My Future in Coaching
I recently investigated a coaching certificate program at UT-Dallas, my alma mater. I love the program, and will probably start in the fall '08. But its focus on Executive Coaching got me thinking... Should I shift into EC? Is there more money there? Is it right for me?
I asked for feedback from three people that I cherish. They each shed light onto the situation, and basically said, "No. It's not right for you. Stay the path you've started on."
That's always an inspiration for me. Their words were so encouraging and enlightening, that it made a profound difference in my approach and strategy at the Love Kung Fu: Life Learning Company. Here is my response to one of them, including some amazing insight into The future industry of Coaching.
---
Thanks for the feedback!! Good call. I won't move into Executive Coaching, but I probably will do the UTD program in the Fall, to get the ICF credentials. Your explanation of saturation and discussion of my expertise were the most useful! So huge thanks!!!
You are right that only "following the money" is not enough. I've based my whole life on learning, and the lessons I'm learning right now are definitely around business-building. So I am going to stay on the same path, growing Love Kung Fu in the consumer market, focusing on selling coaching in quantity (namely by building small group coaching, big group coaching, books, workbooks and online communities), and automate a business that generates revenues from the new demands on the coaching industry, supports the new coaches that are flooding it, and capitalizes on those relationships.
I agree the market for all coaching is shifting into saturation. I've long believed that the coaching market will follow the same trend as the personal trainer industry did in the 70s and 80s. (If I can find a historical, financial perspective on the personal trainer industry, with growth stats, then I could more easily capitalize on that. I'll keep you posted.)
That said, there are two things that will make a difference in profiting from that upcoming saturation of new revenues and competition.
#1 Branding: This points me toward the direction I've always headed, but now, it's even more clear. Love Kung Fu is a coaching brand - a one stop shop for action and results. Because of your email, I am changing my slogan to just that: "Your One Stop Shop for Action & Results." It's a minor change, but reflects a different attitude, one of branding my company as the "McDonalds" of coaching, or the "Albertsons" get-everything-here kind of store for coaching. That also reflects the relationships I am forging with other coaches, who are interested in working with Love Kung Fu as a coach.
#2 Lower prices and Automation: Since the competition will be fierce, I will be keeping my prices cheap. For general coaching (entrepreneurs, book writing, dating, relationships), I've always felt that coaches tried to charge the same prices as counselors, but without all the scientific background and credentials. Instead, like personal trainers, I think setting up a gym is key. I'm still fleshing this out, but having a "place," even online, is important.
I think the secret to capitalizing on entrepreneurs and those with less money lives in providing smaller, niched chunks for smaller prices. My plan is to keep the price low. After demand grows, I will delegate surplus customers to other "starving entrepreneur" coaches to help them get started, and split the proceeds in order to fund the automation and additional training that I will have to create.
My pricing is really low. $250 for 5 weeks, one-on-one. In the future, that will be the price for the group coaching with the online tracking system, etc. It is focused on small, fast niched topics: set a goal, accomplish it, and get out! :-) With that model, I'm creating a large base of returning clients, which has been proven fast and effective. The business model is definitely coming together, as shown in my store.
Once I have a steady flow of clients, one-on-one coaching will go up in price considerably, since my time is a limited resource.
With that pricing, I am getting a flow of clients, about 1 new client every two weeks (which is really low, compare to where I want to be). My goal is to have 5 new clients per week, each client lasting 5 or 10 weeks each. My life lessons right now are in Marketing, Marketing, Marketing. And I am learning as fast as I know how to. I am in some programs, and applying it all as fast as I can. Onward and upward!
Thank you so much.
Yours,
Mark
I asked for feedback from three people that I cherish. They each shed light onto the situation, and basically said, "No. It's not right for you. Stay the path you've started on."
That's always an inspiration for me. Their words were so encouraging and enlightening, that it made a profound difference in my approach and strategy at the Love Kung Fu: Life Learning Company. Here is my response to one of them, including some amazing insight into The future industry of Coaching.
---
Thanks for the feedback!! Good call. I won't move into Executive Coaching, but I probably will do the UTD program in the Fall, to get the ICF credentials. Your explanation of saturation and discussion of my expertise were the most useful! So huge thanks!!!
You are right that only "following the money" is not enough. I've based my whole life on learning, and the lessons I'm learning right now are definitely around business-building. So I am going to stay on the same path, growing Love Kung Fu in the consumer market, focusing on selling coaching in quantity (namely by building small group coaching, big group coaching, books, workbooks and online communities), and automate a business that generates revenues from the new demands on the coaching industry, supports the new coaches that are flooding it, and capitalizes on those relationships.
I agree the market for all coaching is shifting into saturation. I've long believed that the coaching market will follow the same trend as the personal trainer industry did in the 70s and 80s. (If I can find a historical, financial perspective on the personal trainer industry, with growth stats, then I could more easily capitalize on that. I'll keep you posted.)
That said, there are two things that will make a difference in profiting from that upcoming saturation of new revenues and competition.
#1 Branding: This points me toward the direction I've always headed, but now, it's even more clear. Love Kung Fu is a coaching brand - a one stop shop for action and results. Because of your email, I am changing my slogan to just that: "Your One Stop Shop for Action & Results." It's a minor change, but reflects a different attitude, one of branding my company as the "McDonalds" of coaching, or the "Albertsons" get-everything-here kind of store for coaching. That also reflects the relationships I am forging with other coaches, who are interested in working with Love Kung Fu as a coach.
#2 Lower prices and Automation: Since the competition will be fierce, I will be keeping my prices cheap. For general coaching (entrepreneurs, book writing, dating, relationships), I've always felt that coaches tried to charge the same prices as counselors, but without all the scientific background and credentials. Instead, like personal trainers, I think setting up a gym is key. I'm still fleshing this out, but having a "place," even online, is important.
I think the secret to capitalizing on entrepreneurs and those with less money lives in providing smaller, niched chunks for smaller prices. My plan is to keep the price low. After demand grows, I will delegate surplus customers to other "starving entrepreneur" coaches to help them get started, and split the proceeds in order to fund the automation and additional training that I will have to create.
My pricing is really low. $250 for 5 weeks, one-on-one. In the future, that will be the price for the group coaching with the online tracking system, etc. It is focused on small, fast niched topics: set a goal, accomplish it, and get out! :-) With that model, I'm creating a large base of returning clients, which has been proven fast and effective. The business model is definitely coming together, as shown in my store.
Once I have a steady flow of clients, one-on-one coaching will go up in price considerably, since my time is a limited resource.
With that pricing, I am getting a flow of clients, about 1 new client every two weeks (which is really low, compare to where I want to be). My goal is to have 5 new clients per week, each client lasting 5 or 10 weeks each. My life lessons right now are in Marketing, Marketing, Marketing. And I am learning as fast as I know how to. I am in some programs, and applying it all as fast as I can. Onward and upward!
Thank you so much.
Yours,
Mark
Labels: growing a business
posted by Mark Berry at
2:12 PM
0 Comments:
Post a Comment
Subscribe to Post Comments [Atom]
<< Home