Businesses that succeed through a recession do 2 things.
They are careful with the services they offer in terms of having multiple streams of income, and they invest. Here’s our guide to recession proof your coaching business.
I have thrived in 2 recessions using that simple guide.
So here is what you can do as a life coach.
How to recession proof your coaching business in 3 steps.
1. Have a cheap offer that is linked to a subscription. Even if it’s $50 a month. Having 100 people paying you $50 a month is great, and if you lose 10 clients it’s not the end of the world.
2. You may want to consider having a 2nd cheap offer, to the same audience, but offering a solution to a different problem to the one you are already helping with. So for example, I could offer group coaching to help life coaches develop their sales and marketing, and another’s a drip-fed course to help with converting discovery calls.
3. Then to have a higher paid offer for people who have the resources and want to take their journey further.
What we are looking at here is diversification but aimed at the same audience and that but is crucial. If you have 2 audiences, say life coaches and also parents with ADHD, that’s twice the work, twice the marketing, twice the time.
Back in the massive recession of 2008/12 I my coaching niche was marketing for driving instructors. I offered a few services. An eBook, a call answering service, 1-1 coaching, workshops, website building, SEO. All to the same audience. 3 of the services were subscription-based.
My company grew and we celebrated our success by telling our audience about who we had just taken on as an employee. While other businesses were crumbling, we were leading, successful and seen to be successful. And where do people go when in a crisis? They look for help from successful people.
Then you need to get out and advertise.
Stick to one audience.
Supply different services to support their needs.
Have different price points.
Keep sure you are meeting more potential clients.
If a client needs to stop your services, offer them a discount or a downsell. The discounts work better on services that are not 1-1.