Hi there, coach, it's Carolin here, and in this video I want to show you the key statistics
you need to be tracking in your coaching business to make sure you're growing, you're profitable,
and you're spending your money on the right things.
As always, before we get started, hit the bell, subscribe to our channel and stay tuned
because new episodes become available here every Wednesday,
All about helping you go from passion to profits in your coaching business.
Hi there, coach, it's Carolin here, and today I want to talk to you all about the most important
statistics in your coaching business.
Do you ever wonder which stats and numbers you should pay attention to to make sure your
business is healthy, growing, and profitable?
The bottom line is that every successful business owner sets and measures certain KPI's or key
performance indicators in their business and your coaching business is no different.
In our business, we have eight very specific stats or KPI's that we set, track, and measure
to make sure our business is healthy, profitable, and growing, and we're always moving towards
our goals.
And today I want to share those with you.
The first KPI you should be measuring is number of sales.
In your coaching business, of course, it's all about how many clients you're working
with and therefore how much money you're generating, and with that you should pay attention to
two statistics.
The number of sales you're targeting, which is your goal, but also your break even number
of sales, which is your minimum sales, the minimum number of clients you want to enroll
to break even so that you can cover your monthly expenses, and, and advertising the team, all
the things you need to pay for just to keep your business up and running.
So what you want to do is figure out your critical number, your bottom line, break even
number of clients and/or revenue that you want to target every single month and at the
same time set a goal - an ideal income goal - right, for your sales and how many clients
you want to work with as well so that your team and you have a goal to work towards every
month.
The second key statistic is actually more of a report, and that is your profit and loss
statement.
Looking at your profit and loss statement is very insightful because it will tell you
where your money's actually going.
With that, you can make decisions on cutting back or maybe spending more on certain areas.
You will also know where your money is going, what are you spending most of your dollars
on, and how much are you bringing in, and of course you want to make sure you're profitable
every month.
Your third key statistic is your cash and how much cash is actually sitting in your
bank.
For you to figure out how much cash you have in your bank, of course you can look at your
bank account, but you also want to look at your statement of cash flow from your financial
software to know where the cash is coming from and where most of your cash is actually
going as well.
Profit does not always equal cash in the bank.
I have known business owners who looked profitable on their P and L, but they actually couldn't
pay their teams, they couldn't pay their bills because they did not have the actual cash
in their account.
How is that possible?
Well, for example, let's say you're selling a $10,000 package, your P and L might show
income of $10,000, but if you're selling the program over, let's say 10 months and you're
only receiving a thousand dollars a month, you may actually not have the entire $10,000
until 10 months from now, so you have a shortage of cash right now and then, which may cause
you trouble in your business.
The fourth key statistic you need to know is your accounts receivable.
That's how much money you expect to come into your business in your bank account over the
next couple of months.
Again, let's assume that you're selling payment plans and you have a $10,000 program that
sells over 10 months and you receive a thousand dollars every single month.
You might be able to then forecast how much money you're receiving in month one, in month
two, in month three, and so forth, which allows you to plan and predict what's happening in
your business.
So let's say you have a good month this month and you have sold a lot of those longer term
payment plans, but then next month you're not doing so well, but you can still stay
afloat in your business and you can still keep going if you have enough money coming
in over time and that's why it's so important for you to know what your future income, your
future receivables actually look like.
Your fifth key statistic to measure in your business is number of sales calls booked.
A lot of coaches make this mistake, especially in the beginning of their career to measure
leads or measure followers or look at how many like's they're getting on their business
pages for example, or how many email subscribers they have and they fall into the list building
trap and they think the bigger their list grows, the more money they will make, and
that is not necessarily true.
Why?
Because if you have no way of monetizing that email list, meaning you cannot sell them anything.
You can't bring them on a phone or make them buy something through email for example, you
will not be making any money.
Makes sense, right?
So in order to be profitable in your business, I recommend that you don't actually track
leads.
That's one thing, but a key statistic is how many sales calls you're booking as a coach
because you know when you have sales calls booked, ultimately you will enroll some of
those calls into your programs as clients, right?
That's why it's so important for you to know how many sales calls you want to book and
also how many calls you are booking every single week or every single month in order
for you to know what's happening in your business, how healthy your marketing is, and what you
can reasonably predict for your income as well.
Key statistic number six is your cost per call.
Again, when it comes to your marketing, don't look at your cost per lead necessarily, or
your cost per email subscriber, look at how much it's actually costing you to generate
a sales call.
For example, let's say you're running ads and you're spending a thousand dollars on
advertising and with a thousand dollars of ads you generate 10 calls.
That means your cost per call in advertising is $100, right?
Out of those 10 calls, let's say you sell two, two of those clients enroll, and they
purchase a $3,000 program, which means that you're generating $6,000 in revenue from a
thousand dollars in ad spend, and your ROI or return on investment is $5,000 in this
example.
Once you have statistics like that, you can actually scale and forecast what your income
might be once you generate more sales calls.
Right now in this example, we generated $6,000 with a thousand dollars in ad spend, right?
For a net profit of $5,000.
What if you doubled your ad spend?
What if you tripled your ad spend?
Right?
Usually you would expect if everything goes the way you plan it to be that your profit
margin will also double, triple, or quadruple, and even if it doesn't grow at the same rate,
you still have an indication of what might be happening to you when you increase your
ad spend, and that allows you to then safely increase how much money you're spending on
ads.
