“Solely Trading Time for Money”. Still?

Perhaps there IS an Answer

We’ve always heard Time is Money! Bosses, customers, clients and maybe even you trying to get that 12 year old child to shovel snow for $2 an hour (Wow, that dated me, eh?).

We’ve always heard it and most of us believed it, lived it and suffered or prospered from it. And I don’t know of too many professions that define that short phrase more than Coaching. But more importantly, in reality within the coaching profession, the phrase has morphed into Trading Time For Money”. How?

By nature, traditional coaching is best served and most impactful when it is delivered in a personal and private one-on-one setting. Whether it is delivered in person or via video chat is irrelevant – it’s still the most effective method for getting a coaching message across that sticks with the client to cause them to take action. It’s how you present your skills, experience and coaching programs with your passion and content.

However, this causes a major problem – if a coach is only delivering 1:1 coaching, then they are solely trading their time for money. Since you can only be in one place at a time, this doesn’t allow you to effectively scale your coaching business. You’ll be limited to the number of hours you are willing to coach on a weekly basis- including the planning, travel, and follow up. Now, at $100,000 an hour, trade all the time you need! For the rest us, we need to figure out how to do more.

This can be partially solved by doing group coaching where you have many coaching clients in the same setting while you deliver your coaching messages to the group. You can charge more people at a lower rate than your normal 1:1 coaching rate for a group coaching session. This allows you to earn exponentially more income for the exact same time spent because you can coach more people in that same hour.

As an example, if your normal hourly coaching rate is $250 for an hour, and you conduct a 1 hour group coaching session for 20 people at $25 per person, you’ve doubled your normal rate for the same hour ($500 vs. $250). Not bad.

But make no mistake– you are still solely trading your time for money in a group coaching format. This doesn’t allow you to scale your coaching business. Scaling requires you to be in more than one place at one time. And now you say…. “How do I do that?”

When a “Virtual You” makes money in addition to the “Live You”

timemoney3

What do I mean by the “Virtual You”? This is where adding the elements of online coaching come into play to avoid the trap of “solely trading time for money”. Simply put – the “Virtual You” is a recorded version of you presenting your coaching programs, content and services.

By recording and creating a video,

  • The “Virtual You” can coach when the “Live You” is not around.
  • The “Virtual You” can communicate coaching program updates, recommendations and advice to your clients when the “Live You” is not around.
  • The “Virtual You” can sell your coaching programs and services when…you guessed it –the “Live You” is not around. (And yes, that includes even when you are sleeping!)

I like to call that “anytime, anywhere to any client, worldwide”. “Virtual You” allows you to be in more than one place and perhaps even exponentially. This can enable any coach to scale their practice and business.

So how do I leverage this “Virtual You” character, you might be asking?   There are several ways to start-

  • Create a membership site online for clients. Get more clients on an online site that you could personally coach in a group or 1:1 setting: geography & travel is no longer an issue,
  • Create a video- the “Virtual You”- and present it to your clients online. Coaching virtually of using technology to do more than “Skype”; you can be in more than one place at a time,
  • Make your video - perhaps a recorded seminar, and/or your voice recorded over a screencast, power point or document that present your content, just as you do live- accessible without you anytime, anywhere; clients can absorb your content at their convenience.

And there are additional, complementary ways to leverage the “Virtual You” with a private coaching website, group coaching site, private group webinars, and interactive comment/feedback sections with the ability to provide video updates and “coaching” tips. Leveraging the “Virtual You” with the “Live You” is a great strategy to stop solely trading time for money.

Last but not least, technology provides the capability of the “Virtual You”. There are numerous software tools to provide you with the tools you need to start. Do the research and while you know that it can’t all be done in a day, you can start today.

Combining your coaching program with currently available technology CAN be an answer to

Solely Trading Time for Money.

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Bob Minshall is the GM/COO of MyCoachSite, www.mycoachsite.com, a seamless integrated platform created by coaches for enabling online coaching for Authors, Speakers, Trainers and Coaches.

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