This week’s question from our portal “Ask Us Anything” comes from Kevin.
I want to develop a coaching business. The mortgage industry is down right now, and I’m seeing that as an opportunity for me to step into coaching. Do you have any suggestions on where to start?
I know you’ve taught a bit on how to create a funnel and things like that. I’m just looking for a little bit of direction on where to start.
The first step is to answer the following questions…
- What is your product or service in your coaching? (You need to be specific about this)
- Who do you help?
- How do you help them?
- Where can you find these people?—where are they now?
- What are you going to charge?
Figuring out what you’re going to charge is a great way to draw a line in the sand with your own value because it will help you make so many decisions as you’re building the business.
If you start doing things that aren’t worth the amount of money you’re claiming you’re worth—then it’s time to hire someone.
You should only be doing things that are the equivalent of what you say you’re worth. And that’s determined by 2 things:
1) how much money you want to earn
2) the value to the client.
There are two very big values in business: there’s your value and the value you bring to the marketplace.
Ask yourself: What problem does this solve for the client?