65 | The 5 Lessons I Wish I Knew 5 Years Ago When Starting My Coaching Business

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

Hey, welcome to episode 65 of

women in the coaching arena.

14

: 00:00:45

I am so glad you are here.

15

: 00:00:47

Today, I'm going to share some

key lessons that I've learned over

16

: 00:00:51

the five years since I quit my HR

role and began my coach training.

17

: 00:00:58

So, whether you are just getting

started in your business or have

18

: 00:01:01

been doing this for a while, I hope

my insights will help you to grow

19

: 00:01:06

your business and move forward today.

20

: 00:01:09

So lesson one, no surprise.

21

: 00:01:11

Get clear on your niche and ideal client.

22

: 00:01:14

One of the biggest mistakes I

made and I see new coaches make

23

: 00:01:19

all the time is trying to be a

generalist and work with anyone.

24

: 00:01:24

That might work for a short time to gain

a couple of clients that are really low

25

: 00:01:31

rates, but it's really tricky to build a

long-term sustainable business that way.

26

: 00:01:37

It's tricky because you can't charge

enough for generalist coaching.

27

: 00:01:42

You need to learn how to talk to the

results so people can see the return

28

: 00:01:47

on investment of that coaching session.

29

: 00:01:49

I think you also need to do it with love.

30

: 00:01:51

Like you are going to have to

immerse yourself in this world.

31

: 00:01:55

The niche you pick needs to

be something you are happy to

32

: 00:01:58

talk about day in, day out.

33

: 00:02:02

So really hone in on exactly

who you want to serve.

34

: 00:02:06

It's really nuanced.

35

: 00:02:08

And I think that's often missed

when you start your own business.

36

: 00:02:12

That say mums, for example

is not a clear niche.

37

: 00:02:16

You need to be super specific.

38

: 00:02:18

Like for example, people who have

a similar niche to me, We'll niche

39

: 00:02:22

down in coaches already earning 10 K

per month and wanting to earn more.

40

: 00:02:28

So it's not just, I'm

going to choose coaches.

41

: 00:02:31

It's exactly who are you aiming for?

42

: 00:02:34

And what are you helping them to achieve?

43

: 00:02:36

Don't be afraid to niche down.

44

: 00:02:37

I held a workshop a couple of weeks ago,

and one of my previous male clients had

45

: 00:02:43

niched down into midlife males, I think.

46

: 00:02:47

And he shared on the workshop

that actually he's had loads, more

47

: 00:02:51

female clients since doing that.

48

: 00:02:53

Because it's created the intrigue of like,

oh, well you work with me or is only men.

49

: 00:02:59

So he shared from his experience

niching down, even though he wasn't

50

: 00:03:04

only working within his niche, target

market has really helped him to grow.

51

: 00:03:09

The more specialized and tailored

your services are the more you will

52

: 00:03:13

be able to stand out, talk with

radical empathy to your ideal client.

53

: 00:03:18

Charge good prices and help your

clients achieve outstanding results

54

: 00:03:23

as you practice your craft again and

again, and again, and start realizing

55

: 00:03:28

what are the obstacles at this target

market are generally experiencing,

56

: 00:03:33

and then you can get really good at

helping them to solve that problem.

57

: 00:03:37

Lesson two is that you will need to learn,

to become comfortable with being visible.

58

: 00:03:43

That doesn't have to mean social

media, although that is a quick and

59

: 00:03:47

easy way to start and especially

to reach your previous network,

60

: 00:03:51

which are always your first port of

call, when you start your business.

61

: 00:03:54

But there are loads of other ways and the

best way will be the best way for you.

62

: 00:03:59

So it really needs to be

something that you are happy

63

: 00:04:02

to consistently show up and do.

64

: 00:04:05

I was listening to a YouTube video

this morning and the person was sharing

65

: 00:04:09

that when he started his business,

he was looking for the magic pill

66

: 00:04:13

and the one system that would help

him to scale and grow his business.

67

: 00:04:17

And actually what he realized

when he did find his magic pill,

68

: 00:04:21

which was using SEO and blogging.

69

: 00:04:24

And he ran a course on that to

help people to grow their business.

70

: 00:04:28

And he soon realized that

though the course was good.

