What You’ll Learn From This Episode:
- How DIY can be frustrating if you’re lacking a system
- Why getting people for yearly enrollment for your coaching is better
- Why group coaching is important
Related Links and Resources:
You can get her free resource if you go to www.highlyprofitablepractice.com, it's a couple of pages, and it actually teaches you how to do a pilot group or mastermind program in under two weeks and get it off the ground without a lot of tech or a lot of anything.
After a 25-year career as a psychotherapist in private practice Susan Epstein launched her first coaching business in 2005. Susan was a pioneer in the Parent Coaching Industry and founded the Parent Coach Academy a Parent Coach Certification Program. She has trained and certified hundreds of parenting coaches.
In 2015 Susan pivoted and launched her newest business, Highly Profitable Practice. She is a business coach and strategist working with coaches, therapists and healers to fill their practices and then leverage their time. She does this by offering Masterclasses, Masterminds, Group Coaching Programs and Individual Coaching. Susan coaches her clients to follow her model by focusing on taking consistent action, eliminating distraction, and finding their ONE THING.
Since then, Susan has scaled her business and has a team of coaches who deliver programming and a team of admins who do all the 'tech and back end detail work.' With this shift, Susan is able to help more coaches achieve their dreams of having a real and profitable business.
Here are the highlights of this episode:
2:13 Susan’s ideal Client: My ideal client is a coach that already has clients & knows what their business is, they're not trying to figure out what their niches. Now they might be pivoting because of the current situation with the pandemic, that's fine. But they have some success and they've been successful in their lives before they were a coach, because none of us were born as a coach. They want to work less, because they want to have a life. They want to have a consistent monthly income, they want to save for their retirement, and they want to not do all the stuff on the back end. They want to be able to do what they love to do, and they're lacking systems in order to do that.
3:13 Problem Susan helps solve: They are trying to DIY, do everything themselves. Build their websites, do their social media promotion, build their landing pages, do all the networking, do all the follow-up, trying to figure out how to do payment links, they are following 15 different gurus, everybody's telling them different things to do. They've probably spent gobs of money on programs that did not fit them, weren't good for them or they didn't deliver what they said. They're frustrated and some of them are wishing they could find a job.
4:17 Typical symptoms that clients do before reaching out to Susan: They're making offers but they're getting more No's than yes's. They're always on enrollment, they're always chasing the next client, they're working way too many hours. They wake up and at their computer at 6 o'clock in the morning and they're sitting on it until 10 at night. Their partner is probably saying "this isn't working, are you sure you want to keep doing this? Are you sure you want to keep on investing and doing this business?" but the person is feeling I meant to do this, I'm supposed to do this, this is what my calling is, I don't want to give up but I don't know where to go, nobody understands what I'm trying to build here.
5:45 What are some of the common mistakes that folks make before finding Susan and her solution: The biggest mistake I see in the clients that has come to me or people that had talked to me is that they are enrolling people for too short of time period like a 6-week program, 3-month program or a 6-month program, instead of getting people into a yearly commitment for the coaching. And once you do that, you really don't have to be enrolled all the time, you can re-enroll those people in a year and have them stay with you in one, two or three more years. You can enroll a few people in a month and not be spending all your marketing. You can be spending your time coaching if you sign people up for a 12-month program.
6:44 Susan’s Valuable Free Action (VFA): Every time you go to do something or you have an opportunity to ask yourself this one question: Is this the best use of my time, my talents and my abilities? And will it get me to the thing that I want the most, which is for my clients' clients?
7:17 Susan’s Valuable Free Resource (VFR): I have a resource, it's a couple of pages, and it actually teaches you how to do a pilot group or mastermind program in under two weeks and get it off the ground without a lot of tech or a lot of anything. You don't need much to do this. You can do it yourself and you can get that free resource if you go to highlyprofitablepractice.com.
8:05 Why are groups so important? Groups are important for a coach because it leverages your time. And the secret that nobody knows is that when people get in a group, they often reach out to you sideways and say 'could I get some extra time with you?' and then become your biggest raving fan and your highest paying clients.
Masterminds is pretty much reserved for business coaching. And I would say also if you're putting a lot of very highly successful people together and the coach takes a little bit of a backstep and facilitates but doesn't teach so much or give advice. In group coaching, it's pretty much you're the expert. As the coach and people came to learn from you and you run the room, what people do in the room don't give each other advice, at least on the sessions.
“Groups are important for a coach because it leverages your time” – Susan Epstein