I was recently interviewed by Brad Swift for this “Living & Working On Purpose” radio show. In his comments to me after the interview, he said:
“Milana, you hit the nail on the head of what’s missing for so many coaches that keeps them stuck and struggling in a profession that’s all about people flourishing. The missing element is entrepreneurship — business skills that will have a coach be not just effective at their craft but successful as well. I truly believe following Milana’s 6 Steps to Becoming a Coaching Entrepreneur can make all the difference in the world for coaches. I just wished I’d known about these business strategies when I first started out 20 years ago. ” (Brad Swift, founder Life On Purpose Institute, Inc., (http://www.lifeonpurpose.com) author of Life On Purpose: Six Passages to an Inspired Life)
Coaching is about entrepreneurship and inspiring others. It’s about causing a transformation in someone else regardless of the means you use to achieve it. Brad got it!
The interview is scheduled to air on the Living & Working on Purpose Radio Show on Wednesday, August 20 at 5 pm eastern time. It will then be archived so that others can listen to it whenever it fits their schedule at:
Obviously a great viral marketing strategy. I think this is truly amazing and captivating to watch a complete stranger “guess” the details of your personality! So amazing, I just had to share it with others! Enjoy!
How you look at coaching can make or break your business.
In my book Coaching Millions I define coaching as a “methodology–a strategy used by thousands of eople worldwide to inspire, motivate, and evoke positive change in he lives of others.”
While this is true conceptually, in practical business terms, coaching is anextension of your expertise.
Whatever you’re an expert in, that’s what you should offer coaching on. If your expertise is not specific or narrow enough, define it better.
Most coaches look at coaching as a stand-alone service and in their mind they’re starting a brand new business from ground zero. And THAT’S the #1 reason building a coaching business is like pulling teeth - constant struggle, never-ending networking to get clients, and complete and total frustration about lack of results.
So, as you look at your coaching business today, is coaching an extension of what you already good at? Or something completely independent of everything you’ve accomplished previously?
Is coaching the first thing people cut in difficult economic times?
Many people believe so.
I’ve experienced a slowdown at least once in my business. It happened in March, 2003, when the U.S. entered Iraq. Everyone was glued to their TVs 24/7, and my business almost came to a stop.
I can’t say that I handled it very well. It was really scary. I started thinking about plan “B” - going back to teaching piano or even getting a job again. I applied, my application was rejected. Thank God!
I continued to run my business and in about two months,
it picked up again.
Since that year, I learned a lot about business. I studied how small companies survive and even prosper during a recession.
I was especially interested in how coaching is affected by economic slowdown. Since it belongs at the very top of the Hierarchy of Needs, it is not considered a necessity in most people’s lives.
Can coaches survive the recession?
Absolutely YES! But not all will. Only the ones who follow these tips and strategies will withstand the difficult times we’re experiencing today:
1. Remember that coaching is a global business. You don’t have to rely on local business only. Create web presence to reach clients all over the world.
2. Specialize “vertically” - by target audience, not just by your coaching specialty. This will allow you to be more unique and have a higher perceived value in your prospects’ eyes.
3. Know your customers. Understand how these economic times are affecting their lives. Revise your coaching programs to address their pain. Prospects are much more willing to postpone their purchases today, unless they see a clear benefit in their current situation. Survey and interview your customers, reach out to them personally.
4. Increase your marketing efforts. Most coaches will cut down on it thinking it’s no use anyway. Historically, companies that survived the recession never stopped marketing. They created unique promotions, programs, and events to increase visibility and lead generation. Many of them say that they experienced maximum growth during these times.
5. Diversify your coaching product mix. Create programs and products with different price points. Diversify your in`come sources. Don’t rely on clients only. Develop workshops and continuity programs, and take your expertise to a second niche market.
6. Focus on relationships. This is a great time to fill your coaching programs through joint ventures and affiliates. Ask your current and past clients for referrals.
7. Offer “second glass” as per Mark Joyner’s “Great Formula.” Think about what else you could offer your customers if they already bought a product from you in the past.
8. Remain passionate don’t get discouraged by what you hear about economy. You create your own economy! When Michael Gerber went nearly broke, he kept on going. Everyone around him was waiting for 2 years to see when he files for bankruptcy, but he survived and thrived. In his own words, “I just never quit. It was never an option.”
9. Get a coach! Yes, it is crucial that you have a cheerleader in your life right now. Most people around you will keep complaining about recession, and this will do only one thing for you - make you feel depressed and powerless. A coach can support you in continuing building your dream business.
I hope this helps you see things clearly!
Milana
P.S. One more thing you need to thrive during recession is to stay motivated! New ideas, strategies, stories and inspiration will help you create an amazing “buzz-worthy” business. Where can you get all of this in one place? After months of planning, researching, and preparation, I am finally opening the doors to my brand new “Coaching Millions Club” next week! Exclusive interviews, unique success stories, entrepreneurial case studies, specific strategies and ideas, and much more! Watch for a special e-mail from me Monday morning - you don’t want to miss it!
