Would you be offended if I told you that your coaching practice is just a hobby? Well, if you are reading this, that might be your situation. Are you coaching part time without any concrete plan to leave your “real” job? Undervaluing your services because you really want to help people but you aren’t sure your coaching is good enough to charge them? Or maybe you’re coaching full time, but barely scraping by financially? Not exactly what you had in mind when you decided to open a coaching practice, I’m guessing. So how would you feel about turning that hobby practice into a business that will support you and give you the life you want?
Three Essential Roles Make Your Coaching Practice Into A Lucrative Business
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1) Every business needs an entrepreneur. To turn your coaching practice into a successful business, you need to have a vision. What will the business look like? What services will you offer? Who will you serve? These kinds of questions require a vision beyond the issue of how many clients you have time to coach in a day, or what niche you prefer. They require an entrepreneurial mindset, an ability to see a bigger picture. As with any new concept, if you can’t imagine it, you can’t make it happen.
2) A business needs a technician. The technician in a coaching business is you, the coach. You have the skills to do what the business offers as its product and service–coaching, in whatever formats the entrepreneurial vision expects. The technician is probably the role that sits most comfortably on you if you already have a coaching practice.
3) Your business needs a manager or administrator–someone to handle the day to day running of your business. In a successful business, someone has to be designated to have the responsibility for billing, paperwork, follow-up systems, bill-paying, etc. This is a detail oriented job, and whoever fills it can’t let important details fall through the cracks.
What Do These Roles Mean For Your Coaching Business?
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All three roles are essential if you want your coaching practice to become a successful, satisfying and well-paid business. So you either have to fill them all yourself or get someone to do the ones you can’t or don’t want to do. To decide, ask yourself these questions:
1) Which role do you play most often?
2) Which one least often?
3) What are the costs and benefits of you filling or trying to fill each of these roles?
Be brutally honest, and when you have the answers, you will be well on your way to transforming your coaching practice hobby into a successful coaching business.
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Dorine G Kramer
JTS Advisors Strategy and Accountability Coach
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