71

: 00:04:31

The people were not consistently blogging,

therefore it was never going to work.

72

: 00:04:35

So it's about thinking what is

going to work for you and what

73

: 00:04:40

are you prepared to go all in on.

74

: 00:04:42

I really don't think you can

succeed with a half-baked approach.

75

: 00:04:47

You need to commit to your business.

76

: 00:04:49

If you want this to work.

77

: 00:04:51

And I have a lot of calls who

say, I don't need the money.

78

: 00:04:55

And that's absolutely fine, but then

tune into why you do want to do this.

79

: 00:05:00

Like have a mission.

80

: 00:05:01

I have a mission to help

make a million lives better.

81

: 00:05:05

And the best way I can do that is

by using my obsession and love of

82

: 00:05:10

marketing and helping coaches to grow

their business, to help me help them.

83

: 00:05:14

And then help them help as

many people as possible.

84

: 00:05:17

So that is the way I'm

going to reach my goal.

85

: 00:05:20

So it's not a financial goal that I have.

86

: 00:05:23

It's a goal to share my mission,

to help people live better lives.

87

: 00:05:29

Lesson three is focused on

delivering great results.

88

: 00:05:33

At the end of the day, your business

will succeed on the case studies

89

: 00:05:37

and testimonials you receive.

90

: 00:05:40

I continuously reflect on

how I can improve things.

91

: 00:05:44

I have another coach in my program

now who is direct messaging people.

92

: 00:05:48

We are analyzing regularly how

everyone is doing, considering

93

: 00:05:53

who may need some more support.

94

: 00:05:55

But it's also at the stage that I

can't do that on my own anymore.

95

: 00:05:59

I can no longer carry in my

head what's going on for each

96

: 00:06:03

individual client at any one point.

97

: 00:06:06

So I have created systems,

including Google forms.

98

: 00:06:10

Including my coach.

99

: 00:06:12

Including getting people to share

every single call so I can understand

100

: 00:06:17

a rough picture of where people are at

but also systemize where people are at.

101

: 00:06:21

Now if you are not delivering

a scaled model, like I am, that

102

: 00:06:25

will be quite different for you.

103

: 00:06:27

And obviously you will probably

have one-on-one really intimate,

104

: 00:06:32

connected access to your clients

to know how they are doing.

105

: 00:06:36

In this one comes the quandary, that

many coaches I work with experience,

106

: 00:06:42

which is, are you only ever doing

pure coaching or are you ever having

107

: 00:06:47

a blend of coaching and mentoring?

108

: 00:06:50

And most coaches that I work

with soon, find that most people

109

: 00:06:55

have come to them because they

have the same sort of experience.

110

: 00:06:59

So usually they want to gain some of

that experience from you otherwise

111

: 00:07:04

they could just work with anyone.

112

: 00:07:06

So I have a great client Louise who

works with communications professionals.

113

: 00:07:11

And, you know, she's attracting

communications professionals

114

: 00:07:14

because they want her director

level communications experience.

115

: 00:07:19

And she was obviously trying to do pure

coaching and finding that sometimes people

116

: 00:07:24

were frustrated and wanting to get her

view on what was going on occasionally.

117

: 00:07:30

So I think now she is trialing and

growing as she gets into her own business.

118

: 00:07:36

And realizing that life isn't always as

clean and textbook as we want it to be.

119

: 00:07:42

So learn to experiment.

120

: 00:07:44

Find your own style.

121

: 00:07:46

And realize that life is nuanced.

122

: 00:07:48

Just like coaching is an, every

single thing we do in life.

123

: 00:07:52

And there is no one right answer for

exactly how you should deal with things.

124

: 00:07:57

Lesson four is don't undervalue yourself.

125

: 00:08:01

Most coaches that I start working with are

seriously undercharging their services.

126

: 00:08:07

And it may seem like an individual issue,

but sadly it's actually impacting the

127

: 00:08:12

entire industry and you don't see lawyers

or accountants going around saying,

128

: 00:08:18

I don't mind doing it for 20 quid.

129

: 00:08:20

So in other words, how can we all

raise the bar in this industry

130

: 00:08:25

and have it like a professional

industry, like lawyers, accountants,

131

: 00:08:30

counselors, all of these other fields.

