Tactics to increase your turnover without working more hours
In an ideal world, increasing your turnover without adding extra hours to your workday seems like a distant dream. Yet there are proven strategies that coaches and other professionals can implement to maximise their income while maintaining their work-life balance. This article from Pay-Coach explores practical tactics to achieve this.
Pay coach: how to increase your rates?
Review the pricing structure
One of the most direct methods to increase your turnover is to adjust your prices. Analyse market prices and make sure your pricing reflects the value you provide to your customers. A small increase can result in a significant difference in income, without changing the number of hours worked.To adjust your rates effectively:
Market assessment: Start by researching the prices charged by other coaches in your area of expertise and region. This will give you an idea of average prices and services offered.Analysis of your offer: evaluate the value you bring to your customers. Consider your experience, certifications, and success or testimonials from previous clients. This will help you justify a rate increase if you realise you're offering more value than you're charging.
Communication strategy: When you increase your prices, clearly communicate the reasons for this increase to your current and potential customers. Explain how this will result in improved quality or expansion of services offered.
Example of price revision:
If you currently charge €100 per session and decide to increase your rates by 10% after seeing that similar coaches charge €120, you could adjust your rate to €110 per session. Explain to your clients that this increase is due to additional training you have completed, which enriches the quality of coaching.
Create premium plans
Offer premium plans or additional services that can enrich the customer experience while increasing your revenue. These packages may include additional sessions, exclusive access to resources, or personalised services.Example of premium plan:
- Gold Package: In addition to individual coaching sessions, this package could include access to exclusive webinars, a coaching hotline for quick advice, and monthly personalised assessments. You could offer this plan for €200 per month, compared to a standard €150 plan that only includes individual sessions.
- Platinum Package: For the most discerning clients, offer a package that includes everything the Gold Package offers, plus annual small group coaching retreats, and the option of face-to-face sessions once per quarter. This package could be priced at €400 per month.
- By strategically increasing your prices and introducing premium packages, you can not only increase your revenue but also improve and diversify the services you offer, thereby better meeting the needs of your customers.
Automate your processes
Use management software
Invest in software that automates administrative tasks, scheduling, and customer tracking. Reducing the time spent on these tasks allows you to focus on higher value-added activities. In particular, you can use this software to:
Time and appointment management: software like Calendly or Acuity Scheduling allows your clients to make appointments based on your actual availability, thus reducing the time spent coordinating calendars. These tools can automatically sync appointments with your calendar and send reminders to clients, reducing no-shows or late arrivals.
Customer monitoring: use CRM (Customer Relationship Management) specific to coaching, such as CoachAccountable or Satori, which help you track your clients' progress, schedule sessions, and store secure notes. This improves the quality of personalised monitoring without increasing your administrative burden.
Automate invoices and payments: software like FreshBooks or QuickBooks allows you to automatically generate invoices and track payments. This minimises errors and frees up time you can spend on your clients instead of handling accounting.
By reducing the time spent on administrative tasks, you can increase the number of coaching sessions you offer or invest more time in professional development and continuing education, which directly improves your services and expertise.
Automate your marketing
Tools like auto-responders, social media management platforms, and email marketing software can help maintain consistent engagement with little daily effort.
These 3 actions to automate
- Auto-responders: tools like Mailchimp or ConvertKit allow you to create emailing sequences that are automatically sent to your customers and prospects according to predefined scenarios. For example, you can set up a welcome series for new registrants, offering free advice and introducing your services.
- Social media management: Platforms like Hootsuite or Buffer allow you to plan your posts on multiple platforms in advance. This helps you maintain an active and consistent online presence, essential for attracting and retaining the attention of potential customers, without requiring daily login.
- Email marketing software: Create regular newsletters, announcements of new services or reminders of special events. These tools offer templates and analytics to optimise your campaigns and measure their effectiveness.
By automating your marketing, you ensure your communication is consistent and professional, while freeing up time to create higher-quality content or engage directly with your customers in a more personalised way. Automation also helps convert leads into paying customers more effectively, increasing your revenue without additional man hours.
