Starting your own coaching business is not easy. Therefore, we present you 7 secrets of a successful business that every coach should know before he decide to start his own coaching business.
1. Every Business Needs a Vision
Here are a few things to ask yourself when you make the decision to have a coaching business. Are you in this for the short term to get by, pay bills and help a few people out? Or are you in this for the long term? Do you want to grow a business out of the start-up phase to something that will create an abundance of wealth, health and happiness for you AND your clients?
Consider this: There is no right or wrong answer. Yet the secret to making a longer term impact is definitely in having a vision. Without a vision the business has no anchor, no connection to you with the big idea, no genuine connection to the people you set up your business to serve. What do you want to achieve by having a coaching business? Your answer to this will keep you grounded through good and bad times. Trust me, you’ll need this to come back to – often!
2. A Coach is Not Just a Coach
Making the decision to start your business means you have a lot more than coaching to do. In fact, you better have a hat stand because you have many to wear. Try these on for size: marketing, legal, finance, admin and IT. You did know that you have to be the lead on all of those areas right? No matter how small you choose to operate, you need to be aware of these areas each step of the way.
Consider this: When you try on things you don’t like at a shop, you keep the things that suit and leave the things that don’t. With your business, someone still has to wear these suits if it’s not you. Find people who fit the suits and roles to make sure your business continues to grow.
3. It’s Impossible to Run Your Business Alone
Continuing on from secret no. one, when you have a vision, you need the help of other people to make that vision or dream become a reality. As simple and hassle free as it may seem to do everything yourself, the reality is you’re going to need help. Typically this is all the stuff you may find incredibly boring. Let’s be honest, the creative big idea part is often more exciting than the details part.
Consider this: The experts you need have done the groundwork in their field e.g. accounting, admin, web design and the like, so you don’t have to. Take care of your business by knowing what is necessary to get the job done and guide the people helping you. Your helpers are partners too.
4. You’re the Lead Singer
As much as the easy-out clause would be to ‘hand the boring stuff over,’ be warned. Getting help isn’t a get out of jail pass. You still need to maintain some level of control and awareness of what you need. This is still your business and you are the lead singer in it. Collaborating with others who have skills in the areas you don’t is a blessing in disguise. They are your support and backing singers.
Consider this: One of the key secrets to working less is to get help from others who are better than you at the things that you’re not good at. That doesn’t mean abdicate responsibility. Pass the job on and make sure you get the results you want from your backing singers.
5. Who You Know Matters More Now Than Ever Before
Don’t hate the player, hate the game! In truth there is no game. It is human nature to seek the go ahead based on other people’s say so. It’s called social proof. So be sure to keep allies close and maintain healthy relationships with them. Word of mouth is one of – if not THE – best form of advertising. The people you know already could make great referral partners.
Consider this: Get your thinking cap on and write a referral list down. Who do you know that would be more than happy to put a good word in for you and the services you offer? Make it easy by considering who in your immediate circles are already your fans. Then make sure you stay in touch with them.
Secret 6: Investing in Yourself is Standard
Just because you’ve got the qualification, doesn’t mean the learning ends. Of course you know this. It’s easy to assume the learning curve goes on pause once you graduate. Perhaps it does for a while. To keep the momentum you’ll need to continue investing in yourself. Make sure your success is ongoing. The investment will be in time or money. You determine which of these you have more of over time.
Consider this: When learning is on pause, where else will you need business support? Every entrepreneur needs infrastructure – even online. Every coach needs a coach to support our growth. Be prepared to invest in yourself for the life of your business. That way, there are no shocks along the way.
7. You Need to Charge What Your Worth
There are no coach pricing policies. So don’t hold your breath when you come to the question, “what do I charge?” Having no regulation on what to charge is irrelevant. Seeing what everyone else is charging won’t cut it either. What to charge is an inside job not an external one.
Consider this: The marketplace is the wrong place to look when it comes to your worth. The right place to look is inside yourself. Be prepared – this secret alone will take you on a journey. A journey that will uncover many things about you as a person. Why?
Hmmm. Making a difference in the world…now there’s something to think about. Now that you have these secrets, what difference will you make?
Source: International Coach Federation
The Art and Science of Coaching is Erickson International College program and this program is designed to allow you to achieve mastery in coaching. It’s ideal for leaders, managers and HR professionals who want to benefit from coaching techniques, developed and proven in practice.
At the end of this training, participants have the opportunity to be certified as a Erickson professional coaches and they can use coaching tools in daily practice, either as a coach or as an extra communication tool. With this training participants acquire the necessary number of training hours for the Accreditation of Professional Certified Coach (PCC) under the International Federation Coach (ICF).