L Comes Before M

Learn to leverage and success will follow

by Mary Allen and Eva Gregory
Appeared in Choice Magazine.
June, 2009

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The problem is coaches are not making enough money. Why? They are trading time for money. The solutionis simple - LEVERAGE. This means making every hour of your time worth more. The theme of this issue of choice is The "M" Word, but we contend that "L" comes before "M" not only in the alphabet, but also in your business success.

We are two coaches who started out just like you. We fell in love with the industry of coaching, jumped into coach training with both feet and got started. Now, we both enjoy six-figure incomes and are helping coaches do the same. Leverage is one of our greatest secrets to success and we know first-hand that coaches are missing this vital ingredient.

There are three key areas every coach must learn to leverage if they truly want to enjoy more money coming into their lives.

Leverage Marketing

How do most coaches get their clients? One at a time. We start with the people we know, go to networking meetings and hopefully build a referral base. But how do you keep in touch with potential clients you connect with along the way? How do you create value for them, stay present in their minds and make it easy for them to reach out to you when they are ready to hire you? If you're relying on personal emails, phone calls or lunch meetings, this is a slow and tiring road.

The simple solution is a database list. The sad truth is that the vast majority of coaches don't have one. We learned this when we launched our Beyond Six Figures for Coaches program. A startling 93% had 0 to 500 contacts in their database. Most have closer to "zero" than500. This was true even for coaches with 5 to 10+ years experience! About 6 percent had 500 to 1,000 contacts. Less than 1 percent of all applications received had over 1,000 contacts. Yikes!

Even more alarming, the vast majority of coaches weren't leveraging the technology of a list server to stay in regular touch with their contacts. (A list server allows you to send one message to hundreds or thousands of emails simultaneously without clogging up your inbox.)

It's not just about having a list; it is essential to build relationships of trust by providing value over time. Articles, assessments, links to valued resources, daily quotes or an invitation to a live conference call interview are all simple ways to offer value and stay "top of mind" in the eyes of thousands; all with one touch of a button if your list is on a list server. Unfortunately, coaches with lists aren't necessarily using them effectively or consistently.

What good is it to have 1,000 people interested in your services if you don't remind them periodically that you're alive and would love to work with them?

Leverage Coaching

No matter how super human you are, there is a limit to how much one-on-one coaching you can do. And who doesn't want to affect more people? "Group coaching" is a fantastic way to leverage your time and skills as a coach. You'll impact more people at three to four times your regular coaching rate. And clients will love it too. In today's economy, many people who want coaching simply can't afford it. Yet, they need it more than ever. Plus, not only will they have you as a resource, they'll be inspired by other group members. By working with an average of 15 to 20 people per group at $99/month -- a fraction of most coaching fees -- you can help significantly more people in a single session.

Not only is group coaching a blast, but it allowed me (Mary) to go from $30,000 in debt to $20,000 in savings in just nine months. Eva has led as many as 12 group coaching programs simultaneously. At $2,000 per month per group times 12, that's $24,000 per month -- difficult to duplicate by coaching one-on-one.

Leverage Time

Most coaches try to do everything themselves. This is a huge and costly mistake. Until we started working with coaches, we didn't realize just how much coaches try to do it all manually. There are two simple ways to leverage time. Most coaches aren't doing either.

1. Technology can automate and systematize numerous components of any coaching business, especially growing your contact base. While most coaches have websites these days, still only a tiny fraction of coaches are using the technology of autoresponders to accept new subscribers, give a free bonus gift (or incentive to sign up) and then consistently stay in touch to build long lasting relationships. Years ago, we couldn't imagine life without cell phones, DVRs or the internet. Six figure coaches can't imagine life without autoresponders, shopping carts (including the recurring billing feature), Yahoo Groups, teleconference bridge lines, video and now social media. We see coaches getting bogged down trying to learn all the latest technology, or more often so overwhelmed by it, they avoid it altogether.

2. The second way to leverage time is hiring a Virtual Assistant (VA). Five to 10 hours a month can make a significant difference in the life of a coach -- especially over time. Your VA will handle the vast majority of technology, freeing you up to focus on what you're great at -- coaching and connecting with people. Setting up autoresponders, websites and new technology, sending communications through your listserver and making website adjustments are a few ways coaches benefit from a VA.

We don't know many six-figure coaches who aren't fully embracing the "L" word. Try bringing "L" into your coaching practice, and the "M" will follow.

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Eva Gregory and Mary Allen co-lead a six-month certification program teaching coaches how to launch, promote and lead their own group coaching programs. www.BeyondSixFiguresforCoaches.com