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Judy Feld on Determining Your Coaching Niche

Posted by David Wood

The following is taken from David’s interview with Judy Feld in 10 Super Coaches.

What are your coaching niche(s)? How did you discover this?

Niches and specialties are very important in the growth of a coaching practice.

I think you create niches and specialties, not discover them. Here are three of my niches:

  •  Technology executives: CIOs, IT VPs, etc.
  •  Executive Women
  •  Career Changers

How would you suggest coaches find their niche?

Know yourself- use assessments: behavioral styles, values, strengths, etc. Coach people whose work you are interested in, and concentrate on niches that fit your strengths and background.

Be consistent in your messages; craft your own identity.

Invent your own sub-niche; create your unique area of specialty.

Strengthen the reserve in your business so that you can invest in long-term specialization. Be open to change.

Communicate continuously and creatively with your target market.

Provide real value; continue to add value.

Choose your specialty so that it does not depend on fads- fleeting whims of your decision-making population.

Above all, choose niches and specialties that you enjoy.

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Rob Cornish on Getting Clients in the First 2 Years

Posted by David Wood

The following is taken from David’s interview with Rob Cornish in 10 Super Coaches.

What top three methods, in order, did you use to get your clients in the first 2 years?

  •  Existing network- The customers I had in my racing shop, and my long time reputation in auto racing. My reputation and recognition was most significant in getting clients at that time.
  •  Placing ads- In local and national racing enthusiast newspapers and magazines.
  •  Referrals- indirect referrals, people seeing the results of the people I was coaching.

Tap into the network of people you know, offer them sample sessions of your coaching if for no other reason than having them understand what coaching is about so they can refer people they know to you.

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Creating Your Speech: Pick Your topic, Niche, and Target Market

Posted by David Wood

The following is an excerpt from the CoachStart Manual.

Creating Your Speech

You need to decide who you will speak to.  Who do you want to help? Women?  Teens?  Corporations?  People in Rehabilitation?  Spiritual people?  When you know who you will speak to/help, you can start to try and find them.

Ideally, choose people who would pay for your services — who have money. Pick a topic which solves a problem people have. If you speak on ‘enlightenment for underprivileged children’ you’ll likely command a lower fee than if you speak on ‘how to make your customers choose your company over others’. Of course — if money isn’t important to you, this won’t matter.

Speak on something that’s VERY important to you and which you feel makes a difference to the world.  If you don’t come from the heart and say what you really feel/mean, you won’t get the gigs, you’ll be unhappy, or both.

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The Four Freedoms

Posted by David Wood

The following is an excerpt from the book Get Paid For Who You Are.

You can create a lifestyle of:

Location Freedom

The ability to live or travel anywhere in the world, including the simple joy of working from home.

Time Freedom

Being able to choose to work five days a week, or one.

Financial Freedom

Not having to check the prices when you buy things that bring joy to you and those you love and not having to worry about money again.

Inner Freedom

The freedom to be yourself, and to share what you know and love with the world.

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Is it Okay to Make a Lot of Money?

Posted by David Wood

The following is an excerpt from the book Get Paid For Who You Are:

Deep down you may not want to start a business for fear that people will think you’re greedy or involved in a “get rich quick” scheme. if that’s what you’re worried about, is it really more noble for you to hide your gifts and talents than to make them available to others?

Here’s an example. Let’s say you’re a counselor who’s really good at helping women over 45 move through the process of divorce. a woman comes to your website lost, anxious, depressed and panicked about what life might be like after divorce. even though she knows it’s the right decision, she doesn’t have the courage to divorce because it’s too scary and she can’t see the way forward. as she gets information from your website she begins to feel some comfort, peace and optimism; she begins to create some goals for herself.

Then, she subscribes to your newsletter and after two to three months she has received so much from your free tips that she’s ready to proceed with her divorce. So, she spends $47 on your ebook, downloads it and devours it in about five hours. She’s so excited and happy, she follows your action steps and she starts putting them into place. She’s empowered. a month later, she calls you up and says, “I’d like to hire you. i’ve saved up the money and i’d like to work with you.” So you work with her over the phone and support her through the process of achieving her goal.

Perhaps making money is a normal, healthy byproduct of helping others.

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Event Fee Negotiation

Posted by David Wood

The following is an excerpt from the CoachStart Manual.

When asked to speak at a corporation, there’s no harm in trying for a fee.

Rule of thumb: whoever mentions money first loses. When asked how much one charges, ask what the budget is. This gives you an opportunity to see what they are charging and if you are willing to speak for that. When calling a service group or organization one can always ask what the budget is for speakers. Many have honorariums that they provide to speakers.

If they are not forthcoming, and you have to mention an amount, something like $150 or $200 is reasonable to start with, moving up to $500 when you’re well known and have a killer speech. And it’s up to $10,000 when you really get up there, and are doing keynotes at national conferences.

But initially, if you just want the gigs for clients, experience, a testimonial, and a chance at some paid work, then still ask for a fee — but negotiate down as far as zero if you have to. “Well, because I’m going to get A, B, C out of it — I’d be willing to do a freebie.”

Sometimes you can ramp the fee up a little by offering a coaching session or package to senior staff.

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Copyright 2018 David Wood.

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