Posted by Eric Dombach on Wed, Dec 21, 2011 @ 03:32 PM
In case you missed the Expert Interview Series -- our week-long series of conversations with some of the business coaching industry's most prolific thought leaders -- we thought you'd be pleased to know that we've made most of it available on our YouTube channel!
All the experts we interviewed tackled one critical topic:
The Top Trends Impacting Business Coaches in 2012...and What You Should Do About It.
The result was one of the most well-received events we've ever put together, with grateful comments coming in from around the globe. Here are just handful of the thank-you emails we received...
"Eric, I appreciate the seminar series and will say the 4 sessions I attended were very valuable! Thank you!"
"Hi Eric, just wanted to say thank you very much for organizing these webinars. I found them extremely insightful and helpful in the quest for success in 2012!"
"Eric, as usual you have hit a home run with this series."
"Dear Eric, What I loved most were your summaries, the way you kept focus! You really worked hard on getting the gist out...this way I could really arrive at some conclusions after a whole week of listening to you. Thank you once again!"
Want to listen or relive the action?
Click here to check out our YouTube page to watch the interviews with Paul Avins, Spike Humer, and Darren Shirlaw (unfortunately, we've had technical difficulties with Taki Moore's and Ben Croft's interviews...if we can get the glitches sorted, we'll post them, too)! Be sure to subscribe to our channel once you're there.
And of course, we wish you the most wonderful holiday season of all time, from our family to yours!
Posted by Eric Dombach on Mon, Dec 05, 2011 @ 12:40 PM
The holidays are upon us, and here at The Coaches' Coach we're thrilled to announce an extra special gift just for you!
We've put together an
Experts Interview Series-- five fantastic webinars with some of the business coaching industry's most prolific thought-leaders -- on this theme:
The Top Trends Facing the Business Coaching Industry in 2012...and What You Should Do About It.
Starting Monday, December 12, and running through Friday, December 16, the series will feature one 60-minute interview per day, from 3:00-4:00 P.M. Eastern Time. Each expert will provide you powerful, actionable information on trends you need to watch and what you need to do to make 2012 your most successful year yet!
This is a strict PITCH-FREE zone. No selling, no pressure, just pure, high-value content. Our special gift to you!
To register, CLICK HERE NOW.
The experts featured in our series are...
1. Ben Croft -- president of the World Business & Executive Coach Summit and owner of the global business and executive coach marketing consultancy, Modern Methods Marketing. Croft's cutting-edge marketing campaigns have driven multiple millions of dollars in coaching sales. Only in his late twenties, Ben has already achieved well beyond his years and is considered by many to be an industry game-changer.
2. Taki Moore -- the "MacGyver" of business coach marketing, Taki will show you how to turn quick, inexpensive marketing techniques into highly profitable results.
3. Spike Humer -- author, speaker, entrepreneur, and thought-leading performance expert. His “10 Day Turnaround Technologies” have helped companies and individuals worldwide make quantum leaps in their business, financial, and personal success.
4. Paul Avins -- Europe's #1 business coach, author, and speaker, with a wealth of experience and knowledge in sales, sales management, marketing, personal development, and training.
5. Darren Shirlaw -- founder of Shirlaws, one of the world's fastest-growing international business coaching organizations, with over 100 coaches in the UK, US, and New Zealand. Shirlaws focuses primarily on helping mid-tier companies increase profitability while managing growth. His high-quality intellectual property and systems make him one of the most important business coaching thought leaders in the world!
To register for the entire series, CLICK HERE! We can't wait for you to join us!
Posted by Eric Dombach on Sat, Nov 19, 2011 @ 11:36 AM
It's no secret that business coaches can make a very good living. Most successful business coaches earn a handsome six-figure income, including many coaches that I've trained personally -- folks who have gone on to earn $200K-$300K per year or more.
But that doesn't mean that everyone will experience such great results.
Business coaching franchisees, in particular, often struggle to put together a business coaching income that exceeds what they could have done working a 40-hour per week job.
Why is that?
The ongoing fees and dues that business coaching franchises collect are often excessively high.
Consider the recent study I conducted of the actual performance of franchisees and their regional managers in one of the largest business coaching franchise brands.
The study involved 7 territories in the UK and 5 territories in the U.S. The average coach earned the equivalent of $81,113 USD -- not bad...EXCEPT when you factor in the costs...
- Overhead -- including marketing, IT, insurance, taxes, software, accounting/legal: $2,000 per month.
- Monthly royalty: $1,000-$1,800 per month. To keep it simple, let's say $1,500.
