Teresia LaRocque, MCC, is Canada’s first Master Certified Coach and co-founder of ICF Vancouver. Over the past 20 years, she has been a key player in developing the coaching industry in Vancouver, British Columbia and Canada.
One thing we know for sure is that it takes a different mindset to become a successful entrepreneur then to be a transformational coach.
Can you relate to the following? You decided to be a coach, you are filled with lots of enthusiasm and tons of energy, you have gained the training you feel is appropriate to really make a difference with and for your clients. You went out and bought a fancy new headset, a new computer, a dedicated business line and maybe even a new iPad! And now, you are ready to begin. You have shouted out to the universe I am ready to start working with paying clients. Weeks later, maybe even months later the sad reality is there is still no paying clients.
Unfortunately many coaches start their business with the enthusiasm and excitement of making a difference in their clients lives, but struggle with turning their passion into profit. If you have decided to be self-employed you are not only a coach but also an entrepreneur. As an entrepreneur it is critical to “work on your business” and ensure you are spending your time in ways that are getting you a financial return. If you are not making the income you want perhaps it is time to embrace your entrepreneurial mindset.
Whether you commit to working 20 hours a week or 40, you must use this time VERY wisely if you want to be sure that you are doing what you need to do to sustain a profitable business. To ensure the success and growth of your business here are four critical activities that are necessary to embrace as an entrepreneur who makes a profit.
Most people eventually come to see that they spend way too much time on administrative tasks - and they're shocked to see how little time is spent on making money. Perfectionists often see too much time going into planning and prep. ("Perfectionism isn't profitable" - are you spending too much time making things perfect?)
When you schedule your work week with specific hours allotted to these four areas, you accomplish two things:
To build a profitable business we must be focused on the business of coaching. The exciting thing, as an entrepreneur you can design your week exactly the way that you want, just be sure that you do book in money-making time - and protect it fiercely, your business depends on it.