School of Coaching Mastery

Coaching Blog

New Coaches: Which of These Entrepreneur Types Should You Be?

Posted by Julia Stewart

Coaches are often confused when first designing their businesses - and sometimes they feel guilty too! Maybe they think they're spending too little time with the kids, or bringing in too little money. Or maybe the house isn't as clean as it used to be, or key members of family aren't fully on board.

Relax: you're normal!

This infographic from My Corporation will help you see how you compare with other small business owners:

What Kind of Entrepreneur Should You Be?

 

New to the business of coaching, but want to attract clients quickly? Coach 100 has been helping coaches fill their coaching practices for a decade:

Download Your Free Coach 100 eBook

Topics: business coach, life coach, Coaching, become a coach, Coaches, Coach 100, coaching clients, coaching businesses, new coaches

Coaching Businesses Benefit from 2013 U.S. Business Trends

Posted by Julia Stewart

Written by Julia Stewart

MyCorporation just shared an excellent infographic based on research they did, along with Pepperdine University, that shows wonderful trends for coaching businesses. This was not a study of coaching businesses specifically, but of business, in general. 

Here are some highlights:

  1. 54% of businesses that grew in 2013, were "micro-sized". In other words, tiny businesses, such as coaching businesses, grew the most.
  2. One of the fastest growing sectors included "professional services". In other words, businesses such as coaching businesses.
  3. The "Khan Academy Effect" is driving a revolution in education, with tutoring expected to grow into a $100Billion business in 2014. As you may know, many tutors use coaching skills and many coaches do tutoring. In fact, Khan Academy doesn't call it tutoring; it calls it coaching.
  4. One of the few dark spots in this infographic is that apparently it was harder for businesses to get loans in 2013 than it was in 2012. Since coaching is one of the least expensive businesses to launch, that's not a problem for coaching businesses. Scroll to the bottom to learn more about becoming a successful coach.

MyCorporation - U.S.-Business-Trends Infographic

Want to learn more about becoming a coach and launching your own successful coaching business?

Save 10% on Coach Training Through Jan. 1, 2014

Topics: coaching business, coach training, become a coach, successful business, coaching businesses

Life Coach Salary: Why Every Coach Needs a Steady Paycheck

Posted by Julia Stewart

 

Life Coach Salary

Not long ago, one of my life coach students, who was transitioning from a regular job to owning her own life coach business, commented in class that she was going to miss getting a steady paycheck. I’ll bet! What life coach wouldn’t miss a guaranteed salary?

Well here’s a secret about life coach salary (or executive or business coach salary): Even if you work for yourself, you need a steady paycheck.

No, I didn’t say you need to get a steady job. Your coaching business needs to pay you a steady salary. You really can have the best of both worlds!

This is the first lesson in business finance. But unfortunately for me, I missed this lesson for several years. The result? a constant feast or famine condition that wreaked havoc in my checking account and my life.

This chaos created inordinate stress about money and made it nearly impossible for me to invest, save or even have fun with my money, because I was constantly uncertain how much would be coming in.

The answer? I started paying myself a salary. Stress canceled. Uncertainty eliminated. Balancing my checkbook? No problem!

Actually, the benefits of paying yourself a life coach salary are so numerous that I’m not going to even try to cover them all in this blog post. But before you take action, check with your accountant or attorney.

In my case, getting started with a life coach salary was as simple as transferring a set amount of money every Friday from my business account to my personal checking account. But even if you choose a formal payroll, which has some benefits, it can be simple and easy. Check with your bank or maybe check out Costco’s low-cost payroll service.

How can you start paying yourself a paycheck right away? Take a look at how much money your business brought in the last 3 to 6 months. Average it and subtract your business expenses. That’s your potential salary.

Then take a look at how much you think you need to live on (don’t forget to include estimated tax payments and savings of at least 10%). If what you ‘need’ is more than what your business can afford to pay you, start simplifying your life or get more creative. (For me, it’s a fun game to ask, ‘How could I get this for free or nearly free?’ For instance, I discovered that it’s much more fun and rewarding to check out movies from my library than it is to pay a bloated cable fee.) But if you really can't pay yourself enough, there's no shame in getting a part-time job, until you can.

