23 | Why most coaching businesses fail and how you can succeed

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Hello and welcome to Women in the Coaching Arena podcast.

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I'm so glad you are here.

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I'm Jo Lott, a business mentor and ICF accredited coach

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Microphone (Samson Q2U Microphone): and I help coaches to

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build brilliant businesses.

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Microphone (Samson Q2U Microphone)-1: I know that when you prepare to enter

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the arena, there is fear, self doubt, comparison, anxiety, uncertainty, shame.

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You can tend to armor up and protect yourself from vulnerability.

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In this podcast, I'll be sharing honest, not hype, practical and

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emotional tools to support you to make the difference that you are here for.

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Dare greatly.

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You belong in this arena.

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Microphone (Samson Q2U Microphone): Hello, welcome to the 23rd episode

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of women in the coaching arena.

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I'm so glad you are here.

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I have just had a wonderful 10 nights away in Ibiza so excited to share this

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episode with you on why most coaching businesses fail and how you can succeed.

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If you are a coach looking to make a lasting impact and grow your client

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base, this episode is made for you.

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So I'm breaking up this episode into three segments.

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So the first one is the common mistakes that lead to coaching failure.

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The second one is the keys to coaching success.

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And the third segment is your action plan for success.

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So this is a three step formula to help you to ensure that your business grows.

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So segment one, the common mistakes that lead to coaching business failure.

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If you are anything like me, you left your coach training with your

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certificate in hand, excited to help all of these people for what seems like a

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huge amount of money per hour session.

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Maybe you have totted up that number.

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So it might be 300 pounds an hour times 35 hours a week and think, wow,

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I'm going to be absolutely minted.

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But perhaps if you are anything, like I was when I was in coach

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training at no point had you really thought what happens next?

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Where are these people going to come from the heart going

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to be your amazing clients?

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So let's start with the first mistake, which is lack of clarity.

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One of the primary reasons coaches fail is lack of clarity about their niche, target

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market and unique value proposition.

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Without that clear direction, it's actually hard for you.

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Because you end up being kind of frozen into inaction because you have no idea

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who you're talking to, what you're saying, how you're meant to be marketing.

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But it's also really hard for your clients because they don't really

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understand what you do either.

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If you are unclear, it's highly likely that your target market is unclear.

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I had a great moment on holiday.

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When I asked my six-year-old son.

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What his mommy and daddy does for work.

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And I genuinely had no idea what he would say for me.

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Cause I don't know if we really discussed it further than me being on my computer.

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But amazingly, he said, my mom's a business coach and I was so impressed.

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And my daughter who's eight said.

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I didn't even know that.

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And I was like, yeah, I mean, I am super, super impressed with him.

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As long as the people around you understand what you do, then you are

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more likely to attract those clients.

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The second mistake I see a lot is ineffective marketing.

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And I say ineffective, but also I think inconsistent would be a really good word

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as well, because I see lots of people come and go like come for a week or so.

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Post every day.

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And then I never see them again for like three or four months.

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And I think, are they still in business?

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I look up their profile and then occasionally they start popping

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up again with one or two posts and then they disappear again.

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So both ineffective and inconsistent marketing is the next mistake.

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Mainly due to not really understanding their client's level

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of awareness and pain points.

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Using the wrong communication channels for their own strengths.

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Or failing to convey your own expertise, convincingly.

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The third mistake, limited business skills.

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So being a great coach is only one part of the equation.

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Many coaches lack the essential business skills such as sales,

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marketing, financial management.

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And it never ceases to amaze me.

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How many coaches will go on more coach training to feel like they

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are a better coach versus learning how to actually get clients, which

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will make you a better coach.

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So do you think about where you are investing your money

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and what's the long term gain?

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Yes.

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You can be an amazing coach with 10 different certifications, but if

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you don't know how to get clients, sadly, those certifications are

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never going to be put into practice.

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And who better to practice with and real pain clients.

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The next mistake I see is imposter syndrome and self doubt taking over.

