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BOOK EXCERPT #2

PART 1

20 (Out Of 55) BUSINESS MISTAKES Broke Coaches Make

150+ Mistakes Coaches Make Excerpt
Copyright © 2024 by Bart Smith
Reprinted by Permission

In no special order, here are a number of business mistakes coaches make that you might want to be aware of and hopefully avoid.

#1) Assess your coaching business when you start to feel overworked, underpaid, overwhelmed, not in control, etc. It might be time to hire some help.

#2) Changing too many aspects of their whole business too many times and way too often. “Oh my website isn’t pulling, let’s change it. Redo the whole thing, spend a lot of money and waste a lot of time. Oh, social media isn’t doing the trick, let’s spend more money, and ....” You get the idea. Keep things simple, and focused on you getting out there. A return to basics and staying there, usually keeps you in the money-flow and client-flow.

#3) Not filling up your calendar with activities that help build your business and grow your income: (i.e., writing books (make the time), speaking x-times per month/year, conducting webinars and tele-seminars, etc.).

#4) Never get involved (emotionally/physically) with your clients. It seems obvious, and it should be. Don’t be alone in their house or your house if you can avoid it. Especially if you’re dealing with the opposite sex. If you do, be sure to sit in your own chair, and not on the same couch or bed with fluffy pillows. HEY, IT’S A CRAZY WORLD OUT THERE FILLED WITH SEX-STARVED SOULS LOOKING FOR LOVE IN ALL THE WRONG PLACES! Remember, you’re dealing with hearts, not just minds. People are lonely, desperate at times, and even lawsuit-happy!

#5) Not setting aside six (6) months worth of income in a savings account, just in case you get sick or want to take time off for holidays/vacation or can’t find clients for a period of time.

#6) Don’t wait until you get busy (i.e., a lot of clients) to put systems in place. Take advantage of the free time you have now only coaching those two clients to get your systems and such in place. Then, having spent a little money to do that, now you’re fired up to go recoup your investment by? MARKETING and finding new clients. THEN? You’ll have the systems in place to handle them and you won’t be overwhelmed trying to put those systems in place while juggling a multitude of clients at the same time. Systems include your website, eMail marketing setup, audio/video marketing, social media accounts ready, contracts, coaching client support/management software, etc.

#7) Gossiping about your clients to other people. DO NOT - DO NOT - DO NOT talk about your clients with anyone. Confidentiality is key. If you have a loose mouth that talks about your clients to other people, it just might slip one day when you mistakenly say, “I was just talking to someone about you and your situation to a dear friend of mine ...” You have no idea how that client will respond. Assume the worst, they quit, and demand their money back because you touched on something very personal to them.

#8) Not knowing, understanding, researching, and asking for legal advice and support for legal documents, terms and conditions, coaching contracts to have your back in case a client goes “wiggy on you.” (wants to sue you for monies paid or another reason). It’s up to you how you handle the situation, but do consider this mistake seriously. Don’t let it prevent you from starting and do keep it on the table for a closer review at some point soon in your coaching career.

#9) Not being clear up front with what you expect from the client, and what they can expect from you. Explain to your clients what coaching is and what it is not. Coaching is about the client taking the necessary action to achieve his/her goal. The coach is only there to ask questions, help be a sounding board, share his/her experience, and what has worked with previous clients.

#10) Not contacting or creating a community of coaches you can rely on for support when you need it. Other coaches need this as much as you. Reach out to them first. They’ll appreciate it.

#11) Not hiring help (or a team of people) to support you as your business wants/needs grow.

#12) Not paying close attention or learning how to run the business side of your new coaching business. Well, here it is in a nutshell: 1) Go make money, bring in the sales and count every penny as it’s deposited into your bank account, PayPal, etc., as gross income. 2) Do you have a business structure in place, such as a Sole Proprietorship, Partnership, LLC, etc.? You’ll need it for tax deduction purposes. 3) Do you have an accountant or someone to do your taxes? While this is nice, it can be expensive (not too much), but worth it. (4) If you don’t have an accountant, you can do your own taxes online with software. (5) You are now a business owner, entrepreneur and must operate your professional life as such. You must learn marketing, website terminology, etc. DO NOT ignore the business side.

#13) Not planning their business the way it should be, with a real business plan. Business plans are exciting to create, because it’s like designing your own treasure map to the hidden treasure chest. Why run your business in the dark, when you can learn exactly what steps to take, what resources to pull from, what marketing tactics you’ll specifically implement, and so forth. Yes, new things will come up that you’ll need to add/subtract from the business plan, but that’s okay. The space shuttle is off course 90% of the time. They constantly have to make tiny adjustments constantly so it heads in the right direction and finally makes it back to Earth safely. Running a business is no different. Tiny adjustments can make a significant difference in the outcome of your efforts.

#14) Not planning, no task lists. Being scattered.

