There are a lot of great coaching institutions out there. And when it comes to training outstanding coaches, they are spot on. They know their stuff. However, when it comes to building a business they miss the mark.
Coaching skills alone won’t make you a successful 6-figure coach.
I have worked with a lot of coaches who have the misleading impression they can and should become a 6-figure coach in just 6 months or so after starting their coaching business.
While there are those who have, they are extremely rare.
There are 3 important points you must realize and prepare for when starting a coaching business.
1. According to the Small Business Administration, is takes approximately 3 to 5 years for a business to become established.
Yikes, 3 – 5 years? Yup! Coaching is a business and it takes time to develop strong legs to grow on. Many coaches are starting from scratch. You have to develop everything from your own contracts to your program packages.
Be prepared to put in the necessary time & effort up front. Then create the systems to take some of the load off.
2. 95% of all businesses fail, according to the SBA.
Not because of a lack of dedication, commitment or passion. I’m sure you have an abundance of all 3. Often coaching businesses fail due to lack of consistency & follow through.
We all live in an “I want it now” society. If we don’t immediately see results we fall into the opportunity hopping trap where we jump from opportunity to opportunity looking for that quick answer because our fears are telling us we need more
Don’t listen to those fears. Listen to your heart. But follow that up with a realistic mind, thorough research, and consistent efforts.
3. Although 1:1 coaching is the main venue for coaching taught in schools, it is also a huge reason why coaches fail.
Think about it, say you have 20 clients and spend 1 hours a week with them. You charge $500/ month you CAN make $120k / year. Not bad. But consider this, add to those 20 hours a week working directly with your clients the prep time, the follow up time, general business administrative tasks, finding new clients, developing new programs, and all the other work it takes to run a business. You will quickly be working 60+ hours a week, even if you farm out a lot of the admin stuff.
Not growing beyond 1:1 coaching is the #1 reason why coaches burn out. It’s almost impossible to keep up that pace, and you would be crazy to try.
You must have continuity products and programs that will develop those multiple streams so you can make money while not having to work solely with 1:1 clients.
Coaches are a wealth of information. Whether you realize it or not, you have a ton of valuable information to share. Creating different products alleviates the pressure for continually looking for that next client. This not only creates a continual stream of income, it also helps you extend your reach and help people who may not be able to afford $500/ month for coaching.
Coach training institutions are a wonderful resource for coaching skills. I highly recommend all coaches be professionally trained to truly understand the concept and spirit of coaching. One on one coaching is the heart of the coaching industry. But, in order to continue to deliver that highly effective and powerful source of coaching, you must make your business work.
By realizing it takes time, preparing yourself for the long-haul, remaining consistent in your focus, efforts and growing a continuity system for your business, perhaps you can be one of the 6-figure coaches you hear about.
Kathy Jo Slusher-Haas is a certified marketing and business coach who specializes in helping other certified coaches build their coaching empire. Interested in more tips to help you grow your business and market like an expert? Visit http://www.marketyourcoachingbusiness.com/Free-Stuff-.html for instant access to your own free Marketing Survival Guide.