WW 183: 10 Must-Do’s To Grow Your Money Coaching Business - Solo Show

In this episode I’m going to walk you through the 10 things that I consider the top revenue-generating activities to help you grow your money coaching business. I’m also going to follow that up with things that I consider “playing” business, so that you can make the distinction between what you actually need to spend most of your time on, instead of watching what everyone else is doing. Loving this episode? Take a screenshot and share it on Instagram! Tag me so I can send you some love (@Tess_Wicks)

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Recommended Listen: Episode 180: 5 Sales Mistakes You're Probably Making and What To Do Instead
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A Quick Recap from this episode

In this episode I’m going to walk you through the 10 things that I consider the top revenue-generating activities to help you grow your money coaching business. These are things you’ll want to do on a daily, weekly, monthly, or quarterly basis, and if you focus in and do these things, you will see results and see your business move the needle forward.

I’m also going to follow that up with things that I consider “playing” business. I see so many coaches falling into this hole of paying attention and putting effort into things that we think will help grow our business because other people are doing them, but they don’t actually help grow our business.

This process is straight out of phase 8 of The Wealthy Coach Blueprint, which is the sponsor for this week’s episode. Although enrollment did just close, you can still get on the waitlist for the next round!

I think it’s important to have awareness of the distinction between doing business vs. playing business, so that you can stop in the moment and say “this is not what I need to be doing right now” and focus on those revenue-generating activities.

Before I dive into the 10 things that fall into doing business, I want to share a metaphor with you that I’ve come up with from my own experience and after talking to tons of money coaches.

It’s called the Endless Online Entrepreneurial Detour. You start your business and have really high hopes, and you start looking for answers but don’t know who to listen to.

Maybe you’re not ready to invest in a mentor that you can trust and who has built the type of business you’re trying to build, so before that you look around at what other money coaches are doing in the space.

You start trying everything that seems to be working for everyone else, even if you aren’t fully sure what it is, and you end up with shiny object syndrome. It gets you when you’re most vulnerable and you’re looking for an out.

You end up being led down all these paths and keep committing to these things that we believe we need to have because they’re working for other people, but they’re not leading to predictable results.

I like to break this down using the Pareto Principle (the 80/20 rule): 80% of our efforts lead to 20% of our results, meanwhile 20% of our efforts lead to 80% of our results.

What may be happening to you right now is that the “playing business” items are taking up 80% of your efforts while not providing results. If you can increase the 20% efforts (the revenue-generating activities) then you’re going to increase your results.

So when it comes to actually doing business and generating revenue, here are the 10 most important things that will drive your results:

Conduct market research and get to know your ideal client on a deeper level.
You need to know your ideal client better than they know themselves. What do they struggle with and where are their pain points? You need to know their deepest desires, what they like and want, and what it is that they need. The more you get to know who you’re serving, that changes so much in your business.

You can conduct market research interviews every quarter or even every 6 months, but also integrate yourself into your ideal clients’ lives every week.
Develop & memorize your signature coaching process (just the outline) so you can refer to it in any scenario.
What is the transformation that your clients go through? You need to have a step-by-step signature process that you’ve created, and you need to know it well enough that you can refer to it in your brain for any scenario.
Establish authority through consistent and relevant content posting.
Creating content is important but it’s secondary to this because we don’t want to spend too much time in the creation process. It’s important, but sometimes we get too caught up in trying to make it perfect.

Give yourself a start time and an end time for creating. You’ll actually be able to create more content this way, and by making it relevant and consistent, you’re going to establish your authority.
Engage with and develop real relationships with your ideal clients.
This is going to integrate into their lives and help build that know, like, and trust factor. Show up for them weekly and let them know that you’re there for them.
Book sales calls.
This one is touchy for most people, but it’s so important.Start and guide the conversation, and get to the point where you can help your ideal client make a decision. You have to be willing to ask for / suggest the call. Recognize that living in indecision isn’t good for you or your ideal client.
Conduct sales calls.
There’s no trick to it, just do it. We have to get those sales calls booked and then conduct them, and this is a truly valuable use of your time, not only because you might get a sale, but also because you’ll get tons of market research out of that call.
Create your program from your signature process, but only after you’ve made at least one pre-sale.
That’s right, you should be pre-selling your program. I promise you, it’s actually the best thing you can do for your ideal clients (especially your first clients). You’re making it a personalized process for your clients by tackling all their frustrations and questions as you build it.

If you’re curious about how to make this happen, this is the key thing that we do in the Wealthy Coach Blueprint, so make sure you get on the waitlist!
Onboarding clients and conducting coaching calls.
The entire process of getting your clients through your program is obviously a valuable use of your time. If you can delight the people that are paying you, they’re going to be even more excited and potentially turn them into a paying client again, or at least they’ll refer you.
Improve your program - but only after you’ve gone through the “beta round” at least 1-2 times.
Don’t get too wrapped up in recreating your program every time. Improve it once you have enough data of what specifically needs to be improved.
Check-in, follow-up, and delight paying and potential clients ALWAYS.
Even if you had a sales call with them and they said “no thanks,” you still need to follow up. No doesn’t necessarily mean no forever. It also continues to show them support and that you’re there for them.

If you can spend 80% of your time and efforts on those 10 activities then you’ll grow faster, feel better, and drive more revenue into your business.

Last but not least, here are a few of those “playing business” activities that you can absolutely still do, but that don’t necessarily drive predictable revenue:

Building your website.
Spending time picking fonts, brand colors, your logo, editing photos, or any other design element for your brand.
Creating a freebie (challenge, download, video, course, etc.).
Focusing on growing your social media following (buying followers, commenting on other ‘competitors’ profiles/photos, doing IG pods, etc.)
Trying to be “everywhere” on social media.
Starting a new blog, podcast, YouTube channel.
Buying course bundles or a bunch of new courses (overconsumption of information)
Buying and learning how to use a bunch of software for your business that doesn’t obviously add to your bottomline (bring in revenue).
Coming up with a clever name, URL, etc.
Worrying about what other people will think of you/your business.

It’s not that you shouldn’t do these at all, but just remember to only spend 20% of your efforts on these playing business activities.

80% on the 10 revenue-generating activities, 20% on playing business. If you can do that, you’ll be all set to grow and make money in your money coaching business.

If you’re ready to take your money coaching business to the next level, what are you waiting for? Apply for The Wealthy Coach Blueprint by going to wanderwealthy.com/apply to get on the waitlist for the next round.