The funny thing is, although what I initially paid myself seemed like too little, I nearly always had extra money left over at the end of the month - in addition to the money I intentionally saved.

Does this seem too limiting, or at least, not exciting enough? Well if you love excitement, go for the chaos. And if you’re really crazy (been there), try enforcing ‘wealth consciousness’ on yourself while you’re struggling to pay your bills.

Me? I find it much more exciting (in a good way) now that I’m free to plan my financial life based on some solid projections.

As for wealth consciousness, it’s fun watching my savings accounts grow.

And that small salary that I started out with?

One year after I started paying myself a life coach salary, I was able to double my pay.

Want to learn more about how life coaches really make money?

Get the FREE Life Coach Salary eBook

Topics: business coach, life coach, executive coach, Life Coaches, life coach salary, Life Coaching, coaching businesses

Starting a Career in Business Coaching

Posted by Julia Stewart

Become a Business CoachGuest post by Joy Maiywa.

If you are thinking of becoming a business coach, it is most probably because you enjoy helping people establish and grow their businesses. You most likely have a natural ability to recognize things that need improvement and are quick to ask questions or suggest changes that can bring about great results.

Like any career, becoming an effective business coach will first require you to acquire the necessary training apart from having some of the natural traits that go with the job. Business coaching involves a great deal of communicating with others. As such, it helps if you are a good and clear public speaker to succeed in the job. You also need to be friendly, analytical, result-focused, thick-skinned and easy to talk to.

To become a business coach, you will need to familiarize yourself with all that is involved in the opening, running and establishing of a business. You will need to know about business planning, finance, employee management, accounting and even legal issues affecting businesses. The type of knowledge and training you specialize in will determine the kind of businesses you will be handling. You can either choose to coach on general business practice or specialize in a particular business industry.

You can also offer business coaching in segments. For instance, if you would like to become a finance business coach, then your work will involve hosting workshops and seminars to train entrepreneurs on different financial aspects related to their businesses. Some issues you will be handling include how to put together tax forms, correct budgeting, how to avoid losses and bankruptcy, and many more. You can also choose to specialize in business problems, where you can coach people about the different business problems they face and provide the solutions to their problems. The type of field you choose should match your passion and skills. This way, you will be able to effectively mentor others who are lacking in you area of specialization.


You do not have to own a business to start a career in business coaching. You simply need to have the passion for the job and the knowledge and skills that go with business coaching. Say you are an expert in accounting. You can choose general business coach training but coach on this field only. If you are good at marketing, you can also choose to impart your skills on people needing marketing skills.

To become a professional business coach, you need to acquire some level of training for the job. This way, you will be able to effectively help others by improving their lives and the businesses they are in. You will have the skills to successfully motivate others to adopt certain business strategies and techniques that will result in their success and the companies they work in. As you grow in your career, you will also be able to hold workshops and seminars to help others become successful businesspersons. If you are looking for a career change from the corporate life, consider becoming a business coach in your area of specialization.

Joy Maiywa is a professional freelance writer and blogger. She has worked with clients from different fields including technology, education, health, and business and entrepreneurship. She writes for Degree Jungle online rankings, a resource for college students.

Become a Business Coach Quickly

Topics: business coach, coaching business, coaching school, coach training, become a business coach, coaching clients, Business Coaches, certified business coach, coaching businesses, coaching career

Free Coach Training vs. Ultimate Coach Training

Posted by Julia Stewart

[UPDATE: The Coaching Certificate Exam is no longer available with the Free Coach Training Program. Please see Just In Time coach training, if you would like to take the exam.]

Recently a new member of School of Coaching Mastery's Ultimate Coach Training Program membership asked what the difference is between her new program and our Free Coach Training program.

