416. LIVE Coaching Session #3 With Nickie Froiland

Grow or Die Podcast

Justin Mihaly

Healthandwellness, Self-improvement, Entrepreneurship, Mindset, Nutrition, Health & Fitness, Fitness, Education, Supplements

4.6 • 949 Ratings

🗓️ 7 October 2024

⏱️ 67 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

In this episode of Grow or Die, I dive deep with my coach, Nickie Froiland, to discuss critical business decisions in the coaching industry. Together, we explore the challenges of scaling a coaching business, from hiring salespeople to determining the right time to bring in more coaches. I open up about my struggles with delegating tasks and the lessons I've learned about leadership and growth. The episode also touches on client acquisition strategies, retention, and the importance of maintaining a high-quality client experience. If you're running a coaching business or looking to scale, this episode is packed with actionable insights and strategic takeaways that will leave you motivated to take your business to the next level.

Timestamps:

- [0:00] - Introduction to the episode and opening remarks.

- [2:58] - Reflecting on being late to hire salespeople and the challenges faced.

- [4:49] - Discussing the importance of vetting leads and how Justin approaches sales differently.

- [7:14] - Identifying the capacity of Justin’s business and his goals for scaling.

- [10:21] - Diving into retention rates and discussing realistic client retention targets.

- [14:12] - Breaking down Justin’s client acquisition funnel and the strategies he teaches his coaches.

- [16:11] - The difference between hunting for leads and cultivating client relationships.

- [19:45] - Challenges with setting high price points and why Justin’s staff struggles with it.

- [24:14] - The role of the sales team and Justin’s vision for hiring external help.

- [29:20] - Exploring Justin’s various revenue streams and how they contribute to his business growth.

- [32:49] - Discussing the Together More mentorship program and its impact on coaches.

- [38:19] - Justin’s reflection on the importance of automating parts of the business to scale effectively.

- [44:23] - Planning for a sales agency and restructuring the role of coaches in client acquisition.

- [50:48] - Justin contemplates bringing in a CEO to lighten his workload and take on a more visionary role.

- [57:23] - Closing thoughts on fulfillment and the personal changes Justin is implementing in his business.

Links and Resources:

Work With Nickie: https://motus9.com/contact/

Follow Me On Instagram: @jmihaly_

Follow "Grow or Die" On Instagram: @growordiepodcast

Work With Me: https://www.togethermorefit.com/founder

Join Substack For More Exclusive Content: https://justinmihaly.substack.com/

Join Patreon For More Exclusive Content: https://patreon.com/JustinMihaly?utm_medium=unknown&utm_source=join_link&utm_campaign=creatorshare_creator&utm_content=copyLink

Transcript

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0:00.0	When I think about what I'm hearing from you, a critical point that you made in this discussion so far is that you're not sure that you really want a team of coaches. You were fairly definitive in saying you don't want more coaches.
0:14.0	You were fairly definitive in saying you don't want more coaches.
0:20.0	Until this process is figured out.
0:22.0	Maybe. Yeah, yeah, maybe. until this mentorship program figure it out.
0:23.0	Maybe.
0:24.0	Yeah, maybe.
0:25.0	Then I think about there's this mentorship program where essentially you're putting them
0:32.0	through business school
0:34.3	specifically around the coaching industry.
0:38.0	So they are they're getting an inside scoop that applies directly and specifically to their industry.
0:46.2	It's very special and it's pretty well attended.
0:50.2	You're feeling good about your numbers.
0:52.2	Yeah, we've got 78 mentees right now.
0:54.0	I don't know if together more might be coming more of an institute
0:58.0	than a coaching business.
1:02.0	So if together more as an institute, then now you become, that is what
1:07.6	you are. And so the entire business is around mentorship.
1:13.9	And now you could start thinking about the branding that comes along with that is when they
1:20.4	are out running their independent businesses,
1:23.0	if they want an ongoing relationship with Together More
1:27.0	then they attach that their business is part of the Together More Institute. And now all these tools that you're providing
1:36.2	your coaches, you now provide your, I'm going to use this word, it doesn't have to be literal,
	...

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