Written by: Sara Sabin, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
An economic slowdown does not have to impact your business growth. Are you thinking of going out on a limb and making your coaching business official? Or are you wondering how to uplevel what you currently have?
Then, no doubt, the seeds of unrest may have crossed your mind with a looming economic downturn.
The media is talking about the recession. A lot. It's high up on the most "googled" things of the moment.
I'm not surprised there's a strong probability of recession.
However, I am surprised that some people are surprised that this may be on the horizon.
People currently tend to fall into three camps:
They're in complete denial about it (I’m talking about the people that don’t want to be affected by “negative vibes”)
They're in complete panic mode about it (they ASSUME their sales will decline... because that’s what happens in recessions... isn’t it?)
They're in acceptance and planning mode.
I fall firmly into Camp 3.
The reality of the business world today is that you need to stay agile. There are always looming obstacles around the corner that you will need to navigate. Whatever stage your business is at. If you are in it for the long haul, then, there is no reason why you can’t succeed in business, even during a recession.
You can not only survive a downturn but THRIVE in a downturn and grow your business further. The key is not to panic, but to plan accordingly.
Here are some important questions to consider:
Do you need to pivot your offering?
Depending on what type of coaching you’re offering, remember that people tend to focus less on luxuries in a downturn, and more on things that are considered a necessity. Even more than before you need to focus on the bottom line of what you are offering people. How can you help get them to tangible outcomes that they might want in hard times?
Also, consider whether you need to pivot your offering or add a new offering. Perhaps, adding a B2B offering, as the B2C market can be subject to downturns during recessions.
Businesses will still be spending money on consulting and training and freelancers... There may be layoffs but there are still projects that need to get completed and staff that they need to engage and motivate through a recession.
What can you offer that people need in these times?
Is Your Marketing on Point?
Linked into the above question – buyer psychology changes during a recession. Your marketing and sales strategies need to speak to where people are at currently in time. The pain points of your ideal client might have changed. What do you need to change accordingly to speak to that?
Remember that what you are offering needs to serve your ideal client emotionally and logically. That goes for any type of client. You need to help people to feel safe about spending their money, and part of that, means tapping into and clearly articulating the Return on Investment they’ll get.
Help them see it’s about investment, not cost.
Remember not all marketing activities are created equal in your coaching business 3 Key Marketing Activities To Build A Successful Coaching Business (brainzmagazine.com)
Make your existing clients stick around
If you are already working with clients, then, you’ll know it takes far less time and money to retain an existing client than it does to get new clients.
That’s why it’s easier to make the same amount of money with less effort after a year or so into your business.
However, this is something that coaches fail to think about.
Firstly, to make your clients sticky, make sure that you are working with them to get the results that they really want to get.
Secondly, you should be thinking what else you can offer them to take them to the next level of where they want to go.
We all feel fear sometimes. But the question is, “are you going to feel the fear and do it anyway?” Navigating Fear In A New Era Of Uncertainty (brainzmagazine.com)
Follow me on LinkedIn, Facebook and visit my website for more on leadership, entrepreneurship, and business building. You can check out my regular articles for Entrepreneur Magazine here. I also invite you to download my eBook “6 Myths about Building a Six Figure Coaching Business and What You Should Do Instead!”
If you would like support reaching $10-20K months in your coaching business, check out my Business Accelerator Program.
Sara Sabin, Executive Contributor Brainz Magazine
Sara Sabin is a qualified tax accountant from a Top 10 firm, a former start-up company founder, and a transformational leadership coach and consultant. She is a regular contributor to the Entrepreneur Magazine Leadership Network and The Fast Company. She understands the rollercoaster ride of entrepreneurship through personal experience and is an advocate of continuous personal development. She calls herself the Queen of Transformation, but it wasn’t until she discovered her passion that she really cracked it!
She built a multi-six-figure coaching practice that she loves, working with successful leaders and entrepreneurs of high-growth 7 figure businesses, helping them to accelerate progress through developing their leadership capacity and EQ, and enhancing team performance.
She also supports other coaches and consultants to build a business working with high performers. Through an individualized roadmap to success, she helps them to build a profitable, sustainable coaching practice that they love, simply and rapidly, using cost-effective strategies.
