New coaches, this post is for you! Are you ready to embark on an exciting journey into the world of coaching? Starting a new business can be a thrilling adventure, but let’s be real—it can also be a tad overwhelming. Don’t worry, though, I’ve been there and so have MANY of my clients! 😊
I wrote this post because too many coaches struggle going from employee to entrepreneur or stop somewhere along their entrepreneurial journey. I know you know this because you’re reading this post for a reason, but do you know how pervasive this problem is? Let’s do the math.
According to ICF’s 2023 Global Coaching Study, in 2022 there was an estimated 109,000 coach practitioners. In 2019, this was closer to 71,000 coaches. So, let’s estimate that there are about 38,000 new coaches each year (even if we divided this further in half it’s still a substantial number).
When 20% of new businesses fail in the first 2 years, that means that about 7,600 coaches stop coaching. 😢 That is a significant loss, in my opinion. If each coach only helped 1 person transform their life, the measure of their impact is significant. So, I present this post to you as a reminder that every coach has been where you are, it’s a club a flaunt my membership too. And if we can share our experience to help someone else prepare for the mistake (or avoid it completely), we’re making the world a better place.
I gingerly step down from my soap box now and present to you…
Mistakes To Avoid As A New Coachpreneur (Or Any New Entrepreneur)
- Failing to define your target audience clearly. It’s crucial to know who your ideal clients are to tailor your services effectively.
- Setting unrealistic expectations for yourself and your clients. Be honest about what you can deliver and manage expectations accordingly.
- Overcomplicating your offerings. Keep your coaching packages simple and focused to avoid overwhelming your clients. Pick 1 problem you want to help solve and help them solve it.
- Not investing in ongoing personal development. As a coach, continuous learning and growth should be at the core of your practice.
- Not cultivating a money mindset. Developing a healthy and positive relationship with money is essential for the success of your coaching business. Recognize your worth and charge what you deserve. Embrace abundance and overcome any limiting beliefs around money.
- Neglecting self-care and burning out. Remember, you can’t pour from an empty cup. Take care of your well-being to maintain a sustainable coaching practice.
- Creating your own definition of “entrepreneur.” Maybe you’re born with the entrepreneurial spirit and maybe you’re not, but either way you need to own the title and make the definition fit what you need it to be.
- Failing to track your progress and measure results. Regularly evaluate your efforts to identify what’s working and what needs improvement.
Phew! That was quite a list, but trust me, keeping these mistakes in mind and avoiding them will put you miles ahead on your coaching journey. Remember, we all make mistakes, but learning from them is what sets successful coaches apart.
Mistakes are simply stepping stones on the path to success. By avoiding these common pitfalls and embracing your unique strengths, you’ll pave the way for a prosperous coaching business. Cheers to your incredible journey ahead! 🎉✨
Additional Coachpreneur Resources
- Sign up for daily aspirations to inspire and motivate you. This list is EXCLUSIVE to Coachpreneurs.
- Follow me on Instagram for daily motivations, inspirations, with a side of entrepreneurial spirit.
- Check out my free eBook on how to start your coaching business.