23 | Why most coaching businesses fail and how you can succeed
82% of coaching businesses fail in the first two years.
I'll share insights on the common mistakes that can lead to coaching business failure.
Lack of Clarity [00:01:17]
Coaches fail due to lack of clarity about their niche, target market, and unique value proposition.
Ineffective and Inconsistent Marketing [00:03:56]
Many coaches struggle with ineffective and inconsistent marketing, using the wrong communication channels and failing to convey their expertise convincingly.
Embrace Lifelong Learning [00:10:18]
Continuous learning and staying ahead of the curve are essential for success in the coaching industry. Surrounding yourself with inspiring individuals and updating skills and knowledge is crucial.
Your Action Plan for Success [00:11:32]
Creating a tangible action plan for coaching business success, including self-assessment, niche refinement, brand building, and marketing blueprint.
Your Marketing Blueprint [00:12:44]
Developing a comprehensive marketing plan, both online and offline, to build trust with the audience and attract clients through various touchpoints.
Skill Development and Confidence Boost [00:13:55]
Investing in continuous learning, identifying and mastering one skill, combating imposter syndrome, and acknowledging wins for a confidence boost.
This episode offers practical advice for coaches looking to thrive and avoid costly mistakes.
Useful Links
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Learn about The Business of Coaching programme
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Transcript
Hello and welcome to Women in the Coaching Arena podcast.
Speaker:I'm so glad you are here.
Speaker:I'm Jo Lott, a business mentor and ICF accredited coach
Speaker:Microphone (Samson Q2U Microphone): and I help coaches to
Speaker:build brilliant businesses.
Speaker:Microphone (Samson Q2U Microphone)-1: I know that when you prepare to enter
Speaker:the arena, there is fear, self doubt, comparison, anxiety, uncertainty, shame.
Speaker:You can tend to armor up and protect yourself from vulnerability.
Speaker:In this podcast, I'll be sharing honest, not hype, practical and
Speaker:emotional tools to support you to make the difference that you are here for.
Speaker:Dare greatly.
Speaker:You belong in this arena.
Speaker:Microphone (Samson Q2U Microphone): Hello, welcome to the 23rd episode
Speaker:of women in the coaching arena.
Speaker:I'm so glad you are here.
Speaker:I have just had a wonderful 10 nights away in Ibiza so excited to share this
Speaker:episode with you on why most coaching businesses fail and how you can succeed.
Speaker:If you are a coach looking to make a lasting impact and grow your client
Speaker:base, this episode is made for you.
Speaker:So I'm breaking up this episode into three segments.
Speaker:So the first one is the common mistakes that lead to coaching failure.
Speaker:The second one is the keys to coaching success.
Speaker:And the third segment is your action plan for success.
Speaker:So this is a three step formula to help you to ensure that your business grows.
Speaker:So segment one, the common mistakes that lead to coaching business failure.
Speaker:If you are anything like me, you left your coach training with your
Speaker:certificate in hand, excited to help all of these people for what seems like a
Speaker:huge amount of money per hour session.
Speaker:Maybe you have totted up that number.
Speaker:So it might be 300 pounds an hour times 35 hours a week and think, wow,
Speaker:I'm going to be absolutely minted.
Speaker:But perhaps if you are anything, like I was when I was in coach
Speaker:training at no point had you really thought what happens next?
Speaker:Where are these people going to come from the heart going
Speaker:to be your amazing clients?
Speaker:So let's start with the first mistake, which is lack of clarity.
Speaker:One of the primary reasons coaches fail is lack of clarity about their niche, target
Speaker:market and unique value proposition.
Speaker:Without that clear direction, it's actually hard for you.
Speaker:Because you end up being kind of frozen into inaction because you have no idea
Speaker:who you're talking to, what you're saying, how you're meant to be marketing.
Speaker:But it's also really hard for your clients because they don't really
Speaker:understand what you do either.
Speaker:If you are unclear, it's highly likely that your target market is unclear.
Speaker:I had a great moment on holiday.
