Throughout the year I am often asked for help with business strategy by my coaching clients. Whether it’s the end of the year or six months in, having a clear plan and working to that plan will make your coaching business more successful.
Why?
Because if you don’t know where you’re going, then you don’t know what to focus on and you’ll probably focus on the wrong thing, become splattered and overwhelmed, and will achieve nothing.
I’ve seen this happen 🙁
The technique I’m going to share with you here is one that I have taught from the stage and coached hundreds of times to coaching clients. It is known as reverse engineering.
Following this process can be a game-changer, offering you clarity and focus for the coming months and the year ahead.
Why Reverse Engineering?
The beauty of reverse engineering lies in its ability to help you define clear and specific income streams for the coming months or the year ahead. Whether you’re a seasoned coach or just starting your business, this process enables you to set realistic income goals and create a step-by-step roadmap to achieve them.
No more overwhelming, vague objectives—just a concrete plan for success. A tangible structure to follow.
Clarity is EVERYTHING!
If you’re clear then your potential clients are clear about what you offer and how you can help them and they are more likely to work with you.
Having a plan to follow gives you more confidence.
Here are the key steps to Reverse Engineering Your Coaching Business:
1. Schedule a full day of FOCUSED TIME in your calendar
This is IMPORTANT!
Begin by blocking off a dedicated day in your calendar to focus exclusively on your business. Find a quiet space, free from distractions, where you can brainstorm, strategize, and set your goals.
2. Set Your Total Business Income Goal
Set a clear, monetary goal for the next 6 or 12 months. It should be challenging yet achievable. This financial target is your gross revenue and will be your anchor point to focus on throughout the reverse engineering process.
Whether we like to admit it or not, you are in business to make money. This figure will guide your business decisions for the upcoming months. You’ve got this! Choose a number. Write it imperfectly, then get curious!
E.g. $50,000 or $75,000 or $150,000 or $250,000 whatever feels achievable for you!
3. Work Backwards from Your Income Goal
Now, reverse engineer. Work your way backward from your income goal to the present moment. Break down your goal into tangible, manageable steps. Use the remaining steps below to help you achieve this.
Reverse engineering doesn’t have to be complex. Keep things simple.
4. Identify Your Packages/Income Streams
Concentrate on 1 to 3 primary income streams especially if you’re just starting. Avoid the temptation to have too much too quickly; you want to avoid spreading yourself too thin and becoming overwhelmed. You can always add more later, as you grow.
What are the main 1-3 income streams that will make you money over the next 6-12 months?
For example, these could be one-on-one coaching packages, group coaching programs, membership subscriptions, retreats, workshops, or VIP Sessions. Whatever services you intend to offer your clients.
5. Breakdown Each Income Stream
Calculate how many packages, trainings, retreats, or workshops you need to sell in each income stream to reach your monetary goal.
What’s your expected revenue for each?
Learn to play with numbers rather than hiding away from them.
- Name of the package or service
- What is the price of this package or service?
- How many will you sell over the next 6-12 months? (work out a figure)
- What total revenue will you make from this package/income stream (work out the figure)
Price x How many I will sell = Total revenue for this income stream
Your total revenue for each income stream should ultimately add up to your Income Goal.
Here is a quick example:
Income Stream #1 – $50,000
Income Stream #2 – $75,000
Income Stream #3 – $25,000
Total Business Income Goal = $150,000
If not, then review your pricing do you need to increase your prices? Do you need to increase the frequency or sell more? Is that doable? This is teaching you to play with the numbers to see what is achievable.
6. Develop Your Marketing Timeline
Determine the frequency of your marketing for each income stream. Outline when you should engage with your audience, whether it’s weekly, monthly, quarterly, or semi-annually. For example, if your goal is to sell three new private coaching packages each month, mark it on your calendar. Then work out a plan of action for how you intend to find those clients.
The next step is how and where will you find your clients for each income stream. Where do they hang out? How can you reach them? E.g. Networking, talks, social media, emails, and referrals. How will I market myself?
Your calendar becomes a strategic tool, outlining when and how often you’ll market your services.
Develop a plan of action for each revenue stream with timelines.
7. Find Your Target Audience
Revisit your Ideal Client. Are you clear on who you serve and the problems you solve for them? What challenges do they have? What are the results or outcomes they are looking for? What are their wants and needs?
(If you’re not clear on these then STOP and do this work first because otherwise your marketing will be too general and you’ll not get clients.)
Identify where your potential clients hang out, how to reach them, and the best strategies to engage them. Here are a few general examples: social media, email marketing, referrals, talks, meet-up groups, and networking events.
8. Build Strategies and Systems
What strategies and systems do you need to have in place to deliver your marketing plan effectively? For example, this could include content creation, email marketing campaigns, staying-in-touch strategies, or setting up a user-friendly website.
9. Who Do You Need In Your Team To Help You?
Recognize who you need in your team to make this happen.
What do you need to learn to achieve your goals? You might need help with learning how to market and sell your services – hire an experienced business coach-mentor.
Other examples for your team could be a bookkeeper, a social media expert, or a virtual administrative assistant – assemble a team that complements your strengths.
Set your intention for your team and begin to move towards getting the support you need.
10. Create Your Action Steps
Then for each income stream: Break down the process into actionable steps and deadlines. Plug these into your schedule for the next 6-12 months, creating a roadmap for success.
With dates and deadlines in mind, craft a more detailed action plan for each income stream. If you are a visual person you might create a mindmap or a flow chart on a wipe board so you can see it every day and know where you are.
Create a to-do list for the first steps as this will help you get momentum.
Common Mistakes to Avoid
Now that you have the road map, steer clear of common pitfalls:
- Don’t Try to Do It All at Once: Prioritize and phase your initiatives.
- Connect the Dots: Ensure your services complement each other so they don’t confuse your clients.
- Articulate Your Services Clearly: Make sure potential clients understand the value you offer and the results you deliver for them.
- Phase In Services: Master and leverage one service before haphazardly introducing another.
- Listen to Your Clients: Understand their needs and keep your offerings simple.
- Seek Help: Get support to implement and stay on track. There is much to learn. Work with a coach-mentor who is successful at what you want to achieve.
It is time to get clear!
Having a well-defined plan and a simple strategy will make your coaching business more successful.
A plan helps you to stay on track and it reminds you where you are going! We ALL need that! 🙂
Try reverse engineering your coaching business using these simple steps above.
Here’s to your brilliant coaching business!
If you’d like me to guide you in reverse engineering your coaching business, or you would like a Business Strategy Intensive session, send me a quick email at info@coachbrilliant.com. I’d love to help.