I’ve long said that if you’re looking for an ideal way to start a business, start with coaching.
But building a successful business takes more than being a great coach…
You have to be able to take off your practitioner hat and step into the role of “business owner” too.
This is something a lot of entrepreneurs (not just coaches) struggle with. Which is why I’m so excited for you to meet Melinda Cohan.
Melinda has been helping coaches create life-changing businesses for over 15 years. And in this week’s video, she’s sharing some important lessons any business owner can use to have more impact.
She gives a LOT of practical advice during our conversation. You’ll discover:
– Three big, bad “villains” that stop you from building a successful business
– How focusing on service rather than price makes sales conversations easier – and more profitable (and why this simple switch helps you uncover what’s REALLY going on when they say “I can’t afford you…”)
– Why you should NEVER charge what you’re worth (and what to base your rates on instead)
– Two critical questions that guide you in creating the meaningful, lasting impact you want in your business
– The physical sensation that steers you to your perfect price (I know that sounds kinda strange, but as soon as you hear it you’ll probably want to try this for yourself)
… and more!
The craziness of the past couple of years means there’s never been a better time for coaches and service-based entrepreneurs to be in business.
More and more people are looking for help. And this conversation will help you show up and serve… and build a successful business while you’re at it.
This was an excellent interview packed to the brim with useful and focused business advice from an expert who obviously knows what she is talking about. Thank you for producing and sharing this (and wishing you a very happy Christmas)
Second Time love this one! I was walking and listening and so great to SEE you behind the drivers seat
Thank you! That was a fantastic conversation!
Could not agree more Steven! (and happy Christmas to you, Jeff, and Nugget!)
Absolutely fabulous and refreshing interview with valuable pointers . Thanks for adding this to the collection.
Very, very interesting. Another “great tip” from Jeff Walker. Thank you !
I wholeheartedly enjoyed this video. I like the focus of individuality and how that applies to coaching and entrepreneurial life.
Thank: great timely information as always! Building a service based business indeed, I agree requires confidence-more so today than perhaps than ever in the history of conducting business.
Jeff and Melinda,
Thank you so much for the valuable, eye-opening teaching experience you delivered.
This interview was a keeper. Don’t get me wrong; I enjoy all of the insights you share on your weekly vlog. However, I have a unique bookmarks folder for your BEST content; this joined the rest in that folder.
You both hit the nail on the head. Anyone in the business of helping transform people’s lives or businesses has to know what the transformation is and its value in all the areas that are impacted by what we bring to our clients.
Here’s an idea for a tool that might help prospects make a “yes” decision (one that brings the anticipatory feeling of wanting to throw up).
Practitioners, coaches, and entrepreneurs should list the various components of their coaching program or service that enhance their client’s life. Let’s say they are in “reputation marketing;” it might look like this:
The “components” included in the list could be (1) the improvement in your reputation score, (2) the increase in traffic to your website, (3) the uptick in the time visitors spend on your website, (4) the boost in your click-through rate, (5) the growth in the value of purchases and upsells, (6) the decrease in cart abandonment, (7) the reduction in returns under guarantee (if any), (8) the increase in your online reviews, etc.
Go to your best three-to-five clients; they would be the ones who got the best results while working with you.
They sing your praises.
They also know your marketplace and the differences between you and your competitors. They can clearly articulate why you produce the superior results you create.
We’ll call them your “rational evangelists.”
Ask them for a favor. Then have them read your category list. Ask if any other categories should be in your list of the “breakthroughs” they experienced. Add these to your list.
Next, ask them to rate the improvement they experienced in each of your list categories. So, area one might have a 20% gain; category two might have been up 10%, type three might have experienced a 25% improvement, area four had no increase, measurement five 15% growth, and so on.
Now have your client tally up their score. Remember, improvement tracking is not mathematical; it is geometric.
Here’s how it looks for eight hypothetical areas: 1.2 x 1.1 x 1.25 x 1.0 x 1.15 x 1.09 x 1.06 x 1.3 = 2.85 fold increase.*
Tally the results from your rational evangelists (RA). Now take the average improvement for each category. Create a “worksheet” containing your list of component areas and input your RAs averages for each segment
On your worksheet, include a note that these figures represent the progress a group of past clients experienced (with the standard “improvements not guaranteed” disclaimer).
Remember to show the multiplication process and outcome (as above).*
List the improvement area; leave a space for your prospect’s gain estimate.
As you go through your presentation, ask your prospect to assess how much improvement each category might mean to them.
Because they are using their assessment, they can’t argue about the outcome.
Now have them multiply their improvement opportunity by the annual value of a client (or their annual revenue) to see how big the difference to their bottom line could be. (A)
Ask them how long a customer or client stays with them. (B)
Multiple (A) x (B),
(1) Are you charging enough for the transformation?
(2) Is there enough perceived value in it for your prospect?
I hope this makes sense.
A 5 Star Interview.
I had an interesting a-ha moment while listening about how the coaching world is helping people navigate this crazy time of massive change. Yes, indeed. But the a-ha was that coaching is filling a void for the stigmatized and ineffective psychological profession help many never got and many who did were not helped in an effective way.
Thanks so much for this wonderful interview! I feel like I learned so much from Melinda in such a short period of time. Wishing you all the best.
Thank you for the valuable chart.
* Coaching points:
Know what your client really needs, help them to clarify their priorities and provide the best solutions for them.
Willing to start without knowing all / figure out the next step / evaluate and learn as taught /
go-to resources / getting your need in a right manner
Result-based pricing → what’s the transformation: the person’s going to get or experance
Thank you Jeff. Thank you Melinda.
Because of this interview (which I listened to three times on school runs & car journeys!), I bought the book ‘The Confident Coach’.
I’ve spent the last 3 weeks juggling the evenings (with 3 children, family Covid ‘fun’ & Christmas holidays) reading it & writing notes on it – just as you say to do as you read it.
This is EXACTLY the book I needed to read.
So that when I Launch (reading that one too, thanks Jeff!), it will be an awesome success.
The local business support has similar ‘stuff’ involved (in a bit of a more greyscale monotone way), however this book ‘sparkles’ with energy & enthusiasm.
I will be following this pathway with joy, enthusiasm & eagerness in the months to come.
Thank you! 💕✨
Thank You Jeff and Melinda. It was really interesting…