Investing in Your Coaching Business
Hi Everyone,
As someone who has been running their own coaching practice now for nearly 15 years I was struck very much by the words of wisdom from Deborah when I read her posting.
I am reproducing this with her permission.
Here’s a perspective on investing financially in your new coaching practice, and how long to keep your day job, from international Business Coach and Consultant, Deborah Huisken:
Since you ARE your business – at least in the early days of a coaching practice – investing in yourself in terms of coaching training, certification, and other trainings is a really good idea. For instance, I did CTI’s leadership program, and the Bigger Game Train the Trainer, both of which led me indirectly to some of my longest-term and most fun clients. I continue to invest in programs that interest me and will help me expand my business, and have a (long!) list of others I want to take, when I am in a position to do so.
Also, since my business is intentionally international, I’ve created opportunities for myself to travel, even when I “couldn’t” afford it. For instance, in ~2003 a friend who was living in Japan was getting ready to move, and I’d been wanting to see her and Japan. I knew I’d never get another opportunity as good, so despite being on the wrong side of the edge financially, I used an unexpected insurance settlement to buy my ticket, and ended up having two Japanese women ask if they could work with me, meaning two new clients that more than paid for my trip. (because I was “in the neighborhood”, I also stopped to visit a colleague I’d met in South Africa, where I gave a talk to one of his clients, further adding to my international experience).
As for keeping your day job, I started my practice when my fortunes were at one of their lowest ebbs. I was out of work, recently moved back to the US after 7 years in the UK where most of my business contacts were cold or in a different industry, had had a couple of debilitating illnesses and some yucky family dynamics to clean up, both externally and internally. It was not an easy time, but I needed to earn a living. When I found coaching I ultimately so loved it (despite being pretty skeptical going into it) that I didn’t want to do any of the other filler work I had found along the way. So being hungry meant I had to strengthen my sales and marketing muscle. I used CJ Hayden’s wonderful book, Get Clients Now at that stage, and it was realllly helpful in getting me focused. I also accepted a challenge to charge $300/month (when I was still in training!) based on my business experience, and was thrilled when others (as in paying clients) agreed that what I had to offer was worth that. And I learned to “swing out” (a technique CTI taught me) and claim clients that I could see and feel would benefit from working with me, which can be a really rewarding experience for both parties.
So another piece of advice I would add is, find what you most love to do as a coach and with your life, then follow that bliss even when it gets hard. Your next miracle is only a phone call, an email, or a new idea away!
Deborah Huisken, PCC, CPCC, partners with enlightened, entrepreneurial business people to develop their businesses and themselves. She offers a free e-newsletter for business people entitled Catalyst. Visit www.DancingStar.com for more information and to subscribe to the newsletter.Again, thank you for your request, and all the best in the new year.
Deborah
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Deborah Huisken, PCC
Dancing Star International
One must embrace the chaos within to give birth to a dancing star
Partnering with enlightened, entrepreneurial business people to develop their businesses and themselves
UK: 0798 521-4520
0203 295-2051
US: 617 275-5706
Skype: deborahhuis
Blog: www.dancingstar.com/blog
www.DancingStar.com
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