Grow Your Coaching Business: 3 Lessons Learned from Top Business Owners

On the entrepreneurial journey, there’s one place where wisdom flows freely: the community of like-minded experts. This week, I found myself scrolling through a Facebook thread teeming with invaluable insights from seasoned service business owners.

The question was, “If you were starting over, what would you do differently?” There were many fantastic responses, like raising my rates sooner, saying no to red-flag clients, etc. However, three key lessons stood out as the most popular responses that, if implemented sooner, could have accelerated (and smoothed) their paths to success. 

I wholeheartedly agree, so I wanted to share them with you today.

These three strategies will help you grow your coaching business, create predictable revenue, and position you as the go-to leader in your niche!

Lesson 1: Consistent Marketing

Why Consistent Marketing is Key for Coaches & Service Providers

At its core, marketing is about developing trusting relationships with your audience so you’re the one they want to work with. It requires continuous and strategic promotions of your content, expertise, products, and services to spark conversations with your ideal clients. 

Consistent marketing keeps your business top-of-mind, engages your audience, and leads to increased brand recognition and sales. It’s the lifeblood of growth, nurturing leads, and sustaining customer connections.

What gets in the way of us marketing consistently?

Marketing consistently is challenging for many (if not most) business owners. Some might put off consistent marketing due to time constraints, expenses, fears of rejection, or a perceived lack of skills. Others may need to pay more attention to its importance or feel overwhelmed by the effort required.

However, the more consistent you are in your marketing, like most other things, the more efficient you will become. You’ll learn what works for you, develop time-saving routines, and strengthen your skills. It does not have to be intrusive or overwhelming. 

How to be consistent with your marketing

I like to make marketing a ritual I look forward to. As I write this post, I have music playing in the background. I have a candle and my favorite mug of tea on the table next to me. Writing brings me joy. Writing this post for you gives me a sense of purpose. 

Find the methods that work for you. A podcast could be your thing if you’re the kid who always got in trouble for talking in class. If you enjoy visual story-telling, try video. I like to write. 

You don’t have to create a ton of content. I focus on one piece of content a week that I can repurpose into multiple items for social media, email, and community posts.

Join my next Marketing Planning Party if you want me to help you do this for your business!

Content marketing is the best thing you can do to benefit all areas of your business

• Build Trust and Authority: High-quality content positions you as an expert in your field, generating trust and credibility with your audience and within your niche.
• Enhances SEO and Visibility: Regularly publishing relevant content improves search engine rankings, increasing online visibility and making it easier for potential clients to find you.
• Supports Other Marketing Strategies: Content marketing fuels other marketing channels like social media, email, and advertising, providing valuable material that resonates with the target audience.
• Engages and Nurtures Relationships: Great content keeps your audience interested. They can get to know you, like you, trust you, and refer you to others. 
• Converts Subscribers and Leads into Customers: Strategic content can guide prospects through the buying journey, building trust, addressing their pain points, overcoming their objections, and leading them to purchase. 
• Facilitates Customer Retention: By offering ongoing value through content, you can maintain engagement with existing customers, encouraging repeat business and referrals.
• Enables Personalized Outreach: Content marketing allows for segmentation and personalized messaging, catering to the specific needs of your followers.
• Provides Valuable Insights and Data: Analyzing the performance of your content will give you insight into what your clients want. This information will help you refine your strategies, make informed decisions, and improve your offers.

“Content marketing costs 62% less than traditional marketing and generates about three times as many leads.” (Source: demandmetric.com).

The bottom line is, consistent content marketing works

I have two examples that showed up this week to prove it. 

I had a clarity call with someone who was a total stranger to me. When we got on Zoom, she asked about my daughter’s wedding. She had read my blog post about how wedding dress shopping was a great example of a marketing funnel, and she’s been on my email list for months. We’re talking again next week to plan her website and marketing funnel.

Then, on our Get Leads & Clients coaching call, one of my clients asked for help with our lead magnet templates. She pulled up a template for MS Word, which I forgot I had even created. That piece of content was the spark that led her to become a paying client. She recently referred me to a friend of hers who booked a clarity call for next week.

How to start consistently marketing your business with content

1. Define your target audience and clarify your unique selling proposition. 
2. Map out 3-5 content pillars or topics you will write about consistently. For example, mine are messaging, websites/funnels, marketing, productivity, and mindset.
3. Decide the goal of your content. Are you promoting an upcoming launch? Figure out what your clients need to know and believe before they’ll be ready to buy. For example, if you are trying to grow your email list, research your ideal client’s questions about your topic. Then create a piece of content with a checklist, guide, or cheat sheet they can download to implement what you’ve taught them. 
4. List the topics of the content you’ll be creating for the upcoming month and when each piece of content will go live. (This is called an editorial calendar.) To make consistency easier, develop a schedule to create, edit, and publish your content. Schedule the time on your calendar. 
5. Stick to your schedule to create and promote your content, no matter what. If you have a vacation coming up, batch your content ahead of time. Don’t be attached to the results of each piece of content you create. The goal is to create enough content consistently so that you’ll learn what works. Experiment with different angles, see which things land well with your audience, and refine your approach.

Summary

Consistent marketing will help you maintain visibility, nurture relationships with your audience, and create a steady flow of new leads and clients, helping to support the ongoing growth and sustainability of your business.

Lesson 2: Focus on Growing Your List

What is List-building

Growing an email list, or list building, means building a list of subscribers who give you their email addresses in exchange for something like a free gift, coupon, newsletter, content, updates, and offers. 

Your list is more than a collection of emails. It’s a direct line to people who want what you offer; interested followers, potential clients, and loyal customers. It’s a channel for personalized communication and engagement that strengthens relationships, develops trust, and boosts conversions.

