The Coaching Industry is Dying.

Summary

In this video, Brian Elwood argues that the coaching industry is declining, and coaches need to pivot towards a more effective way of monetizing their skills. He explains that most coaches struggle to make substantial income, while a small percentage thrive due to their credibility from building successful businesses. Elwood advocates shifting away from traditional coaching and towards 'done-for-you' services that guarantee client outcomes. He believes this approach is easier to sell and more profitable. The video also provides insights on how to create such offers and stand out in a competitive market.

Takeaways

• 🔮 The coaching industry is struggling, with many coaches making low wages while a small percentage earn most of the revenue.
• 💼 Coaches need to pivot away from traditional coaching models to more effective ways of monetizing, such as offering done-for-you services.
• 📊 Big-name coaches succeed due to their prior business success and credibility, making it harder for new or smaller coaches to compete.
• 🎯 Coaching is just one method of delivering value, but it's often difficult to sell because it puts most of the work on the client.
• 🛠️ Shifting to a done-for-you service model, where the provider takes on more of the work, can lead to better results and is easier to sell.
• 🏗️ Alex Hormozi's 'Sales to Fulfillment Continuum' shows that while coaching is easy to fulfill, it's hard to sell. In contrast, more complex services are harder to fulfill but easier to sell.
• 📚 Coaches should stop solely identifying as coaches and start thinking of themselves as business owners focused on solving problems for their clients.
• 🚀 Building credibility through delivering measurable outcomes or done-for-you solutions can make it easier to attract and retain clients.
• 🎨 A done-for-you service, such as writing a book for a client or building a funnel, allows clients to see faster, tangible results compared to coaching alone.
• 🔄 Coaches can still use coaching as part of their offer but should focus on incorporating services that guarantee a solution to the client's problem.

Q & A

Why does the speaker believe the coaching industry is dying?

The speaker believes the coaching industry is dying because most coaches struggle to make a sustainable income, with the majority earning $19 an hour or around $60,000 annually. Meanwhile, only 10% of coaches make 90% of the revenue. This imbalance, coupled with market saturation and difficulty in selling traditional coaching services, has led to this conclusion.

What is the key difference between successful coaches like William Brown and other struggling coaches?

Successful coaches like William Brown have a track record of building and selling successful companies, which gives them credibility. This credibility allows them to charge premium rates for coaching. Struggling coaches, on the other hand, often lack this kind of proven success and struggle to compete for clients.

What is the major shift the speaker recommends for coaches to survive in the evolving market?

The speaker recommends shifting away from pure coaching and towards offering 'done-for-you' services, which are easier to sell. By focusing on providing tangible deliverables and solving specific problems for clients, rather than just guiding them through coaching, coaches can make their services more appealing and marketable.

Why is coaching often hard to sell, according to the speaker?

Coaching is hard to sell because it puts most of the responsibility for results on the client. Clients often prefer services that provide tangible outcomes with less effort on their part. Additionally, coaching requires the client to stay motivated and take action, which can be a barrier for many potential buyers.

How do high-credibility coaches like Alex Hormozi manage to sell their coaching services easily?

Coaches like Alex Hormozi have built and sold successful businesses, which gives them immense credibility. This track record allows them to easily sell coaching for high prices because potential clients trust their expertise and are willing to pay a premium for their advice.

What alternative to traditional coaching does the speaker suggest, and why?

The speaker suggests offering 'done-for-you' services instead of traditional coaching. This approach is more appealing to clients because it guarantees outcomes with less effort from them. By taking on more of the work for clients, coaches can create a more valuable and easier-to-sell offer.

Why does the speaker believe defining the problem you solve is crucial for success as a coach or service provider?

The speaker believes that clearly defining the problem you solve is crucial because it gives your business a clear focus and makes it easier to market your services. Vague or poorly defined offerings, such as being a 'life coach,' are harder to sell because potential clients don’t see a specific outcome.

What are the 'big three' markets the speaker refers to, and why are they important?

The 'big three' markets are health, wealth, and relationships. These are important because they are universal needs that people are willing to pay for. Successful businesses typically focus on solving problems within one of these categories to create a clear value proposition.

How does the speaker suggest incorporating coaching into a 'done-for-you' offer?

The speaker suggests using coaching as a supplemental tool within a 'done-for-you' offer. For example, coaching can be used to guide clients through personal or strategic decisions, while the bulk of the work is handled by the service provider. This hybrid approach provides both guidance and tangible results.

What impact does market credibility have on a coach’s ability to attract clients, according to the speaker?

Market credibility has a significant impact on a coach's ability to attract clients. Coaches with proven success and credibility can command higher prices and have an easier time attracting clients. In contrast, coaches without established credibility struggle to compete and often have to fight for the 'leftovers' in the market.