132

: 00:08:33

But I completely get that while

you are doing, for example,

133

: 00:08:36

your ICF accreditation.

134

: 00:08:38

And while you're doing your coach

training, you may wish to do that.

135

: 00:08:41

And that's completely fine.

136

: 00:08:43

I do realize there's a

lot of work to do on this.

137

: 00:08:45

And I had to do a lot of work

personally to raise my prices.

138

: 00:08:49

And still do a lot of work personally,

to become comfortable with earning a good

139

: 00:08:55

salary for my good professional service.

140

: 00:08:58

So do your research on what

other successful coaches

141

: 00:09:01

in your niche are charging.

142

: 00:09:03

Whilst you might believe that

the cheaper your prices are,

143

: 00:09:06

the more clients you will get.

144

: 00:09:08

Sometimes that's not always the case.

145

: 00:09:10

I remember when I started

out and there was this coach

146

: 00:09:13

who I thought was brilliant.

147

: 00:09:15

And as soon as I saw her prices,

which were, I think 70 pounds per

148

: 00:09:21

session, if I'm remembering rightly.

149

: 00:09:23

My immediate thought was, oh my gosh.

150

: 00:09:26

I thought she was a really good coach.

151

: 00:09:29

So even though she probably was a

really good coach we automatically

152

: 00:09:35

think about price as value.

153

: 00:09:37

So, if you are shopping, for example,

we know if we pay a hundred pounds for

154

: 00:09:41

a pair of jeans, they're going to feel

nicer than a five pound pair of jeans.

155

: 00:09:46

Even if it is just in our

imagination, that is generally

156

: 00:09:50

how we've all been raised.

157

: 00:09:51

So it's something to really consider when

you grow your business and strangely my

158

: 00:09:57

signup rate as I've continued to increase,

my prices has gone up and up and up.

159

: 00:10:03

So I'm always busting my own limiting

beliefs about what is my own ceiling.

160

: 00:10:09

That's not to say you can

always go in at premium prices.

161

: 00:10:12

And I think people look at my prices and

say, oh, well, it's all right for you.

162

: 00:10:16

I'd love to be charging that.

163

: 00:10:18

But just know that I started my

business of coaching program at

164

: 00:10:22

less than a thousand pounds, then

I increased it to £: 1250

165

: 00:10:29

£1750 2500, and now it's at £2997.

166

: 00:10:33

So just know I have earned my

stripes as I've gained more

167

: 00:10:37

case studies, more experience.

168

: 00:10:39

and, more credibility in the market.

169

: 00:10:41

So don't compare yourself to people

years in and think you should be charging

170

: 00:10:45

these prices because sometimes you do

need to get that back up, that material,

171

: 00:10:50

that expertise, those case studies,

to be able to command higher prices.

172

: 00:10:55

And just know that this is a journey and

one price does not mean one price forever.

173

: 00:11:00

You can continuously raise it as

you raise your own energetic level

174

: 00:11:04

money, mindset, and experience.

175

: 00:11:07

And lesson five is find your community.

176

: 00:11:11

People greatly underestimate how

difficult it is to do this alone.

177

: 00:11:16

You will win the race when you can stay

in the race longer than anyone else.

178

: 00:11:21

And that is the key to being

a successful entrepreneur.

179

: 00:11:25

It's also a lonely time as a coach.

180

: 00:11:27

I do have lots of communities, but I

still feel loneliness when something

181

: 00:11:32

happens and you just want to quickly

share with someone or say something.

182

: 00:11:36

So it really does matter.

183

: 00:11:38

So find as many people as you

can to be able to share your

184

: 00:11:42

wins, share your challenges.

185

: 00:11:43

Move forward quickly.

186

: 00:11:44

Be inspired to take action.

187

: 00:11:46

See what's possible.

188

: 00:11:48

I heard a quote the other day,

which was be in a room where the

189

: 00:11:51

results you want a normalized.

190

: 00:11:52

So that's why I love starting my calls

with what's going well right now.

191

: 00:11:57

What wins are there?

192

: 00:11:58

So you start to see what

is possible for you.

