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64 | A Step by Step Guide to Starting and Growing a Coaching Business
Episode 6430th May 2024 • Women in The Coaching Arena • Joanna Lott
00:00:00 00:17:07

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Listen in for a comprehensive step-by-step guide to starting and growing a successful coaching business. Drawing from Jo's personal journey and experience, she provides practical tips, strategies, and insights to help coaches overcome fears, build confidence, and create a thriving business. Whether you're just starting out or looking to take your coaching business to the next level, this episode offers invaluable advice and actionable steps to achieve your goals.

Timestamps:

[00:00:00] Introduction

[00:01:00] The Importance of Foundational Steps

[00:02:00] Personal Journey: From Self-Doubt to Confidence

[00:03:00] Daily Practices for Success

  • Morning affirmations
  • Daily meditation
  • Celebrating wins
  • Overcoming limiting beliefs
  • Gratitude journal
  • Confidence course
  • Positive intelligence course
  • LinkedIn challenge

[00:06:00] Balancing Time and Effectiveness

[00:07:00] Essential Steps to Start Your Coaching Business

  • Overcoming fear
  • Vision, mission, and values
  • Setting financial goals
  • Deciding on a business format and setting up a business bank account
  • Setting up professional indemnity insurance

[00:09:00] Marketing and Identifying Your Niche

[00:10:00] Creating Tangible Offers and Growing Your Audience

[00:11:00] Final Tips and Website Setup

  • Website and email address
  • Onboarding system and contracts

[00:12:00] Summary and Caveat

  • Mastering marketing and sales as a skill
  • Investing time and money into learning

[00:14:00] Special Offer for Jo Lott's Mentorship Programme

[00:15:00] Closing Remarks and Free Resources

Useful Links

Onboarding and Retention Guide (£7)

How to secure more coaching clients' free training

Download the 12 ways to get clients now

Learn about The Business of Coaching programme

Connect with Jo on LinkedIn

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If you’re kind enough to leave a review, please do let Jo know so she can say thank you. You can always reach her at: joanna@joannalottcoaching.com

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Mentioned in this episode:

Signature Solution Launch Offer

If you want to get clear on your niche and signature coaching offer, the Signature Solution self-study course will take you through the process. Use the coupon code GIFT to get 50% off in this launch period only (expires 10pm on Friday 19 July). Click the link to sign up now https://go.joannalottcoaching.com/signaturesolution

Signature Solution Launch Offer

If you want to get clear on your niche and signature coaching offer, the Signature Solution self-study course will take you through the process. Use the coupon code GIFT to get 50% off in this launch period only (expires 10pm on Friday 19 July). Click the link to sign up now https://go.joannalottcoaching.com/signaturesolution

Transcripts

Speaker:

Hello and welcome to Women in

the Coaching Arena podcast.

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I'm so glad you are here.

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I'm Jo Lott, a business mentor

and ICF accredited coach

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Microphone (Samson Q2U Microphone):

and I help coaches to

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build brilliant businesses.

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I know that when you prepare to enter

the arena, there is fear, self doubt,

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comparison, anxiety, uncertainty.

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You can tend to armor up and

protect yourself from vulnerability.

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In this podcast, I'll be sharing

honest, not hype, practical and

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emotional tools to support you to make

the difference that you are here for.

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Dare greatly.

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You belong in this arena.

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Hello.

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welcome to episode 64 of

women in the coaching arena.

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I am so glad you are here.

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Today, I'm breaking down the big picture

and a step-by-step guide to starting

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and growing a coaching business.

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This is relevant, whether you

already have a business or

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whether you are starting out.

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I think underestimating the

foundational basic steps is a

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huge mistake and I revisit these

foundational steps every single day..

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So I hope this is super helpful for you.

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Because I have realized that many

people train to become a coach,

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but very few people go on to build

a successful coaching business.

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I find this extremely sad, especially

the self-doubt women in particular

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often feel, but men definitely too.

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When they start their journey and

you see everyone else on social media

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thinking they have it all sussed and

you feel like you are the only one.

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So, if you are feeling any of that right

now, just know that it is not true.

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And what you see on social

media is just the highlights.

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And usually behind closed doors.

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It's very, very different.

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And that's why I love my community

because you soon start to feel at home.

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Because you know that if they

are celebrating a win, that

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that's a big deal for them.

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It's not like it just happens every day.

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So in this episode, I will share

my personal experience of becoming

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a coach And initially building an

executive and career coaching business.

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So I left my job in 2019 and

trained as an executive coach.

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It was a hugely rocky journey,

I guess, of losing my identity

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and feeling like I was nothing.

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you go to a party and you know, you

can easily answer that question.

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What do you do?

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Whereas when that was all gone, It was

a really, really hard time in my life.

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I also compared a lot, in my coach

training, everyone was like head

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teachers of secondary schools

or felt like they were really

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senior and so much better than me.

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So there was a lot of comparison

and it was an exhausting journey.