When I was at a loss of words having only a minute to think, I called my 13-year old son for help: “What should I ask George Ross, you know Donald Trump’s negotiator from The Apprentice?” He gave me an idea for a question: “Ask him how to approach highly successful people with a business idea”. So I did:
I hate exercise…I get bored, I feel like it’s a waste of time; I used to look for a jogging buddy, but quickly realized we have nothing to talk about. Then I found a way to LOVE exercise, look forward to it every day, not need to look for a buddy, and do this in any weather, rain or snow - you won’t stop me! Watch the video above to learn how I get all my great ideas while getting LOTS of oxygen at the same time!
Visit my headquarters to see what becomes the result of such a powerful combination of “mind & body” activity: http://www.CoachingMillions.com
After watching Troy Dunn on “The Big Idea” show, I rushed to get a copy of his book called “Young Bucks: How to Raise a Future Millionaire“ I am on my 2nd chapter now, and after thinking about it, I decided to give my 8-year old an opportunity to earn some money for something she really wants. Instead of getting my fulfillment company to do this, she’s putting together my new product, TelesummitSecrets.com.
At first she was very excited about it, very carefully putting CDs in their boxes.
About 15 packages and many praises from me later, she started asking if I would giver her a bonus for doing such a great job. When she found out how much this product sells retail, she almost demanded a raise! This was a great learning opportunity for us both to talk about when bonuses are given and why not every praise from the “boss” results in a bonus. And also, what goes into developing a product, and why only gets $3 for her work.
Have you ever thought why so many coaches are struggling?I think about it every day…In fact, I created a series of educationalvideos to help you build your business this year. Here is What I share In Part One:- The key difference between how I started my coaching business and how 98% of coaches start theirs, and how this allowed me to grow it much faster than any other coach I know;
- Why I can generate revenue any time I want, and why many coaches still can’t figure out how to make their first sale;
- The biggest reason coaches do not succeed in business, and the 5 specific strategies you can use right now to get your coaching business pushed forward this year.
The video was very uniquely created with my good friend, the absolute wizard of audio and video, Rob Schultz, so you don’t want to miss it. He certainly made me feel like I was on NBC!
To learn about how to make these 5 tips a reality in your business, take a look at my Coaching Millions Business Mastery program at www.coachingbusinessmastery.com
Keys to Coaching Millions - Part 2
In Part 2 I discuss quality of a mailing list, what makes a coaching business weak, and what “next level” means in coaching business.
Is this what you’re thinking RIGHT NOW?
“I don’t want to listen to more CDs or read more books, I just want to finally start making money in my coaching business.”
OR
“I already know everything about business, why am I still not a six-figure coach?”
The truth is, it’s not about listening to more CDs or reading more books. It’s about investing some focused time into implementing the strategies you learned.
That’s exactly what my mentoring and implementation program will do for you. It will “force” you to take specific actions, so that by the end of the 12 weeks you’ll have everything in place to generate six figures (or more) in coaching.
Back in 2001 I was struggling. Then I got tired of trying to find clients and did something that completely turned my coaching business around.
In this video, 3rd in the series titled “Keys to Coaching Mill.ions,” you’ll find out what I did. Click above to watch.
To become one of the leading coaches or experts in your niche market, and to learn how to dominate your market, get your Keys to Coaching Millions here.
Keys to Coaching Millions - Part 4
In today’s video segment of “Keys to Coaching Millions” I am revealing two important factors of success as a coach:
- How not just to build a coaching business, but how to build an empire that allows you to be seen as the “mover & shaker” in your niche. And, what this kind of positioning can really do for your coaching business.
- Why you should stop worrying about getting clients, and what you should focus on instead to get clients come to YOU.
Enjoy today’s episode by watching the video above.
Has fear of technology been holding your business back? As a Coaching Business Mastery participant, my personal virtual assistant will help you put all the pieces together: your lead-generating web site, autoresponder,thank-you page, and more. But, only two “seats” are left in my mentoring & implementation program, which begins February 25th. Enroll today at: http://www.CoachingBusinessMastery.com
Keys to Coaching Millions - Part 5
In part 5 I share the 3 most common mistakes coaches make. I also talk about why so many coaches get discouraged and eventually try to find another way to support themselves; and, the key difference between coaches and other professionals, and how to overcome the problem it creates for you as a business owner.
Enjoy!
To get access to the ONLY program that shows you how to build a real coaching company, with multiple income streams, automated marketing systems, and a lifestyle you want, take a look at my Coaching Millions Program.
Keys to Coaching Millions - Part 6
In this final episode of “Keys to Coaching Millions”, I talk about the six steps in my program that help you build your business from defining your niche market, creating your programs, marketing your message to your target industry, developing your signature products, creating systems, and becoming a leader of your niche market.
After watching Troy Dunn on “The Big Idea” show, I rushed to get a copy of his book called “
At first she was very excited about it, very carefully putting CDs in their boxes.