Speaker:When I asked my six-year-old son.
Speaker:What his mommy and daddy does for work.
Speaker:And I genuinely had no idea what he would say for me.
Speaker:Cause I don't know if we really discussed it further than me being on my computer.
Speaker:But amazingly, he said, my mom's a business coach and I was so impressed.
Speaker:And my daughter who's eight said.
Speaker:I didn't even know that.
Speaker:And I was like, yeah, I mean, I am super, super impressed with him.
Speaker:As long as the people around you understand what you do, then you are
Speaker:more likely to attract those clients.
Speaker:The second mistake I see a lot is ineffective marketing.
Speaker:And I say ineffective, but also I think inconsistent would be a really good word
Speaker:as well, because I see lots of people come and go like come for a week or so.
Speaker:Post every day.
Speaker:And then I never see them again for like three or four months.
Speaker:And I think, are they still in business?
Speaker:I look up their profile and then occasionally they start popping
Speaker:up again with one or two posts and then they disappear again.
Speaker:So both ineffective and inconsistent marketing is the next mistake.
Speaker:Mainly due to not really understanding their client's level
Speaker:of awareness and pain points.
Speaker:Using the wrong communication channels for their own strengths.
Speaker:Or failing to convey your own expertise, convincingly.
Speaker:The third mistake, limited business skills.
Speaker:So being a great coach is only one part of the equation.
Speaker:Many coaches lack the essential business skills such as sales,
Speaker:marketing, financial management.
Speaker:And it never ceases to amaze me.
Speaker:How many coaches will go on more coach training to feel like they
Speaker:are a better coach versus learning how to actually get clients, which
Speaker:will make you a better coach.
Speaker:So do you think about where you are investing your money
Speaker:and what's the long term gain?
Speaker:Yes.
Speaker:You can be an amazing coach with 10 different certifications, but if
Speaker:you don't know how to get clients, sadly, those certifications are
Speaker:never going to be put into practice.
Speaker:And who better to practice with and real pain clients.
Speaker:The next mistake I see is imposter syndrome and self doubt taking over.
Speaker:Coaches who constantly doubt their abilities may find it difficult to
Speaker:attract clients or charge really good rates that will enable those
Speaker:clients to get a great result.
Speaker:And the final mistake I'll cover is neglecting continuous learning.
Speaker:So the landscape is changing so quickly.
Speaker:It pays to continuously invest in you and your marketing skills because things
Speaker:can become outdated and in what is a saturated market now we need to be
Speaker:amazing at marketing and we need to have an amazing mindset to be able to show
Speaker:up and do that marketing effectively.
Speaker:It really pays to be surrounded by people who are continuously learning and who
Speaker:are keeping up with the coaching market.
Speaker:So let's move on to segment two.
Speaker:So now, you know, the mistakes, let's talk about the keys to coaching success.
Speaker:We have identified the pitfalls.
Speaker:And let's now explore the actionable strategies that can
Speaker:help you to succeed as a coach.
Speaker:So firstly surprise, surprise.
Speaker:We are going to define your niche and ideal client.
Speaker:So start by honing in on that specific niche and identifying your ideal client.
Speaker:The more you understand their needs, their challenges and aspirations,
Speaker:the better you will be able to market to them and serve them.
Speaker:And on this point, I notice many of my clients really resist the market research.
Speaker:They say, I know the challenges.
Speaker:Like I was my ideal client.
Speaker:And thats fine, but I think it's very easy to forget, what it really
Speaker:felt like at the time, because your level of awareness will have changed
Speaker:significantly since you are now a coach and have been coached so, if you are
Speaker:thinking back to your previous self.
Speaker:It's really hard to remember what that awareness level was like.
Speaker:So I would really, really recommend talking to real people who perhaps
Speaker:aren't in this coaching world.
Speaker:Finding out what their real pain points and level of awareness is like.
Speaker:The second key to success is crafting a compelling brand.
Speaker:The more you can lean into why you are brilliant, the more you'll stand out.
