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
[00:06:00] Balancing Time and Effectiveness
[00:07:00] Essential Steps to Start Your Coaching Business
[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
[00:12:00] Summary and Caveat
[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
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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 Secrets Free Workshop - 11 September, 10am-11.15
Join our free live workshop, Signature Solution Secrets, on Wednesday, 11th September, from 10:00 to 11:15 AM UK time. Learn how to package your expertise into a coaching offer that sells, even if your results aren’t easily measurable. Whether you have an offer already or are just getting started, this workshop will help you make small tweaks for big sales improvements. Sign up here! https://go.joannalottcoaching.com/SignatureSolutionSecrets
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.