Multiply your sources of income
Creation of online courses
Develop online courses or webinars that customers can purchase and complete at their own pace. This turns your expertise into a product that generates recurring revenue without requiring your constant presence.
Digitalising your knowledge as a coach can be an extremely lucrative strategy. Here's how you can do it:
Identifying your niche and unique skills: Start by clearly defining the topics you are an expert in and that potentially interest your target audience. This can be everything from stress management to athletic performance.
- Content Development: Create a structured curriculum that guides participants through progressive modules. Make sure each module provides concrete value and is educationally designed.
- Platform choice: Use platforms like Teachable, Udemy or Coursera, which make it simple to put courses online and manage technical aspects like payments and course access.
- Promotion: Use your social media channels, website, and newsletter to promote your courses. Consider offering a free module to attract potential customers.
- Automation: Once your courses are online, they can continue to generate revenue with little maintenance. Monitor feedback and update content as needed to maintain relevance and quality.
Books and publications
Writing a book or how-to guides can not only establish your authority in the field but also open up passive income streams through sales and royalties. Here are some steps to succeed in this business.
Choice of subject: the book must address concrete issues that your clients encounter or offer unique insights that you have developed during your career.
- Writing: Writing a book requires a significant commitment of time and energy. Schedule regular writing periods and perhaps consider collaborating with a writer or editor to help structure and polish your manuscript.
- Publishing: You can choose self-publishing, which offers greater control over the process and profits, or work with traditional publishing houses. Platforms like Amazon Kindle Direct Publishing allow for rapid and accessible time-to-market.
- Marketing: Develop a marketing strategy for your book. This can include book signings, webinars, interviews, and using social media to reach a wide audience.
- Copyright and Sales: Make sure you understand the legal aspects of copyright. Income can come from direct sales, but also from the use of your book as support in your workshops or conferences.
Optimize your partner network
Strategic collaborations
Form partnerships with other coaches or professionals to offer combo packages or to refer each other, which can expand your reach and increase your entries without significant additional effort.
Let's say you are a coach specialising in personal development and you know another coach who focuses on health and physical well-being. You could partner to create a holistic program that combines mental and physical well-being. This package could include personal coaching sessions for life skills development, complemented by sessions on nutrition and physical exercise.
Example of combined package:
Week 1 to 4: personal development with you, concentrate on stress management and improving self-confidence.
Week 5-8: Health coaching with your partner, focused on incorporating an exercise routine and balanced diet to support mental wellness goals.
Joint Session: A group session or workshop that combines both areas, providing clients with integrated strategies to maintain their overall well-being.
This not only increases the value offered to your customers but also opens up your services to your partner's customers, and vice versa.
Active networking
Actively participate in industry events to meet potential customers and partners. A good relationship can often result in new business opportunities without a commensurate increase in working time. Attending coaching conferences and workshops is a great way to meet professionals with similar interests.
For example, at a leadership conference, you might connect with a career coach or business consultant. This connection could lead to collaborations where you could offer complementary services to companies or workshops for managers, thus enriching your service offering without increasing your workload.
Example of a networking opportunity:
Joint workshop: Host a workshop with the career coach to help professionals develop leadership skills while improving their personal well-being and work effectiveness.
Corporate Seminar: Offer corporate seminars that combine your skills to improve both professional and personal employee satisfaction.
These active networking activities can open doors to fruitful collaborations, expanding your reach and increasing your revenue without significant overtime.
Pay-coach helps you increase your turnover, without doubling your working hours
Increasing your turnover without increasing the number of working hours may seem ambitious, but with the right strategies, it is entirely achievable. By reviewing your pricing structure, creating premium plans, automating administrative and marketing processes, diversifying your revenue sources, and optimising your partner network, you can significantly increase your revenue while continuing to offer superior quality services to your customers.At Pay-coach, we are dedicated to providing you with all the resources necessary so that you can confidently navigate the world of coaching.
Stay tuned for more articles on how you can grow and protect your coaching business. At Pay-coach, your success and safety are our priority. Join us now to explore more resources and advice dedicated to the exciting world of coaching.