Speaker:A really great way of seeing what your brand is like right
Speaker:now is Googling your name.
Speaker:So are you, for example, on page one of Google?
Speaker:Do you see a professional website up there?
Speaker:Do you see a really strong social media presence?
Speaker:Do you see any blog posts or podcasts?
Speaker:This is a really quick and easy test to see how have your
Speaker:profile is performing for you?
Speaker:So now we have a great brand and profiles out there lets master your marketing.
Speaker:So create a comprehensive marketing plan that aligns with
Speaker:your niche and target audience.
Speaker:You'll want to consider your strengths and what your brilliant, like, for example,
Speaker:if you listened to last week's episode, Kate's my client had always loved video.
Speaker:She wanted to be like Davina McCall and video was the
Speaker:perfect way of her doing this.
Speaker:I'm bringing in comedy like Davina McCall does too.
Speaker:I've had other successful clients who don't do any social media at all.
Speaker:They do in-person networking.
Speaker:They are part of a BNI and she did super, super well.
Speaker:And on finishing my program, she was on track for her a hundred K year target.
Speaker:And that was all without social media.
Speaker:So it's all up to you, how you choose to market and choosing something that
Speaker:you actually want to do and enjoy doing.
Speaker:Because otherwise you will be like I talked about at the beginning up and down.
Speaker:So sometimes doing it and sometimes not, we need to find the
Speaker:thing that you absolutely love.
Speaker:Like for me, I have discovered I loved this podcast.
Speaker:I could sneak off all day and create more and more episodes because it's
Speaker:something that brings me huge joy.
Speaker:So next up you will want to invest your time in those business skills.
Speaker:So sales, marketing, networking.
Speaker:Depending on where you are in your business right now, automations.
Speaker:The systems in your business will really help you to not be overwhelmed
Speaker:and to be able to keep on track.
Speaker:Next up, we are going to combat imposter syndrome.
Speaker:I do have a separate episode on imposter syndrome, which is episode six, four
Speaker:steps to tackling imposter syndrome.
Speaker:So do tune into that one after this, if you would like to.
Speaker:Because gaining that self confidence.
Speaker:Continuously acknowledging your achievements and wins and strengths makes
Speaker:a massive difference in your business.
Speaker:And being surrounded by supportive people who believe in you.
Speaker:Loads of my clients say that one of my greatest strengths is building their
Speaker:belief because I will continuously remind them why they are brilliant, which gives
Speaker:them the boost to go and do the thing.
Speaker:So I think it's super, super underrated, how much it matters to have someone
Speaker:in your corner cheering you on, which will stop you being the coach who
Speaker:shows up one week and then disappears for three months and then shows up
Speaker:again, and then disappears because if you can be consistent then you will
Speaker:be far more likely to be successful.
Speaker:And lastly in this segment, embrace lifelong learning.
Speaker:So, stay ahead of the curve.
Speaker:Be on the edge.
Speaker:Continuously update your skills and knowledge, surround yourself
Speaker:with people doing amazing things.
Speaker:Like I'm always part of a mastermind or another group program.
Speaker:I am always being coached.
Speaker:I will always surround myself with people who are inspiring
Speaker:and who've done amazing things.
Speaker:To really hear how they think, because that is the key.
Speaker:Something I'm working on is coming away from trading time for money.
Speaker:So, if you can see the other people are valuing their expertise
Speaker:in things like online courses.
Speaker:Versus thinking that they have to work really hard to earn money, then
Speaker:you can be inspired to do the same.
Speaker:Let's move on to segment three, our last segment, which is
Speaker:your action plan for success.
Speaker:So as we finish today's episode, I want you to leave with a tangible action plan.
Speaker:And set you on that good path to coaching business success.
Speaker:Firstly self-assess.
Speaker:Reflect on your coaching journey.
Speaker:And identify those areas you may be falling short.
Speaker:Have you got a clear niche?
Speaker:Have you got clear marketing strategy?
Speaker:Have you got the business skills to support you?