193

: 00:12:01

It's also worth thinking on

the flip side of that, that

194

: 00:12:04

negativity breeds negativity.

195

: 00:12:06

It's really easy to get into that boat.

196

: 00:12:09

And start to complain as well.

197

: 00:12:12

It's a bit like when you are unhappy

at work, which I was, And we just

198

: 00:12:16

used to go in a moan all day long.

199

: 00:12:19

That was so contagious that you really

struggle to be a high performer in a

200

: 00:12:24

negative team or negative environment.

201

: 00:12:27

So really do think about your environment

and gain access to a room where the

202

: 00:12:32

results you want are normalized.

203

: 00:12:33

If you would like access to my room,

I run a program called the business of

204

: 00:12:37

coaching, where we have a community,

the training, the support, the

205

: 00:12:41

love, the care to make this happen.

206

: 00:12:44

I would love to hear from you.

207

: 00:12:46

You will find the link in the show notes

to all the details and how to sign up.

208

: 00:12:51

These are just a few of the lessons

I have learned over the years.

209

: 00:12:54

I really hope they resonate with you

and provide you with some inspiration

210

: 00:12:58

and value as you continue to grow

your own successful coaching business.

211

: 00:13:03

I think my final nugget for

today is to also have faith.

212

: 00:13:08

This again is greatly underestimated.

213

: 00:13:10

You need to believe that

this is possible for you.

214

: 00:13:13

And if you don't believe that you

need to work damn hard to ensure you

215

: 00:13:17

do believe it, whether that means

affirmations in the morning, meditation,

216

: 00:13:22

visualizations, whatever you need to

do to really start stepping into it.

217

: 00:13:28

Also actually taking action

will build that faith.

218

: 00:13:31

Just start doing stuff and you

will begin to grow that faith.

219

: 00:13:35

I know that I certainly

didn't have that faith.

220

: 00:13:37

When I started my business.

221

: 00:13:39

I think it was actually a really, really

small, tiny flame inside and then through

222

: 00:13:46

consistent action over several years, I

now have the faith that I can do this.

223

: 00:13:51

I can pivot.

224

: 00:13:52

Should anything go wrong?

225

: 00:13:53

I can make decisions and that

doesn't always need to be

226

: 00:13:57

staying in entrepreneurship.

227

: 00:13:58

I had a lovely.

228

: 00:13:59

message from a previous client last week

who is now relocating from London across.

229

: 00:14:04

the world, which was her absolute

dream when she signed up to my

230

: 00:14:07

program, the business of coaching

and it wasn't through coaching.

231

: 00:14:11

She realized that she wanted the stability

of a job because she was a single person.

232

: 00:14:17

She had no one else to rely on.

233

: 00:14:18

It was too unstable for her.

234

: 00:14:20

But she still messaged me saying joining

your program has helped me learn how to

235

: 00:14:25

negotiate, bring coaching into my role,

sell coaching, that she wasn't expecting.

236

: 00:14:30

And now also come back to that vision she

created on day one of my course, which

237

: 00:14:36

was moving to this country where her

parents live and living a fulfilling life.

238

: 00:14:41

So sometimes success isn't always what

you might picture when you start out.

239

: 00:14:46

So hold it lightly.

240

: 00:14:47

And like I say, at the end of every

episode, trust yourself, believe

241

: 00:14:51

in yourself and be the wise Gardner

who keeps on watering the seed.

242

: 00:14:55

Microphone (Samson Q2U Microphone):

Thank you so much for listening to this

243

: 00:14:57

episode of Women in the Coaching Arena.

244

: 00:15:00

I have a mess of free resources on

my website joannalottcoaching.com.

245

: 00:15:06

That's Joanna with an A

and Lott with two T's.

246

: 00:15:10

joannalottcoaching.com.

247

: 00:15:12

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

248

: 00:15:16

Let me know if you found

this episode useful.

249

: 00:15:19

Share it with a friend and

leave me a review, and I will

250

: 00:15:22

personally thank you for that.

251

: 00:15:25

Remember to trust yourself, believe

in yourself and be the wise Gardner

252

: 00:15:29

who keeps on watering the seed.

253

: 00:15:31

Get into the arena dare, greatly and try.