Royce King: “Price right”

Price right. Many coaches, including me when I started, want to help. They price their offers low, burn out, and aren’t taken seriously because they are priced low. The coaching industry is now tremendous. It is a 15 billion dollar industry. Many professionals have left their office jobs to become highly successful coaches. At the same […]

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Price right. Many coaches, including me when I started, want to help. They price their offers low, burn out, and aren’t taken seriously because they are priced low.

The coaching industry is now tremendous. It is a 15 billion dollar industry. Many professionals have left their office jobs to become highly successful coaches. At the same time, not everyone who starts a coaching business sees success. What does someone starting a career as a life coach, wellness coach, or business coach need to know to turn it into a very successful and rewarding career?

In this interview series, called “Five Things You Need To Create a Highly Successful Career As a Life or Business Coach” we are interviewing experienced and successful life coaches, wellness coaches, fitness coaches, business and executive coaches and other forms of coaches who share the strategies you need to create a successful career as a life or business coach.

In this particular interview, we had the distinct pleasure of interviewing Royce King

For more than 10 years, Royce has consulted startups and small businesses to help them fine-tune their marketing and get the results they want faster. She has started 12 companies from the ground up and understands the passion, perseverance, and practical steps required to make a business idea profitable. In the words of one coaching client, “Royce took my business planning and marketing from 0 to 60 in one coaching session. I can now create product packages that appeal to my ideal client at my desired price point. Her clear and concise coaching style gets results.” Royce works with startups and other businesses and coaches to help them better draft, pitch, and sell their offers and receive bigger paydays for their services. In addition, she works with them to build confidence and understand the true value of their services to convey their value to clients more effectively.

Thank you so much for joining us in this interview series! Before we dive in, our readers would love to “get to know you” a bit better. Can you tell us a bit about your ‘backstory’ and what brought you to this particular career path?

As a serial entrepreneur, I began my first business in 1989. There were times I built one business at a time and other seasons where I operated several businesses at once. After failing twice and succeeding with different business models, I began being asked to coach. It started as pro bono mentoring and grew into a business. Since 2014 I’ve served hundreds of startups to help them scale and position themselves in the marketplace.

You are a successful business leader. Which three character traits do you think were most instrumental to your success? Can you please share a story or example for each?

Self-Confidence: being confident that I have the talent, grit, and determination to rebuild after two complete losses not only shows confidence but builds confidence.

An attitude of gratitude: waking up each morning and listing things I am thankful for reminds me that I am blessed. The second time I started over, I made it a practice to sit and count ten blessings that I could be thankful for that day.

Discipline: it can be easy to allow the highs and lows of emotion to detour you. But discipline is doing what it takes, whether you are down and don’t feel like it or celebrating a win and feel you deserve the day off.

How have habits played a role in your success? Can you share some success habits that have helped you in your journey?

I’m a disciplined person by nature; therefore, habits come easily to me. Some of the habits that have contributed to my success are: reading daily; ensuring I’m seeking out successful people in masterminds, informal coffee, or seminars; and continually educating myself in business.

This will be intuitive to you but it will be helpful to spell this out directly. Can you help explain a few reasons why it is so important to create good habits? Can you share a story or give some examples?

Ultimately we will form habits. Default, usually bad habits, are created by not establishing good habits. Here’s an example. If you develop a good habit of exercise, you’ll spend less time eating chips in front of the TV. If you don’t choose to exercise, by default, you’ll usually find yourself eating junk food and being more sedentary. By establishing good habits, you avoid or mitigate the bad ones from creeping in. For example, most entrepreneurs aren’t TV watchers because they have cultivated a habit of reading. This good habit — reading — pushes out the free time you have for bad habits — TV, for example.

Speaking in general, what is the best way to develop good habits? Conversely, how can one stop bad habits?

While I’m not an expert on stopping bad habits, I find that replacing a bad habit with a less harmful one works. For example, they tell smokers to replace smoking with chewing gum. For the entrepreneur, this could mean replacing ineffective networking time with cold calls to qualified leads. Exercise isn’t my favorite thing to do, but it’s a good habit and essential to staying healthy; therefore, I schedule it in my calendar. The disciplinarian in me then feels compelled to do it when the calendar reminder alerts me. I simply develop good habits by scheduling them. If it’s something really difficult, I may add a reward in there once it’s finished.

