GROW your PRACTICE WITH THESE FIVE STRATEGIES

growth


These five strategies are the only true  ways to grow your practice as a life coach. Implemented individually they can have a powerful effect. Implemented together, they will have a dramatic impact on your turnover and profit.


FIVE STRATEGIES TO GROW YOUR PRACTICE

  1. Increase the number of new life coaching prospects or leads that you are attracting
  2. Increase your rate of conversion of leads into clients
  3. Increase the average amount that a client spends with your coaching practice
  4. Increase the average value of your client interactions (e.g. fees per session)
  5. Decrease your costs

That’s it ... The only five ways you can truly grow your practice  as a life coach.

Mastering these five fundamental strategies will give you an edge most life coaches don’t even dream of.

You may already be focusing on some of these strategies but, when implemented together the cumulative effects will result in a significant difference to your bottom line.



1. Lead generation

Without a steady stream of new leads into your practice, your client base will eventually dry up.

To grow your practice you need the ability to generate new leads and this, in turn, will depend on the effectiveness of your marketing campaigns.

Being able to test your campaigns and measure the responses they get will give you a benchmark to work with and to improve upon.

We'll show you how!


2. Conversion rate

Do you know how many leads you convert into paying clients, or, in other words, the percentage of leads that become your clients?

If not how can you improve on it and grow your practice?

If you gain fifty leads a month and convert 20% of those, you will have 10 new paying clients a month.

Great ... but what if you could double or even triple your conversion rate? With very little in the way of variable costs (costs that increase as your client base does) your profits will nearly double or triple as well!

We'll show you how!


3. Average AMOUNT OF SPEND

The clients you already have are your best advocates. They already trust you and enjoy doing business with you.

Increase the amount that your advocates spend with your practice and you automatically increase your profits.

So you simply need to encourage your client to sign up for more sessions or additional sessions beyond the initial programme of coaching, or other added value services you may offer, such as ebooks, audio tapes and so on.


4. Average value of INTERACTIONS

Look carefully at the fees you charge.

Are you charging what you are worth? Are you charging below what your target market can bear?

If there is scope to increase the fees for your services without losing much business, then you have found a sure fire way to increase your turnover and bottom line.


5. DECREASE YOUR COSTS

If raising your fees is not an attractive prospect, then an equally effective strategy to improve your bottom line is to decrease your costs.

Run a fine tooth comb over your costs. Which costs are for non essential 'nice to have' services, i.e. those you can decrease (or even do away with entirely) without materially impacting your business?

New Insights offers A Plan For Your Practice – a great tool to get to understand your costs and breake even point (the minimum number of clients you need to maintain to break even before making a profit.)





The material above has been extracted from the BUSINESS PRACTICE SUPPORT ELEMENT OF THE New Insights Life Coach Training and Certification Programme

Business Practice Support manuals


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