114 | Coaching in a Cost-of-Living Crisis: How to Stay Visible and Valuable

Speaker: 00:00:00

Hello and welcome to Women in

the Coaching Arena podcast.

2

: 00:00:04

I'm so glad you are here.

3

: 00:00:06

I'm Jo Lott, a business mentor

and ICF accredited coach

4

: 00:00:10

Microphone (Samson Q2U Microphone):

and I help coaches to

5

: 00:00:11

build brilliant businesses.

6

: 00:00:14

I know that when you prepare to enter

the arena, there is fear, self doubt,

7

: 00:00:19

comparison, anxiety, uncertainty.

8

: 00:00:23

You can tend to armor up and

protect yourself from vulnerability.

9

: 00:00:29

In this podcast, I'll be sharing

honest, not hype, practical and

10

: 00:00:32

emotional tools to support you to make

the difference that you are here for.

11

: 00:00:37

Dare greatly.

12

: 00:00:38

You belong in this arena.

13

: 00:00:41

Hello.

14

: 00:00:42

Welcome to episode 1 1 4 of

Women in the Coaching Arena.

15

: 00:00:45

I am so glad you are here.

16

: 00:00:47

Today I wanted to talk about something

that's been coming up a lot lately,

17

: 00:00:51

and not just in conversation with

clients, but also in the wider world.

18

: 00:00:57

So there is a lot of talk

about the economy, rising

19

: 00:01:00

costs, financial pressures.

20

: 00:01:03

There is worry in the air,

and understandably so.

21

: 00:01:07

We are not officially in a recession,

but the cost of living crisis is

22

: 00:01:12

affecting how people think, how

they spend, how they show up.

23

: 00:01:17

And therefore, if you are a

coach growing your business, it's

24

: 00:01:21

easy to let that worry seep in.

25

: 00:01:24

Maybe you are wondering,

are people still investing?

26

: 00:01:27

Am I being unrealistic for

wanting more clients right now?

27

: 00:01:31

And today I wanted to speak directly

into that space with clarity, calm,

28

: 00:01:38

and encouragement, because I honestly

believe that what you focus on grows,

29

: 00:01:43

and I want to help you to choose

a focus over fear in these times.

30

: 00:01:49

So I thought long and hard about

whether to record this episode because

31

: 00:01:53

in all honesty, I don't let things

like this affect me or my business.

32

: 00:01:58

I.

33

: 00:01:59

Which might seem a little bit

crazy, but I honestly think

34

: 00:02:03

recession is fueled by fear.

35

: 00:02:06

So the more that we talk about it, the

more that it seeps into our world and

36

: 00:02:11

therefore the fear causes people to

stop spending and all of those things.

37

: 00:02:16

And someone said to me recently,

who was in a mastermind with me.

38

: 00:02:20

It's really tough out there right now,

and I felt obliged to agree and said

39

: 00:02:28

yeah, because I guess I felt bad for

him because he was obviously saying

40

: 00:02:33

it's really tough out there right now.

41

: 00:02:35

And in all honesty, I'm not experiencing

this at all in my business right now,

42

: 00:02:41

and he does very similar work to me.

43

: 00:02:44

So it was really interesting how

I allowed myself to get drawn into

44

: 00:02:49

agreeing with something that honestly

isn't a reality for me right now.

45

: 00:02:56

So I want to help you to see that as

well, that just because people are

46

: 00:03:01

talking about this doesn't mean that

you need to jump on the bandwagon and

47

: 00:03:07

agree, because that's how it all starts.

48

: 00:03:10

We all agree, and therefore everyone

starts tightening their belts and

49

: 00:03:15

therefore the recession does kick in.

50

: 00:03:18

So let's start here though,

'cause I'm going off on a tangent

51

: 00:03:21

that people are still investing.

52

: 00:03:24

So the buyer journey might be

slower, it might be more considered.

53

: 00:03:29

But coaching hasn't stopped being needed.

54

: 00:03:32

And in fact, when the world

is unpredictable, that's when

55

: 00:03:36

support, perspective and space to

think becomes even more valuable.

56

: 00:03:41

Think back to Covid.

57

: 00:03:43

The coaching industry absolutely exploded

during Covid, despite the fact that loads

58

: 00:03:50

of people were losing money, worried

about their jobs, all of the things.

59

: 00:03:55

So if you have been feeling stuck thinking

that people aren't buying or it's not the

60

: 00:04:00

right time, let me offer you a reframe.

61

: 00:04:03

It's is not about slashing your prices.

62

: 00:04:08

It's about communicating with

more precision and purpose.

63

: 00:04:13

Ask yourself now,

64

: 00:04:15

do I know exactly who

I'm helping right now?

65

: 00:04:20

Am I speaking to the specific problems

that they're experiencing in this moment?

66

: 00:04:27

Is my offer clearly showing

the result that they want?

67

: 00:04:32

When things feel uncertain, vague

offers don't land, specificity builds

68

: 00:04:38

trust, and trust is what converts.

69

: 00:04:41

So rather than worry and going to a

spin about the cost of living crisis,

70

: 00:04:46

double down on your offer and perhaps

focusing on those who can afford it.

71

: 00:04:53

So it's really worth considering

whether this even affects you.

72

: 00:04:57

Some industries and some people

will be more affected than others.

73

: 00:05:02

Some people out there have

a mass of disposable income.

74

: 00:05:06

I recently attended a workshop and

they said that the baby boomers are the

75

: 00:05:11

people to target right now because they

are the richest people in our economy.

76

: 00:05:16

So maybe it's time to focus your

efforts on baby boomers or people

77

: 00:05:22

who do have more disposable income.

78

: 00:05:25

It doesn't mean changing your niche, it

might just mean refocusing on those who

79

: 00:05:30

are slightly further along in the journey

or have the disposable income to spend.

