Ep 169 – What It Takes to Be Successful in Your Coaching Business

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Episode Transcript

This episode might surprise you …

New coaches often ask me what does it really take to be good at this … to earn a good living at coaching by running your own business? Great question!

Welcome to Your Coaching Business Journey

You want to make a good living at this, help people, and be the director of your own career and lifestyle. Your coaching business can bring you all of those things and more.

After 20+ years growing my own coaching business I’ve realized that it’s been the territory of my greatest personal transformation. It’s been a spiritual journey because I’ve raised the courage to stay in it and ride all the waves. I’ve evolved and have more to do there.

So here’s my invitation to you … if you’re going to build your own coaching business — go for it without limits. Stay the course. Keep the faith. Believe in yourself even and especially through the down times when you’re not meeting your goals or feeling stuck.

Let’s explore what it really takes from two angles:

First, mindset shifts you’ll need to make.

And two, actions you’ll need to take.

As you listen think in terms of your potential rather than what you have to have achieved already. Wherever you are on this journey, you’re in the right place to move forward. Forward is always the best direction.

Let’s start with the most crucial mindset …

Mindset #1 – Embrace Being a Beginner in Your Coaching Business

Learn to be okay with not knowing everything and with being bad at some things until you get better at them.

Explorers and scientists get the value of this mindset. They know that first you summon courage and that most mistakes made along the way are happy accidents.

I’ve never liked the phrase “fake it ‘til you make it” because you can be totally authentic while you’re learning things. Be transparent.

  • You can tell your clients you’re new at this.
  • You can flub up and just bounce back.
  • You can apologize for mistakes and learn from them.

No one will mind. In fact we’re living in times where vulnerability is appreciated. Don’t perform. Connect. Don’t judge yourself. Allow yourself to grow.

Mindset #2 – Let Your Coaching Business Be Your Teacher

Your clients will teach you how to be a better coach. Your marketing mistakes will teach you how to be a better marketer. Your peers will teach you how to be a better leader.

What circumstances or events feel like they repeatedly take YOU down a peg? Those are your Core Lessons in life. Make it part of your purpose to master those things.

For example, I seem to need to continually learn how to stand in my power and how to hold healthy boundaries. I’ve come a long way with this. My business has been my greatest teacher.

And, your client’s Core Lessons may very well be the challenges that also trip you up. Interesting, right? It’s all a big mirror.

Mindset #3 – Become Endlessly Curious and Courageous

My new clients say they don’t feel confident about coaching, marketing, selling, writing — any number of things. That’s totally understandable.

But let’s flip this worry on its head because confidence will not develop as long as you stay in your comfort zone. If you’re not feeling confident now, that only means more time and experience is needed.

What’s needed now is curiosity and courage – those are the precursors to confidence and help you reduce fear. Just wake up your curiosity and courage each day and you’ll succeed.

Mindset #4 – Grow Resilience as a Coaching Business Owner

Resilience is the key to staying in the game of building and running a successful coaching business. When you make it a game you bring a good-natured attitude. It’s more like play.

Resilience is the ability to bounce back. So if you’re enrolling a potential coaching client and you hear ‘no’, resilience allows you to not take the hit. Move on. There is nothing more freeing than detachment from outcome and knowing that nothing is permanent.

Okay let’s get to 3 critical actions you’ll need to take to be successful in your coaching business.

Action #1 Clear Space and Invest in Your Coaching Business

Time, money and energy — your fledgling business needs these resources to thrive.

Did you know that most independent business owners put $25,000 – 75,000 into their business in the first 5 years just to get it off the ground? You can get away with less if you keep things super simple, be strategic and don’t grab at the bright shiny objects – like endless training programs.

At a minimum you need a dedicated computer, a mobile phone and decent headset. Most coaches want a website and a few other things to be able to grow their network or fan base.

You’ll also need a minimum of 20 hours a week to spend on content creation, getting the word out, having Discovery Calls to enroll clients and then serving your paying clients. There’s admin and other tasks too

The Startup phase has lots of moving parts, decisions to make and structure to put in place. It’s best not to do this alone.

Action #2 – Drill Down to a Narrow Coaching Niche

You might think you’ve niched by choosing a type of coaching, such as life coaching, career coaching, relationship coaching. But what you’ve actually done there is chosen a track – a direction but not a niche. A track doesn’t include the 3 critical parts of a smart coaching niche.

A side note here … life coaching includes every topic. The lack of specialization will keep you from standing out and earning well. If you need help deciding on a viable target audience and narrow enough niche, let’s have a Strategy Session. This is my super power and the first step.

Action #3 – Stay Visible to Your Targeted Coaching Audience

It will not work to throw up a website and wait for something to happen. For the first few years of your business more time will be spent attracting potential clients in your audience than serving them. That’s not unusual for new businesses.

So strap in, get serious and do what you need to do every day to stay visible to your target audience. It’s actually fun! This podcast will help you be strategic and leverage your time. Master those 4 mindsets and 3 actions — those are what it takes to be successful as a coach.