Over the course of a year, this is $24,000 per year in overhead, $18,000 per year in royalties and franchise expenses...for a net income of just $39,000 per year.
Who would knowingly invest six figures to have a $40,000 a year job and no ability to walk away, due to the liability of ongoing royalty payments? The fact of the matter is that business coaching franchises are generally too cost-prohibitive to be a wise investment. So if you're considering buying one, be sure to do your due diligence and make sure the franchise you're considering has numbers that are considerably higher!
For a more detailed breakdown of the study I mentioned above, as well as comprehensive information on all the ins and outs of buying a business coaching franchise, read our FREE ebook, the Business Coaching Franchise Buyer's Guide. A new version is about to be released, so learn more or download the current edition here!
Posted by Eric Dombach on Mon, Nov 07, 2011 @ 10:24 AM
One of the questions we hear most often among professionals considering business coaching as a career is this:
Do I need a franchise to be successful as a business coach?
The answer I give them: not anymore.
In my experience, there are three things you need for business coaching success...
- A business coaching system. The more comprehensive, the better. The system should cover everything you need for business coaching success -- lead generation, sales conversion, your own business management and metrics...and of course a solid, effective process for coaching and keeping your clients. Without this, you're flying by the seat of your pants, and losing time and money in the process!
- A mentor. It should be no surprise that a business coach needs a business coach! You need someone who has been there, done that...who understands the industry and what it takes to WIN. Business coaches should always be practicing what we preach by employing the services of master coaches and mentors. I have a coach. My most successful business coach colleagues have coaches. You need one, too.
- Community. Business coaching can be a lonely gig. Solopreneurship is great, because you control your own schedule and steer your own destiny...but human beings do better in tribes. You need a support system of dedicated professionals and peers who do what you do, who can celebrate your successes and help you overcome your obstacles, and who can provide you with tips, ideas, and strategies that work in the real world.
Business coaching franchises used to be the only source to go to get each of the three elements you need to be successful. And even then, it was something of a crap shoot. Some have great systems -- others are lackluster. A rare few provide solid, proven mentors -- all too frequently, the "executives" in franchise systems are struggling just as much to make heads or tails of the industry as you are! What all franchises do provide well is community, and that's fantastic.
But if you want to get into a business coaching franchise, you're looking at a financial outlay of $50,000 - $200,000! That's $50,000-$200,000 for, realistically, one or two of the elements you need to be successful.
With the proliferation of internet technology and social media, another, better way has evolved.
Business coaching membership systems provide you with all three elements you need to be successful at a fraction of the cost. Not only do the systems, mentorship, and community tend to be superior...perhaps most importantly, you hang onto the war chest of revenue you need to get your practice started -- revenue you can spend on MARKETING and closing deals!
In short, I believe that business coaching franchises are a basically obsolete way of becoming a business coach. Be sure to examine ALL your options before you commit!
In the next few weeks, we'll be releasing our revised and updated second edition of The Business Coaching Franchise Buyers' Guide! Learn more or download the current edition here!
Posted by Eric Dombach on Thu, Oct 27, 2011 @ 01:44 PM
This summer, I took a 5-week sabbatical to the Caribbean with my wife and kids. During that time, I didn't coach a single business coaching client -- hardly even thought about business. I just relished the time I had with them and enjoyed the refreshment and adventure of being in a new place.
Upon my return, I discovered that my business coaching practice had actually GROWN in my absence.
I mentioned this to a few of my business coach clients, and they wanted to know how I did it. So I sat down with my friend and business partner, Michael Cody, for an in-depth conversation on what I did to grow my business during my absence -- and how you can, too. If you'd like to know how to make business coaching a LIFESTYLE business that facilitates the dreams and objectives you have personally -- not just professionally -- I strongly encourage you to take some time to view this video now. Enjoy!
Posted by Eric Dombach on Mon, Oct 17, 2011 @ 09:07 AM
In addition to my full-time career in business coaching, I've been a volunteer soccer coach for the last 5 years or so. This fall I've been serving as an assistant coach to the high school soccer team that my oldest son is a member of -- a great way to invest in that relationship.
It's a young team. More than half of them are new to high school soccer and it shows in their junior-high level mistakes: too much dribbling, not enough passing; too much showmanship, not enough sportsmanship.
So as a coaching team, we've been emphasizing how important it is to just TRY to do the right things. For example, we encourage them to...
Attempt a "drop pass" -- a pass backward to a midfielder or even backfielder -- instead of dribbling through a congested clump of defenders...
