Let’s start to discuss how coaches can maintain and even grow their business in a recession. We want to hear your reaction to Irish Coaching Solutions recession survival guide.
1. Remember that coaching is a global business. You don’t have to rely on local business only. Create a web presence to reach clients all over the world. Coaching can be just as effective over the phone as in person. Many international coaching companies are looking to recruit people worldwide to grow their business.
2. Know your customers. Understand how these economic times are affecting their lives. Revise your coaching programs to address their pain. Customers are much more willing to postpone their purchases today, unless they see a clear benefit in the service they are receiving. Show them your service is still effective, current and adapting to change. Survey your clients to find out what they now want and need.
3. Increase your marketing efforts. Most coaches will cut down on it thinking I can no longer afford this but it’s now more important than ever. Historically, companies that survived the recession never stopped marketing. They created unique promotions, targeted programs and events to increase visibility and even experienced growth during these challenging times. If you build your market share, you will be in an even healthier position when things begin to pick up again.
4. Diversify your coaching product mix. Create programs and products with different price points. Diversify your income sources. Don’t rely on clients only. Develop workshops and attract new customers. Ask yourself where you can give added value?
5. Focus on strengthening business relationships. This is a great time to fill your coaching programs through joint ventures and affiliates. Ask your current and past clients for referrals and if you find the right fit consider amalgamating your practice. There has never been a better time for support in numbers.
6. Remain passionate don’t get discouraged by what you hear about economy. You create your own economy! And how can you expect to motivate clients if you are struggling yourself. Study some of the greatest business people in the world for example founder of Apple, Steve Jobs, went bankrupt not once or twice, but three times before surviving and thriving in business!
7. Get a coach! Yes, it is crucial that you have a coach in your life right now. Most people around you will keep complaining about recession, and this will do only one thing for you - make you feel depressed and powerless. A coach can support you in continuing to build your business and will understand being in the same boat themselves.
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