Can you share your favorite “Life Lesson Quote”? Why does that resonate with you so much?

“Education is a lifelong process.” To be successful requires that you know you don’t know everything and continue learning what you need to know.

What are some of the most interesting or exciting projects you are working on now? How do you think that might help people?

I wrote a faith-based book last year, and my current project is to give more visibility to this book because I speak with women who are in pain and struggle to see their worth every week. It hurts me deeply to know that millions of women carry the baggage of past hurts with them. This baggage keeps them from achieving the greatness they are capable of.

Ok super. Here is the main question of our interview. Many coaches are successful, but some are not very successful. From your experience or perspective, what are the main factors that distinguish successful coaches from unsuccessful ones? What are your “Five Things You Need To Create a Highly Successful Career As a Life or Business Coach”? If you can, please share a story or an example for each.

  1. Know who you serve, how you solve their problem, and the results your coaching will have. Unfortunately, too many coaches try to be a life coach, career coach, counselor, etc. You aren’t qualified to do it all.
  2. Establish meaningful offers. If it takes 90 days to get results, don’t offer a 30-day program.
  3. Price right. Many coaches, including me when I started, want to help. They price their offers low, burn out, and aren’t taken seriously because they are priced low.
  4. Reverse engineer. This is an overused term; but relevant here. Decide how much you want to make and how many hours a week you want to work, then reverse those numbers to determine the price point you’d have to be at to achieve that.
  5. Practice self-care. No matter what type of coaching you do, you tend to earn clients’ trust. Therefore, they confide in you. However, the secrets they reveal can wear on you, so make sure you practice self-care.

What are the most common mistakes you have seen coaches make when they start their business? What can be done to avoid those errors?

The most common mistakes are the opposite of the five things you need to create a highly successful coaching career. They are not defining who you serve, not establishing offers that align with that audience, underpricing themselves, ignoring sales projections based on the hours they want to work, and getting burned out.

Also, the most common reason coaches fail, in my opinion, is that they don’t establish credibility. I spent two years coaching pro bono before I began offering packages and charging. Those two years gave me a track record of results that I could quote to earn the trust of those who hired me.

Based on your experience and success, what are a few of the most important things a coach should know in order to create a Wow! Customer Experience? Please share a story or an example for each.

Most of my coaching is done on zoom, and was before Covid made WFH a thing. “Wowing” a customer through a virtual experience means not trying to multi-task and staying focused on them during the session. And, getting results. I’ve had dozens of clients tell me that their business model became more apparent in 60 minutes than they were able to accomplish in 2 years! Wow! To save two years of trial and error through a 60-minute investment is priceless.

Lead generation is one of the most important aspects of any business, and particularly in coaching. What are the best ways for a coach to find customers? Can you share some of the strategies you use to generate good, qualified leads?

I don’t take coaching clients who come through mass marketing. They must be a referral or go through an intake process. This intake process ensures that we are a good fit and that I’m the perfect coach to help them get the results they are seeking.

Coaches are similar to startup founders who often work extremely long hours and it’s easy to end up burning the candle at both ends. What would you recommend to your fellow coaches about how to best take care of their physical and mental wellness when starting their business?

Exercise, travel, and practice weekly self-care. I schedule blocks of time out of my calendar where no one can book me. During these blocks of time, I can choose to read, nap, hike, or do whatever I feel like doing.

You are a person of great influence. If you could start a movement that would bring the most amount of good to the most amount of people, what would that be? You never know what your idea can trigger. 🙂

Going back to my statement earlier about women who carry around the baggage of past hurts, living as victims, it is my hope to empower them to live as victors. I had to overcome adversity and beat the odds to arrive where I am today, and I know what it takes to live into who you were created to be.

We are blessed that some very prominent names in Business, VC funding, Sports, and Entertainment read this column. Is there a person in the world, or in the US with whom you would love to have a private breakfast or lunch, and why? He or she might just see this if we tag them.

For business, there are so many I would love to meet: Richard Branson, Donald Trump, Warren Buffet to name a few.

For VC funding, an afternoon with Brad Feld could be interesting.

Sports: I’m not a big fan of sports, but Tim Grover, trainer to several top athletes would be fascinating. I’ve read some of his books, and love them!

In Entertainment my all-time favorite musician is Keith Urban.

This was very inspiring. Thank you so much for the time you spent with this. We wish you continued success and good health!

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