A coaching business from scratch? It’s me Laura from Finance & Savings team. I believe in coaching. I literally run six businesses and I coach other people and mentor. And this is one of the most fulfilling parts of my life.
You can make a lot of money by doing this but you need to know how. I’m going to share with you exactly how I do it and how you can do it too. Let’s go.
I will be with you from zero work to a 6 or 7-digit training project in a matter of months.
And share with you to set up your course on how to start a coaching business from scratch, to your clients get results.
And last but not least, I’m going to give you my tips and tricks after years of mentoring on how to pick the ideal clients that you want to work with.
How to start a coaching business from scratch and what that really means?
So, let’s talk about How to start a coaching business and what that really means.
A coaching business is a business where you work with clients either in a small group, one-on-one, or you create a course that you sell to them that teaches them a certain very specific thing.
The best way to kind of do this is to be able to teach something that you cannot learn from other places like college.
So, one of the things that you want to do is take your real-world experiences and be able to teach and transform someone’s life based on what you’ve done.
There’re some real benefits to coaching and mentoring. As I said, I’ve been mentored and now I mentor. And I found it to be one of the most life-changing things in my life and now, I find coaching and mentoring other people to be one of the most fulfilling things in my life and in my business.
You literally can create a program that works for you and provides real results for other people and there are benefits for both you and the student. As a mentor, it’s an additional stream of revenue for my business. And like I said, it’s one of the most fulfilling things that I get to do.
Yeah, flipping houses for me was fun, but when I was able to teach other people how to flip houses it actually brought me more deals because sometimes, they didn’t have the money to flip the deals and so they would bring me those properties and I didn’t have to go look for them.
And it also brought in an additional stream of revenue because one of the things that you want to make sure that you’re doing with your coaching business is charging a fee for your services. As a student, there are major benefits of coaching programs.
My trip in real estate investing
I literally have helped hundreds of people quit their jobs and become full-time real estate entrepreneurs. And they send me letters, they send me pictures of their kids. They tell me all about what’s going on. And so, not only are they successful because they’ve been able to do and mock some of the things that I’ve been able to do. I’ve been able to help people avoid losing money.
I’ve been able to help people avoid the pitfalls of buying the wrong properties and hold their hands while they do deals. It’s beneficial for both you and the student because it speeds up their success process.
As I said, I’ve been mentored before and one of the things that my mentor taught me was how to do things more efficiently so that I was not out here just trying different things taking different people’s advice and trying to piece it all together.
I was able to take an exact step-by-step formula that had work from someone else and copy that same thing and make a lot of money in the process. So, the way that I got into coaching and how I created my program, and how you can do the same thing is, started off as a loser. Yeah, kind of funny.
I literally when I first got into real estate investing which is what I mentor in now. Started off as a loser. flipping houses in 2002-2003 while I was living in Atlanta. I had a full-time job and I was flipping houses on the side.
So, guess what happened? In 2008-2009, when the market crashed, I lost everything. I ended up bankrupt with multiple foreclosures bad credit and lost everything. I ended up back in my parent’s basement. It was awful. I was dejected, I was a loser, I felt embarrassed. It was not a great time for me.
But while I was in my parent’s basement, they literally told me that I needed to go back to school because my parents really didn’t know how to be millionaires, they didn’t know how to do money other things.
They just knew how to work and go to school so that’s what they told me to do. But while I was living in my parent’s basement and going back to school trying to finish my degree because that’s what they told me to do, I found real estate. I got back into it and I found me a coach that taught me something that changed my income and my life.
What core can you offer?
My coach taught me wholesaling. He taught me how to find people that had property problems, how to market to them for almost no money at all, and how to start making money immediately. So, I was able to quickly take what I had learned from him and get out of my parent’s basement way faster than anything that I was learning on that college campus.
Fast forward, I’m doing that. I still didn’t necessarily know how to work as a full-time entrepreneur. So, I went back to work and I was just kind of doing deals on the side. Eventually, I started getting enough properties and I was able to quit my job with the rental income that I was able to get.
Once I quit my job, you couldn’t tell me anything. I lived a great life, I didn’t have to work anymore, I could spend my time with my family, and I would flip houses and kind of do my real estate thing as I pleased.
Well, that got a little boring to me and I realized that it was very fulfilling if I could start helping other people the same way that my coach had helped me. So, I just started coaching people kind of in a really haphazard way.
Just being really honest with you, I would start showing people my rental properties, I would show them my fix and flips, I would tell them and show them what I did and they would pay me a small fee. I started to realize though it was an additional stream of revenue for me and I started to grow that part of my business.
I already have my properties and my rental properties bringing me an income. And now I was able to start coaching and mentoring people along with the other businesses that I had that were real estate related. And that was an additional stream of revenue.