Or try to "switch the field" by passing laterally to the other side of the field instead of driving forward into heavy traffic.
These are strategic plays that require a more sophisticated understanding of the game...and when they do them, it shows that they're learning how to think on a higher level.
At this point in their development, even if they totally screw up a drop pass or field switch, we're totally pleased with the attempt! With more practice and experience, they'll start making more and more of those plays (and winning more of their games, we hope!)
Success in business coaching is a lot the same way.
Whenever I begin working with a new-ish business coach, the very first thing we work on are the MENTAL SHIFTS necessary to win as a business coach. For example...
Nothing good happens in your business coaching practice if you're not doing the following two things consistently (regardless of how good your marketing is and how many leads you're generating):
1. Talking on the phone to prospects each day to book Complimentary Coaching Sessions day.
2. Meeting face-to-face (or virtually) for several of those Complimentary Coaching Sessions each week.
Business coaches around the world are starving for lack of these two fundamentals!
I get jacked, happy, geeked, when I get on the phone with a business coach client and he reports that he made 50 dials to prospects in the past week -- the most he's EVER made. I don't care about the results in the beginning. I'm just happy that he was on the phone using the script we've tested and proven over years of refinement! (It's called our "Silver Bullet" script and you can find the cheat sheet here.)
I celebrate with the business coach client when she reports that she had her first real Complimentary Coaching Session in weeks. I don't care if her conversion rate is rock-bottom LOW for the first few attempts. We'll fix that fast! I just need her out there meeting with people, making the attempts.
In soccer AND in business coaching, the key is to get your charges out there and developing the skills and instincts it takes to win. Sure, they'll miss the first few passes at the get-go, but who cares? The results will come over time as they start focusing on the right things!
For more great tips on improving your own results as a business coach, download my FREE ebook, Secrets of a Business Coaching Rock Star. You'll learn how I went from $0-$1 Million as a business coach in just 4 years...and how you can implement the same strategies for big improvements in your own practice.
Posted by Eric Dombach on Thu, Oct 06, 2011 @ 02:39 PM
Welcome to the third installment in my three-part series that will help you determine whether or not you're "winging it" in your business coaching sales process -- and the simple steps you can take to ensure you're being as systematic and effective as possible in all your sales meetings.
You can find Part 1 here, Part 2 here.
SIGN 7. Your Prospects Seem Guarded and Hesitant to Share Information with You. You know that the key to making business coaching sales is to help your prospects share their pain points with you, so that you can demonstrate how business coaching can help. But if you find that your prospects just aren't opening up, it's because you aren't adapting your presentation to their personality style.
The solution? Learn how to size up your prospects' DISC profile fast, and adapt your presentation accordingly. Remember: D's are confident and to the point; I's are fun and happy; S's are steady and slower-paced; C's are careful and fact-oriented. When you begin your meeting with the prospect, ask yourself two simple things: what's the subject of their conversation and what's the speed?
If they're talking intensely about the facts, you've got a D. If they're talking intensely about people, you've got an I. If they're talking slowly about the facts, you've got a C. If they're talking slowly about people, you've got an S. This will help you click with them on a much deeper level, increasing your likelihood of closing the deal AND coaching them effectively once you have!
SIGN 8. Your Prospects Don't See the Value of Business Coaching. There's nothing more frustrating than being told by a promising prospect that they can't "afford" your services or justify the cost of coaching. If you find that this is happening to you on a regular basis, it's because you're failing to tangibly demonstrate the impact you can have on them.
The solution? Use the Profit Equation Worksheet (available for free here -- no opt-in required). This is one of the most powerful closing tools on the planet. If you're not using it to your full advantage, you're really missing out.
SIGN 9. You Leave Sales Meetings without a Firm "Yes" or "No." All too often, business coaches leave sales meetings with things up in the air -- those dreaded words, "Let me think about it," haunting your sales efforts. If you can't seem to get prospects to commit, chances are it's because you're not asking for the sale clearly enough.
The solution? Learn a handful of solid closing techniques and practice, practice, practice. For example, Brian Tracy suggests an "invitational close," such as, "If you like what I've shown you, why don't you give it a try?" or an "alternative choice close," such as, "Do you prefer the Gold or Platinum coaching level?" I also suggest you check out Sell it Today, Sell it Now by Tom Hopkins. Although I don't necessarily recommend a one-call close for business coaching, this book is an amazing resource that will help you overcome your fear of closing and fix this problem once and for all.
Whatever you do, STOP winging it in your sales meetings, and start being systematic and deliberate in the process! When you do, both your sales and your income will soar.
