Do you need to start business planning or take a second look at the steps to success? As a supportive coach or helping professional in business, planning your success requires a clear action plan.
Reasons and Mindset for Thorough Planning
- You will hold yourself accountable, which is the flourishing mindset.
- You will define the steps to the destination.
- You will complete each step or goal and track your progress so you reinforce your enthusiasm and get the resources you need.
Determine Goals Through Visualization
Where will you begin? Start at the result as opposed to the first planning stage. Close your eyes and imagine where you want your business to be in five years? You are assuming that the business is wildly successful and you have the income you desire and more.Then, answer the following questions to fill in the content of your business plan.
- How many and what kind of income streams have you developed?
- How much income did the business achieve the first year? The third year? The fifth-year?
- To how many clients have you sold products, services, or training? What is the overall sum of products or services sold?
- What kind of training(s) have you designed? How many courses do you offer? How have you priced these?
- How do you personally interact, coach or advise your customers? How much time does that take in one given week of your schedule?
This phase is complete when you have defined what you want to achieve and how it will be done. You have established the basics. Next, determine what products or services to set up to be ready to market your website or product.
For example, if you are creating an ebook, what are the steps to its creation, writing proofreading, and setting up for sales?
- Define topic.
- Establish the context of the topic.
- Research content and create an outline of the ebook.
- Complete the writing and formatting.
- Find and insert images or types of graphics
The ebook is a good example of your steps to complete any product or service. You follow these steps once you establish any new product and its timeline for completion. Set aside a section of time each day or week and make sure you complete your tasks. If this means setting up a blog on Monday and then writing an article per day the rest of the week, then commit to getting that done.
Implement Your First Marketing Campaign
If you have your site or product set up and ready to promote, the next step is marketing. Get the word out about your great offer. Even if you don’t think your product or site is perfect, don’t worry about it. You’ll probably be tweaking and editing it over time anyway.
Just as you would with a product, plan each step you will follow to instigate your marketing campaign. Be specific about the tasks, responsibilities, and deadlines. For example, if you want to promote your info product, you might need to
- Create a free offer,
- Connect with joint venture partners,
- Write or purchase your sales page copy,
- Get the word out in relevant forums,
- Follow through on any tasks that are crucial to the marketing strategy
Don’t forget to also put your measures in place. Hopefully, you identified how you’ll measure your campaign’s success when you created your marketing plan. If not, figure them out now and keep track on a regular basis so you can tweak your tactics as needed.
For example, if you have more than one giveaway to offer to get people on an email list, check the sign-ups and conversion rates on each one on a daily basis. If one is converting higher than the other, try to figure out why. Then rinse and repeat.
Additional Marketing Strategies
When do you know it’s time to add more marketing strategies to the mix? The marketing is based on the results you are already achieving, along with your timeline and budget constraints. If you are already having great success with one strategy, such as joint ventures, stick with that. If you have extra time on your hands, then go right ahead and start implementing another promotional effort in your arsenal.
At this point in your planning, You should have identified about three strategies when you created your marketing plan. One strategy could include a free giveaway for which people sign up and are added to your email list? Another strategy could be a series of emails that you send to your subscribers about an informative blog article like this one. A third strategy could include other offers like listening to a podcast, selecting clients to interview, or promoting through Facebook ads.
The broader the mix of marketing strategies you have, the more complicated your business will become. Make sure you map out each of your strategies step-by-step to keep track of them. If feasible, outsource as much as possible. If you want to keep your business simple, you’ll have to focus on whichever strategy produces the best results. Leave the rest for marketers who don’t mind a little extra complication in their lives.
You can guarantee the success of your business and marketing plans by putting in place and following detailed action plans. This is where many people fail. They don’t get success immediately and decide to try something else. Stick with your plan, reap the rewards, rinse and repeat for ultimate success.
Coaches’s income streams takes planning premium content in varied formats and specific marketing sources to insure that you meet your income goals.
Setting Realistic Goals for Multiple Income Streams
Coaches are interpersonal helpers and need emotional and financial security. Most coaches I’ve met are not financially savvy people, but willing to learn and gain the financial planning skills.
So I ask, “How much do you want to earn?”
“Well,” the coach responds,”I guess it depends on what clients are willing to pay?”
“Wrong. It depends on what you want to earn? Let’s start planning what you want to earn.”
To make an annual income of $40, 000 you would spend 18 hours a week working one-to-one with clients.
Add five hours a week to consistently market your coaching practice, and you have 23 hours total of your work week.
Most likely you would have no more hours available if you have other people in your life who need you. You also have to consider your fatigue factor, burnout rate, or your ability to be inspiring all the time.
At ACPI, we encourage you to be more creative and find more fun ways to engage your clients. All of the ways you engage your clients in exchange for their investments are multiple income streams. Stop trading your valuable time for money and see below this sample of multiple income streams.
Go For The Larger Income Model From the Beginning
Why we at ACPI suggest that you began with larger income goals is to inspire your ideas and to motivate you to create a true business vision. Then through planning your Relationship Coaching business financial goals, you can initiate a six-month or twelve month plan to offer ready made courses, group coaching, training in emotional competence skills, as well as information products. ACPI provides these courses for you.
Many coaches start by pricing their services lower to attract more clients. Then when they are busy and their time is scheduled, they have no choice but to increase those hourly fees and risk losing those clients who are paying already. Why not focus on clients who have the ability to pay for your services up front and recognize the value you provide.
Few coaches, who come from helping professions to ACPI, have set income goals and actually brainstormed on how to achieve that.
The multiple income streams below have a targeted number of clients drawn to what you offer in a variety of courses, teleseminars, private coaching, or live trainings. You can see that even with minimal training, your ability to earn income can include any activities you like to provide.
Otherwise without offering what you are passionate about, you are more likely to burn out and be overwhelmed. So see what is possible below. Use this sample income stream chart to plan your own Relationship Coaching journey.
Planning Income Example
6 Month income projection
|One hour coaching for 8-weeks||One hour @ $85.00/4 weeks x 8 clients||$2720||$16,320|
|Course 1: Core Temperament Communication||4-week course and group coaching for 20 people @ $150||$3000 Offer 2x in 6 months||$6000|
|Course 2: Emotional Skills in Relationships||4-week course and coaching support for couples.10 couples @ $500 each||$5000 Offer once every 6 months.||$5000|
|One-day Live Training in Relationships||For 10 couples @ $897 per couple. ||$8970 Offer once every 6 months||$8970|
|Teleseminars|| 2 teleseminars per month @ $20.00–40 people per month||$4800||$4800|
|Total || || ||$41,090.00|