Retreats are an opportunity to bring a group of clients together for a common experience. They can occur over multiple days and are often on the weekend to accommodate a larger variety of clients’ needs. Planning a retreat takes a tremendous amount of upfront work to create the right environment, materials, accommodations, speakers, activities and exercises. Hosting retreats comes with its own set of unique risks and rewards. Here are some highlights:
Retreats take work to create the right environment, speakers and activities.
Risks
When booking a facility, there will usually be upfront costs. Deposits can be required by the retreat center or hotel, along with food and attendance commitments. You may have to risk your own funds if you come up short. Registration rates are often slow, as are profit margins.
Having a firm cancelation policy can keep you from last minute losses. You can also offer incentives for early registration in the form of discounts, private VIP events or swag.
Benefits
Attendees at a retreat are prime candidates for your coaching packages. While the retreat itself may not generate a large profit, what you sell at the retreat can make it well worth the time and financial investment. Presenting a powerful training can give those who attend a great experience of your style and content. From there, selling them into a digital training or coaching package is natural and expected.
You also have the opportunity to network and develop new strategic partnerships.
Develop retreats with others who offer complementary services.
Joint Venture
Consider developing retreats with other coaches or professionals who offer complementary services and products. These collaborations will allow you to share the financial risk, planning and contacts. As you each invite your own clients to the event, you can now cross market to one another’s clientele. Choosing the right retreat partners will create an economic ecosystem that can be repeated again and again.
Retreats are a great way to develop new partnerships, repurpose old content and find new clients. If done correctly, the risks outweigh the benefits! You’ll grow your network, your coaching practice and your bottom line!
Check out The Coach Business Guide: The Path to Launch and Grow your Coaching Practice, Chapter 6 – Identify How You Will Work for more information and help.