It's an understandable question, because it's hard to convey with a website what you experience when you join the Ultimate Coach Training program, but the difference is huge. And each month that you remain in the program, we add more value, features and benefits, so it just keeps getting better...

So I created a very simple table to show some of the most obvious difference in the features of these two programs. To keep it simple, I just compared the first month of the Ultimate Coach Training Program. See below...

It's probably not the features that matter to you, though. It's what the features do for you, like:

  • Become a professional life or business coach faster
  • Get higher-paying clients sooner
  • Organize your new business with less stress and confusion
  • Avoid flunking certification tests
  • Enjoy the camaraderie of like-minded coaches, while you experience this huge personal and professional transformation
  • Become a master coach
  • Get the life and business you really want

I could go on. But here's the table that compares just the first month of our Ultimate Coach Training Program Membership with the Free Coach Training program. With 60 hours of training for just $377, you can't beat the value anywhere:

Coach Training Program

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Which coach training program is right for you? Answer the following questions and click the links below:

Click me

Click me

Topics: Coaching, coach training, School of Coaching Mastery, free coach training, Coaches, coaching clients, Become a Master Coach, Business Coaches, coaching classes, coaching businesses

COACH: Step Away From That Teleclass!

Posted by Julia Stewart

Coach on teleclassFree teleclasses (aka: teleseminars, teleconferences) are an incredible way to learn amazing new stuff from top-notch leaders.

Most new coaches and a lot of not-so-new coaches love to spend time on fantastic teleclasses. The reasons are 5-fold:

1. Teleclasses are a cheap, easy and convenient way to connect with like-minded people from around the world to talk about stuff your family and neighbors may not give a hoot about.

2. As a new coach, you have a lot to learn. What better way to learn it than to listen to the experts tell you how they did it and how you should do it.

3. Practically everyday, another not-to-be-missed teleconference series is launched that you simply must attend. Often, these conferences are free, so how can you say, 'No'?

4. You can sit in your bedroom, wear your underwear, pet the cat, drink coffee and answer email; all while you learn from the world's greatest thought leaders.

5. (Biggest reason) As long as you're taking teleclasses, you're moving forward on your path to becoming a successful coach, because you're learning and growing, right?

If you're like thousands of other coaches, probably not.

Free teleclasses are like the crack cocaine of coach training: Cheap, available everywhere, trendy (for a while), and incredibly easy to get addicted to. That last point explains why they are so available: Because people get addicted to them, they make  perfect marketing vehicles.

The reason I say you are not moving forward with your business when you are on teleclasses, is for one simple reason: You can't build your business that way. You just can't.

And if you're like many of the newbie coaches that I know, the real reason you spend so much time hanging out on teleclasses is that taking steps to build your coaching business is scary, uncertain and you are soooo afraid of making mistakes.

Teleclasses are the coach's favorite excuse for procrastination.

Sorry. The truth isn't always pretty. What can you do about your teleclass addiction? Well, until they come with Surgeon General's Warnings or alarms, red flags and flashing lights, you need a plan. And you must stick to your plan. Here are a few points that might help:

  • Figure out how many client hours you want to be coaching each week.
  • Double that number and you have the number of hours each week you need to spend on building your coaching business.
  • Mark those hours off on your calendar and use them to actively build your business. Daily.
  • None of those business-building hours should be spent on teleclasses.
  • Consider time spent on teleclasses as entertainment time.
  • Limit your hours on teleclasses, just as you would limit a child's time watching television.
  • Don't worry if you miss a teleclass program. If EnlightenNext is doing it this month, you can bet MaestroMonth will do it next month. You'll never miss a thing.
Some teleclasses will benefit you more than others. Prioritize those that are part a progressive (usually paid) program that actively teaches you how to do something you need to know, gets you into action, and gives you feedback on how you're progressing. Also prioritize those programs that you lead, yourself, those that you actively participate on and those that teach you something you need to know this week, because you are applying the lessons right away.

Have a big vision for your coaching business and actively create it in reality.