Now, I make millions of dollars from my real estate and from my coaching program. I have multiple streams of income just by doing something that is called learning, does, teaches. So, I learned it. I do it and now I teach it and I make money at all 3 steps.
Let me tell you how you can do that. The first thing that you need to write down and be able to clearly communicate when you are starting your coaching business and deciding that you want to be a coach is “What core can you offer?” What is it that you’ve been? successful at that you can now teach? What is your system? What are the mistakes that you made?
How to get started as a coach in the business program from scratch?
In fact, that’s probably going to be the most valuable thing in your coaching program. The different things that you’ve tried in the different mistakes that you’ve made so that you can tell other people what not to do as well as what to do. Many people want a coach or a mentor so that they can fast track their way to success.
They don’t want to get a coach or a mentor and still struggle with the same issues that someone without a coach would struggle with. They want to be able to transform where they are and have a clear path and plan on how to get there. And to create a successful coaching program, all you need to do is think about what that is.
What transformation can you offer to your students? Are you going to help them increase their photography business? Or it doesn’t necessarily have to be real estate. It could be photography, it could be media, it could be social media, it could be how to potty train your kid. It could be anything. I literally have met all different types of coaches.
From life coaches to fitness coaches, to lifestyle, to nutrition. Again, what is the transformation that you and your program? What can you provide based on your real experiences? Don’t make this stuff up. People want a genuine and true story.
So, what transformation do you offer? The next thing you want to do now takes the transformation that you offer and break that down into a program or a course.
Again, you can break it down into a course that you just record videos and you kind of document what it is that you did step by step. But in order to be able to do this, you have to think of your ideal client. And usually, your ideal client is someone like you.
Who is in a similar position to where you used to be before you became successful? Where were you before you were now successful? Like I said, I was in my parents’ basement. I got out of it with wholesaling but I couldn’t quite quit my job. So, when I really started to mentor people, I had to be successful in quitting the job and now becoming an entrepreneur in real estate.
The ideal client for a coaching business
And so, I had to tell them what it is that I did. Not just some of the failures that I had. You don’t really want to just transform people into one little thing. You want to give them your full story.
So, what is it that you transform yourself in, and then how can you provide that same step-by-step process for someone else to follow? What are some of the tools that you use? What are some of them? resources, websites? What are some of the things that you did wrong that you would tell them to? avoid and tell them why?
Tell them your experience and what happened why they shouldn’t do that. Just giving you an example. I get students that want to do properties and they want to do real estate and they want to just jump into fixing and flipping.
One of the ways that I tell them is, “Hey, this is what I did and this is how I ended up in my parents’ attic.” Just because they will loan you the money to fix and flip a house doesn’t mean that’s what you should be doing. I instead teach them something I learned. It may be information that I paid for and then I did.
But that is what people want. They want to know what you did and how you did it and some of the things that you avoided and why you have to avoid that. Again, focus on you first. Think of the things that you did and then write that out in a program or a course that people can follow.
Think of your ideal client which is probably someone like you and then think of the steps and document kind of what you went through so that you can offer them those same things. Once you’ve created your signature program or your signature course, now go find your tribe.
Start to think again about your ideal client. This is going to be so important. Just because you know how to do something doesn’t mean that you’re going to want to teach that to every single person. Trust me. I’m out here giving out a lot of free information but I cannot mentor and coach every single person. Sometimes it’s just not a fit. I need to have it be someone that I can help.
And so, I’m very specific about the type of people that I can work with. It’s not just about if they have the money to pay for my course or my program. In fact, I have thousands and thousands of subscribers and people that contact us. But I work with less than 1% of all the people that ever contact me because it’s not a fit for us, okay?
Regardless of whether they have the money or the time, I want to make sure that they are going to be a fit and a success in what I do. And so, one of the ways that you can match out and find and seek out where they just come crawling to you literally come crawling to you, your ideal clients, is get very specific as to who it is that you are going to work with. When you first start thinking of a very nice person.
When I first started, I really only worked with women. Just because I wanted to work with moms, women that were similar to me, women that have worked in corporate America. You know, I kind of just broke down some things that I could relate to and how I could best help them.
Now, that I’ve grown and my company is much bigger and I have you know lots and lots of employees, I’m able to take on different types of clients so long as they have some of the basic skills knowledge, and acumen to be successful in the program. And so, again, in the beginning, you may start off with just a small group of people maybe it’s only 5 people.
I literally was able to make 6 figures working with just 5 or 6 people at a time. I now can make over 7 figures in my coaching business because I can work with more students and I can charge a higher premium because I’ve learned more things.
Again, you start with where you are and you find people based on what you think you can help them with. Don’t just find people that have the money to pay you. I promise you. You won’t be happy and neither will they.
Find the people that you can truly help so that they can go find more people like them because like attract like.