 subscribe to stay up to date with all the content that we put out on a regular basis. At this point now, we have success coaches within our company. Here I make money coaching sports who are putting out content on a daily basis. So if you are in basketball, if you're in soccer, you're in swimming, you're in sports performance, you're in baseball, right? And you have a coach in business within those sports and within those niches, then make sure you subscribe because we put out content every single day to help you to grow and scale to the next level with your coaching business. So today I wanna talk about how to get in financial shape with your sports coaching business. So something that I help coaches within our company to do is to better structure their business so that they can ultimately charge more for their services and once they charge more, they are able to scale and grow to the next level. So this video today, I want you to definitely get out a pen and paper because I want you to make notes on a few of the three things I'm gonna share with you because I know they're really gonna help you when it comes to growing and scaling your business. So if you're watching this, then you probably have a sports coaching business and you're probably specializing in either one-to-one coaching or you do small group coaching, okay? Now, this video is also really good if you do clinics or if you do camps, but most of the coaches I know that watch this are either one-to-one coaches or they're coaches that specialize in small groups or group training, okay? So to get into financial shape with your business is extremely important because the more structured you are with the business, the more firm you are with the business, the more tight the business is, ultimately, it will be able to grow. Now, what most coaches are currently doing, okay? So coaches who are in this industry and they've got sports coaching businesses, whether it be in soccer, whether it be in basketball, baseball, and they're doing private training, the way most of these coaches are treating their business is like a side hustle, okay? Or a hobby. Now, what I mean by this is what they do is they haven't got any structure in place. They charge clients whatever they want. They're all charging cash with their clients, so clients are paying them in cash and they don't have the business set up legally, okay? So to get into financial shape, we need to tighten our business a lot more because when we do that, it will be able to grow and scale and also you will be able to overcome difficult situations such as recessions, such as mumps, where maybe you haven't added so many clients into your program, okay? Which these are all problems that you will come across, okay? You will come across financial difficulties at some point within the business and by financial difficulty, I mean, in terms of one month being quieter than another, but if we've got things in place, then we will be able to overcome that period and we can then continue to grow and scale when things get better, right? Because you will come across some mumps where you might have only added one new client into your business, okay? And there might not be a significant growth within that business, but then if you overcome that and you get to the other month, the other month you might add three, four, five new clients into your coaching business, okay? So I wanna share with you three things that I've been working with coaches on and I know it's gonna definitely help you. So the first one is charge a premium for your services. Most coaches are scared to charge a premium because they feel that it's too expensive, they feel that parents won't pay for it and they feel that if they charge a premium, they're gonna scare off clients. Now what you have to do is you have to do the maps, okay? You have to do the maps and say, right, if I wanna do this full time and I wanna work with a specific number of clients per month, how much should I be charging my coaching clients, okay? Now, most coaches want the cheaper option because they believe in their head that if they charge a cheap price, then they're gonna get lots of clients. But the truth is that if you charge a premium and if you charge cheap, you have to do the same amount of work, okay? And ultimately, what we wanna do is if you charge a premium, you can work with less clients, okay? And if you charge a premium, you can work with less clients than if you were to charge in cheap and you would have to maybe work with a double that amount to make the same amount that you were making if you were charging five clients at a premium price, okay? So knowing your price, doing the maps is one way to get in financial shape, okay? Because what happens is if you don't charge what you're worth, if you don't charge what your company offers, if you don't charge what your value is, then ultimately you're not gonna have committed clients into your program, okay? And as I mentioned before, you can have five clients paying you a premium, and you can work less hours during the week in the business and you can spend the other half working on the business, okay? Now, if you're not charging a premium and you're charging very cheap, ultimately you're gonna have to work with maybe 20, 30, 40 more clients to make the same amount of money that you would have been making if you had charged five clients a premium and what will happen is you're gonna be working the entire time in the business rather than on it, okay? And when I mean by working on the business, I mean the marketing, the promoting, the prospecting, right? The recruiting of new coaches to come and work in your company, right? So what we wanna do is we wanna make sure we charge a premium, but in order to charge a premium you need to add value. And this is something that I'm gonna share in upcoming videos, right? But if you go back and watch the 800 plus videos we have on our channel, you'll be able to find different videos on how to add more value in your sports coaching business, right? So the first one, to get into financial shape we need to be charging a high price, a high ticket so that we can work with less clients and we can be working less in the business and more on the business, right? Second one is implement client contracts and terms and conditions, okay? Now, the way most trainers are operating their coaching business at the moment, okay? And I speak to coaches every single day and I know this is true, this is a fact, is that they don't have contracts in place for clients, right? The way they do it, most of them is they have parents on a WhatsApp group, come Sunday evening they'll send out a group text message to all parents, saying to them, right, we have this slot, these slots available during the week, if you're available, let me know and I can