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Coaches who constantly doubt their abilities may find it difficult to

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attract clients or charge really good rates that will enable those

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clients to get a great result.

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And the final mistake I'll cover is neglecting continuous learning.

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So the landscape is changing so quickly.

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It pays to continuously invest in you and your marketing skills because things

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can become outdated and in what is a saturated market now we need to be

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amazing at marketing and we need to have an amazing mindset to be able to show

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up and do that marketing effectively.

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It really pays to be surrounded by people who are continuously learning and who

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are keeping up with the coaching market.

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So let's move on to segment two.

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So now, you know, the mistakes, let's talk about the keys to coaching success.

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We have identified the pitfalls.

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And let's now explore the actionable strategies that can

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help you to succeed as a coach.

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So firstly surprise, surprise.

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We are going to define your niche and ideal client.

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So start by honing in on that specific niche and identifying your ideal client.

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The more you understand their needs, their challenges and aspirations,

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the better you will be able to market to them and serve them.

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And on this point, I notice many of my clients really resist the market research.

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They say, I know the challenges.

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Like I was my ideal client.

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And thats fine, but I think it's very easy to forget, what it really

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felt like at the time, because your level of awareness will have changed

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significantly since you are now a coach and have been coached so, if you are

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thinking back to your previous self.

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It's really hard to remember what that awareness level was like.

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So I would really, really recommend talking to real people who perhaps

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aren't in this coaching world.

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Finding out what their real pain points and level of awareness is like.

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The second key to success is crafting a compelling brand.

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The more you can lean into why you are brilliant, the more you'll stand out.

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A really great way of seeing what your brand is like right

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now is Googling your name.

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So are you, for example, on page one of Google?

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Do you see a professional website up there?

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Do you see a really strong social media presence?

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Do you see any blog posts or podcasts?

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This is a really quick and easy test to see how have your

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profile is performing for you?

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So now we have a great brand and profiles out there lets master your marketing.

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So create a comprehensive marketing plan that aligns with

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your niche and target audience.

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You'll want to consider your strengths and what your brilliant, like, for example,

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if you listened to last week's episode, Kate's my client had always loved video.

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She wanted to be like Davina McCall and video was the

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perfect way of her doing this.

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I'm bringing in comedy like Davina McCall does too.

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I've had other successful clients who don't do any social media at all.

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They do in-person networking.

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They are part of a BNI and she did super, super well.

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And on finishing my program, she was on track for her a hundred K year target.

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And that was all without social media.

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So it's all up to you, how you choose to market and choosing something that

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you actually want to do and enjoy doing.

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Because otherwise you will be like I talked about at the beginning up and down.

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So sometimes doing it and sometimes not, we need to find the

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thing that you absolutely love.

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Like for me, I have discovered I loved this podcast.

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I could sneak off all day and create more and more episodes because it's

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something that brings me huge joy.

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So next up you will want to invest your time in those business skills.

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So sales, marketing, networking.

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Depending on where you are in your business right now, automations.

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The systems in your business will really help you to not be overwhelmed

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and to be able to keep on track.

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Next up, we are going to combat imposter syndrome.

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I do have a separate episode on imposter syndrome, which is episode six, four

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steps to tackling imposter syndrome.

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So do tune into that one after this, if you would like to.

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Because gaining that self confidence.

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Continuously acknowledging your achievements and wins and strengths makes

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a massive difference in your business.

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And being surrounded by supportive people who believe in you.

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Loads of my clients say that one of my greatest strengths is building their

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belief because I will continuously remind them why they are brilliant, which gives

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them the boost to go and do the thing.

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So I think it's super, super underrated, how much it matters to have someone

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in your corner cheering you on, which will stop you being the coach who

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shows up one week and then disappears for three months and then shows up

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again, and then disappears because if you can be consistent then you will

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be far more likely to be successful.

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And lastly in this segment, embrace lifelong learning.

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So, stay ahead of the curve.

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Be on the edge.

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Continuously update your skills and knowledge, surround yourself

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with people doing amazing things.

