The Top 3 Mistakes Coaches Make When Trying to Increase Their Income
Hey, Tribe! Welcome back to another episode of The Jenn Kennedy Show on this beautiful Monday! I'm so thankful for every one of my listeners and readers out there, and I'm beyond excited to give you all some great advice for scaling your income and making a bigger impact!
As I'm sure you're aware, we are fast approaching the fourth quarter of 2020. All we have left is September, then Q4 is here! With every new quarter comes new beginnings, and today I want you to approach the final quarter with a bulletproof mindset to begin achieving even more success.
I want to ask you a serious question, and I want you to be extremely honest with yourself: Are you 100% excited and happy with the amount of income coming into your life and business? Whether you’re disappointed with your year’s earnings, or you’re happy with your money but want to make more, I have great practical advice for you to substantially increase your revenue, impact, and income in the remaining months of 2020.
Now, I bet I know what crossed some of your minds just now. You're thinking, "Jenn, why are you distinguishing between income and revenue? Aren't they the same thing?" They're actually not quite the same. Income is the money coming into your business, and revenue is the money you actually bring home. Today, I'm going to help you increase both your income and revenue as well as expand your impact by describing three common mistakes people make when trying to grow their businesses.
Mistake #1: Not Properly Communicating with Their Ideal Clients
A common mistake that I often see is that people fail to show their ideal clients that their service is beneficial for them. You may be showcasing your services in various ways and implementing marketing strategies, but there may be a disconnect between how you're advertising and it actually landing with your ideal client. Do you show up consistently and spread information about your business, but you're not getting as much traction as you hoped? It really comes down to public relations problems, and a few different issues can cause a disconnect between your marketing and signing your ideal client.
One glaring problem that causes a disconnect with your ideal client is not speaking their language. For example, when I started my Impact to Income Academy, I had to adapt how I speak in order to communicate with my ideal client. Something that I market in my Academy is that people will "make back their investment."
That isn't typically how I would describe that idea — I would usually describe it as ROI (return on investment), but I adapted my language because one of my clients said they wanted to make back their investment. If I continued using Jenn-talk when marketing the Academy and used the term ROI, it would confuse my ideal clients, and they wouldn't sign up for my Impact to Income Academy. You have to make sure that you're adapting to your potential client's language in order to sell your service effectively.
So how can you adapt to your client's language? Listen to your ideal client and write down the words they use to integrate them into your vocabulary. Pay attention to the words that your clients use and start incorporating them into your marketing so that potential clients understand the service that you're offering them. Maybe your ideal client base uses specific jargon that you need to adopt. Adapt your language to communicate with the people you're marketing towards so that they realize that your service is right for them!
Another problem that people face when trying to communicate with their ideal clients is that they may not know you, like you, or trust you as much as you think. I know that might be hard to accept, but if clients don't know you or like you, they're not going to sign on to your service. An essential step to becoming more likable and untrustworthy is to make people feel like they know you by showing people who you are outside of your business.
Tribe, I want to encourage you to take the time today to look at how you present yourself on social media and other marketing platforms. Are you presenting who you are outside of your business? Are you showing people your different amazing qualities, or do you only present yourself as a serious businessperson? You need to show people that you're likable. You may need to post more personal pictures that are unrelated to your business. You can showcase your fun side with pictures of activities that you're doing. Get vulnerable. Once potential clients feel like they know you and trust you, you use their language to show them that your service is right for them.
Mistake #2: Potential Clients Aren't Clear on What You Do
It's incredibly common for entrepreneurs to fail to convey what service they're offering. I know that you're thinking, “This can’t possibly be me. I’m constantly describing my service,” but you may only be conveying the "how" rather than the "what" and the "why."
For example, I could describe my Impact to Income Academy to a potential client as a program where I teach three pillars — leadership, money, and strategy — and the program includes countless resources and excellent coaches. Now, what did you actually learn from that description? I described how the program works, but I didn't describe what the program is and why people should sign-on. I didn't describe people transforming their businesses or improving their impact and income — I only described how the program operates.
If I wanted to clearly convey what it is that my Impact to Income Academy does for my clients, I'd say, "The Academy will take your business to the next level by teaching you how to scale up your business income, strengthen your leadership skills, improve your current business strategy, and connect you to your ideal clients." Now, doesn't that sound so much more appealing than my first description? I described the what and the why so that potential clients know how the Academy will transform them!
Don't just show people how your business operates — show them how the program will transform their lives. People don't invest money in programs based on the bells and whistles of how the program functions but based on how the program can expand their business. Once you start selling what you do and how you improve your clients' lives, people will be eager to work with you.
Mistake #3: You're Not Having Fun
The final mistake I see coaches make all the time when growing their impact and their income is that they're not having any fun with their business. I'm incredibly passionate about fixing this mistake because if you're not having fun running your business, why the hell are you even doing it?
Now, I want you to take a moment and ask yourself why you're running a business. Is it for the money or the freedom or both? You can make a ton of money operating your own business, you can live a life of freedom, but while you're building your business, when are you going to have fun? You need to have FUN during the process of expanding your business. Not only will you enjoy your work more and be happier, but it will also make people want to work with you. When people see that you're happy and having fun with your business, you'll draw people in towards you like a magnet!
Many people become coaches because they feel unhappy and unfulfilled by their nine-to-five job, but then they start treating their new business like a nine-to-five career. They stop having fun with it, and they no longer live life by their own design. They stop seeing the limitless potential and possibilities of their business and stop enjoying it entirely. You need to approach your business with a childlike energy. Have fun, and success will follow!
Don’t Wait Until Tomorrow — Start Now
Which of these three problems are you struggling with? Are you having difficulty communicating with your ideal clients and showing your likeability? Do you struggle to clearly express how you can transform people's lives with your program? Are you not having fun growing your business? We're going to be in a brand new quarter soon, so now is the time to address these different mistakes to increase your revenue, impact, and income.
I'll leave you with a final word of advice about addressing your mistakes when growing your business. Whatever it is that you need to improve on, don't wait until tomorrow. The main characteristic that distinguishes successful people from everyone else is that successful people implement change immediately. When they learn a new strategy or learn of a mistake that needs fixing, they do it straight away and step forward with their business. Take some or all of the advice that I gave you today and implement it right now. Use it and move forward with your life and your business!
If you felt inspired by this episode, I would appreciate it if you shared it on social media so that your followers will be inspired too! Tag me @thejennkennedy in your post, and feel free to DM me on Instagram! I love hearing from you all so much!
Start the final quarter of 2020 off strong. You are capable of accomplishing so much more this year, and it starts with today!