book you in, right? Ultimately, that isn't a proper business, okay? Because there's no commitment from the client, that client isn't available that week, right? You don't get paid, okay? So when we implement client contracts, that means clients are training with us or they're part of our program for three, six, nine or 12 months during the year, right? We don't want clients coming in and training with us once every three, four weeks, okay? It doesn't make financial sense and you won't be able to financially grow your business. You're only gonna be able to grow if you have parents on a subscription where they're seeing you every single month once a week, okay? And also, apart from that, they're paying you a premium for your service, okay? Now, this is something we help in our, we help coaches and clients in our company to do and if you want more help on that, right? Again, contact with me in the description of this video. There's two ways you can do that. You can book a free 15 to 20 minute call with me, okay? Via Zoom, we'll jump on a Zoom call, see where you are with your business and I can show you some actionable steps to help you to get into more financial shape and to implement these types of contracts that I'm talking about. Or if you wanna send me an email, you can send me an email to makemoneycoachingsports at gmail.com, right? But when you have a client contract in place, ultimately the client becomes more committed and also they agree to your terms and conditions, right? If they agree to your terms and conditions, then they agree to pay you every single month, right? They agree to show up to your training sessions once a week and they agree to stay with you for three, six, nine, 12 months, okay? So when you implement contracts, when you have terms and conditions, your business will be in better financial shape because you're gonna have clients commit for longer periods of time, right? If you have clients that are seeing you once every two weeks, there's no commitment, they're paying you cash. Ultimately your business is gonna be very difficult to scale, it's gonna be very difficult to grow because there's no commitment, there's no obligation for that parent to come and train with you, right? And also you're putting that client in control of when they see you, okay? And we don't want that in our business, right? Third one is investments and savings, okay? Most coaches don't make any investments into their business. Most coaches don't make an investment because they haven't got anything saved, right? Once they have a good month, most of them just blow it on things that aren't even related to the business, might be going out, might be, you know, meals, might be drinks, you know, just some stuff that isn't going back into the business to invest in it and to grow, okay? Now, I have a rule with coaches in everything you make every month, you've got to try to save 40% of your income, right? Because if you can save 40% of your income, then you will be able to pay your taxes, which is fundamental, right? Really important. And then after taxes, you will be able to then have a little bit money to invest back into the business if you need equipment, if you need to hire out a facility, if you need new merchandise, right? Or if you want to invest money into Facebook ads or social media or whatever it is into your website, okay? If you don't have savings, then you're not gonna be able to invest back into your business, right? So to get into financial shape, you need to one, make investments into the business so that you're improving the business every week, right? So again, it could be having a new efficient website, it could be moving your website to a different platform, it could be buying coaching equipment, it could be cones, balls, it could be investing into an indoor facility, okay? Right? An investment that's gonna help you to market, to grow the business and help your clients to have a better experience when they're coaching, when they're training with you, okay? Now, savings is really important because mostly savings will help you to get in financial shape because if you save 40% of what comes in every single month, then you will have that cushion if, for example, you have a month where you don't add any new clients, okay? And coaches do go through these periods during the year, right? It might be winter where winter starts to slow things down, okay? And not a lot of parents start to invest or look for private training and it might be because they're away for Christmas, it might be because of the weather, they don't wanna be outside training in the snow, in the rain, in the cold, okay? Winter is a huge one and winter sometimes shuts down a lot of businesses because of the weather, okay? And if that's you, then having savings during that period of time will help you to get through that until you can get through and go into the months where you can start to go outside again and parents start to invest and look for private training, okay? So investments and savings is fundamental because it's gonna help you to get into financial shape. But if you've got no savings, then come your tax year when you've got to pay your taxes, you're not gonna have any money to pay them off, which means any money you do have, it's gonna come out of the profits that you've made, okay? So any money that you do have, which is personal money, you're gonna then have to pay and use to pay off your business taxes, okay? So if you have savings every month, you know that that savings is for the taxes and anything else that comes in, okay? I can just use that to invest back into the business to hopefully get more clients and help market and grow the business to the next level, okay? So if you need more help with this, right? This is something I love helping coaches with. I will love to get on a free Zoom call with you. So drop me an email to make money at coachingsportsatgmail.com. You can send me an email, tell me about your sports coaching business, where you are, where you wanna get to, ask me any questions. I check my emails every single day and I respond to coaches who reach out to me. If you don't wanna do that and you wanna jump on a horn with me, right? The first call is completely free. It's a free consultation call to see where you are, where you wanna get to and I can show you some actionable steps to take this week with your business. So if you want that option, then in the description of this video is my Canonly link. Click on it, book your free 15, 20 minute call and I'd love to talk with you and connect in either this week or next week, okay? And before you go, make sure you subscribe to the channel because every single week we're putting content to help you with your sports coaching business, right? Thank you for watching and I'll see you on the next one.