Most of us become coaches because of the promise. It’s the reason I became a coach, and it’s why most of the coaches I talk to became coaches.
This promise is made up of 3 things. When you made the choice to become a coach, it’s probably because of these reasons.
The first reason is income. Coaching can generate incredible cash flow. You can earn a great living, lead a great lifestyle, and (some coaches) make a small fortune.
The second reason is impact. The thing I love most about coaching is learning something new and making a contribution every day. If you care about your clients and the results they’re getting, it’s the exact same for you. You grow and contribute, and make a bigger difference in the world.
The third reason is independence. When you’re a successful coach, you have the freedom to work when you want and where you want. When I first got started, I knew that one day I wanted to “teach from the beach.” I’m sure you wanted something similar.
Despite our best efforts, the majority of coaches I run into aren’t achieving all three of these goals. In fact, many of them are broke, tired or both. It’s tough to make an impact when you can’t make a living.
Of the coaches doing financially well, most are exhausted from running around, servicing clients. Before long, exhaustion turns into burnout.
So, why is this the case for so many coaches?
Any time we trade money for hours, we run out of hours. -Taki Moore [Tweet This]
The Top 3 Reasons Coaches are Broke & Tired
1. Passive Marketing
The first reason is that most coaches marketing is too passive and patchy.
We think, “I do a great job trying to get myself out there a little bit. Hopefully people will recognize that and give me a call.”
But that’s not how it works.
Or, we might do our marketing in spurts. When things go well, we go full speed. But after a while, we take our foot off the accelerator and ease back.
The simple way to know if your marketing is too passive or patchy is that you don’t get enough prospects.
2. Unreliable Sales Process
Wouldn’t it be great to give the prospect a script when you walked into a sales meeting? You say your lines, they say theirs, and at the end of the meeting, you’d close on a deal.
Of course that’d be great, but it doesn’t work like that.
You’ve got the script, but they don’t. Anytime you work with people, there’s moving parts that are tough to choreograph. The process slows from prospects stalling or dropping out. It can become messy from objections and negotiations. Juggling a multi-level sales process with multiple clients is just plain hard.
The end result of an unreliable sales process is that your conversion rates are much lower than they should be.
3. Unscalable Model
The third reason isn’t a marketing or sales problem – it’s a coaching problem.
The reason there are tired coaches in the first place is that the model they bought into when they became a coach is unscalable. Their model is based on trading time for money.
If we were to break it down into an hourly rate, then it may seem like a great model. But, whenever we trade time for hours, we run out of hours. There’s a ceiling to how high we can raise our price before it get’s ridiculous.
The Choice Is Yours
Understanding why we’re broke and tired leaves us with a choice to make.
We can continue doing things the way we’ve always done them. We use manual marketing, manual selling, and manual coaching. But there’s a cap on what all we can accomplish because it’s too hands-on and labor based. It’s manual, slow, and hard.
The other choice is the opposite of manual and slow. It’s leveraged and fast. What would leveraged marketing do for you? Leveraged selling? Leveraged coaching?
It would be sustainable, scalable, and a lot more profitable.