STEP ONE Create a Menu of Products You Can Sell to Clients Flashcards
What is the first step to take when starting a coaching business?
Create a menu of products you can sell to clients.
Why is it important to have a menu of products in a coaching business?
It helps generate profitable revenue and attracts more clients.
What did Brek create to transition from a pastor to a business coach?
A life-planning workshop and one-on-one coaching products.
What transformation did Brek experience as he started charging for his coaching?
He began to understand his own worth as a coach and mentor.
True or False: Many coaching businesses struggle because they only offer vague advice.
True.
What analogy is used to explain the importance of specific product offerings?
Advertising specific food items instead of just ‘food’ at a restaurant.
What should each product on a coaching menu declare?
Tangible value.
What did Nicole Burke start offering after her kitchen garden became popular?
$25-per-hour consulting fee to help others build kitchen gardens.
How did Nicole Burke’s business evolve over time?
She raised her prices, added new products, and began certifying others to coach.
What is essential for growing any type of business, including coaching?
Knowing what products you are going to sell.
Fill in the blank: People are willing to pay for products that offer _______.
tangible value.
What should coaches identify to create effective products?
The problems and frustrations their clients face.
What is a potential product idea for a small business coach?
Small Business Optimization Program.
What is the goal of the ‘China Transition Analysis’ product?
Analyze a client’s supply chain and provide sourcing recommendations.
How can coaches help clients make money?
By offering products that address specific financial pain points.
What is a recommended approach for new coaches to generate income quickly?
Create one flagship product and promote it exclusively.
What two characteristics should a flagship product have?
Offer extreme value and not monopolize all of your time.
What is an example of a deliverable for a flagship small group?
Increase revenue by 25 percent over six months.
What is a flagship small group?
A small group offering a specific deliverable within a precise timeline.
How can a flagship small group benefit clients?
Clients know what they will get and it feels less like a black-box investment.
What are the three key areas to help clients achieve more revenue?
- Marketing
- Sales
- Product optimization
What is the advantage of having a set timeline for a small group?
You can start a new group every six months.
What type of low-cost small group can be created as a flagship product?
A group that teaches various skills such as potty training or dog obedience.
What is the potential revenue from charging $5,000 per client with ten clients?
$50,000.
What is a key task for hosting a small group?
Create a basic timeline and a rough curriculum.
What should the lengthy checklist for clients accomplish?
It reveals if clients did not follow through and should not expect a return on their investment.
How often should the small group process be repeated?
Every six months.
True or False: The value in a small group comes only from the coach.
False.
What is the role of the coach in a small group setting?
Facilitate conversation, teach frameworks, and hold clients accountable.
What can an extroverted coach create as a business model?
A community exclusively for business executives.
What is the first step to generating leads for a small group?
Invite clients to an initial onetime coaching call.
What are the three characteristics of a one-time coaching call?
- Less than ninety minutes
- Addresses client problems
- Has a name and a fixed price
What is a recommended price range for the initial coaching session?
$0 to $495.
What is The One-Page Hiring Plan?
A session to help clients assess their org chart and design a growth plan.
What is the purpose of an assessment in the coaching process?
To qualify clients and close the sale of the small group product.
What does the ‘problem list’ from an assessment provide for the client?
Details all areas of their business that need work.
What can be offered to clients after taking an assessment?
Waive the first month’s payment for the flagship small group.
How can entry-level products help fill a flagship small group?
They provide value and build trust, encouraging clients to join the small group.
Fill in the blank: The goal of a flagship small group is to create a _______ for your coaching business.
revenue foundation.
What is a one-on-one coaching retainer?
A personalized coaching service offered for $1,000 or more per month
What is an entry-level product in coaching?
Products such as assessments and coaching sessions that serve as an introduction to coaching services
Why are assessments valuable for clients?
They help clients manage time, relationships, presentations, or build personal platforms
What should you do after your first small group is underway?
Build out your product menu to add more value for clients
What is the suggested price for a one-on-one coaching retainer?
$12,000 for twelve months
What does the Guiding Principles Workshop help business owners create?
A new mission statement, key characteristics, critical actions, and core values
What is the suggested price range for the Marketing Strategy Workshop?
$5,000 to $10,000
What is the purpose of the Sales Optimization Workshop?
To help sales teams optimize their pipeline and close more sales
What is the suggested price for the Two-Day Small Business Growth Plan Workshop?
$299
What is a Hell Yes! Offer?
An irresistible offer that draws people in and sells itself
How can a new coach realistically build a $150,000 coaching business?
By focusing on specific products and services that generate revenue
How many hours per year does delivering the outlined coaching products take?
146 hours
What is the primary benefit of creating a menu of products for a coaching business?
It gives clarity on the problems you can solve and increases confidence in asking for money
What are the six reasons for creating a menu of products?
- Identify client problems
- Ask for money confidently
- Deliver value immediately
- Plan business growth
- Increase referrals
- Boost coaching confidence
Why should a coach charge for their services?
To ensure respect and value for the coaching provided
What happens if coaches do not charge for their services?
Clients may not respect them or refer others
Should you disclose the price of your products up front?
It is recommended to disclose prices to filter out unqualified clients
What is the risk of reducing prices to build a coaching business?
It reduces the perceived value of coaching services
What is the suggested price for one-off workshops?
$5,000 each
What is the potential gross revenue if four coaches lead small groups?
$800,000
What is the role of the executive assistant in a coaching agency?
To act as an event planner and manage logistics
What is necessary for scaling a coaching business to seven or eight figures?
Hiring and managing a staff
What is an example of a lead-generating product?
Paid lead-generating assessment sessions
How many clients are needed in a flagship small group to reach $100,000?
20 clients at $5,000 each
What is the impact of reducing prices on perceived value?
It reduces the perceived value of your coaching.
What can happen when prices are disclosed on a website?
It weeds out clients who can’t afford the services or want wisdom for free.
What factors can influence the pricing of coaching services?
Factors include:
* Amount of time required
* Meeting format (in-person or remote)
* Group size (small group or one-on-one)
* Complexity of client problems.
How can a coach maintain price flexibility while disclosing prices?
By using phrases like ‘starting at $5k’.
What is the main factor determining how much to charge for services?
The return the client will receive after coaching.
What does a good coach provide in terms of return on investment?
An enormous return on investment.
What is the 10 percent rule in coaching pricing?
Charge under 10 percent of the conservative return expected from the client.
What guarantee does the author offer regarding coaching services?
A full refund if the client does not achieve a ten-times return on their investment.
What criteria does the author use to select clients?
Clients must have:
* A good business
* A good leadership team
* Resources to implement the plan
* Ability to make more money.
What is the author’s perspective on devaluing products?
Never devalue yourself or your products.
What can the price of coaching services reflect?
The perceived value of the service.
What was the author’s strategy for increasing speaking requests?
Doubling the speaking honorarium to increase perceived value.
True or False: Lowering prices is a recommended strategy for gaining more clients.
False.
How does the author view coaching in terms of financial investment?
As a financial investment that should promise a financial return.
What should coaches understand about their products?
What problems they solve and what kind of return clients can expect.
What should be the first step for a new coach?
Creating a menu of products.
What follows the creation of a product menu for coaches?
A potential client list will naturally fall into place.
What is the next chapter about?
Creating a potential client list and how to communicate to convert them into paying customers.