Posted by Eric Dombach on Thu, Sep 01, 2011 @ 05:09 PM
Welcome to the second in a three-part series that will help you determine whether or not you're "winging it" in your business coaching sales process -- and the simple steps you can take to ensure you're being as systematic and effective as possible in all your sales meetings.
You can find Part 1 here, Part 3 here.
SIGN #4. You Get Tongue-Tied When You're Met with Objections. Handling objections is often the most difficult part of the sales process. More than at any other point, this is when you have to do things right...or your prospect will tune out, disengage, or even get angry. If you find that you have a difficult time handling objections with skill and ease, it's because you lack a systematic approach to handling them.
The Solution? Learn my three-step process for answering objections to business coaching: AGREE, ASK, ANSWER. Do this wrong, and you will lose sale after sale because you fail to adequately address your prospects' legitimate concerns. Do it right, and you can turn objections into a coaching opportunity that demonstrates your value and helps your prospects build confidence in your expertise.
SIGN #5. Clients Have a Hard Time Deciding at What Level to Engage You. Does this sound familiar? You've done a good job in the sales process so far: you've built rapport, learned your prospect's core pain points, demonstrated how business coaching can help them solve their problems. You've handled their objections, and now they're ready to sign a contract. However, at the last moment, they either tell you they can't afford you, or that they have to "think about" the level at which they want to engage your services! This happens because you don't have clear, easy-to-understand program options.
The solution? Create a variety of coaching levels to offer your prospects. Not everyone will be able to become an inner-circle, platinum-level client...nor do you necessarily want every client to engage you on that level! When you offer coaching levels, you are able to sort your prospects into funnels and products most suited to their specific needs. Do this right, and you will walk away from the vast majority of your sales meetings with at least some new revenue pouring in. Do it wrong, and you will miss out on lucrative opportunities to get people in your pipeline and paying.
SIGN #6. You Don't Know Why or When You Lose Sales. Most of the time, when we speak about sales-related conversion rates, we're talking about one conversion rate for the whole meeting: how many sales meetings do you have...and of them, how many turn in to paying business coaching clients? But savvy business coaches know that there are points of conversion within the sales meeting itself, and they track these conversion rates just as religiously as the overall number. Until you do this, you won't know where the gaps in your sales process are -- let alone how to fix them!
The Solution? Understand the key points of conversion within the sales process itself: when you get the prospect to agree to make a decision at the meeting, when you begin discussing their pain points, when you're met with objections, when you make the case for coaching, when you ask for the sale. Do this wrong, and you will be forever floundering, trying to figure out why prospects say no (or, even, why they say YES!). Do it right, and you will be able to determine with pinpoint accuracy what's working and what's not in your sales process...and plug the leaks.
Next time, we'll talk about the final three signs you're "winging it" in your business coaching sales meetings. In the comments below, sound off on what other common questions or problems you run into and we'll discuss them together!
Posted by Eric Dombach on Wed, Aug 24, 2011 @ 04:07 PM
In my last post, I talked about why so many business coaches think of sales as a "dirty word" -- an aversion spurred by negative attitudes, poor results, and discouragement.
But what is the root cause of all this negativity? What makes selling such a huge chore, a frustration, instead of the exciting, money-making activity it can be?
The answer is simple.
You're "winging it."
You don't have a systematic approach to sales, so you fly by the seat of your pants, unsure of what to say and how to say it in order to get results. What's more, you have no idea why your prospects respond to you the way they do (whether it's positive or negative).
In this three-post blog series, I'm going to share with you the 9 biggest signs that you're winging it in your business coaching sales process...and teach you how to STOP guessing and START delivering measurable, predictable results in all your business coaching sales endeavors.
(Find Part 2 here, Part 3 here.)
SIGN #1. Your Sales Meetings Are Awkward. Are your sales meetings and Complimentary Coaching Sessions strained, forced -- or worse -- adversarial? Does it take a long time for you and your prospects to "warm up" to each other? If you run into this problem on a regular basis, you're failing to build adequate rapport...and it will cost you. Until you connect with your business coaching prospects on a personal, meaningful level, they will NEVER reveal their high-yield emotional needs. As a result, you won't know how to present business coaching in a way that resonates with them.
The solution? Take a facility tour when you first arrive for your meeting (or, if it's a virtual session, ask them detailed questions about their business). At first, be nothing but positive and affirming. THEN ask questions about business problems, followed by exploring the emotional impact those problems are creating. Do this wrong, and you'll come across as uncaring and uninterested. Do it right, and you'll create a meaningful relationship of trust from the get-go.
