Someone once said, “If you fail to plan, you plan to fail.” That someone was the great Benjamin Franklin.
True or False?
What about you? Are you planning to succeed or planning to fail? I know how difficult it can be to run a business. Especially if you’re trying to start or grow your coaching business while holding down a full-time JOB. That was me at one time.
There are so many moving parts of a business to look after, it’s inedvidable that some things will fall through the cracks, thus affecting your business growth and bottom line profits.
As a coach to the coaches, I see 5 mistakes being made every day by coaches that really want to succeed in their business. Are you making these mistakes? Keep reading to find out.
These mistakes will diminish your profits if not fixed right away.
1. Inconsistent Marketing
It amazes me how some coaches think they can just hang a shingle and say they’re in business then publish one Facebook post or a couple of tweets every week. Then I find that they are ignoring their email list. Both of these are detrimental to your business. If you don’t keep up with a consistent marketing plan, people will forget your name, will forget how they ended up on your email list, or forget why they’re following you on social media. These forgotten people need to be won over yet again and they need to hear and see your company name on a consistent basis before they decide to spend money on your products or services.
2. Failure to Automate
This is a big one. This was one of my biggest struggles when I first started my business. I was stuck in the old school way of doing things, like making phone calls to confirm appointments instead of using an automated scheduling system that sends email reminders to confirm? Believe it or not, I used to get stuck trying to figure out how to keep up with my social media posts. Then I learned how to automate the posts using Hootsuite. Yes, these automation tools cost money but compare the monthly or annual costs to the cost of an employee or a virtual assistant doing the same task. The old school ways are much more time consuming, thus costs you more money in the long run.
3. Poor Branding or Messaging
What is your company’s mission? What is your Unique Selling Point? If you can’t answer these two questions, you need to revisit your messaging and your business image. Branding is more than your logo and business colors; branding is your overall image and what you promise to your customers.
4. Bad Money Management
This is another area I find many new coaches totally ignoring. They don’t have any processes in place for bookkeeping and paying monthly invoices? They don’t have any idea what their income or expenses really are. They have a habit of buying training classes that they don’t have time to use. There’s no reason you should be surprised at tax time with how much (or how little) profit you made in the last year. Businesses that are positioned for growth have good money management solutions in place. I always say, ‘if you don’t know where you stand financially in your business, you’re probably not standing at all’.
5. Reluctance to Reinvest in Your Business
I know, this one is a catch 22 when you’re just starting your business. I often hear new coaches say, “I can’t invest in my business until I make money” or “How can I invest in my business when there’s no money coming in?” Think of reinvesting as a way to grow your business. Instead of taking the extra profits out to pay yourself every month, keep those profits in the business and use them to hire a virtual assistant, purchase software or training tools that will help your business, or invest in a business coach. Each of these reinvestment options will help your business run more efficiently so you can have more time to serve your customers and prospects. Of course, you should pay yourself a salary every month. It’s the profits (or a percentage of the month’s profits) that should remain in the business to help it grow.
So, how can you get these business mistakes rectified. One way for sure is to seek help. This is a bonus #6 that may be killing your business. Are you reluctant to asking for help? If so, that’s a sure-fire recipe for disaster in your business.
Getting the help you need from a business coach or mentor is the best decision you can make for your business success. Here are jusat a few things a business coach can do to help you create a successful coaching business:
- Offer solutions and ideas to make your marketing more consistent and more effective.
- Provide knowledge about the latest technology that can help you automate while sticking within your budget.
- Ask the right questions that help you drill down to those core principles that drive your business.
- Help you create a budget for your business along with solid processes for handling your monthly expenses.
- Offer more solutions for your growth.
What are you waiting for? If you’re making any of these mistakes, ask for the help you need – NOW!
Your Partner in Designing Your Victory!
Are you feeling lost? No worries, connect with me now. I have opened my calendar this month to give complimentary 30-minute Clarity Calls to give you the help you need.
Schedule your session now- Yes, I need help – NOW!
Join me in the private Facebook community, Female Heart Conscious Coaches, to learn how to build the coaching business of your dreams. Connect with me here…
https://www.facebook.com/groups/FemaleHeartConsciousCoaches/
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