It’s no secret that as coaches we’re in business to help our clients. We want them to succeed and achieve their goals. However we can’t ignore the fact that money and profit are important to us as business owners.
Many struggle with this thought and it’s causing them to not make less money than they should be making. Today I want to show you some things to help get past these mental blocks and some strategies to improve profitability.
Selling is actually serving.
Business owners are associating sales and selling as something that you do to someone. They think you must convince someone or try to close them. At the same time we’re very proud of our product.
We’re very hopeful of all of the results that we can give people, but we're afraid of over promising. We know we can help people, but at the same time, we just can't own it.
I've been there. This has been a learning journey for me, I have a nursing background and I'm all about service.
It took me time to realize that selling was the only way that I was going to be able to serve these people. Selling is the vehicle for helping people and really being able to make the impact and the difference that I wanted to make in the world.
As soon as I discovered it I couldn't help but see it everywhere. I encourage you to take a look at these things that we're going to be talking about, and then start to see the evidence of that.
When you sell you have the ability to impact your profit margin. This means you get to pay yourself.
There’s a big difference between running a business, making money and paying yourself. A business that makes money doesn't always make a profit. I know this because I work with business owners that are struggling to pay themselves.
They put all their money back into their business and don’t pay themselves. This doesn't lead to a place where you can continue to serve people. Paying yourself helps you to continue to show and do your work.
You need to make a habit of paying yourself. Even if it's not a lot, or you have a full time job, or you’re not making a ton of sales. You need to pay yourself. Once you make it a practice it will start to change the way you show up for your business and most importantly encourage you to keep going.
If you’re feeling that you don't have the time to do this then I suggest creating a group program. When you start leveraging your time in this way you may find it easier to start paying yourself.
I understand just thinking about doing a group program can be daunting, which is why I created the Ultimate Group Coaching Framework. This is a completely free resource that shows you how to create and launch your group program to success.
Selling allows you to serve your customers.
When I started I really just wanted to coach. I didn't want to sell and I struggled with that. I didn’t want to get my stuff out there and “self promote”. But when I started to get those clients coming in, I realized I only got them because I sold to them.
Selling is part of the service. When your clients put down money to work with you, they show up for themselves. They start to do the work.
If you’ve ever done free coaching or free consulting or free anything people are less inclined to apply what you’ve been teaching them. They don’t show up the same if they haven’t paid for it.
This sucks when you want to give everything to the world, but sometimes the biggest gift you can give is having them show up for their own investment.
Serving really starts at this point, when you decide you're going to sell them the solution to the problem they’re having. Someone desperately needs the thing you offer and if you're not offering it then you can’t help them.
It allows you to bring in team members to allow you to live out your mission.
You have a vision of what you want the company to be. Do you want to make a difference in the world?
If you're able to bring on team members, if you're able to hire help in your business, you are then able to make a bigger difference in the world. You are able to serve more customers.
You are able to help your team members to pay their bills and it’s beautiful.
I've been able to experience this in my business, through contractors and team members that I've hired on as well as service inside my home. I've had nannies before and being able to provide work. A lot with the nannies that I've hired on have been able to do so much because of that.
One of my nannies was a retired woman who allowed her to pay her bills and she was really struggling and it allowed her to be able to live the retirement lifestyle that she wanted. She was still taking care of kids and not retired, but it worked out for her. And she would cook for us and it was great.
I hired another nanny who was a college student. That job allowed her to rent in the area we lived in. It allowed her to buy a car and all of this other stuff.
You’re also impacting your team members and that impact can be huge.
I've had clients that struggle because they are doing really well and are afraid of asking for even more money. In these cases what helps them is to give back.
Philanthropy has become a big part of their business.
If you're feeling like you don't know if you can ask for even more money or more profit from your business then think about how you can give back to the community. You can give back money, or if you scale your business enough, give back time.
Had one client go on a mission trip and help people in peru This was a beautiful experience for her. Being able to pay for everything, and take time off was a huge motivator for her.
A great way to scale up your business is by adding a group coaching program. If you really want to be able to give back to your community then you need to be able to scale your business.
Imagine servicing all your clients in a single one session as opposed to doing everyone by themselves in a one on one sessions. What would you do with that extra time?
Work on other aspects of your business? Spend more time with your family? Do what really matters to you. This is a great way to scale your business in a sustainable way.
I know that the thought of launching a group program can be intimidating to some. So I created a FREE resource that’s available to anyone that needs it, called the Ultimate Group Coaching Framework. I help my clients create and launch their own group programs, so I know a thing or two about doing it. I’ve gathered my years of experience and distilled and easy to use PDF so you can launch your own program to success.