Smarter Revenue for Health Coaches

Podcast 152

Cory Sterling Headshot

Are you charging enough for your health coaching services? Cathy breaks down smarter ways to bring in revenue, the value of market research and how to make sure you stay in business! 

In this episode, Cathy discusses

  • The cost of doing business and knowing how much you need to make 
  • Different options for earning revenue:   

1-Hire health coaches and work with more people 

2-Offer a wellness membership 

3-Run wellness programs for large groups 

4-Sell products for commissions or affiliate fees  

5-Manufacture and sell your own products

6-Sell information 

7-Run advertisements on the information you provide for others  

8-Any combination of the options above

  • The importance of having a business plan that projects your earnings 
  • What health coaches need to consider while doing market research:  
    • Your ideal client
    • The size of that market and how many people are your ideal client 
    • What is your growth potential? 
    • What the needs of your ideal client or market
    • What your product or services will be 
    • What need does your business fill?
    • Who is the competition?
    • How is your market impacted by the current economy and events
  • Suggestions for where to conduct market research:  
    • The Encyclopedia of Associations
    • Directory of Business Information Resources
    • The Franchise Annual
    • The Internet – business.gov, small business association-SBA, specific businesses exclusive to your ideal client, shared interest businesses
    • Local Chamber of Commerce
    • Social Media
    • SCORE (I was mentored by the founder of Omaha Steaks through my local SCORE!)
    • Local newsletters, papers, and magazines
    • Attorneys, accountants, and other professionals
    • Consumer Organizations
    • Local, National, and International Industry Organizations, like the Dept of Ed, Dept of Health and Human Services, 
    • Local, National, and International Nonprofit Foundations, like Celiac, Liver, Heart, etc.
    • Suppliers, like vitamins and supplements, equipment, labs, etc.
  • Factors to take into consideration when projecting your cash flow:
    • Start-up costs
    • Sales forecast
    • Seasonal adjustment
    • Growth
    • Cost of collecting money (merchant fees, cash vs credit, e-commerce software)
    • Cost of goods sold
    • Standard expenses (software, website, etc.)
    • Payroll (subcontractor fees)
    • Taxes
    • Financing costs (loans, etc.)  

Memorable Quotes:

  • “A lot of health coaches fail to make a business plan and very few project earnings, and then a lot take a while to get around to marketing and selling. Getting a plan in place is really important.”  
  • “At the very least, plan your revenue and charge enough because you won’t stay in business if you’re not charging enough and you won’t be able to help anybody.”

 

Did you enjoy this blog? 

Sign up to receive a weekly notice.