10-Things I learnt from the book “THE PROSPEROUS COACH”
Steve chandler and Rich Litvin
Hi this is Miguel de la fuente, with another turbomind book club summary, this time is about a book I love, “The prosperous coach”, by Steve Chandler and Rich Litvin.
This is not a book so much about methodology on coaching but a book on having a successful coaching practice. It is one of the most important books on coaching as business. Here are some of the most important things I learnt,
- 80% of coaches fail in their practices. The majority fail because they don’t have a successful system of creating a clients list. They are good coaches but they are not good list builders, a lot gave up and that’s a shame, because you can learn to be and have a prosperous coaching practice, you can go and learn.
In order to have or be a prosperous coach you need to love both sides of coaching, be good at coaching and be great at the business of coaching.
See, this is what happens most coaches take a certification, they are excited, become coaches and they start coaching for free to friends, family, etc , low fees, become desperate and stop coaching, but they could become extraordinary coaches, but they stop. You must stay in the game.
Stay in the game. 80% of coaches they earn less than 20.000 a year, same as a flight attendant. They are not successful
- The second point is good news; you can have a successful coaching practice with a few high paying clients, very successful. Let me repeat, you can have a very successful coaching practice with a few high paying clients.
You don’t need 1000 clients. You only need a few high paying clients.
The professional coaching elite are usually people who charge in excess of $50.000 per year, usually in upfront fees, with a year contract. It’s usually a one year upfront fees. This upfront fee is usually a commitment test to really coach people who are absolutely committed to reach their highest potential and level.
By the way, these are your ideal clients. People who are really committed.
Rich Litvin calls it the secret society of coaching; there are not that famous but very good at what they do. They are very good at coaching and also they are very good at developing clients list and the business of coaching. Most of them don’t even have personal business cards. Incredible but true.
- The Most successful caches on the Planet REQUIRE a minimum of at least a 6 moths contract in advance. This way they eliminate most people who want to be coached on a monthly basis.
When you coach on a month to month agreement you also live on a month to month basis yourself, and these clients are usually the ones that drop the fastest.
Don’t even offer the month to month coaching because you will always fight to maintain clients, you will also live on a month to month yourself.
Take clients that make big commitments with themselves and you, and that they pay at least for 6 months in advance. Ideally make contracts for one full year in advance. He formula is to charge more and charge in advance.
- OFFER FREE 2 HOUR DEEP COACHING SESSIONS. The formula the Rich uses is to offer 2 hour deep coaching sessions. Deep coaching conversations.
These introductory sessions are free of charge. These are like promotional sessions.
In these sessions you go deep and slow into the question “What do you really really want ? what are your highest desires,
What is your BIG DEAM? What do you thinks is holding you back right now?
what are your fears? What are your pains?
In this form of building a client list you don’t invest in promotional material, or campaigns or advertising, or anything like that. Your promotional material is offering 2 hour free session to pre qualified clients.
These 2 hour free sessions are only by invitation and referral.
- YOUR TOP PRIORITY, DEVELOP CLIENT LIST. In this system, you spend most of your time doing free 2 hour deep coaching sessions. You spend most of the time doing deep coaching sessions.
Your number one priority is giving free sessions to qualify and potential clients.
- A DIFFERET WAY OF OFFERING YOUR COACHING EXPERTISE. In this system, You don’t get paid by the hour, you get paid for results, to get results, you are getting paid to help your clients achieve their goals and dreams, and, by the way, your clients dreams are priceless for them.
Most coaches try to get paid by the hour. Here you are getting paid for helping your clients achieve their dreams and desires.
How much is worth to someone who you help manifest their dream loving partner or soulmate, how much is that worth?
- The most important discipline *tip or secret) of having a successful coaching practice is to build a client list, and to continually build a client list. You cannot afford not to build your list, even if you have enough clients.
A client list is a lifetime thing, always working on it, always expanding. It’s always a job under construction. If you want to have a really successful coaching practice you have to always be expanding your client list.
- ABOUT THE COACHING SESSION. End up the coaching session ALWAYS with your client’s highest possibility for their lives, not any money issues. You are helping them achieve their greatest dreams, desires and the session should finish with this in mind.
