Small Business Talk For Coaches

The Podcast To Transform Your Coaching Passion Into A Thriving Business.

24 Business Tips for Coaches: Part 2

Show Notes

So this is the second part of our 24 Business Tips for coaches. So I hope you have listened to last week’s Episode 245. This is a three part series because I thought eight tips in one podcast is probably enough. So let’s get into today’s tips.

9. Be Ready For Opportunities

You never know what sort of joint ventures or partnerships or opportunities can come your way. And sometimes you might think that they’re not for you and sometimes they’re not.

But it’s amazing the things that we can do when we’re open to opportunities. And as coaches, we need to be curious. Don’t wait. We need to have a check and see whether that’s going to work for us. Now, not everything is. And you need to be careful of the shiny object syndrome so that you’re not jumping from one thing to another.

But sometimes these amazing things that happen. I mean, look at how movies taken over taxes and now taxes have to up their game. Who would have thought that you would have been able to get a taxi by just putting it into an app, not a few years ago. So, it’s amazing how we can up our businesses and change and tweak when these opportunities come along.

There are some really bad examples of when people haven’t taken those opportunities. Kodak been the worst because I actually developed the digital camera, but didn’t think it had legs and didn’t think it would get it anyway. And unfortunately, they’re not around today. Or if they are, not to the extent that they certainly were. So sometimes opportunities are there to be taken. So just be curious and see what works for you.

10. Personalise Your Approach

There’s nothing worse than just being a number. Now I’m not saying make everything bespoke and everything exactly the same. But when we talk about an ideal customer and making sure that we’re talking to them, that can sound like with personalising it just for them,

Which is another reason why you should niche. Because if you’ve got multiple of the same type of customer, talking to them definitely sounds like you personalise it. So, making sure that you are getting your message out to that one customer and getting clear knowing what their problems are, being able to solve that one problem and you get really good at that.

So making sure that you are personalising your experience. And then later on you might have 2 or 3 avatars, 2 or 3 customers that you can work with. But in the beginning, just start with a rule of one.

I’ve done lots of episodes on personalising your coaching. Here are the list of episodes you can check out:

Episode 243: The Rule of one
Episode 242. How to Stand Out as a coach
Episode 239: The keys to Coaching success

They’re great resources for you to check out. If you’ve already listened to them, listen to it again. Sometimes it’s good to have a second listen. So go and do that.

11. Understand Your Competition

Now a lot of people say that you should price the same as your competition. I disagree. Pricing is about value. And if you’re giving more value, then the people perceive that they’re paying, then it’s a win-win. I’ve used lots of analogies about cars. Very expensive cars are not worth that amount of money. When you look at the components in the way they built, but the perception of them, people think sometimes they’re even getting at a great bargain, especially if you’ve not bought it new and you’ve paid a little less than the new price or a lot less than you need it. Price. So it’s that perception about value. So checking out your competition is more about saying what they’re doing perhaps.

Do they have different offerings that maybe you could bring into yours? Are they doing something that you definitely don’t want to do? Maybe their model is something you know why I know how are going to do. So just saying what’s out in the ecosystem is really important. Think about Airbnb in the way that they’ve really revolutionised that hotel industry.

Keeping up with things doesn’t mean that you’ve got to go and use it. Sometimes, like I say, it’s a case of running away from it, not running to it. But just being aware is important. So some episodes to check out here are:

Episode 234: Where Not How
Episode 206: How to Win on LinkedIn With Adam Houlahan

Now you might think that’s a really odd one to be checking at your competition, but LinkedIn can be a really important thing, and it might be something that you’re not doing that your competition is doing. So check that one a bit leftfield, but probably a good resource anyway.

12. Leveraging New Technology

Now there’s lots of things that happen along the way that make it easier. Things like having a booking calendar so that people can book in. And you know that what’s on your calendar said not double booking. I can remember transferring things from a paper calendar into a smaller calendar to take in my purse, and vice versa, and things get forgotten. So having a booking system that goes straight into your calendar is a great thing. Making sure you’re using payment systems so that people can pay in advance and you’re not for ever invoicing and chasing money can be a really great use of technology, email, software, making sure that you’ve got those automated emails when people purchase and those reminders and things that are over the top.

Of course. But email software can make things much easier to keep in touch with your people and making sure that they know that you’re thinking of them because there’s nothing worse than buying something and then never hearing again. And then suddenly somebody’s got a sale and you end up with a whole stack in your email. So just keeping those touchpoints throughout the year and throughout your coaching time can be really helpful.

And then when you do have something you want to sell, then kind of be more receptive to it because you’ve had those touchpoints, you’re not suddenly just spamming them because it’s a Black Friday sale. Another great one, of course, is social media making sure that you’re using scheduling systems so that you’re getting the messages out there, drip feeding, and it’s not being all or nothing, and you’re not spending every five minutes having to do it.

So most of these social medias have their own scheduling systems now, so you don’t have to pay extra. And it works really well when you’re using their own. Okay. So, some resources to look at:

Episode 223: How to future proof your business  
Episode 214: Scaling your small business
Episode 203: Leveraging social media

So check that out if you haven’t already.