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but my confidence increased

rapidly in around a year.

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So I don't know if that's rapid or not,

but somebody wrote to me in:

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said, Like your confidence in comparison

to where you were in:

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Can you share, what's made

the difference for you.

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So luckily I have an email to this person.

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So this is what I wrote in 2020.

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Morning, affirmations again,

something I had never done before.

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Daily meditation.

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I did the Deepak Chopra 30 day

meditation challenge, I think.

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And that really helped Tune in

to me and stop being so stressed.

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I had a few good wins in coaching,

especially in group coaching and training,

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which I had a huge limiting belief about

thinking that I could never do training.

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And lo and behold, I can do

training and group coaching.

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And now I do it every single

week, fortunately for me, a coach

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friend of mine Delphine at the

time had run a women's workshop.

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And I said, I would love to do

something like that, but, you know,

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I can't do training and I would never

be able to do something like that.

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So she challenged me to do it.

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I literally put out the advertisement

that day, you know, completely petrified

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about the entire experience, but it was

probably a, life-changing limiting belief

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busted because it's led me to be able

to have my own group coaching program.

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I know that I can do training.

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I was regularly caged

myself for the first time.

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So I think I just gained so much more

awareness of what was real and what were

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limiting beliefs, all of those things.

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I started a nightly gratitude

journal, which I'm still doing.

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And that has Changed my brain so much

to constantly be seeking out what I'm

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grateful for rather than focusing on.

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I'm not grateful for.

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I did a short confidence course,

which was a great reminder.

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Our thoughts affect our actions and

we can change those with practice.

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I did the positive intelligence

course, which was amazing.

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They often do free programs for

coaches, but I signed up as a pioneer.

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So I offer that to my clients

when they joined my program.

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I feel like honestly does

rewire your brain If you can

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keep up with the practice.

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I also did Helen Pritchard's five

day LinkedIn challenge, which

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helped me to actually think about

putting out my first post, which

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at the time just felt impossible.

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But just shows now I post all the time

on LinkedIn and it's like my new home.

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So how much progress you

can make with small actions?

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I also wanted to share that I only

had two days a week when my son was in

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childcare and I had three jobs as well at

the time and a one and a three-year-old,

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which was obviously pretty exhausting.

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So if you are making excuses for yourself

that you don't have time just know that.

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The less time you have the more effective

sometimes you can be like, I had no

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choice, but to be super effective.

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Whereas now I have five days a

week, although they are school

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days, which are ridiculously short.

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I probably don't get half as much

done as I used to do in those two

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days when I was like superwoman.

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Nailing everything I needed

to do really really well.

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I do think more time is helpful

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and certainly if your stress levels but

you can start with the limited resources

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that you have and build from there.

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So the first step, I would say that

it's essential is overcoming the fear.

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False evidence appearing real

is how I like to think of fear.

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If you haven't read the book mindset by

Carol Dweck, I would highly recommend it.

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That really helped me too see

that, yeah, fine I probably was

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rubbish arts, marketing, speaking,

coaching, all the things at the time.

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But I loved the idea that I gained

from that book of the power of yet.

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I'm not that great at it yet, but

I can practice and become better.

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Before reading this book, I

was definitely a that's the

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way it is type of person with.

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I'm not good at that.

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That's all there is to it.

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there was no gray for me, so it was

a really great learning to see that

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there was loads that I could do and

build upon and it's just all skills.

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Next up your vision, mission and values.

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Have that powerful vision.

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I was lucky to go to a workshop at the

time when I started my business and I

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still have it painted on my wall here

of the difference that I wanted to make.

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Just know that you can make a

massive difference, even if it is

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just in your free marketing and

you feel like nothing's working.

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The more value you offer,

the more eventually the

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value will come back to you.

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So trust in that.

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Setting financial goals was my next step.

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I soon saw that it was actually

impossible to reach my financial goal,

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which is what helped me to go into

businesses, gain bigger contracts.

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Do public speaking, do different

things as well as coaching, to be

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able to reach that financial goal.

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Next up was decides on a business format

and set up a business bank account.

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The difference between a sole trader and

limited company, you can Google that.

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I am not an advisor, I signed up as a

sole trader and it worked super well

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for me because you can do it quickly.

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You don't have to spend

out a lot of money.

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You don't have to have

an expensive accountant.

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You can literally register

on the UK government website.

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Obviously, if you're in different

parts of the world, This

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may be completely different.

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But you can register

instantly and start trading.

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That was a really nice, quick, easy way

to start, which didn't have me spending

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money and going down a big rabbit

hole, but There are legal reasons where

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you may want to be a limited company.

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That's up to you to have a look into

what will be most suitable for you.

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Next up Is set up professional indemnity

insurance, I used Hiscox, which was great.

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At the time it was

around 10 pound a month.

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It is now way more expensive

because it does go up depending

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on how much you're earning.

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Next up, identify your niche.

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So I've done lots and

lots of episodes on this.