Speaker:Next up niche refinements.
Speaker:Define your ideal client with precision.
Speaker:If you haven't had any market research calls with those people do that now.
Speaker:Get super clear on what you can offer, but most importantly, what
Speaker:they want in their own words.
Speaker:Now let's build your brand, so create or refine your personal brand.
Speaker:If you haven't got a website yet.
Speaker:There are tons of options out there, but a really quick and easy one I found
Speaker:was GoDaddy websites and marketing.
Speaker:It was under 200 pounds.
Speaker:And no code required type in your text.
Speaker:Loads templates.
Speaker:It's really not that hard especially when you know your business foundations.
Speaker:So I wouldn't rush off and do this until you clearly know who you're selling to.
Speaker:I'm what you are selling.
Speaker:Then you'll want to make sure that you have social media.
Speaker:Or other profiles you want set up and is consistent across the internet.
Speaker:So if we search for your name, the same thing comes up across
Speaker:all different platforms.
Speaker:Now we have that set up.
Speaker:Let's move on to your marketing blueprint.
Speaker:So what is your comprehensive marketing plan.
Speaker:And you might want to think about both online and offline approaches.
Speaker:The more touch points you have with your audience.
Speaker:The more that they will trust you.
Speaker:So for example, it's not always good enough to just be on LinkedIn.
Speaker:For example, I am on LinkedIn.
Speaker:I get most of my clients from LinkedIn, but how I get them up the
Speaker:staircase as I like to picture it.
Speaker:Is I invite them to a webinar.
Speaker:I invite them to my email list.
Speaker:I invite them to listen to my podcast.
Speaker:So they have other ways of getting to know me as well because social media
Speaker:on its own isn't an effective strategy.
Speaker:Next up skill development.
Speaker:So are you investing in your continuous learning, identify at least one skill
Speaker:that you can enhance in the next month and commit to mastering it.
Speaker:Finally, get a confidence boost.
Speaker:Combat imposter syndrome by listening to episode six of this podcast.
Speaker:Take that time to acknowledge your wins.
Speaker:I hear so many people saying it's not going fast enough.
Speaker:I'm not earning enough money and focusing continuously on those things
Speaker:without really stopping to think.
Speaker:Okay, what has gone well?
Speaker:You've gained clients in the last month.
Speaker:You've built a website.
Speaker:You've got clear niche.
Speaker:You've got your lead magnet set up.
Speaker:If you refuse to see those wins, you will not be able to succeed in business.
Speaker:So, congratulations.
Speaker:You now have a roadmap to navigate the often challenging landscape of coaching
Speaker:and position yourself for success.
Speaker:I want to remind you that every successful coach started somewhere.
Speaker:If you have determination, focus and the right strategies, you
Speaker:can stand out and make meaningful impact in the lives of your clients.
Speaker:Don't compare your square one to someone else's square, 250.
Speaker:These people that you are probably looking at have been going a lot
Speaker:longer than you and may be in a completely different possession.
Speaker:So be aware of that comparisonitis and do not let it affect you.
Speaker:Focus on what you're doing well.
Speaker:Continuously reflect on what went well, what are your wins and you will succeed.
Speaker:Thank you for joining me on today's episode.
Speaker:I hope you found this episode valuable.
Speaker:Please share it with your fellow coaches who might benefit
Speaker:And until next time trust yourself, believe in yourself and be the wise
Speaker:Gardner who keeps on watering the seed.
Speaker:Thank you so much for listening to this episode of Women in the Coaching Arena.
Speaker:I have a mess of free resources on my website joannalottcoaching.com.
Speaker:That's Joanna with an A and Lott with two T's.
Speaker:joannalottcoaching.com.
Speaker:And I'll also put links in the show notes.
Speaker:Let me know if you found this episode useful.
Speaker:Share it with a friend and leave me a review, and I will
Speaker:personally thank you for that.
Speaker:Remember to trust yourself, believe in yourself and be the wise Gardner
Speaker:who keeps on watering the seed.