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Like I'm always part of a mastermind or another group program.

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I am always being coached.

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I will always surround myself with people who are inspiring

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and who've done amazing things.

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To really hear how they think, because that is the key.

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Something I'm working on is coming away from trading time for money.

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So, if you can see the other people are valuing their expertise

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in things like online courses.

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Versus thinking that they have to work really hard to earn money, then

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you can be inspired to do the same.

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Let's move on to segment three, our last segment, which is

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your action plan for success.

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So as we finish today's episode, I want you to leave with a tangible action plan.

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And set you on that good path to coaching business success.

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Firstly self-assess.

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Reflect on your coaching journey.

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And identify those areas you may be falling short.

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Have you got a clear niche?

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Have you got clear marketing strategy?

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Have you got the business skills to support you?

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Next up niche refinements.

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Define your ideal client with precision.

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If you haven't had any market research calls with those people do that now.

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Get super clear on what you can offer, but most importantly, what

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they want in their own words.

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Now let's build your brand, so create or refine your personal brand.

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If you haven't got a website yet.

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There are tons of options out there, but a really quick and easy one I found

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was GoDaddy websites and marketing.

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It was under 200 pounds.

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And no code required type in your text.

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Loads templates.

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It's really not that hard especially when you know your business foundations.

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So I wouldn't rush off and do this until you clearly know who you're selling to.

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I'm what you are selling.

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Then you'll want to make sure that you have social media.

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Or other profiles you want set up and is consistent across the internet.

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So if we search for your name, the same thing comes up across

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all different platforms.

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Now we have that set up.

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Let's move on to your marketing blueprint.

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So what is your comprehensive marketing plan.

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And you might want to think about both online and offline approaches.

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The more touch points you have with your audience.

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The more that they will trust you.

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So for example, it's not always good enough to just be on LinkedIn.

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For example, I am on LinkedIn.

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I get most of my clients from LinkedIn, but how I get them up the

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staircase as I like to picture it.

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Is I invite them to a webinar.

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I invite them to my email list.

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I invite them to listen to my podcast.

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So they have other ways of getting to know me as well because social media

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on its own isn't an effective strategy.

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Next up skill development.

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So are you investing in your continuous learning, identify at least one skill

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that you can enhance in the next month and commit to mastering it.

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Finally, get a confidence boost.

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Combat imposter syndrome by listening to episode six of this podcast.

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Take that time to acknowledge your wins.

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I hear so many people saying it's not going fast enough.

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I'm not earning enough money and focusing continuously on those things

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without really stopping to think.

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Okay, what has gone well?

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You've gained clients in the last month.

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You've built a website.

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You've got clear niche.

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You've got your lead magnet set up.

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If you refuse to see those wins, you will not be able to succeed in business.

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So, congratulations.

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You now have a roadmap to navigate the often challenging landscape of coaching

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and position yourself for success.

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I want to remind you that every successful coach started somewhere.

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If you have determination, focus and the right strategies, you

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can stand out and make meaningful impact in the lives of your clients.

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Don't compare your square one to someone else's square, 250.

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These people that you are probably looking at have been going a lot

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longer than you and may be in a completely different possession.

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So be aware of that comparisonitis and do not let it affect you.

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Focus on what you're doing well.

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Continuously reflect on what went well, what are your wins and you will succeed.

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Thank you for joining me on today's episode.

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I hope you found this episode valuable.

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Please share it with your fellow coaches who might benefit

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And until next time trust yourself, believe in yourself and be the wise

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Gardner who keeps on watering the seed.

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Thank you so much for listening to this episode of Women in the Coaching Arena.

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I have a mess of free resources on my website joannalottcoaching.com.

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That's Joanna with an A and Lott with two T's.

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joannalottcoaching.com.

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

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Let me know if you found this episode useful.

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Share it with a friend and leave me a review, and I will

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personally thank you for that.

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Remember to trust yourself, believe in yourself and be the wise Gardner

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who keeps on watering the seed.