Unless your big coaching vision is of you sitting in your bedroom, wearing your underwear, while you pet the cat, drink coffee and answer email, step away from the teleclasses.

Coach 100 eBook

 

If you want a real process for building your business, download the Coach 100 eBook.

 

Photo by jerine at flickr creative commons.

Topics: become a coach, Coach 100, coaching clients, make a living as a life coach, Free, Coach Training Programs, coach, teleclass, how to become a coach, coaching businesses

Coaches: Do You Want to Be Like Toyota or GM?

Posted by Julia Stewart

Coach 100 Business SuccessIs a complimentary coaching session still a good way to get coaching clients?

*  How about the online coach directory?
*  What about the free teleclass?
*  And the online coaching newsletter, is it dead? 
If you've been coaching for a while, then you may know that the newsletter, complimentary session, coach directory and fre*e teleclass are old standbys when it comes to building a successful coaching business.
But if you're new to the business of coaching, you may not even need to learn what they are!
That's because business & marketing - including the business of marketing coaching - have changed drastically in the past year or so. And they're still changing faster than ever.
It's partly because of amazing improvements in technology and also because of the chaotic condition of our economy. In fact, the economy is speeding up trends that have been in place for years. If you're not paying attention, you may miss the most valuable opportunities to fill your coaching business this year.
Make no mistake. People still want coaching. But they're finding coaches in brand new ways. Are they finding you? Want them to find you more easily? 
If you interested in finding out more about the trends in coach marketing and how coaches really get clients, including what's new AND what's old that still works, listen to this free teleclass - yes it may be one of the last teleclasses I ever do... 
COACH 100: HOW COACHES REALLY GET CLIENTS
With Julia Stewart, IAC-CC, President of the School of Coaching Mastery
Wed, Jan 28, 4-5 PM ET
 
Register for this free recording here:http://tinyurl.com/COACH100
First we'll discuss how 23 real coaches got 538 referrals, 240 testimonials and 313 new clients and where those statistics are coming from. We'll also talk about the biggest trend in marketing and how it plays directly to coaches' strengths - if you know when and where to use those strengths.
We'll also talk about the all-new coaching success program:

COACH 100 BUSINESS SUCCESS

The good news is that in 2009 your skills as a coach are in more demand than ever. And now you can use those skills to market your business more effectively - but you do need to make some important shifts. 
ASK YOURSELF: Do you want to be the Toyota of Coaching or the GM?
Coaches who can stay ahead of the curve will be the big winners this year. By the end of this program, you'll have tangible tools for successful marketing in this new environment and a solid plan of action steps help your business succeed. And you'll go straight to the top of The GREAT (Coaching Business) PYRAMID. Most coaches who finish this program use it fill their coaching practices with it with one-to-one coaching clients and they get referrals and testimonials with it and even prepare for coach certification, in the process.
But you'll want to listen to this teleclass - even if it is an old dinosaur in the world of coaching - in order to find out more and to join this exclusive coach business success program.
Once again, here's listen to join the teleclass:
COACH 100: HOW COACHES REALLY GET CLIENTS
With Julia Stewart
Wed, Jan 28, 4-5 PM ET
Register for this free recorded class here: http://tinyurl.com/COACH100
See you there!
Julia Stewart, IAC-CC
 
COPYRIGHT, JULIA STEWART, 2009 

Topics: business coach, coaching business, make a living as a life coach, webinar, coaching success, Coach Certification, coaching businesses, coaching career

    Subscribe for FREE: Learn About Coaching

    Follow Us

    The Coaching Blog

    If you're a professional Business or Life Coach or you're interested in becoming one, the SCM Coaching Blog covers topics you may want to know about: How to Become a Business or Life Coach, Grow a Successful Coaching Business, Get Coach Training and/or Business and Life Coach Certification, Become a Coaching Master and Evolve Your Life and Business. 

    Subscribe above and/or explore by tag, month or article popularity, below.

    Latest Posts

    Most Popular Posts

    Browse by Tag

    Top Career-Jobs Sites Living-Well blog