Today, I’m interviewing Melinda Cohan. She’s a business coach to coaches. And after she achieved fast success when she launched throne coaching practice in 2014, she became co-founder and CEO of the Coaches Console. Now, a 7-figure software training and coaching company that has helped more than 50,000 coaches create a profitable and thriving businesses. Today, we are talking about money. But mostly, in the context of overlooked revenue- generating activities in your business. Melinda has a lot of experience in this and we’re talking about how to make sure that you’re not leaving money on the table that you could earn. So, dive in, enjoy and I can’t wait to hear what you think.
Melinda shares with us her insights:
- They want results they want outcomes that’s what’s most important to them. And so, when our pricing can be aligned with the transformation they experience with us, that alignment creates integrity. It creates trust and it creates enthusiasm. For me the practitioner, the coach – when I’m putting myself out there, I can feel confident that I’m not short-changing myself or discounting out of fear. It’s not a fear-based pricing. But it’s an alignment with the work that we do. So, I like to shift to a line aligned pricing. That right there, can begin to create better profit margins. Allow you to generate more revenue, so you can reinvest more into your business. So you can do other revenue- generating activities or find even more robust ways to serve and support your clients in getting results.
- A lot of coaches that I work with, they’ll have their two primary coaching packages and then just something called a maintenance package. And it can just be maintenance and keeping that going. It can be that simple, or it can be okay you’ve done this package – ‘Now, come into my program or join my mastermind or my high end group coaching or something on the back end.’ But it doesn’t have to be anything other than just a maintenance so even just those simple things can be where we can recoup opportunities to make an easy transition into having clients rehire us and keep that going and by getting that testimonial from every client. Now, you can use those testimonials in your sales pages and your sales conversations and your enrollment conversations and your email campaigns. So you don’t have to do as much selling and you’re sharing through story. And so that’s an easy way. And then you automate the referral asking so you’re getting a referral from every clients like – ‘Oh yeah, I know Susie. She’s also struggling with this. Let me introduce you’. And it’s just a natural part of the conversation instead of an awkward ask.
- …paying attention and looking at my business through that lens, made it easy to minimize or overcome or transform fears and doubts and villains that I had behind the scenes as a business owner and as a leader. That was the first thing is the more I could make it about every single person that I was in front of, the easier it was for me to show up for them. It’s like – do you remember that movie Schindler’s list with Liam Neeson. At the end, you know it’s all about helping, you know the Jews, the concentration camp. And when the war’s over and he’s looking at his cufflinks. He’s like, you know – ‘I could have helped one more person’. And that’s how I think about it. It’s like, if I could help one more coach with their business, the whole world will be a different place. And so, I really keep that close to heart and the more I think we can do that, the easier it is for us to handle and dive in all the little millions of details behind the scenes that we have to. It makes it worth it for me.
- To find those that can help do things better than you and get your ego out of the way. So that people can free up your time, so you can spend more time on the revenue-generating activities, instead of the expense type of activities that are necessary. But not generating revenue so that’s a big one. And then recently again, growing my time again. I had to sit down and make a list of here’s all the stuff I’m doing. I’ve gotten to the point where I love pretty much everything. But there was still some areas. And so you’re like – ‘Okay, here’s the thing that I don’t love that I absolutely don’t need to be doing, but still have to get done.’ And it’s like, how do we outsource those last few things and bringing on those team members or rallying existing team members. So that’s a big part of growth is freeing up your time so that as you grow into the six figures, multiple six figures, especially as you’re growing into seven figures, the more time you’re freed up to only do that which truly lights you up and is your zone of genius. And nobody else can replace that. The more you do that, the more creative you are. The more your light shines the better version of you, you bring to everything. The more you give up the overflow, the more your team flourishes. The more your clients flourish and everything is like a steam engine picking up momentum.
- To create one of the things I always say is you know we’re creating a business beyond our wildest dreams, so we can live the lifestyle beyond our wildest dreams. And I truly believe that it’s not just the business, for the sake of business. There’s a lot of passion there for sure. It’s our calling often. And it’s so that we can have this amazing abundant life. And so, that being an entrepreneur; having good boundaries with work; what it means to work from home; what it means to work virtually has been so amazing. And the lifestyle that is created for me, my husband, my family, and that just continues to get better and better.
Melinda Cohan is author of The Confident Coach and CEO of The Coaches Console, a software, training, and coaching company that has helped thousands of coaches create profitable and sustainable businesses. Her software leverages the systems she created in her own coaching business — for branding, list-building, marketing, scheduling, enrolling clients, creating amazing client experiences, managing group programs and online courses and integrates it all into one cohesive platform. It removes the complexities of your business so you can feel confident and do the work you love doing with your clients. While the systems organize you, she and her team blend coaching with training to help you create a clear and realistic path to sustainable income and impact. Melinda helps you feel confident as a business owner so you can build a business you love, attract ideal clients and make a lasting impact.
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