Coaching Business | Get off the Cashflow Roller Coaster with Josh Turner
The Framework For Success In The Coaching Profession
When growing a new business there is a key mistake I’ve seen people make and that is being a jack-of-all-trades, master of none. In my experience, newcomers to the coaching and consulting industry have the tendency to take on as many clients as they can in order to quickly grow their business. But this generalistic approach to growth undoubtedly leads to failure.
I’ve seen it happen time and time again. Small businesses struggle to generate enough leads because they struggle to stand out as unique from their competition, and because they don’t have marketing systems in place. I know it because I lived it.
In the early days of LinkedSelling we too encountered roadblocks toward growth that needed to be overcome. I was trying all the stuff people say you should do. Networking events, coffees, lunches, blogging, social media – you name it. But it just wasn’t moving the needle. I was picking up a client here or there, but nothing that was going to get me off the cash-flow rollercoaster. Determined to find a better way, I worked hard over the next several years to develop a framework that would set my company on the course to success. Now we’re the #1 fastest growing company in the coaching and consulting space according to Inc. 5000.
If you want to create a truly amazing business and create a portfolio of growing clientele, I have a simple but powerful approach for building a hugely successful coaching and consulting business. No matter if you’re a seasoned pro with an established business or you’re just getting started, if you want to build an amazing coaching or consulting business, the framework for success is called the Silversmith Strategy. It consists of three powerful but simple components: Specialization, Low Price Entry Point and a Scalable and Systematic Process.
Component #1: Specialization
You MUST have something truly unique to offer. In today’s business climate, people are savvier. They know the difference between a specialist who offers a high end service and someone who just generalizes as a jack-of-all-trades.
You have to stand for something specific and meaningful and understand who your ideal client should be. You need to carve out a unique niche and cater only to those who you can connect with and inspire. You need to speak your client’s language, know who they are, what they do, what they like and what drives them crazy.
That’s what we’ve done at LinkedSelling. We set our sights on being the best in the world at ONE thing. We’ve carved out a unique niche doing LinkedIn marketing, and we do it really well. As a result, we have almost no competition and went from making nothing to projecting $10 million in annual revenue in 2017.
The bottom line here is this – don’t be afraid to put yourself out there and create a niche. The world will never give you permission; it’s up to you to move forward and let the market know you’ve arrived. Boldly claim it, stick with it, dominate and you will succeed.
Component #2: Low Price Entry Point
You NEED to have a low price entry point. This doesn’t mean that you should lower your coaching or consulting fees; it simply means you need to offer a way that allows people to see what you’re about and how you’re different from your competition.
A low price entry point can range from $0 – $500 and takes NONE of your time to deliver.
It could be a course or an online training. By just offering these services you’re already positioning yourself as a leader in your market for having it available.
At LinkedSelling our low price entry point is Linked University. People can enroll in Linked U for a modest investment and get a TON of value that NO ONE else is delivering. Having Linked U as our low price entry point positions us as the experts and generates between 8,000 and 10,000 leads every single month for our business. Those leads translate to hundreds of new customers who get to experience first-hand the uniqueness and quality of what our service delivers.
Having a low price entry point establishes you as the expert in your market. It builds credibility and confidence and while you continue to generate monthly leads, it’s also bringing in revenue for you the whole time.
Component #3: Scalable & Systematic Process
You absolutely NEED to have a scalable, systematic process to operate and grow your business. This is another mistake most people in the coaching and consulting field fail to do almost every time. Companies that are struggling are all over the place and don’t have a repeatable and consistent way of doing business.
It’s imperative that when you provide a service to your clients, it needs to be repeatable and consistent. Success comes from having outstanding, systematic processes that can be replicated over and over again.
Having a uniform process in place allows you to consistently deliver high quality work. The best part at least for me as a business owner is that these processes have made LinkedSelling run like clockwork. As the business owner, I have more freedom to focus on growing my business and less time tangled down in the weeds trying to figure out new strategies. I spend more time where it truly counts, with my clients, my family, my friends and just enjoying life.
The fastest path to determining if the Silversmith Strategy is right for you is to work with an expert. LinkedSelling offers a Certified Consultant program.
About Josh Turner
Josh Turner is a Wall Street Journal bestselling author and the Founder & CEO of LinkedSelling, a marketing coaching, consulting & training firm that was recently named #252 on the Inc 5000. He is widely considered as a worldwide leading authority in using LinkedIn and Facebook to generate leads, appointments, and clients. Linkedselling.com
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