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I won't go into it extensively

here because we have loads

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of other things to cover.

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But I have episode 63, which was about

niching and episode 14, which was

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five steps to find a profitable niche.

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That's probably the most

comprehensive one I have on niching.

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To market your business it's

really hard to sell coaching.

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So you need to create this

switch in your mind that you are

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solving people's problems because

people pay to solve problems.

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So get super clear on

who you help and how.

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Next up is get to know your ideal clients.

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don't spend too long in a room on your own

going round and round this niching circle.

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Keep listening wherever you go people

will always tell you about their problems.

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Keep listening To that market research

to really see if this is something

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that people are prepared to pay for.

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Identify your offer comes next.

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Rather than selling six sessions

of coaching, it works really

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well to create a tangible offer.

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I do this in my program.

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I call it my intangible

to tangible process.

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So we take the intangible,

which is coaching.

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And turn it into something that

people understand enough to pay for.

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Next up for me was linked in.

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So how can you get out there and tell

as many people as possible, what you

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do and growing your audience is the

biggest thing I have ever learned.

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And the most powerful.

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So ensure that you aren't stagnant, just

sharing posts with the same old people.

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You need to have a way of growing that

audience every single month to be able

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to grow your business every single month.

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Next up is website and email address.

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This comes a lot later than most people

realize, because in the beginning you

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have so little clarity about who you're

helping and how you're helping them.

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So it's usually best to do your website.

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Once you have that clarity.

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By now you may have some clients.

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Congratulations.

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So now it's about having

a great onboarding system.

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I have a onboarding guide you

can buy for seven pounds, which

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I'll link in the show notes.

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Which covers the full onboarding

process so you create a powerful

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experience for your new client.

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So, let me summarize today's episode.

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I know that this was a whistle-stop tour.

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So firstly overcoming these fears

and building your confidence.

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Next up is your vision,

mission and values.

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Then your financial goals to ensure

that what you're aiming for is possible

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with the services you're providing.

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Next up is decide on a business format

and set up a business bank account.

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I recommend Starling and Monzo

as two great bank accounts.

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Set up professional indemnity insurance

for coaching, training, and education.

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Next up, identify your niche,

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then get to know your ideal clients.

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Create a amazing offer and tell as many

people as you can about that offer.

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Finally create a great website and a

great onboarding process and contracts

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so you build a solid brand and create

a great impact on your future clients.

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I wanted to add a caveat here

that there are so many nuances.

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So I don't want to give you the impression

that you can just tick off these things

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off the list and then become successful.

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It's a skill that you

master just like coaching.

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So the more you can think about

marketing and sales has a skill

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that is going to take years and

hundreds of hours to practice.

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Just like your coaching has, then you

will be successful, but just know that

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you can't be great when you start,

you are going to have to practice.

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You're going to have to lean into things.

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You're going to have to learn so much.

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I have probably spent.

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70,000.

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I dread to think learning all of this

business stuff, but I know now, and

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thousands and thousands of hours,

continuously refining, perfecting,

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learning new things, keeping up

with how things change once you

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finally got to grips with something.

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So it's something you want to

invest your time into invest money

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into learning all of these skills.

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It's this, that is going to create

a successful coaching business.

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Sadly, not your amazing coaching skills,

because if we can't get anyone in the

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door, you're not going to be able to

practice those amazing coaching skills.

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So, yeah.

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Think about this as a priority.

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If you want to make a difference with

your skills, which I know you do,

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then decide that you are going to a

hundred percent go all in and then

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marketing and sales for your business.

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So you do create a massive

impact in the world.

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If you would like my

help, this is what I do.

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So I will share the links, my

mentorship program, the business

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of coaching in the show notes.

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I have a special offer in June of a

12 month payment plan, even though

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it's a six month mentorship program.

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So you can start today for 270 a month.

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And think about your return on investment.

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How much time are you

wasting staying stuck?

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When you could have real support from

someone who actually cares about you and

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actually wants you to become successful.

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This is a mission for me,

rather than a business.

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Anyone will know that.

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My children know that.

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So I I'm super keen to help more

qualified coaches make the difference

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that they are here for a, not

have to go back to their day job.

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So wherever you are in your

coaching journey, go for it.

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Commit to going all in.

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And like I say, at the end of every

episode, trust yourself, believe

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in yourself and be the wise Gardner

who keeps on watering the seed.

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Microphone (Samson Q2U Microphone):

Thank you so much for listening to this

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episode of Women in the Coaching Arena.

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I have a mess of free resources on

my website joannalottcoaching.com.

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That's Joanna with an A

and Lott with two T's.

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joannalottcoaching.com.

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And I'll also put links in the show notes.

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Let me know if you found

this episode useful.

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Share it with a friend and

leave me a review, and I will

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personally thank you for that.

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Remember to trust yourself, believe

in yourself and be the wise Gardner

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who keeps on watering the seed.

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Get into the arena dare, greatly and try.

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