Payments, refunds, transfers, etc. Automate as much as possible so you’re not stuck handling banking duties each week.
Use systems to automate so that you can focus on high-value tasks like promoting your business and working with as many clients as possible.
2. Hire Help
There’s nothing wrong with being a solopreneur. In fact, you may have built a 6-figure business all by yourself. But it’s nearly impossible to grow your business to 7 figures without outside help.
In No. 1 above, you see ideas for using systems to automate. If there are time-consuming tasks that can’t be automated, outsource them to freelance or contract workers. This might include bookkeeping, inbox management (unsubscribes, simple responses, etc.), copywriting, design, customer service, etc.
3. Invest in Marketing
Word-of-mouth referrals and organic social and web traffic can help you launch and build a business. But, if you’re looking to scale to $1 million-plus, you’ll need to invest more in marketing.
Explore pay-per-click ads for search terms in your niche. Look at paid social media campaigns to connect you with your target audience. Use retargeting to keep in touch with visitors who bounce from your website. You can even use affiliate marketing to get online publishers promoting your business in exchange for a commission.
These marketing activities are highly measurable, so you’ll get a sense of the ROI associated with each one. Do more of what’s working, and shut down any campaigns that aren’t delivering a return.
4. Offer Your Clients Financing
As a coach, you’re empowering your clients to make more money in the future. Unfortunately, they may need additional funds in the present to pay for your services.
That’s where financing for your coaching programs comes into play. You can offer your clients third-party financing that allows them to access your services and programs right now in exchange for future payments you don’t have to collect.. When you work with a service like Fund My Contract, you give your clients access to zero startup costs — enrollment is free with no recurring fees.
The best part is: You don’t have to manage the financing. There’s no need for you as a coach to self-finance. You simply connect with third-party financing providers who do all the underwriting, handle all the payments, and take on all the risk.
When you offer financing, it becomes your tool for closing new deals. Fund My Contract provides instant decisions and rapid funding, as well as increased approval rates through multiple industry-eager lenders helps. When you choose our platform, the affordable payments make it easy to overcome objections during your sales cycle.
You get to grow your business beyond your wildest dreams while coach financing makes your services available to more prospective clients than ever before.
Fund My Contract – Coach Financing Simplified
It’s time to increase enrollments and grow your revenue to 7 figures and beyond. Since 2013, Fund My Contract has been working with coaches to provide simplified financing and payments — and maximize cash flow by allowing coaches to avoid self-financing their programs. Use our Quick Fill app to access enthusiastic lenders who offer multiple loan products, low merchant fees and higher approval rates. Approvals down to 600 FICO can generate a significant increase in your revenue.
- There are no hassles and no membership fees. Just enthusiastic lenders who know, appreciate and specialize in the fast-growing coaching industry.
- You’re able to focus on serving your clients and growing your pipeline.
- Your clients start benefiting from your programs now!
And you get your payment within a day or two of loan approval. There’s no wait of 3 months, 6 months or even a year like you might find with other coach financing providers. Your clients get the coaching they need, as well as a low APR that equals low payments. There’s a reason why top-earning coaches choose our service: They respect the results we deliver for their businesses.
Fund My Contract gives you access to:
- One simple app.
- A multi-lender platform that increases your revenue.
- Access to prime, near-prime and subprime programs.
- Soft credit pulls that allow you to tell your clients, “Let’s see if you qualify.”
- High approvals.
- Low rates.
When you choose Fund My Contract and our concierge client service, a $10,000 program can be made available to your clients for as low as $222 a month.
Make it easy and simple for your staff to increase enrollments and grow revenue. Get in touch to get started with consumer financing for your coaching business.