Coaching & Business or Coaching as a Business
Posted by Melody Campbell on September 22, 2009 · 6 Comments
Coaching as a Business or a Hobby? photo credit Sam Pullara on Flickr
In order for your practice of coaching to be profitable you must operate it like a business, otherwise it’s just an avocation or a hobby.
av-o-ca-tion – n. An activity taken up in addition to one’s regular work or profession, usually for enjoyment; a hobby.
A business is profitable when operated with certain best practices. Yet many coaches who have trained and certified as coaches don’t make the time or the investment to learn profitable business practices. Many coaches actually avoid the very practices that would bring them the profit they are seeking.
Milana Leshinsky, of Coaching Millions, in her New Coaching Manifesto talks about the 91% of coaches who are failing miserably as business owners because they spend way too much time trying to define or defend the profession of coaching rather than focusing on creating value and problem solving for a culture of people that really need a coach – but don’t yet understand the true value of coaching.
Here are the problems as I see it:
Unsuccessful coaches…
- think “coaching” is their niche
- do not have a message that clearly communicates value or solution to a particular prospect
- avoid marketing like it is something painful
- have no clear path for the prospect to become a paying customer
- do not ask for the business
- wait for clients to find them
- have only one product – either one on one coaching or group coaching
Think about other businesses or professions.
Would you go to a restaurant that had a sign in the window that said, “We serve food”?
How about if you saw a business open in your community that had no sign, no way at all of knowing what the business had to offer – just a commercial building with the doors open? Would you go there to do business?
What about a business with an open sign but when you went inside, no one was there?
What are some of the practices of other professions, ones that you do business with?
Successful businesses have an easily identified product or service with an ideal client or customer in mind. A way to get their attention and offer their product or service for an exchange of money.
Let’s consider the example of the restaurant – no one is offended if the owner announces, even advertises that it serves only Mexican food. People that don’t like Mexican food can choose another restaurant. No one is offended when they receive advertisements about the restaurant or when a commercial comes on during their favorite evening show on television.
Yet, many coaches are struggling because “they serve coaching” (so what?!), and they don’t actually want to market their business – in fact they don’t know who they are solving a problem for and how to let anyone at all know that they solve a problem.
So what am I saying?
To be successful as a coach you must implement sound business practices. You must
- know who your ideal prospect is
- have a clear message of what problem you solve or value you create
- a unique method for creating the solution
- have systems for attracting and communicating with your ideal prospect
- ask for the business
- have multiple entry levels for the client to do business with you and experience your method and solution
If coaching is something you feel passionate about, something you love to do – but unless you implement good business practices, it will be impossible to make a decent living, nor will it fund the life of your dreams.
Is coaching your business? What will you do about it?
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Great points, Melody! One other serious mistake I see coaches making is that they don’t research their market. You really need to know the market — not just who your customers are and what they want, but who else is vying for their business, too. It helps you position yourself and fill the most profitable gaps.
And even those who take the time to do the research tend to do it once, maybe early in the process of choosing a niche — but successful coaches know that market research is not a one-time task. It’s an ongoing process.
Hello from your Montana neighbor:
It is sometimes hard to narrow a niche because we have so much wisdom and experience to share with others. However, you are so right that when it is narrower it is easier to find those who need your services.
We really must connect sometime when we are in same area. I’ll buy tea.
Judy H. Wright aka Auntie Artichoke, family relationsip and parenting author and speaker
http://www.ArtichokePress.com
Yes I feel Its so Imporatant to match the message of the business to the need of the client.
it may be that the message attracts because its what they want and then the change work provides what they really need.
I cant count the number of times I have turned up to an event thinking Right I need do this! and then by the end what I actually got form it was completely different and ven more valuable. I think that’s how coaching can be.
Plus the market and environment we live in changes so fast nowadays that you have to keep your message current so people hear it.
After all most of us are in coaching because of a higher purpose that of serving people. So we owe it to our customers communicate clearly and use language they understand in their world.
The power of words is astounding if we only stop and think hmm what does word or phrase convey to my clients. Am I getting through with the right message for them?
Trevor Aird
Confidence Expert
Trevor;
Many times our clients don’t really know what they need and you’re right we have to appeal or attract them where they know they are right now to help challenge or inspire them to a new level of excellence or discovery. You hit the nail on the head when you said that is how coaches are. It is so important that the words we use resonate with what is going on in the clients world…it is then they are most likely to take action in our favor. Thank you for expanding on this conversation.
Judy,
You’re right – sometimes it is difficult to narrow down our message. The really cool thing about the internet is that there are so many tools to build a multi-faceted reputation and at the same time narrow the message within a particular website, blog or article to attract a specific prospect with a need they’re yearning to fulfill.
I would love to connect! Depending on the distance here in Montana we need to meet either before or after the snow – or you could end up with overnight guests! :0
Kathy;
You are so right – We live in a changing world and almost nothing stays the same. Regular, continuous market research should be a built in business practice.
Most people don’t really want a coach – they want a problem solved! I think I’ve read it on your blog that coaches should boldly make it know what problem they solve for whom. Those will be the successful coaches, right?