Learn how coaches can overcome financial uncertainties and build a thriving coaching business by creating a menu of products. Discover the process of creating problem-solving products and the importance of preparing facilitator material. Explore the value of creating a menu of products to attract different clients and generate higher revenue.
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Quick takeaways
Creating a menu of products for coaching businesses can increase their business by up to 90% and allows coaches to offer different options and cater to specific client needs.
A menu of products for coaching should include deliverables, facilitation materials, and a product ladder to upsell additional products or services to clients.
Deep dives
Importance of Creating a Menu of Products
In this podcast episode, the importance of creating a menu of products for coaching businesses is emphasized. Many coaches only offer retainer coaching, limiting their potential business. By creating a menu of products, coaches can increase their business by up to 90%. The episode provides insights on how to decide on premium priced coaching products that offer value and that clients are willing to pay for. Creating a menu of products allows coaches to offer different options and cater to specific client needs.
The Process of Creating a Menu of Products
The podcast highlights the process of creating a menu of products. The host explains how coaches often overlook creating a menu and fail to follow the same approach as other businesses. A menu of products allows coaches to offer a variety of solutions and cater to different client problems. The episode suggests starting with three products on the menu and continuously adding more as the coaching business develops. It also emphasizes the importance of market testing to gauge the demand for each product and remove unsuccessful options.
Characteristics and Upsell Opportunities
The episode discusses the characteristics of coaching products and provides examples. Deliverables, such as physical materials, are mentioned as valuable components of coaching products. The importance of facilitation materials that can be used by other coaches is emphasized to ensure consistent and high-quality coaching experiences. The episode also mentions the opportunity for upselling additional products or services to clients. It highlights the benefits of promoting a product ladder, starting with lower-priced offerings and gradually moving up to more exclusive and higher-priced products.
Taking the leap from a stable career to start a coaching business is a monumental decision that can be fraught with uncertainty. The biggest hurdle is usually the fear of financial instability. This worry keeps thousands of potential coaches on the sidelines, trapped in careers that don't fulfill their passion or potential. So how do you navigate the career transition without compromising your ability to provide for yourself and your loved ones?
In the second part of our Coach Builder limited series, host Donald Miller dives into the essential first step for anyone looking to start or grow their coaching business. He explores the concept of creating a "menu of products" – a strategic approach to offering your coaching services in a way that addresses specific client needs and problems. By breaking down the process of product creation, from identifying client problems to developing targeted solutions, Don gives you a blueprint to build a profitable coaching business model. You’ll also get tips on how to design a suite of coaching products that not only solve real-world problems but also position you as the go-to expert in your niche. Listen in and learn how to overcome the financial uncertainties of coaching and build a thriving business that gives you freedom, control, and stable relationships with clients.