Pam Sterling

Date: October 29, 2014

Name: The 6 biggest money mistakes coaches make and how to avoid them

Presenter: Pam Sterling

Coaches help others to move beyond their limitation and continue to make ends meet. Pam Sterling wants to help coaches to increase income and increase impact. She used to work in the interior design show room and she quickly discovers her passion is not in the current workplace. Her passion is to transform others and the process of helping makes her alive. She uses her own principle and techniques and become the game changer that quadruples the monthly income. Furthermore, she creates the company, “Coaches on Fire”, to continue her passion to help others.

Sterling believes all coaches need these certain characteristics to break the limits. Coaches need a compelling mission with a core message. Coaches need to have coaching mastery from continue investing themselves. They must have clear monetization that integrates captivity marketing. With comprehensive management and courageous mindset, all coaches must have catapultic momentum to help customers to transform.

Sterling shares 6 mistakes that all coaches make about money. These mistakes can jeopardize coaches’ careers.

Mistake #1: I do not care about the money, I just love coaching

It is important to have passion, love and care, but if coaches do not care about money, they will not have any. If coaches tell the universe money is not their concern, the universe will not attract money opportunities to coaches. Money is the result of the value coaches present and coaches need to ensure their mindsets and attitudes are integrated with money element.

Sterling suggests coaches to create a message to remind them to bring value and reward money to sustain business. Coaches are professional businesses and they need money to sustain their business; in fact, coaching and mentoring are different.

Mistake #2: We charge by the hour or by the month

Most coaches believe if they charge their clients by hour or by month, they will sustain their income and keep them on a treadmill. However, if clients quantify their service by hour or month will limit their freedom to help their clients. In addition, clients will not expose their commitment and deep inner feeling if they know they are billed by hours. Therefore, coaches will limit predictability and reduce personal interactions with clients.

Sterling suggests for all coaches to package their services by 3, 6 or 12 months program. The minimum amount is 3 months with minimum of 12 sections. This will leverage the clients and give clients the flexibility to express personal engagement with coaches.

Mistake #3: We do not charge enough

A lot of coaches are under charge with their services. Their services do not reflect on their payments. However, this happens because coaches are afraid to ask for more. Coaches need to express to clients that it is not about the dollar figure, it is about the experience and expertise for the time they spend together.

Sterling suggests all coaches to charge what client is worth. People who invest more will concentrate more. They will go all in due to high level of intensity. Coaches need ensure the payment is the reflection of clients’ worth. By raising the price for clients, clients will do the work and will receive the results they want. Moreover, coaches need to serve above the level and beyond.

Mistake #4: We have not done the math

Coaches need to do financial preparation. This includes financial forecast, valuation and breakeven figures. These financial models will help them build businesses. In addition, it will assess the business and figure out the financial goal to meet their outcome.

Sterling suggests all coaches to exam their program and evaluate the pricing. It is important to figure out the monthly goal, closing percentage, and the amount of clients require for breakeven. All financial analysis will help coaches to understand their expectation. Moreover, coaches can use excel worksheet to calculate their financial goals.

Mistake #5: We try to chase down clients

Many coaches are chasing down clients and convince people to get interest about their coaching. Sterling believes prospects have two different doors they can enter. The first door is the health fair model, and the other is the emergency. Prospects who use health fair model will want free stuff because their situation is not urgent. However, prospects who are in emergency will want support immediately. They are the people they need help now and they do not know how to help themselves.

Sterling suggests coaches to attract prospects who are in emergency. Moreover, they will not shop around and they need the service right away. These prospects will know the pain, aspiration, and worry. Therefore, coaches can solve their problem because they are looking for answer, which is coaching.

Mistake #6: We do not present the offer in a way that makes it a “no brainer”

Many coaches believe if they present their offer, they might scare their clients away. However, if clients are interested to coaches’ services, they want to work with coaches. It is important to realize clients do not like to guess. In fact, they want coaches to be simple and straight forward. Coaches need to provide their call to action in a way that is not complex and easy to reach.

Sterling suggests coaches to master “The No-Brainer Enrollment Conversation”. Sterling designs this framework to help coaches to ask the right questions. This will show coaches how to lead clients to walk into effective conversation.

Sterling shares her framework to guide coaches to their offers.

Steps	Questions
Identify the problem	What is your biggest challenge right now?
Probe the pain	How is this challenge effecting your health, career finances, relationships?
Paint the picture	What would you love to see in these areas of health, career, finances, relationship?
Test their preparedness	How long are you willing to stay where you are at?
Ask their perspective	What do you feel you need to get from where you are at to where you would love to be?
Offer your prescription	I have a prescription that I believe will get you to where you want. Would you like to hear it? How does that sound?
Explain the process	So this how it works. How does that sound?
Execute the payment	Explain the investment and payment options. Which payment option do you prefer?