Do you have what it takes to run a successful coaching practice? Not surprisingly, great entrepreneurs share common traits and habits. The good news is that most of them can be learned.
Here are five habits of extremely successful coaches:
1. Successful coaches invest in professional and personal development. Successful business owners read business and marketing books, commit to ongoing education, and network with other business owners to stay sharp. But they don’t stop there. They also project a positive business image and do what it takes to make a memorable impression whether in-person or online.
If you hope to operate a successful coaching practice, invest in the best you can afford, whether it’s Web design services or business cards. Any investment in your business is a good investment.
2. Successful coaches sell benefits not services. One of the primary mistakes a new business owner makes is trying to sell his or her services instead of selling the benefits those services bring to clients. Successful entrepreneurs make it all about the customer — not all about them.
For example, instead of selling life-coaching services by highlighting how skilled you are, focus on your customers instead, inviting them to imagine the sense of satisfaction they will feel when they are living their life’s purpose.
3. Successful coaches manage their money well. Cash flow ebbs and flows with any small business, so it is critical that you learn to manage your money well and plan for the inevitable down times that are sure to come.
For example, you might experience a drop in revenue over the summer months due to family vacations. Christmas is another time of year when you might experience client drop-off due to finances, travel, and busy schedules. Plan for the inevitable down times, and you will be way ahead of the game.
4. Successful coaches schedule down time. Successful coaches include regular downtime in their schedules. Resist the urge to work late into the night or on weekends.
In fact, scheduling regular downtime can actually increase productivity. According to Scientific American™, “Research on naps, meditation, nature walks, and habits of exceptional artists and athletes reveals . . . mental breaks increase productivity, replenish attention, solidify memories, and encourage creativity.”
Avoid the trap of working from morning to night. Otherwise, you’ll burn out fast.
5. Successful coaches play to their strengths. The most successful coaches know how to play to their strengths, partnering with others to offset their weaknesses. Administrative details not your thing? Hire a virtual assistant; or better yet, to save money, barter coaching services for admin support.
Building a successful coaching practice is not for the faint of heart, but neither is any worthwhile endeavor. The thing to remember is this: Successful coaches draw on the wisdom and insights of others to customize a business model that suits them and their clients.
What lessons have you learned from other successful coaches? What habits do you need to cultivate?
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