Why coaches and service providers procrastinate list-building

I’m always amazed when I ask people during a clarity call about their email list, and they don’t have one, or they rarely send emails: 

• “I’ll focus on email marketing later when my business is bigger.”
• “I will email my list more frequently when I have more subscribers.”
• “Email is outdated; social media is more effective.”

If you’re thinking similar things, it’s time to rewire your mindset. Growing your email list is the number one, best gift you can give yourself to ensure the future success of your business. And I promise you, it’s worth the effort and much easier than you think!

A profitable perk of building an email list

Email marketing provides a substantial return on investment (ROI). Unlike social media, emails reach your audience directly, ensuring better engagement.

Statistics show that email marketing has an average ROI of $36 for every $1 spent. 

Think about the impact that could have on your business. We’re talking more discovery calls, more clients, and more revenue! And the best part of owning a list of contacts who want what you offer is the ability to create cash on demand. 

So how do you get started growing your email list? 

1. Begin by identifying your target audience and crafting lead magnets that offer value in exchange for their email addresses. 
2. Subscribe to an email marketing platform like Flodesk, ActiveCampaign, ConvertKit, or MailChimp. 
3. Embed your opt-in form into a landing page that “sells” your freebie. Don’t have a website? Most email marketing platforms offer simple landing page builders you can use!
4. Set up your welcome email automation to deliver your lead magnet after they opt-in.
5. Email your list weekly with valuable, engaging content.

Summary:

Growing an email list is about building relationships and revenue potential. It’s a priority that offers long-term benefits, dispelling fears and misconceptions through proven results. Start by understanding your audience and providing value that resonates with them.

Lesson 3: Create a Subscription Product

Why Focusing on Monthly Recurring Revenue (MRR) Gives Your Business a Stable Foundation

Monthly Recurring Revenue (MRR) is the secret to a steady income. It comes from selling your coaching programs, products, and services through subscriptions or retainers. 

How much peace of mind would you feel if you knew you had enough clients paying you every month to cover your overhead and salary, and anything new you sold that month would be the frosting on the cake? 

MRR creates financial predictability and stability, allowing you to plan better, invest in your personal and business growth, and weather unforeseen challenges. It takes the guesswork out of cash flow and makes the midnight money worry monster disappear.

So why don’t more business owners focus on monthly recurring revenue?

Maybe they’re like me and haven’t thought of it yet. Or perhaps they don’t know what they could sell for a subscription product. They may need to see how it might align with their business model or feel their clients would go for it. 

If you feel like this, I challenge you to be open to the possibilities! MRR can be tailored to fit various business models. (Here’s a post on recurring revenue business models to help you brainstorm ideas!)

The benefits of a having subscription product that creates monthly recurring revenue

So how can creating a subscription product to generate monthly recurring revenue benefit your business? 

• Generates Predictable Cash Flow
• Reduces the pressure to sell
• Increase the lifetime value of your clients
• Creates long-term loyal customers and deeper relationships
• Lowers client acquisition costs (Studies indicate new client acquisition is five times more expensive than retaining an existing one.)

5 Steps to get started developing recurring revenue

1. Examine your offers and brainstorm ways you can help your clients repeatedly and continuously. Consider various options like memberships, retainers, or subscriptions and align them with client needs and preferences. I’ve found that MRR is an easy add-on to another product. i.e., adding website maintenance after we’ve built their site or adding a membership option to a course.
2. Choose a billing platform. My preference is Stripe. Stripe also integrates well with membership platforms like Circle. And Flodesk offers recurring billing with their checkout upgrade if you want to simplify the integration with your email platform.
3. Create a landing page to sell your subscription program. Explain what clients will receive and create a strong value proposition, focusing on the benefits to your customers. 
4. Outline a welcome and onboarding process to introduce new clients to the recurring service. Consider including a welcome email, access to exclusive content, or a kick-off call to guide them through the process.
5. Keep a pulse on your members’ needs and improve your program with their feedback to maximize retention. 

Summary

Focusing on monthly recurring revenue will help you to create financial stability and customer loyalty. It’s a must-have strategy for coaches and service businesses!

Side-Note: Do you ever choose a word for the year? I do, and in 2015 the word I chose was “steady.” Looking back, 2015 was the roughest year I can remember regarding constant change and uncertainty. (Yes, it was worse than 2020!) In December 2015, I hired a coach who suggested I set up a website maintenance program to create recurring revenue in my business. That tip has earned me hundreds of thousands of dollars and a steady monthly income. Hindsight is 20/20. I doubted my word of the year in 2015, but looking back, “steady” served me well!

Bringing it all together: The Synergy of Content Marketing, Email List Growth, and Monthly Recurring Revenue for Coaches

Consistent Content Marketing is the cornerstone, driving targeted traffic to your site and igniting interest. It builds trust, educates your audience, and creates a deeper connection with your audience. This engaging content funnels visitors into your ever-growing email list, the heartbeat of your community.

Growing Your Email List then takes center stage. Your list becomes a conduit for conversations that nurture your relationship with potential clients. Through personalized engagement packed with value, the leads on your email list become primed and ready to explore the solutions you offer.

That’s where Monthly Recurring Revenue shines. You create a predictable and consistent revenue stream by offering subscription products or services tailored to your audience’s needs. It’s not just about financial stability; it’s about building long-term relationships and providing ongoing value.

Together, these three elements form a powerful trio. Consistent Marketing attracts and educates; Growing Your Email List engages and nurtures; Monthly Recurring Revenue sustains and grows. It’s a harmonious cycle that leads to a thriving business.

Are you ready to implement this powerful trifecta of consistent marketing, list-building, and monthly recurring revenue in your business?