- BE SELECTIVE WITH YOUR CLIENTS. Be very selective with your clients. Coach only truly committed people who are committed to their dreams and making a difference in the world.
- Ask for high fees. The bigger the fee the bigger the commitment
by your clients. Have few high paying clients that are absolutely committed to achieving their dreams and impacting the world.
Remember, you are NOT getting paid for coaching; you are getting paid for RESULTS. Your client’s dreams are priceless. Some high end coaching fees are $100.000 all the way to a million. A lot of coaches are afraid to ask for high fees. But you eliminate most of the competition when you do.
- Be fearless on your coaching. Show their clients what they cannot see, Say to your clients what no one else would dare to say.
Ask yourself, Who can I serve so powerfully that they never forget our conversation for the rest of their lives? When you serve people this way you will become an extraordinary coach.
The second question you can ask is this: HOW can I serve so powerfully that they never forget our conversation for the rest of their lives?
- When you coach you change the world.
- Clients will pay you for their dreams
- Deep coaching conversations.
- Be fearless in how you create clients
- Show their clients what they cannot see,
Say to your clients what no one else would dare to say
- Coaching helps you go from good to great
- A great coach changes clients view from one based on fear to one based on possibility
- You don’t need your clients, your clients need you
- You must create powerful agreements to make sure your clients don’t miss a session or are late for one
- Get clear that coaching creates miracles. Let you client know that. Increase expectations will help both of you
- To live an exponential life, you have to be willing to do things differently and be open to the possibility that everything you want is closer than you think
- It’s not about getting clients or even attracting clients. A high performing, high paying client is created in an impactful, life changing coaching conversations
- SEE THE GLIMPSE OF GENIUS. Believe in your client even when they don’t believe in them.
- GO DEEPER
- Be ok with silence.
- Pay attention to the words your clients use.
- Lead powerfully.
- Come from your higher calling.
- Seek permission. Is it ok if I ask you a question about that?
More Phrases I love from this book,
- It’s lonely at the top. 99% of people in the world are convinced they can’t do great things, so they aim for mediocre. Tim Ferriss.
- Overcome the notion that you must be regular. It robs you of the chance to be extraordinary. Uta Hagen.
- Be ready to do the impossible.
- great Russian spiritual teacher Gurdjieff said, “If you help others, you will be helped. Perhaps tomorrow, perhaps in a hundred years, but you will be helped. Nature must pay off the debt. It is a mathematical law and all life is mathematica“
- “Si tú ayudas a otra persona, serás ayudado. Tal vez mañana o tal vez en 100 anos, pero serás ayudado. La naturaleza debe pagar la deuda. Es una ley matemática, y el universo funciona con leyes matemáticas. Siempre que ayudas a alguien, serás ayudado”
Gurdjieff, Líder Espiritual Ruso
- Invest in yourself
- Be you.
- Be willing to fail.
- Use your intuition
- Learn to love NOs, eventually they will lead to yeses
- Coaching is not about information, it’s about transformation.
- You are getting paid to change the default future they would have without your coaching.
- If you can dream it, you can do it. Walt Disney
- Coaching IS NOT FRIENDLY CHATTING. Many people get confused with the term. Coaching is transformation, commitment, achievement, accountability.
- Every one needs a coach. Erick Schmidt, CEO of Google
- Money is a sign of the impact you are having in the world
- Our chief want in life is somebody who will make us do what we can.
- Don’t ask what he world needs, ask what makes you come alive, and go do that. Because what the world needs is people who have come alive.
- GET A COACH
Ok today we have in TURBOMIND BOOOK CLUB, a book on coaching, and by the way, it’s one of my favorite books, as a matter of fact is one of the three best books I have read on coaching excellence.
I am a coach who loves coaching and who wants to get really good at it. I want to be the best. I am committed to always keep improving and getting better.
And reading and studying the best coaches in the world. So, I don’t get this summary from a business summary service, I read, not only read, I study these material.
- Build your list
- Deep coaching sessions that they will never forget. By invitation or referral only.
- Spend 80% of your time doing this, building your list.
Turbomind Book Club. We love learning and sharing. Miguel De La Fuente. www.turbomind. com