The uncertainty that comes with starting a life coaching business stops many coaches. It’s hard to jump into something when you really can’t test the waters first. Most coaches who take the testing the water approach never really get started, and thus eventually fail. It’s not their fault, but it is preventable. Here are 5 things that you can expect from your coaching business.
Life Coaching Business Pitfalls And How To Navigate Them
- When I started out, I worked hard to get by first paying clients. Once I had a fairly full schedule, I stopped looking for new clients. I was satisfied. About 5 months later, many of my clients where completing their 6 month commitment with me and I started to panic. Would I have to start over from zero? Fortunately I didn’t, but I learned a valuable lesson: If you are not actively working to grow your business it will cease to flourish.
- Ups and downs, bumps and bruises. Becoming a person who has a full life coaching practice will take transformation on your part. It’s important to surround yourself with a team to support you during the ups and downs. Make sure you have a mentor and a coach to guide you, as well as people in your team to delegate things that you aren’t great at doing.
- You will need working capital, or at least enough cash to make your life work. A new business, like a new baby needs things. The basics. You can work your business on a shoestring budget, but you will still need enough cash reserves to last 6 months. If you make it sooner, great. You don’t want to be one of the many coaches who have to shut their doors because they are undercapitalized.
- Long hours by yourself, doing what needs to be done when your friends and family are out playing. Everything worth having comes at a cost. Building a life coaching business takes time and focused energy. Without having a boss standing over you, will you do what needs to be done? If not, trying to build a life coaching business is a waste of time and resources.
The Prize At The Finish.
- Embarking on this journey doesn’t necessarily have a finish line, but taking time to celebrate along the way will give you fulfillment. Whether it’s getting your first paying clients, watching a blog go viral, or creating your first joint venture relationship, make sure you treat yourself as you would treat others and celebrate. Your life will never be the same.
JTS Advisors Designated Accountability Coach