Take Your Business Seriously

I suspect that many of you who are well along in your coach training, can already see a significant increase in the value you can add to your clients.  You are simply a better coach; more competent and able to add far more value to your clients.  The same principle applies to your competencies as a solo business professional.  There is critical information you need to learn and apply if you are going to improve your chances of commercial success as a coach.

 Always remember there is the process of coaching. (Which coaches love.) And then there is the process of making a good living at coaching by building a successful coaching business. (Which too many coaches ignore.)   Even before you jump into coaching, you will want to ask yourself if you are cut out to be an entrepreneur? (See the SBA's checklist of entrepreneurial qualities at SBA.   By the way, the SBA web site has a wealth of free information to help you build your business. ) 

Assuming you feel you can make it as an entrepreneur, you still need to have a plan for your business. You need to think through some of the rudimentary concerns such as:

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  Who are your ideal clients that are the best fit for my interests and experience?
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  What are their problems that could be better solved with coaching?
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  Can your clients afford you, and if they can what is your optimal pricing?
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  Who is the competition?
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  What is your competitive advantage or why should your clients choose you?
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  How can you best "package" your coaching so your clients recognize it as the best solution for their problems they are prepared to spend money to resolve?
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  How do you reach large numbers of clients, quickly and cheaply, and get yourself well known?
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  How do you get your clients to try this new service you offer?
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  How much time, and by what best method, will you need to market each week to keep your practice filled? (Most new coaches only put in a fraction of the marketing time they need to get the clients they want.)
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  How long, and how much investment, will it take to become profitable?
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  What support do you need to master all the business competencies, keep you on track when times get tough and hold you accountable?

I remember a slogan from an old business infomercial that said, FAILING TO PLAN IS PLANNING TO FAIL.  In starting a coaching business, failure to attend to building your competencies in business is a very risky proposition.