Small Business Talk
The Podcast to Grow your Business Faster
Why Coaches Can't Make Money with Cathy Smith and Kyle Spyrides
Show Notes
Background
With the help of coaching schools, people can overcome blocks, things like imposter syndrome and procrastination and they learn a skill of being able to move people forward, which is absolutely fabulous. However, most coaching schools don’t teach the business of coaching so you can be a qualified and great coach but you don’t know what to do to make some money.
When you have decided that coaching is for you, you need to know everything about coaching. When you’ve just started, it can be hard as you need to find a coach that’s going to be right for you. In this podcast today, we will be talking to Cathy Smith, how she got into coaching and more about herself.
Coaching Journey
Cathy had a business for 22 years in marketing and a couple of years ago, she got the opportunity to do a search for in personal and business coaching.
She thought she would just get a qualification for the marketing consulting but once I got into coaching, I found out it was quite different because consulting is when people tell you what to do and how to do it, and coaching is when they allow a situation and an environment where you can actually make your own decisions and come to your own conclusions, which sounds really scary. However, if it’s done right, it can be really, really powerful and make it a really good benefit for you and make sure that it’s your decision and therefore you’re more likely to own it and follow through rather than just following up prescriptive step by step.
So Cathy got into coaching about two years ago, and now she does a hybrid of marketing, consulting and coaching depending on what the client needs.
What Is Coaching?
With coaching you can do much for someone. Like for example, instead of telling someone an answer, you can actually help them uncover the answers.
For some people, they might think it’s the same with sports coaching. With business coaching, majority of the coaches are actually consultants. When you want coaching, the first step is to get into a program and follow their step by step guide. During the process, you will learn a new skill that allows you to create your own game plan which is exciting.
What's Next For Coaches?
Once you finish the course, you become a real and qualified coach but what’s next? Should you go jump into the coaching business right away? What about the marketing strategy? How will you earn money? The problem with coaches is that they might be qualified but they don’t know anything about marketing. Well, generally when coaches are taught to coach but they actually know much about business marketing.
With business marketing, you don’t have to have a qualification. Obviously, a qualification gives you the skills on how to do it, particularly if you’ve never done it before. But most coaching schools don’t teach the business of coaching. After you completed the course, you will end up wondering how to run your coaching business.
How to Make Your Coaching Business Work?
Coaching aims in helping people but obviously, you can’t help everybody. You can decide whether you will be a generalist or you can decide to work only with yourself. Whatever your choice is, it is important that you know how to make your coaching business work so you can make some money and not end up like those coaches who are still left wondering what to do with their coaching skills and qualifications. Plus, earning means you get to help more people, right?
When it comes to business marketing, it is important that you get the word out there. You need to let the people know of what you are offering. For example, if you are a photographer and doing an animal portrait, you don’t talk to people who are not pet owners, right? It would be useless marketing your skills to people who are not interested with what you are doing. It still boils down to reaching the right audience.
Turning a Coaching Passion Into a Coaching Practice
So how do we turn a coaching passion, whether it coping about grooming dogs or a coach in about geography and turn a coaching passion into a coaching practice? Well, it starts with your mindset. You need to start and think, am I going to be a business owner? And if this is going to be business, then you need to treat it like a business. You need to set up plans, goals and timetable.
Start by looking at what you want to achieve in a year and then break it down so it will not be too ovewhelming for you. You need to have a positive outlook and trust that you can do it because if you get distracted all the time, you might not get the result that you want.
Links
Why Coaches Can't Make Money with Cathy Smith and Kyle Spyrides
When it comes to coaching, you should start investing in yourself and in your business. In whatever you do, always think about your business and the people around you such as your staff because whatever you plan or touched, it will be your foundational principles. And remember, you can always decide your destiny.
Listen to Episode 193 of Small Business Talk for the full details.