80

: 00:05:36

Here is where mindset matters,

because like I mentioned earlier, I've

81

: 00:05:41

heard coaches say, no one's buying.

82

: 00:05:44

People just don't have

the money right now.

83

: 00:05:48

And I wholeheartedly disagree

because I like to look for evidence

84

: 00:05:53

that some people are succeeding.

85

: 00:05:55

So if they are gaining clients, there

is absolutely no reason why you can't.

86

: 00:06:03

One of my clients recently

turned down a 300,000 pounds

87

: 00:06:08

contract for leadership coaching.

88

: 00:06:11

It was a three year gig, and she's

turned that down so someone else

89

: 00:06:18

out there will be able to get that

opportunity and they actually sought

90

: 00:06:23

her out and requested a quote from her.

91

: 00:06:27

So it's back to whoever is most visible

will be seen by the people who do

92

: 00:06:33

have the money to invest in coaching.

93

: 00:06:37

So if you let these thoughts

in, they will shape your energy,

94

: 00:06:41

your actions, your visibility.

95

: 00:06:43

So, of course we can't control

the economy, but we can

96

: 00:06:47

choose how to respond to it.

97

: 00:06:49

We don't have to buy

into fear and scarcity.

98

: 00:06:53

We can decide to stay steady, trust our

work, trust ourselves, show up anyway.

99

: 00:07:00

And that's not about ignoring reality.

100

: 00:07:02

It's about choosing what kind

of energy we bring into our

101

: 00:07:06

business and into our lives.

102

: 00:07:10

So let's bring it back into

our own circle of control.

103

: 00:07:14

What we can control is staying visible,

even when responses may be quieter.

104

: 00:07:20

Doubling down on your ideal client

and message, making it really

105

: 00:07:24

clear, resonant and relevant.

106

: 00:07:26

Offering value consistently,

whether that is through content,

107

: 00:07:30

offers or conversations and being

the calm, confident presence that

108

: 00:07:36

your ideal clients are craving.

109

: 00:07:39

People are watching, reading, listening,

and when they are ready, you want

110

: 00:07:44

to be the one they already trust.

111

: 00:07:47

This is your moment to lead, not

from pressure, not from fear,

112

: 00:07:52

but from solid clarity and trust.

113

: 00:07:55

The clients who are a right fit

for your work will appreciate that.

114

: 00:08:00

They are not looking for drama, they're

looking for someone who can help them

115

: 00:08:03

to navigate, change, make the decisions

that they need to make and move forward,

116

: 00:08:09

and that is what you can help them do.

117

: 00:08:13

Don't shrink.

118

: 00:08:14

Don't wait for anything to blow over.

119

: 00:08:16

Keep building, keep showing up.

120

: 00:08:18

Keep choosing to trust the

seeds that you are planting.

121

: 00:08:23

I also want to share that there is

absolutely no shame in associate

122

: 00:08:28

work, getting a part-time job

alongside your business, like

123

: 00:08:33

needs must in your business.

124

: 00:08:35

When I started my business, I had three

jobs on the side of my coaching business

125

: 00:08:41

because I was so nervous to be completely

dependent on myself and my business.

126

: 00:08:49

And.

127

: 00:08:49

Tiny, tiny steps.

128

: 00:08:51

I quit the first job.

129

: 00:08:52

I quit the second job, quit the third

job, and I was really, really scared about

130

: 00:08:58

not feeling like I had a job as such.

131

: 00:09:02

And therefore it took me a long

time to lean into this unstable

132

: 00:09:07

world of entrepreneurship

where there are no guarantees.

133

: 00:09:10

And if you are ever looking

for guarantees, I suggest you

134

: 00:09:14

go and get a job immediately.

135

: 00:09:17

Because ask any business person.

136

: 00:09:20

There are no guarantees.

137

: 00:09:21

You can work hard, we can work

consistently, we can show up, we can

138

: 00:09:25

do all of those things, but in the end,

all we can do is trust ourselves to

139

: 00:09:30

know that we can bring in income some

way or another whenever we need it.

140

: 00:09:37

If I was struggling in my business right

now and had no clients, I would have a

141

: 00:09:42

thousand things that I would choose to

do, whether that's going on someone's

142

: 00:09:47

LinkedIn and connecting with them or

commenting for them on their profile

143

: 00:09:52

. I would do absolutely anything if I

needed to for that income in my business.

144

: 00:10:00

So please, if you are struggling

and if you are needing to gain other

145

: 00:10:06

opportunities while you build your

business, then please know that

146

: 00:10:11

that is completely okay in doing

what you need to do right now for

147

: 00:10:16

your business and for yourself.

148

: 00:10:19

Thank you for joining me today,

and like I say at the end of every

149

: 00:10:22

episode, trust yourself, believe in

yourself, and be the wise gardener

150

: 00:10:26

who keeps on watering the seeds.

151

: 00:10:29

Microphone (Samson Q2U Microphone):

Thank you so much for listening to this

152

: 00:10:31

episode of Women in the Coaching Arena.

153

: 00:10:34

I have a mess of free resources on

my website joannalottcoaching.com.

154

: 00:10:40

That's Joanna with an A

and Lott with two T's.

155

: 00:10:44

joannalottcoaching.com.

156

: 00:10:46

And I'll also put links in the show notes.

157

: 00:10:50

Let me know if you found

this episode useful.

158

: 00:10:53

Share it with a friend and

leave me a review, and I will

159

: 00:10:56

personally thank you for that.

160

: 00:10:59

Remember to trust yourself, believe

in yourself and be the wise Gardner

161

: 00:11:03

who keeps on watering the seed.

162

: 00:11:05

Get into the arena dare, greatly and try.