5 Things I’ve Learned About Having a Successful Coaching Business

I’ve been blessed to learn several lessons along the way of building and growing a successful 6-figure coaching practice.

I am committed to helping leaders to live a life of intention and purpose, one that truly glorifies God.

Here are some of the lessons I’ve learned along the way:

 

#1 Be an active part of a high-level Mastermind group. 

Surrounding myself with people who have already been where I want to go is key.

It’s been said that if you’re the smartest person in the room, you’re in the wrong room. Being in a quality Mastermind is like having your own personal board of directors for your life and business.

If you truly want to grow and go to the next level, it’s non-negotiable that you are an active member of a Mastermind.

And yes, there is a significant difference between the free groups and paid groups.

The paid one’s are usually on a much higher level with quality people because they actually have skin in the game.

The free one’s are short-lived, hit and miss with well-intentioned folks who may or may not be serious about their progress.

Good intentions don’t get you lasting results. Taking the right action is what yields quality results.

The right Mastermind will elevate your success like nothing else. The accountability, wisdom, encouragement and resources you get as a result is priceless. Check out the Leading Ladies Mastermind. (by application & interview only).

#2 Don’t go into debt. 

I have Dave Ramsey to thank for this one. The borrower is truly slave to the lender. (Proverbs 22:7) Stay away from student loans and credit card debt. If you run a virtual business, your overhead costs should be low thanks to the ease and convenience of the internet. Follow Dave’s 7 Baby Steps and develop a budget with a tool like Every Dollar to help you get out of debt. Go through the course, Financial Peace University, to help you develop a strategic plan.

Here are Dave’s 7 Baby Steps for Financial Peace:

  1. Save $1,000 in a beginner emergency fund
  2. Pay off all debt
  3. Put 3-6 months of expenses in savings
  4. Invest 15% of your household income
  5. Save for your children’s college
  6. Pay off the house early
  7. Build wealth and give

Coaching Biz Graphic

#3 Have an emergency fund for your business. 

This goes back to number 2. You want to have a “cushion” that you can rely and fall back on when you need it. You don’t want too many “surprises” in the business that you’re not prepared to handle, especially when tax season rolls around. Use a cloud accounting software like Freshbooks to help you keep track of your income and expenses. Hire a bookkeeper.

#4 Use Entreleadership principles.

Over 8 million leaders have downloaded and listened to the Entreleadership podcast. You should too. It’s literally free leadership advice from the best minds in the world. And did I say it’s free? The EntreLeadership Podcast with Dave Ramsey will help you build stronger teams, find better people and get bigger profits.

#5 Be slow to hire. 

Before I settled on hiring Lara as my executive assistant, I interviewed 4 other candidates. It was important for me to take my time in hiring to ensure I had the right person on board. We get in trouble when we hire too quickly just because we need a job done, and then regret later who we asked to do it.

And if you’re thinking that you don’t need to hire anyone to help grow your business, you’re probably thinking way to small. Elevate your thinking. We serve a big God!

Here are some helpful questions to ask candidates when you are interviewing. Business Leader & CEO of PAX Financial Group, Darryl Lyons, shares these in his new book, Small Business, Big Pressure, on page 119. (an excellent book, by the way):

  • What achievements are you most proud of?
  • Are there certain types of people you don’t get along with?
  • What books are you reading?
  • Are you a blessed person? Why or why not?
  • What do you like and what do you not like about your current job?
  • How much sleep do you get at night. Remember, if a person doesn’t sleep much, he typically can’t think. And if he can’t think, he makes mistakes.
  • On a scale from 1 to 10 (10 being this the ideal job and 1 being not interested) what is your current opinion of your fit for this job?

Your Turn: Can you relate to any of these lessons learned?  How? Leave a comment below. I love hearing from you. 

Please note: I reserve the right to delete comments that are offensive or off-topic.