13. How to Manage Your Cash Flow

If you don’t have good cash flow, then it’s going to be really hard to run a great business, particularly when you’ve got things like taxes, GST here in Australia, that and other taxes around the world. You need to make sure that you’re putting that money away.

It is not your money. Do not spend it. Because how many people get to the end of their tax year and suddenly find that they’ve had a big bill? Making money is fantastic and you can do great things with it, but you do have to pay your obligations. You GST, any taxes. So making sure that your cash flow is really solid and works well on a great fan of profit first.

And we had Amy Bett, I think it was Episode 197: Why Do Business Owners Find It Difficult to Manage Money. So, she talked a lot about cash flow. So check that one out if you haven’t already. Okay. And we also had, Episode 162: Five powerful Ways to Boost Your income with Angela Henderson. So that was a great one to check out as well.

14. Decluttering

Are you spending way too much time trying to find things? Trying to find files on your computer, notes about your coaching, or just general bits and pieces or even your to do list. So remember having things clean and easy makes your life a lot better, especially when you’re busy. So making sure that you are decluttering, particularly your digital stuff so that you can find it much easier.

So a great podcast episode to check out is Episode 236: Should I expand my audience? That’s an odd one to be in decluttering, but maybe that’s a bit of a life field as well. So thinking about whether you should be expanding out a bit further, or whether just keeping to your core people and really nation is where you need to be.

So that’s an interesting one for decluttering. But I thought I’d try that one in for you. And also, Episode 226: Simplify for Growth. That’s amazing. And that will also help you to declutter. You won’t have all the bits and pieces. Sometimes having a simple offer makes it much easier and you can get that really strong and firm before you go on to the next one.

15. Setting Your Calendar

So we’ve talked a lot over the podcasting about batching, making sure that you’re doing everything in one go rather than trying to multitask, which really is just multi switching. So jumping from here to there and back again, it’s not actually achieving any extra. It just means that your brain has to keep resetting and working at what it was that you did before and what it is that you need to do.

So when you’re setting up your coaching day, it’s far better for most people to set up. Okay, I’m doing a podcast, so can I do 1 or 2? If I’m doing coaching calls, can I put a few coaching calls together? So I’m in a coaching mindset. I’m not swapping between accounting that I might not like and then coaching and then invoicing and then back again.

If you can set up the same kind of tasks to do, it makes it much easier and particularly there tasks that you don’t enjoy. Maybe you can do 3 or 4 of them and then maybe have the afternoon off or have a little treat. I was talking to a client yesterday, and she was saying that she’s been doing some tasks that she didn’t want to do, and she’s been really smashing them and doing really well.

So she’s going to have herself a little treat tomorrow afternoon and she’s going to book a massage. And that was her treat for getting those things done. But batching it can make it so much easier. So for that, we need to look at are you two available. Because that can be a problem as well. If you’re letting people just book in anywhere in any how, that could be in between your invoicing time.

It could be in between your traveling time. So you’re trying to deduct between here and there and making it really difficult. So setting those calendar times where that people can book into and not working too can make it really easy. And also you can then know if that time is available, if you’re waiting for somebody to come back to confirm, you don’t have to then not say yes to other people because you know that you’ve just got that time there and you’ve got that book that says setting a calendar can be a great way to make things easier and more streamlined.

So some episodes to look at is Episode 225: Essential Time Management Strategies for Coaches and how to say top had time management can save your business and your sanity. Also check out Episode 240:  Minutes Matter: How to do More with Less Time.

16. Learn From Your Mistakes

We don’t like to fail. But sometimes we need it to be able to grow. So, learning from them and not doing the same thing over and over can be a great thing. We will often tell our coaching clients that they might need to learn. So, are you taking your own advice? So Michael Jordan was one of those people that they didn’t think he’d even make the high school team, but he learned how to do it.

And he practiced and practice and practice. And they say that sometimes that that’s the great thing is, I may not have the best talent, but they are the most dedicated. They are the ones that keep practicing. So, is there something that you’re doing that you really should be learning from your mistakes? Or is it just a case of you need to do it more often?

Video is one of those things what a lot of us hate video. But as we get going and we do more of it, we can learn from the mistakes. We can learn how to get at or who’s better. We can learn where we can put pieces of paper. So, it’s not as evident that we’re trying to read it.

Those kind of things. So, learning from our mistakes and practice can be a really good one. Walt Disney He also got fired from his first newspaper job, and he was told that he wouldn’t be come much of much unless there’s so many examples like that. So just get up again when you’ve had that little problem fail. Whatever it happens to be, and learn from your mistakes.

So here are some episodes to listen:

Episode 181: What If You Could? Well, what if you could? And Episode 056: Is Perfectionism Holding Your Business Back? B-plus work out in the world is far better than a password stuck on your computer.

Contacts

24 Business Tips for Coaches: Part 2

Remember guys, if you’re not implementing then learning doesn’t help you any. So what is the one thing that you can take and do today to make your coaching better? To make your client experience better? So I look forward to seeing you again next week with the last of our 24 Business Tips for coaches.

Listen to the full episode of Small Business Talk episode 246.

You can also find the video versions of the Small Business Talk Episodes on YouTube.

SBT ep 246 - square