Because you know you have a profitable funnel, a profitable way to market yourself, generate
sales calls, and then enroll those sales calls into your programs and gain clients consistently
every single month.
So track your advertising in terms of how much it is costing you to actually book sales
calls for your business.
Because as a coach, clients and sales calls is where your money will come from and that's
why this is a key statistic for you to track.
Key statistic number seven is calls per lead source.
Now there's actually more than one statistic in this category, but they're very important.
What we pay attention to in our business is where our leads are coming from.
We might have leads coming in from Youtube, from Google, from Yahoo, from Facebook, from
instagram, from affiliates, and people who refer clients to us as well.
There is a variety of different sources of leads and they all vary in cost and they all
vary in quality and how those sales calls might actually unfold.
So it's really important for you to measure where your leads are coming from so that you
know your best sources of leads for lead quality and you also what it's costing you to generate
certain types of needs.
Key statistic number eight is your cost per client.
When you think about enrolling clients, there is a cost associated with that, right?
You might be spending money on advertisement, you might be spending money on coaches that
work for you.
Maybe you even have a sales team.
All of those things need to be factored into your cost per client so that you set the appropriate
price.
Pricing is not an arbitrary thing.
You want to be really sure that you're setting a price that allows you to be profitable,
right?
That allows you to cover your team expenses, your overhead expenses, your advertising and
everything else, and you are actually left with a nice profit that allows you to reinvest
in your business, to live an amazing lifestyle and do all the things you want to do.
So take a look at how much it's costing you to generate your clients right now.
Most likely, if you're a new coach, you may not have a coaching team and you may not have
a sales team.
In this example, you're looking at your advertising expenses for the most part.
If you already have a coaching team, look at how many coaching hours you're spending
on each client.
Then look at how many advertising dollars are flowing out there towards generating these
leads and bringing these clients in the door, and also take a look at your sales team.
With the sales team commission you might be paying out for every sale your sales team
makes.
Now I want to give you some bonus information that includes three very simple tools I am
using to run my coaching business.
Tool number one is Quickbooks.
I've mentioned Quickbooks throughout the entire episode and I really love the tool for its
simplicity and the online access it provides.
It doesn't matter how new you are, you should be using Quickbooks or something similar right
from the get go.
Enter all of your clients individually as customers.
Enter all of your vendors individually as expenses, as vendors, right, and then make
sure you keep your Quickbooks updated every single month with all your income and all
of your expenses so that at any point in time, if you want to know your statement of cash
flow, if you want to know what your profitability looks like, you can go online, you can log
in and you can see the financial health of your company all in one place.
The second tool I'm using is Google Sheets and Zapier.
Google sheets and Zapier literally can do almost anything in your company.
You could link your CRM, your Ontraport, or your AWeber, or whatever you're using to manage
your emails and your client, your client list, and you can connect that with a Google sheet
and assemble a table, assemble a report that shows you your lead sources, that shows you
where your clients are actually coming from, that shows you what those clients are costing
you.
You can make custom reports in Google sheets or have your VA or tech genius on your team
take care of that and with that, you always have optics, you have visuals inside of your
company and you know what's actually happening.
As you grow, it's really important to know what works for you, especially when it comes
to marketing and what doesn't work for you, and that's where those custom reports come
in really handy.
The third tool we're using in our business is a very simple Excel budget.
Now we're not using this budget to track expenses and income.
That's one thing.
We're actually using this for forecasting and planning purposes.
What I like to do is have my budget available to me at all times and actually make decisions
with my budget.
So let's say I want to advertise more or let's say I'm trying to maybe hire someone for my
team.
I'm thinking about maybe hosting an event or a retreat or something of that nature.
With my budget, I can model my future, right?
I can make assumptions in my income and I can also make assumptions in my expenses,
and with that I can make a much more informed decision based on what's actually happening
in my business and based on facts and figures and numbers, right, and be really informed
when I'm trying to make key decisions for my business.
So a budget is something I highly recommend you put in place for you to be able to model
the future, forecast, and make healthy decisions for your company.
And now I would love to hear from you.
As always, leave me a comment below.
Let me know which key stats you're measuring in your coaching business and also let me
know which statistics you will measure going forward now that you know some of the things
that I do in my coaching business.
And now I have something really special for you.
As always, we have our episodes loaded with value, freebies, and gifts.
Today I want to give you our "Funnel and Forget It" complete marketing automation guide, and
in this guide I'm going to walk you through step by step what you need to do to set up
a marketing funnel, a sales funnel for your coaching business.
Simply click on that link in the description down below the video, download your guide,
and let's get started building your marketing funnel.
Now, stay focused on your goals and make friends with your numbers because those numbers will
empower you to make smart decisions for your company.
Thank you as always, so much for watching.
Don't forget to leave us a comment below.
Subscribe to our channel, share this episode with your friends and family.
Then I'll see you again next week.
Thanks so much and take care.
Do you want to build a successful online coaching business, but you're not sure how to get started
and you're scared of wasting time and money on the wrong steps.
Let me be your coach and show you the right steps to quickly launch your business, attract
the perfect clients, and multiply your income to learn more.
Go to coaching business training.com.
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