SIGN #2. Your Prospects Don't Seem to Believe that Business Coaching Can Help. The second sign you're winging it in your sales meetings is that your prospects don't seem to believe that business coaching will do much for them. This happens when you fail to connect your prospects' emotional needs to specific outcomes in their business. Even if you somehow manage to get them to share their hearts with you, if you can't help them see how business coaching will help them overcome what's plaguing them, you're sunk!
The solution? You need to describe in direct, clear language, HOW your coaching will alleviate the pain points and produce the promised benefits. Do this wrong, and your presentation will vague and general. Do it right, and your prospect will feel you can deliver service custom-tailored to what they really need.
SIGN #3. Your Prospects Seem Confused by the Business Coaching Process. It's not enough to just tell your prospects you can help them solve their problems. You need to help them understand how -- and fast. If your clients don't seem to comprehend what business coaching is and how it works, it's because you lack a framework to explain how coaching will get your prospects from where they are now to where they want to be.
The solution? Learn or create a framework for explaining your approach to business coaching -- such as my Silver Bullets system. Do this wrong, and your prospects will fail to catch the vision of what you can do together. Do it right, and they'll be able to quickly and clearly comprehend what business coaching entails and why it works.
Next time, we'll talk about three more signs you're "winging it" in your business coaching sales meetings! Until then, let me know in the comments below what systematic sales strategies YOU use to be successful!
Posted by Eric Dombach on Mon, Aug 15, 2011 @ 01:24 PM
What's the dirtiest 4-letter word in some business coaches' mouths?
Nah, I'm not talking about real cussing. I'm talking about a word that some business coaches treat almost like it's profanity -- to their own detriment, and the detriment of their clients' businesses.
Ready for it?
Sell.
They have a real aversion to selling.
More than anything, they wish they didn't have to sell their business coaching services at all, or continue to sell their clients on working with them once the ink on the contract has dried. They are reluctant to spend time on the phone with business coaching prospects or at networking events. They long for business to just flow to them, naturally, without the hard work and effort sales required.
But here's the thing:
In business, nothing good happens until something gets sold. And if you find you've got this kind of aversion to sales, not only will your practice struggle, but your clients' businesses will struggle, too!
After all, every business you ever work with needs to improve their sales. It's just a fundamental part of growing an enterprise. And if you're not a sales master yourself, how can you ever expect to help your clients implement effective sales systems that will take them to the next level?
So if you find yourself reacting to the world "sell" like you would locker-room language, it's time to make some adjustments to the way you think of sales. Here are the three biggest...
1. Sales Is about Service, NOT Manipulation. Perhaps the #1 complaint I hear from business coaches struggling with sales is that they don't want to be manipulative or pushy. But this is only a problem if you're not confident in your ability as a business coach. If the coaching you provide really does help people grow their businesses, then you are doing them a massive favor by offering them your business coaching services, one that will have a lasting impact on their business and quality of life! Remember: sales is NOT about getting people to do things that are bad for them against their will; sales is about motivating and encouraging people make positive improvements in their lives.
2. Rejection Doesn't Have to Hurt. Nobody likes it when a prospect says "no," but if you're a service professional like a business coach, it can feel especially personal. Here's the mental shift that will help you overcome this barrier: remember, sales is a numbers game. It's NOT personal. It's about math. Regardless of whether you sell 1 in every 5 or 1 in every 50 prospects, every "no" you hear is a step toward the next "yes." Internalize this perspective, and you will reduce the sting you feel when you lose a sale, and replace it with something positive and motivating.
3. Sales Is a Skill, NOT a Natural-Born Ability. Lots of business coaches I work with are convinced that the reason they're not selling more is because they're not naturally "good" at sales -- and that there's nothing they can do about it. But here's a secret: no one is naturally good at sales! Sure, some have inherent personality traits that make them more comfortable, faster, in sales situations...but sales is a skill that virtually anyone can learn with the right blend of motivation and practice. Stop telling yourself you're "bad" at sales and replace it with a positive reminder that you can master it, just like you would any other form of professional expertise or skill! It will change your outlook.
Of course, if you want to get really good at sales, you need effective sales training. In the next few weeks, I'll be releasing my complete sales system for business coaches -- the exact same system I use to close 80%+ of all my face-to-face sales meetings. We're still finalizing some of the details, but check the blog regularly for updates.
In the meantime, sound off in the comments below and tell me: what mental shifts have YOU made to be a sales rock star?