210. Should You Offer Coaching Scholarships

Today we’re going to talk about scholarships. Let's draw a clear distinction between discounts and scholarships. A while back, inside the Hive, we had a member share that someone requested a scholarship into her program. After a little negotiation back and forth, this coach said yes to the client’s scholarship request. But when we really looked at the circumstance, this client didn’t earn a scholarship, they just got a discount, which is not equitable or sustainable. There's nothing wrong with offering discounts, but don’t confuse them with scholarships. A scholarship is something that is awarded on the basis of merit, achievement or other qualification. Scholarships require structure, clear criteria, intention and an equitable process to evaluate the winners. We need be thoughtful about when, why and to whom we decide to grant scholarships. So that sets the stage for today’s episode. Dani Abernathy is back and this time, she’s ready to begin the process of rolling out an equitable, sustainable scholarship program. Now, I am not a DEIB coach, but I have given a lot of thought to the idea of scholarships and you’ll hear me ask Dani some essential Getting Started questions to help her begin to evaluate the shape of her scholarship program. So, if you have ever made the common mistake of slapping a discount on your offer and calling it a scholarship or maybe you want to develop an aligned scholarship program in your own business, then this episode is for you. Key Takeaways Alignment with Mission Equity over Fairness Clear Expectations and Support Clarity in Selection Financial Aid Approach Focus on Impact Timestamps & Key Topics [03:10] Introduction and setting the stage [05:33] Intention behind a scholarship program [06:55] The goal of the scholarship program and its alignment with the company's mission [08:12] Differentiating between fairness and equity in scholarship programs [11:00] Establishing criteria for the scholarship program [12:13] Addressing financial criteria and the complexities of assessing financial need [16:26] Considering the time commitment and support needed for scholarship recipients to succeed [18:38] Setting expectations for scholarship recipients [21:14] Finalizing criteria for scholarship recipients and ensuring ongoing support and communication [22:57] Establishing criteria for the company in regards to the scholarship program [26:25] Dallas outlines three key questions for Dani to contemplate regarding the program's structure/qualifications [28:10] Start the scholarship program with clear criteria and gradually refine it [30:35] Framing the program as a financial aid program rather than a scholarship program [31:30] How to determine the operating costs of the program and using a tiered approach for scholarship recipients [35:35] Starting the scholarship program with a clear goal and a manageable number of recipients [37:53] Importance of focusing on deep impact vs quantity [38:55] Dani discusses her next steps Connect with Dani:INSTAGRAM: @daniabernathyauthor WEBSITE: daniabernathy.com PINTEREST: @daniabernathycoach Connect with meINSTAGRAM: @dallastravers