As a business coach, you’ve helped numerous clients run their businesses successfully. You’ve got the skills, done the training, and gained the experience. So naturally you’re pretty confident about starting your own organization as a business coach. The truth is, many businesses coaches are not successful.
Let’s take a look at the reasons why. Are all those people just not cut out to be business coaches? No, it’s likely that the majority are very good at what they do. Where they lack experience though, is in actually running a successful business. Here are some of the key skills and strategies that are key to building a business, that are so often overlooked:
Top 5 reasons why coaching businesses fail
1. They haven’t found their niche
You want to help as many people as you possibly can, and that’s commendable. But a business coach that sets out to help everyone isn’t going to end up helping themselves. You need to narrow down your target audience, so that everything you do and say appeals specifically to that demographic. A successful business coach needs to learn everything they can about this specific subset of people, and then tailor their services to them.
People often shy away from this because they think that appealing to a smaller audience will mean fewer clients and, therefore, less profit. In reality, what it means is a more targeted service that your audience is more likely to buy into.
2. They don’t know how to market themselves
Marketing is an important part of business, and this can’t be stressed enough. Still, many emerging businesses see marketing as something they’ll do further down the line, perhaps when they’ve got more of a budget for it. However, this is the wrong attitude and a critical reason why startups commonly fail to acquire customers.
Take some time to learn about marketing and develop a marketing strategy for yourself, or outsource your marketing to a professional. Build a website, attend networking events, get on social media, learn about SEO. There are so many different marketing techniques you can employ without a huge budget – the trick is knowing which suit your business best.
3. They don’t walk the walk
Many business coaches talk the talk, but don’t walk the walk. If you’re giving your clients business advice that you’re not following yourself, then it won’t come across as credible, meaning your clients are less likely to buy into it. For example, if you’re telling your clients to promote their services using social media, you should also be using Facebook posts yourself to get the word out about your coaching. That means your clients can see that you live the advice you’re selling, so you can be the shining example that your coaching and expertise pay off.
4. They get caught up in administrative tasks
When you’re running your own company, you have to wear all the hats. You don’t just coach your clients, you also have to market your business, manage its finances, handle administrative tasks, etc. With all that on your plate, it can be difficult to manage your time effectively. A good way to overcome this challenge is to use tools, such as Shore’s business management technology, to automate certain repetitive tasks such as sending newsletters, appointment reminders and invoicing. This will help relieve the burden of administrative work, so you can focus on running your business effectively.
5. They don’t believe in themselves
As a business coach, you need to identify your own strengths and individual skills, and then present them with confidence. So often, business coaches compare themselves to others, chase a style of coaching that doesn’t work for them, or lack the self-belief to lead clients with clarity and assertiveness. Clients will always be able to tell if you’re trying to be something you’re not: find a style that works for you and have faith in it.
Why coaching businesses fail: a conclusion
You can be the best business coach in the world, but without proper marketing, awareness of your audience and of your own brand, your business won’t reach its full potential, and your efforts will go to waste.
That’s why Shore have developed technology solutions that are proven to be successful for business coaches, to help you overcome the particular challenges that most often lead to failure. Get in touch to find out how our software solutions for business coaches can help you.