Written by: Anna Filatova, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
Starting a coaching business is exciting but it can also be scary and not as easy as it seems. Building a business doesn’t happen overnight and it takes a lot of time and energy. Unfortunately, many coaches don’t make it pass the first year because of a lack of business knowledge and understanding of the market. The coaching industry is saturated and to be successful you can’t afford to do the same as other coaches.
However, running a coaching business doesn’t have to be hard. If you can avoid the most common mistakes that coaches make at the beginning of their entrepreneurial journey, you’ll be able to build a successful coaching business.
Here are 7 of the most common mistakes that new coaches make:
They think that a coaching business is about coaching.
Coaching is a service that you provide to your clients, however, coaching as a business is not at all about coaching. Coaching is a skill and it’s not what sells. People want an outcome, the end result that you can help them to achieve through coaching. You need to use all your story, other skills, expertise and experience to drive your business forward.
They try to help everyone.
When you’re trying to help everyone, you’re helping no one. This is why having a well-defined niche and understanding your ideal client and target market is essential. Everything in your business including your message, marketing efforts and strategies are based on this information and if you’re targeting everyone, your message and other efforts aren’t clear enough to attract the right people. Be an expert in one field, not a generalist.
They sell features and not the outcome.
People want to know the solution to their problem or what transformation your services can provide. So instead of selling your services, focus on your client’s needs and wants. If you do it right, nothing will hold them back from buying from you, not even the price.
They spend too much time getting ready.
Many coaches spend all their time preparing themselves instead of getting out there and coaching. They think that they need to have everything in place before they can run a business but the only way to learn how to run a business is to do so. There are always going to be things that you need to do for your business but it’s something that you can do while you’re coaching and earning money.
They think that they don’t need a coach and can figure it all out themselves.
Coaching is an incredible tool and there is a reason why you became a coach. You know what value and results it can bring but it doesn’t mean that you don’t need a coach yourself. I can’t tell you how many times I've heard new coaches say that they won't invest any money into themselves and their business until they make money, or that they can learn how to build a business from Google. Business coaches and mentors can help you to move forward faster and in a more efficient way, and they’ll keep you focused and accountable during your entrepreneurial journey.
They see collaborations as competition.
Collaboration is the key to success. You might think that all other coaches are your competitors but the reality is that many coaches do things differently and by working together you can create new opportunities and help each other grow.
They sit and wait for their clients to come.
No one knows about you yet so sitting around and waiting for your clients to come won’t help your business. You have to go out there and find your clients. There’s a huge amount of marketing strategies that you could use to create awareness, be visible and tell people about your incredible offers. Don’t be afraid to talk to people, tell your story and share your gift with others.
Anna Filatova, Executive Contributor Brainz Magazine
Anna is the founder of Dreams and Beyond Coaching Ltd, a coaching and mentoring firm that was founded in March 2020. The company is LGBTQ+ friendly and it offers a variety of services including 1:1 coaching and mentoring, half day intensives, group programs, courses and DISC personality profiling. The services are available internationally as most of the work is done online.
From a young age, Anna has been curious about learning and development and areas such as personal fulfilment, potential and success. She has always believed that people have hidden potential and by believing in them, challenging and mentoring them, she has helped a large number of individuals to thrive and achieve high results in their careers and lives.
Anna earned an Honours BA Degree in Business Studies in International Hotel Management from National University of Ireland Galway in 2011 and a MBA for Executives with Global Perspective from London School of Commerce in 2015. She has been awarded the Brainz CREA Global Award 2021 in recognition for her creative and innovative ideas, and adaptability in business, and selected as one of the top 10 Business Coaches by Entrepreneur Mogul.
Before becoming a certified coach, Anna spent 9 years in Hotel Management and 6 years in Investment Banking. When she was 25, she had burnout that made her realize that health, well-being and work-life balance are more important than killing herself for a fast career progression.
As a Business and Success Coach, Anna helps entrepreneurs and business owners to strive for success in business and their personal lives without feeling stuck, overwhelmed and burned out. She ensures that they have all essential tools and resources for development, growth and success.
