Small Business Talk For Coaches

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

Navigating The Entrepreneurial Journey as a Coach

Show Notes

So fantastic, you’ve decided to be a coach. You might have even done certification and now it’s time to turn it into a business. It can be a real struggle for coaches because coaching skills in coaching is not the same as skills in business. They are two different things. And now that you’ve learned to be a coach, if you don’t have those business skills, you’re going to need to learn those as well. But do not worry, there are some really good pointers on what you should be looking for and how to start that you can use.

Coaching Skills and Business Skills

So the first thing you need to do is understand exactly that, that coaching skills and business skills are quite different. So you need to be thinking about how you can help your clients, but you also need to think about what their problems are and how they’re going to speak about them. Because if you don’t know what other needs, it makes it very difficult for you to craft a marketing message so that people can understand you.

Find Your Niche

A lot of new coaches want to be a generalist and that’s great, but it’s very difficult to market for a general population, particularly if you don’t have a lot of money to put behind. And as a new coach, you’re probably not confident about spending a lot of money, particularly on paid advertising at this point. Until you’ve honed message, you’ve got those runs on the board.

You’ve got a few testimonials and you’re happy with what you’re selling and you’re confident with what you’re selling because as a new coach, sometimes it can be a bit of a step between having those skills in certification and actually getting into the real world and helping people. So the best you can have is just that.

Think about what you will be. What are the things that you love to help? Do you have past experience? Maybe that’s where you need to start your night. Do you have a past skill that you can now coach on? Think about those kinds of things, how you’re going to carve out that niche, how you’re going to build a brand.

Build Your Brand

At the end of the day, you are the coach, but people are still going to resonate with the brand. So, you need to start making sure that you’ve got some colors. So every time somebody sees a social media post or a flier or a website or however you’re using to market yourself, they know it’s you.

Think about all the big brands that you say. They’re all very consistent. So, you need to stop being consistent as well. And you need to think about it as a business. So, what are the business steps that you need to do? Do you need to do a business plan? What is this business going to look like in ten year’s time?

Quite often we will overestimate what we can do in a year and underestimate what we can do in ten years. So, if you think of doing a ten-year plan and then work it backwards, then that’s going to make it a lot more achievable for you in this coming year. So, if you want to earn a certain amount of your money in ten years and what would that be like in five years?

What would that be like in one year? What do you need to do to be able to get those incremental steps? How many clients do you need? Do you need to have a program? Is one one going to get you that amount of money? Do you need to have a combination? What’s your ecosystem guide? So, these are all the business questions that you can start to ask yourself.

Get A Business Plan

How many clients do you need? What kind of packages? What kind of ecosystem? And to start by developing one thing. So the easiest thing to develop, of course, is one on one coaching. So, can you put out some offers? What kind of office can you have? Try your messaging app. Have a chat with some people, say what resonates with them and be careful when people say, “I wouldn’t do that” or “I wouldn’t do these.”.

Are they your ideal people? Are they understanding your message? If they are and they still giving you a negative response, it might be that you need to change that messaging a bit. Friends and family quite often loving as they are. Don’t you always give us the best business advice, particularly if they’re not in the business themselves or they’re not somebody who would be likely to have coaching?

If you are a coach, it’s not recommended that you coach your friends and family anyway especially if they’re not your target audience, the type of people that you are trying to attract for your coach. So if I said I don’t understand your messaging, that might actually be a good thing, because if they’re not your target audience, then not appealing to them can actually be a good thing.

Talking to Everybody is Talking to Nobody

When it comes to marketing, we want to start with talking to everybody, talking to everybody means that we’re going to talk to nobody. When you’re doing your messaging, you need to have it concentrated that one group of people actually know what you’re looking at.

Common Business Problems You Should Know

You might encounter common problems that includes:

1.Cash Flow

Quite often cash flow can be a hurdle. We’ve done lots of episodes of small business about cash flow. It’s SBT Episode 197. She’s a Profit First Professional. She talks a lot about cash flow. So if you haven’t listened to that one, that would be a really great one to guide with because cash flow is one of the biggest things you need to have an ecosystem where you can have cash flowing in so that it’s not all or nothing.

At point of mine, she actually gets paid in a great lump sum and what she does is that she spreads that out into her cash flow. So that it’s not all in one big pot so she can spend it all. And once she actually filters it back in on a monthly basis, because she gets paid in a 12-month lot and she’s a bit worried that if she spends all of that, then what is she going to have for the rest of the year?

And contract work can be quite like that. They just think about how that cash flow needs to spread out over the time that you’ve got.

2.Self-Doubt

The other thing is self-doubt. Once you start going out and talking to people, you might get a few notes. Well, you’ll definitely get some noise. So thinking of that, is that a no against you personally, or is it just they’re not the right customers for you? They’re not the clients that you need? Or is it a case of you just haven’t articulated your message well enough, so you really need to hone that messaging. Think about what the elevator pitch is going to be. How can you very specifically say what you do and you just need to start somewhere because you won’t get it right the first time, but you can tweak that, you can change it.

But once again, be careful of the negative feedback, especially if they’re not your audience. Try something. If it doesn’t work, try something else but try to pick a niche and stick with unique because it’s really hard for people to recommend you. If you’re this coach this week and then you’re a coach next week in your coach the week after and a day coach the week after.

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Navigating The Entrepreneurial Journey as a Coach

If you’re putting a lot of effort into your business, you’re not getting results, you might need to get some extra advice on that. So make sure that you are defining a niche in knowing who you’re talking to. You’re being very specific and you’re running it as a business.

Listen to the full episode of Small Business Talk episode 221.

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

Ep 221 of Cathy Smith Coaching

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