hfc holmes fitness coaching, llc...pricing your services: 10 steps for maximizing your income...
TRANSCRIPT
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Pricing Your Services:
10 Steps for Maximizing Your Income
Potential
Dr. Tyrone A. Holmes, Ed.D, CPT
Holmes Fitness Coaching, LLC
HFC Holmes Fitness Coaching, LLC
Improving Health, Fitness and Athletic Performance
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Objectives
As a result of this session, you will be able to:
1. Create a business model that
maximizes your income potential.
2. Describe 10 steps you can take to
increase your current fees.
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What is a Business Model?
How you make your money.
Specifically, your business model
consists of the primary and secondary
revenue streams you use to generate
income.
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Tip #1
The only way to maximize your
income is through the use of multiple
revenue streams.
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The Business Model 4 Primary Income Sources:
1. Coaching (working 1-on-1 with clients)
2. Consulting (applying your expertise to address
organizational needs)
3. Speaking (keynotes, seminars, webinars, corporate
training programs)
4. Product Development (books, Mini-Buks, eBooks)
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Passive vs. Active Income
ACTIVE Income
Revenue you generate while you carry out your
coaching, speaking and consulting activities.
PASSIVE Income
Revenue you generate while sleeping!
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TIP #2
Your income potential is much
greater with PASSIVE income than it
is with ACTIVE income.
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The Business Model
Active vs. Passive:
1. Coaching = Active
2. Consulting = Active
3. Speaking = Active & Passive
4. Products = Passive
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TIP #3
The only way to maximize your
income potential is to include both
ACTIVE and PASSIVE revenue
streams in your business model.
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The Business Model
Income Generation:
1. Products = Passive
2. Speaking = Active & Passive
3. Consulting = Active
4. Coaching = Active
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Business Model Example #1
The Healthy Life Speaker
1. Speaking (Healthy Living for Busy Professionals)
2. Consulting (Strategic Planning & Teambuilding for Higher
Education)
3. Coaching (Cycle-Max, Healthy Life, Business/Pyramid)
4. Publications (I Know Why You’re Still Fat eBook and
Book)
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Tip #4
Speaking can be very lucrative, and it
is one of the most effective ways to
promote your business.
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Business Model Example #2
The Cycling Coach
1. Cycling Coaching
2. Triathlon Coaching
3. Coaching Clinics (cyclists and multisport
athletes)
4. Publications (manual on power development)
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TIP #5
When determining your business
model, think about what makes you
happy and what is most labor intensive.
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10 Steps You Can Take to Increase Your Fees
1. Create Your Business Model
2. Speak
3. Publish a Book
4. Communicate Your Value Proposition
5. Differentiate Your Products and Services
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10 Steps You Can Take to Increase Your Fees
6. Specialize In Your Market Niche
7. Do Something Noteworthy
8. Offer Multiple Purchase Options (But…)
9. Help People Make and/or Save Money
10. Just Do It – Raise Your Fees!
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10 Steps You Can Take to Increase Your Fees
Number 1: Create Your Business Model
Why?
It’s easier to raise your coaching fees
when you are generating income
through other streams.
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10 Steps You Can Take to Increase Your Fees
Number 2: Speak
Why?
1. Increases visibility
2. Demonstrates expertise
3. Great way to generate income
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10 Steps You Can Take to Increase Your Fees
Number 3: Publish a Book
Why?
1. Increases visibility
2. Demonstrates expertise
3. Makes it easy to increase fees
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10 Steps You Can Take to Increase Your Fees
Number 4: Communicate Your Value Proposition
Why?
Your value proposition describes what your
clients are able to do because of you. People will
pay significant fees to use valuable resources
that allow them to achieve desired outcomes.
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10 Steps You Can Take to Increase Your Fees
Number 5: Differentiate Your Products and Services
Why?
Product differentiation describes the specific ways your
goods and services differ from your competitors. This is
important because people are much more likely to
purchase your products at a higher price point if they
believe you offer something that your competitors do not.
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10 Steps You Can Take to Increase Your Fees
Number 6: Specialize In Your Market Niche
Why?
Your market niche consists of the group of individuals you serve or
want to serve. If you operate in a niche with many competitors,
you will have to make sure your prices are relatively similar to
those competitors. Conversely, if you are the “only game in town”,
you have much greater flexibility when it comes to setting your
fees. 22 Dr. Tyrone A. Holmes, Ed.D, CPT
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10 Steps You Can Take to Increase Your Fees
Number 7: Do Something Noteworthy
Why?
PSYCHOLOGICAL – Most humans equate success in a
particular endeavor, with the ability to help others be
successful in that endeavor. Likewise, when people
connect achievement (athletic success) to a particular
source (the coach), they are MUCH more likely to utilize
that source (the coach).
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10 Steps You Can Take to Increase Your Fees
Number 8: Offer Multiple Purchase Options (But…)
Why?
One of the best ways to improve your sales closing ratio
(the percentage of prospects that turn into paying clients)
is to offer multiple purchase options. This provides
prospects with more choices at different price points and
makes it easier for them to say YES!
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10 Steps You Can Take to Increase Your Fees
Number 9: Help People Make Money and/or Save Money
Why?
This is the most basic of all the steps. If you
can demonstrably help people make money
and/or save money, you will always have
customers.
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10 Steps You Can Take to Increase Your Fees
Ways to Help People Make or Save Money
1. Show athletes how to compete at a high level more cost
effectively (e.g., make more effective decisions about
equipment purchases).
2. Help elite athletes achieve pro contracts.
3. Help organizations create healthier workplaces.
4. Help individuals lead more healthful lifestyles.
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10 Steps You Can Take to Increase Your Fees
Number 10: Just Do It – Raise Your Fees!
Can’t think of a particular reason to raise your fees? As Nike says, just do it. There are
several reasons this may be successful:
1. By positioning yourself as a more expensive coach, potential clients may see you
in a more positive light (i.e., people value what they pay for).
2. Many coaches undervalue themselves and their services. By raising your fees, you
may simply be placing the value on your services that they deserve.
3. This can be a very effective move if you want fewer clients while maintaining a
relatively high income.
4. This can also be a very effective approach if you are a specialist (e.g., brick
training, aero position, race tactics).
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Key Questions
What does my business model look
like right now? What will my business
model look like in 1 year?
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