Life coaching is unquestionably an expanding industry. As such, it’s drawing in a lot of individuals and organizations, making it a very competitive business. You can excel and become personally quite wealthy in the life coaching business by cultivating high-end clients.
If one of your objectives as a life coach is to become personally wealthy, building a high-end clientele is usually very worthwhile. Aside from paying well, these clients can become your testimonials and apostles. Therefore, we need to define “high-end clientele.”
Generally, we are referring to the wealthier members of society, the 1% or better. Because of the fee-based revenues of most life coaching practices, one of the best ways to maximize revenues, considering the time restraints, is by charging premium prices for exceptional expertise. The ability to set and get premium pricing usually depends on the client's ability to pay. They have to be affluent. Furthermore, because you have well-articulated and communicated your expertise, these wealthier clients are strongly inclined and very willing to pay these higher fees.
There are several ways to source higher-end clients. Most life coaching practices would be well served by employing all these approaches. However, sourcing the affluent for quality professional services usually happens because of referrals. These can be referrals from highly satisfied clients or other professionals. Based on numerous studies, garnering referrals from other professionals is the most effective marketing strategy for creating a steady stream of wealthy clients.
Other professionals are likely the best source of high-net-worth clients for your life coaching practice. Now the question is how to identify and motivate these other professionals to send their wealthiest clients who can benefit from your services to you.
Instead of randomly networking, a tightly focused nodal networking approach is the most effective and efficient way to source wealthy clients. This entails concentrating your efforts on those professionals who have affluent clients and identifying how you can be of assistance to their clients and to them.
A particularly fertile networking arena for life coaches is the private wealth industry. Many private bankers, wealth managers and private client lawyers will likely have the affluent clients you are interested in working with. Moreover, many of these wealthier clients are increasingly predisposed to use your services. Your goal is to connect with these private wealth professionals and explain how your knowledge and skills can benefit them, their affluent clients and their businesses.
An exceptional opportunity in the private wealth industry is the fast-growing array of multi-family offices. These are holistic wealth and lifestyle management organizations serving the very wealthy. Life coaching is increasingly on their list of offerings. Concerning multi-family offices, life coaching is almost always outsourced.
Russ Alan Prince is the executive director of Private Wealth and a strategist for family offices and the ultra-wealthy. He has co-authored 70 books in the field, including Making Smart Decisions: How Ultra-Wealthy Families Get Superior Wealth Planning Results.