Blog - Sales Mastery For Coaches
How to build a $500k coaching or consulting practice
Feb 23

$500K! “How is that possible?”

By Mike McMahon | $500k

What does it take to reach $500K per year as a coach/consultant?

I specialize in helping coaches/consultants reach $500K per year. One of the most common questions I get is, “How is that possible?”

In this post I’m going to give you the exact blueprint to take your coaching/consulting practice to $500K. The great thing is once you reach that level you have the option to take your practice to 7 figures and beyond.

I’m assuming you deliver a result or transformation worthy of the price points I’m using which are $25K, $10K and $3K.

If you don’t charge this much, invest time and brainstorm ways you can improve your offer so you can.

To keep things simple each of the price points reflects a one time sale and a particular level of service. So this model isn’t going to cover recurring revenue.

I am also going to base this on 50 weeks instead of 52. I figured I’d let you have 2 weeks of vacation. Pretty nice of me, right? 🙂

With the pricing structure outlined above you need the following to reach $500K per year.

  • 1 per week @ $3K = 50 per year for $150K
  • 1 every other week @ $10K = 25 per year for $250K
  • 1 every quarter @ $25K = 4 per year for $100K

That’s a total of $500K for the year. We got there with 79 sales for the year.

At this point you might be wondering the 79 sales come from. Let me break it down for you.

Most coaches/consultants use strategy sessions to sell their services. You might have a different name for it (and you should).

If you enroll 1 out of every 5 strategy sessions you hold then you need 395 strategy sessions for the year or 33 a month. That works out to 8 strategy sessions a week. (technically 7.9 but who’s counting).

Oh yeah we are. 😉

Depending on the show up rate to your strategy sessions you need somewhere between 10 and 27 leads a week. (Assuming you have between an 80% showup rate and a 30% showup rate)

With practice and fine tuning you will be able to improve both your closing rate and your show up rate. Which means you’ll need fewer leads and strategy sessions to hit your goal.

For right now though let’s work with enrolling 1 in 5 and a 50% show up rate. That means you only need 16 leads a week.

Think about it. 

With the right processes and packages in place you’re 16 leads a week away from $500K, or more, per year.

How would that change your life?

How would it change your business?

What would you do differently?

It’s fun to think about isn’t it?

What if you did something more than think about it?

What I’ve given you is the exact blueprint to hit $500K per year with your coaching or consulting business. And like everything in life there are many moving parts to building a $500K per year practice.

If you’d like to learn more about how I help coaches and consultants reach $500K per year book a time on my calendar.https://meetme.so/MikeMcMahon

After you select your date and time you will be directed to a questionnaire. The questionnaire helps me be prepared so you get the most out of our call.

Go ahead and book a call now while you’re thinking about it. https://meetme.so/MikeMcMahon

Sales Mastery for Coaches
Aug 16

Dealing with “I can’t afford it” and “I want to think about it”

By Mike McMahon | Presentation Skills

Do you struggle with objections centered around what your program or product costs?

Or are you getting a lot of technical questions about how you do things or what’s included?

If you struggle to gain new clients or make sales from your enrollment process it’s probably NOT from a lack of value; it’s probably because you’re not effectively communicating the value that you offer (this is why telling your prospect about all the ways you help is rarely the solution!).

If your session focuses on YOU and/or the details of the program you have to offer then the discussion will always end up being about “what does it cost” and whether or not they can afford it. Or “How do you do what you say you can do?” Which leads to “I want to think about it” or “I want to do it but just not right now”.

This is because they are focused on the cost of moving forward.

Instead, focus the conversation on THEM.

When the focus is about them and what it’s costing them to stay in their current situation you will find many times your prospect starts thinking about whether or not they can really afford NOT to get your program.

This is a powerful shift that puts them in control of the decision.

No selling required just helping them see their options.

You should always spend most of your time asking quality questions and listening to your prospect rather than talking.

When you help them uncover their problem and then you monetize the problem they can see that it’s costing them money in the form of lost opportunity.

For some of them, it will literally be thousands and thousands of dollars every month.

When you empower your prospects with the right information they will make the best decision for themselves. When your solution and their problem are a good match the sale will take care of itself.

Can you see how this approach will help you get more clients with less stress pressure or struggle?

Leave your comment in the box below.

fishing for clients
Jul 22

Do You Struggle To Get Clients?

By Mike McMahon | Prospecting

Are you a coaches or consultants worrying about where you’re going to get your next client?
 
Are you worried you might lose the clients you have and if you do you don’t know how you’re going to replace them?
 
Do you get frustrated that you aren’t helping as many people as you know you can?
 
What difference would it make if you had a process that brought people to you? People who wanted your help and were willing to pay you a high fee to help them?
 
How would your life change?
 
What would change in your life and your business?
 
I talk to coaches every day that struggle to get new clients.
 
Many of them tell me the clients they have are paying such a small amount of money they can’t afford to coach them.
 
Some of them tell me they are on the verge of giving up as a coach and they’ve started looking for a job.
 
If you’re reading this you might be struggling to get clients on a consistent basis. Or you’d like to get paid more by the clients you have.
 
You might even relate to both issues.
 
One of the areas I see coaches struggle with the most is prospecting.
 
Most will think it’s sales or enrolling new clients that they struggle with. And while that is an area to work on the place to start is prospecting. Because you have to have a prospect to offer your services too in the first place.
 
If your only ways to get clients is at networking events or referrals it’s time to do something different.
 
Grab our new report: 5 Reasons Social Networking Is A Coach’s Best Bet To Consistently Get High Paying Clients

s coaches or consultants who spend hours of their time wondering where they’re going to get their next client?

Are you worried you might lose the clients you have and if you do you don’t know how you’re going to replace them?

Do you get frustrated that you aren’t helping as many people as you know you can?

What difference would it make for you if you had a process that brought people to you who wanted your help and were willing to pay you a high fee to help them?

How would your life change?

What would you do differently?

We talk to coaches every day that struggle to get new clients. Many of them tell us that the only clients they do have are paying them such a small amount of money they can’t afford to keep coaching them.

Some of them tell us they are on the verge of giving up as a coach and they’ve started looking for a job.

You’re probably reading this because you’re struggling to either get clients on a consistent basis or you would like to be paid more by the clients you have. You might even relate to both issues.

One of the areas we see coaches struggle with the most is prospecting. Most will tell you it’s actually sales or enrolling new clients that they struggle with but since you have to have a prospect to offer your services too we have found that is the best place to start.

If you’re doing all your fishing for clients at networking events and you are still having a hard time enrolling enough clients it’s time to try something different.

Grab our new report: 5 Reasons Social Networking Is A Coach’s Best Bet To Consistently Get High Paying Clients

>