Coaches are an awesome set of folks. Wherever I meet a coach -whether they’re goals, life, business, writing, or fill-in-the-blank coach- I’m often impressed by their innate sense of empathy and their ability to connect with their clients at a deeper level.
The Problem with Most Coaching Business Models
The problem that many coaches experience is the constraints of one-on-one coaching. This, no matter how creatively you slice it, is a still the trading-time-for-money business model. That means there is little room for leveraging their time and experience.
Another issue that coaches face is the direct bottom-line impact of non-coaching hours. In most cases, unless a coach is engaged in a face-to-face or video-to-video interaction with their clients, they aren’t earning. This impacts their bottom line in a negative manner.
Many coaches address these issue by writing a book. But books have limited lives and need to the updated and then resold. There is also the non-coaching time that’s required to write, publish, market, and sell the book.
There is nothing wrong with writing a book, but it’s often a limited revenue solution; A book might cost around $12 while a short-term, problem-oriented subscription can easily be priced at around $99 or more.
While a book is often considered a static entity by the buyer, a subscription is often perceived as a fresh and more relevant way to engage with the author/coach.
Consulting with Clients Is Essential, But It’s Also Limiting
Consulting with clients keeps a coach sharp and encourages them to continually refine their approach to specific problems. And as great as is to consult with clients, coaches are human and they can’t do it every waking hour. They need a way to leverage their time to still generate revenues but in a way that a book can’t. A subscription service that targets one issue and sets out a series of solutions to try can be just what a coach needs to boost their bottom line.
How a Subscription Program Can Help
A short-term subscription program can address both of these issues and provide long-term leverage. A coach that takes the time to create and package a subset of their knowledge around a common problem faced by their clients, can offer otherwise non-face-to-face clients a premium subscription that helps them solve the problem.
This can simultaneously help both the coach and the client in two ways:
- By leveraging their expertise and experience around a specific problem, the coach can also drive earnings from those clients that might not engage them otherwise. The client, who might not ever engage in face-to-face coaching, can gain insight into their problem and try out various solutions.
- The subscription program becomes a valuable marketing tool. It introduces the coach -in print or video- to the client and will help convert some subscribers to face-to-face clients.
It’s a win-win solution for both the coach and the client.
Get Started Today
In the Subscription Mastermind Training Manual, I explore not only how subscription programs can benefit both the business owner and the client or customer, but how to identify and package appropriate areas of your knowledge and experience.
If you’re a coach and you’re searching for a solution to the trading-time-for-money business model, I encourage you to check it out now.