If I could travel back in time and give myself this guidance, exactly three years ago, my life would have been a lot easier. As a new coach, consultant, trainer, healer or any solo entrepreneur, we are all fumbling around in the dark. There are many shiny objects and lots of people claiming they have the answers.
I don’t have ALL the answers. And I sure as hell know what has worked for me and what kept me stuck when I first started. I hope this helps you out too.
- I thought social media was the answer.
I put so much time and energy into writing blog posts and posting it to social media. I even thought that social media engagement mattered. It didn’t. After having struggled to make $20,000 my first year I looked back and saw that none of my business came because of social media. Some love being on social media and can build their business that way. I do not. I like being in person with people and creating community, connection and value that way. It’s more authentic and powerful. Some people can build a business via social media but it takes highly skilled help or a huge run way to “figure it out”. Social media is at best a noise maker which keeps you top of mind if you DIY it or a lead generation strategy if you invest in the right support and funnel system. Know the difference between content and connection. Content gets you seen, connection gets you paid!
2. I thought I had to niche down very tightly.
Yep, most people will say that you HAVE TO MICRO NICHE. I get it. It is wise. Make sure people know exactly what you do and exactly who you help. I agree that potential clients need to meet you, see your content or in some way be exposed to you and say “that’s me!”. And I let this idea of micro niching run me ragged. I changed my niche a bunch of times. I thought that the answer was in the niche. It was another distraction from simply creating great content or experiences that serve people and bring value. It kept me focused on the hope of the “end all be all niche” that would solve all my problems. Rather than focusing on how much value I was creating and how much action I was taking, I’d change my niche.
When I actually let go of niching all together, focused more locally and created the content that I wanted to share with the world, my business started growing exponentially. Don’t let the idea of the perfect niche be a distraction. Know who you want to serve, know how you want to serve. Focus on solving problems, not your title or niche.
3. I Tried to Sell My Story…Not My Service.
Yes this post is part of my story so it still must be told at times. But we can’t center ourselves if we want to stay in business.
I’ve got a good story. I lost 150 lbs, kept it off, did it without dieting. I got divorced at 31, found my personal power with dating and transformed my social life. I moved past crippling negative thinking and a life driven by anxiety. I’ve exploded with growth from every adversity in my life. I eventually quit my 14 year career in retail to start my coaching business. People dig the story. And…story does sell.
But your story is not what will help your practice grow. In fact being internally focused or “me” focused isn’t really serving anyone. People have to relate to you and know you have accomplished some of what they want your help with. People want you to model vulnerability and transformation. And at the end of the day they need to know that you can help people other than yourself. They need believe you can help them.
They will love you for your story but that’s not how you get paid as a coach. An experience of you is more powerful than a story of you. An experience with your coaching, facilitating, speaking etc is much more powerful.
When is it time to tell stories? When you have helped clients and can begin to tell their stories. You will need to tell your story but make it a part of the picture of how you help others. Not the full picture. If you are mostly posting pictures of yourself, telling people about what you ate or the big gig you landed, explaining your own traumas and triumphs, you are caught in the trap. Facebook (and assumably instagram…I’m not on it) are full of broke people posting pictures of themselves at the beach or meditating by a stream who call themselves coaches. That’s service…to your ego…not your client or potential client.
4. I Did Not Charge Enough.
I know you hear it all of the time, but charging less than what is viable for you to create a sustainable business is not a business. It’s a recipe to either failing quickly or filling up quickly but burning out. I was charging around $1500 for 9 sessions over 3 months. Yep..that’s more than the average “new coach”. And to make the money I wanted to make I would have had to enroll about 100 people a year into that kind of package and 25 clients at any one point.
Wow. That was insane.
I average about 12 clients and with my current rates that has me reaching my income goals. If I was working with 25 clients at a time I would not be serving them very well and I wouldn’t be able to keep the business going unless I worked 60 hours per week. I got out of retail to work under 40 hours a week and have freedom of time. I was not on that trajectory.
When I started charging more, I heard “yes” from potential clients more often. More importantly I had some breathing room if and when I was not full. Even more importantly than that…clients kicked ass at the higher rates.
Look, here’s the thing. If someone makes $120,000 a year they can part with $400 or $500 a month and not do the work. They don’t want to but they can and will. As you raise your rate you will get more time, more money and more people who are deeply committed to doing the work. I heard this when I was first starting…but didn’t believe it. It was all fear and ego. “No one will pay me that much and I’m not good enough even if they would.”
Get over it. Charge a rate that will give you the lifestyle you want and the caliber of client you want. What good is a business where you are full but still can’t afford to live the way you want to live and have no flexibility in your schedule? If you want that…get a job. It’s a lot easier and comes with benefits.
5. I Was Afraid to Spend Money.
I hired a coach to help me start my business. I spent $8000 on that. I took a micro niche training with I thought was going to change my life. I spent $7000 on that. And I wasn’t spending like a business owner. I was spending like a guy who was dipping into his savings to do something crazy. Any other spending on the business scared the piss out of me.
“$25 for a networking event? I can’t afford that.”
“$1,500 for a professionally done website? That’s insane. I’ll spend my own time creating a mediocre web site.”
“Traveling to an event that will help me improve my skills and make connections with potential clients and collaborators? $1,000! That’s just irresponsible.”
“I finished working with this first coach and finished my training. Hiring another coach would be crazy. How can I afford this?”
Are you prepared to treat your coaching hobby like a business?
Are you prepared to invest in it and make little to no profit for 1 or 2 years?
That is how a typical business actually works. Most businesses run in the red for a couple of years. At the end of my first year as a coach I was considering closing up shop. Or more accurately, I was considering getting a job or driving Uber while letting my coaching business grow slowly.
My other option was to join an intimate group coaching program for $10,000 (Again I only made $22,000 in year 1) and to go “all in” with the business. I made the choice to go for it. I made the choice that eating ramen noodles, spending every last dime I had, burning my 401K were all things I was willing to do to create my income from what I love doing while making an impact in people’s lives. It was the best choice I ever made. It got me out of the mindset I was in. At that moment I stopped thinking of the money I spent on the business as “my spending money or my savings” and just considered it operating cost.
I grew up. I learned that I am a creator of income. Not a spender of savings. I learned that if I wanted to invest in the business I just had to choose the quickest and most fun way to make that money back so I could stress less. It’s called ROI and as simple of a business concept as that is, I was still thinking like an employee, not a business owner.
You will spend more money on this business than you think you will. If you are tight with the money you spend on training, coaching, events, professional services etc. why should your clients be anything but tight and stingy when choosing to hire you…or not. It’s time to get over your money shadows, take some risks, graduate to business owner from hobbyist/employee and be willing to spend some loot. The moment I said “yes” to that 2nd coach, my income started steadily rising…and hasn’t stopped. It was the moment in my journey where I officially “turned pro”.
So those are my biggest mistakes from when I first started out. I hope you gained value from them. If you did please share this with people you know that need to hear it.
If you are looking for not one, but three amazing guides to help you through this point in our coaching, consulting, training or healing business consider applying for The Confidence Catalyst. I’ve partnered with two amazing coaches to create a group coaching program specifically for newish practitioners. We all struggled at first and spent amazing amounts of time, energy and money figuring out our business. We are here to help you understand what we wish we knew, build your confidence and help you fully step into action.
If you are more interested in one on one bold, ass kicking, badass support for your personal or professional life, read more about my individual coaching here.