#15) Not refunding a client when they’re more trouble than they’re worth. Better to pay them their money back, even if you might be right and it’s a pinch in your pocket book. Trouble clients can bring MORE trouble than they’re worth. Lawsuits, bad-mouthing your reputation online, which could really cause damage to your coaching business. Take out a loan if you have to. Then, when you give them their money back, think carefully how it will be done. For example, if you charged their credit card for $1,000, don’t be so quick to refund their money via the credit card. That doesn’t look good to the merchant company. Instead, offer to send a certified check or money order drawn from your bank. Mail it, certified, so you have a receipt they received it. Keep your receipts. Best to do this at a bank, where you have a relationship with the manager, hopefully you do. How can you tell a client is going to be trouble? Simply, when they raise their voice, show any little sign of anger, and get really mad or irate. Those folks you just want to take care of with cash refunds AND a complimentary coaching session anytime. It’s all in the way you handle yourself and the refund. Better to hold your breath, bite your tongue and do what you know you must do. Chances are, after time goes by, the upset client may realize you were the better person and they ruined would could have been a great opportunity to work with you. For you, don’t take it personal. Some like sushi, some don’t. Some think the coffee is too hot, some not so. Humans, while some are harder to please than some, you can never really please them all. But, you can show each and every client who comes your way how professional you are and how you tried to help them.

#16) Not staying organized with software and machines that help keep your office clutter-free. It’s called a paperless office, practically. Scan things in and keep clutter and paper off your desk, and tables, etc. Check out Neat.com.

#17) Not tracking the money coming in, and going out. Do this daily/weekly, so at the end of the year you know exactly where to make adjustments and where to assign expense categories to and for tax deductions.

#18) Not tracking your time. Not tracking how much time is wasted on trivial matters, and avoiding real tasks that can put money in your pocket, such as marketing and selling.

#19) Seeing clients in your home. Hey, it’s up to you, but for privacy reasons, lawsuit reasons and other unforeseeable reasons, unless you have a close friendship with a particular client, it’s not wise to have any client visit your home. Better to rent a small office suite for $250-$500 a month and keep clients away from where you live. Just a thought. Some clients are not a problem.

#20) Not trademarking your most popular coaching program names, workshops or packages. Not doing so could cost you recognition and money if others start using those names in their coaching business. It could really mess up your search engine results for one thing. This would require you to spend $300-$400 per trademark. Then, hunt those down who are using your trade name and send them a sweet letter from your attorney to cease and desist.

(THIS IS CONTINUED IN THE BOOK)

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BOOK EXCERPT #3

PART 2

16 (Out Of 44) COACHING/CLIENT MISTAKES Broke Coaches Make

150+ Mistakes Coaches Make Excerpt
Copyright © 2024 by Bart Smith
Reprinted by Permission

#1) Be mindful that even though you and your client might get along very well, and you might enjoy each other’s conversations very much during the coaching process, it’s results you’re after. Don’t be hard on yourself or allow the client to get upset if things aren’t progressing in the direction the client (or you) would like. The coaching process is quite different than how two people get along on a social level. Growth is a personal issue and must be appreciated for that difference.

#2) Coaching is a sharing and watching activity. As you share your knowledge and watch how a client responds, you might not be aware of what’s really going on inside of the client that’s preventing him/her from moving forward. It’s then an issue of asking more questions, listening, and getting your client to be honest about what’s really going on.

#3) Not starting each session off with homework (if required), following up on that homework, making notes of each session, and requiring the client to do the same.

#4) Giving clients short-term, quick-fix solutions for what really requires a long-term strategy to achieve long-term results.

#5) Giving in to pressure, either generated by the coach from within or the client, to attain quick results. Explain to clients that coaching is not a quick fix approach to improving any situation over the long haul. Coaching is about (slow and steady) growth and improving one’s overall lifestyle/business with long-lasting outcomes.

#6) Sharing your opinion about a topic too early in the coaching relationship. Remember, coaching is 80% listening, and 20% asking questions and responding to what you’ve heard.

#7) Being over anxious to solve, and not listening for more information.

#8) Coaching in areas you’re not trained in, authorized or licensed. In this case, stop, tell the client “I don’t think this is in the realm of my expertise, in fact, I might even have to be licensed to comment on that. Do you mind if I refer you to someone who is trained? I could make a personal introduction. I know a few people who could help you.” Then, refund their money, because they’ll need it where they’re going. Hopefully, it’s not too much of a refund. But, you get the idea. Don’t swim in waters you’re not trained in. You don’t want to mess with the law, or advise them in a direction you’re not qualified in just for the money. It’s not worth it. Stay within what your coaching contract says you’re able to coach on and no more.

#9) Not pushing yourself (as a coach) to coach as much as you can, as often as you can, if you can, even for free. Time in the saddle is what counts. This generates word-of-mouth testimonials for your good work, and confidence in you that you really can help people. Thinking about it when you’re waiting for the phone to ring is one thing. Knowing it because you’re in the zone with a client is another, whether it’s a paid session or free one.

#10) Knowing the right answer, and giving it. Instead, keeping the right answer to yourself, and helping the client figure out the right answer on their own, no matter how long it takes. Coaching is a growing, learning process from within. Not a band aid approach from the outside. Coaches help their clients look within for the answers, not open you up like an encyclopedia for answers.

#11) Not adhering to a set of ethical standards as set by major coaching organizations, such as the International Coach Federation (ICF). If you don’t know about it, you should. If you haven’t read it, you should. If you don’t follow it, you should. Visit their website and read it: CoachFederation.org/ethics/. It’s actually not that long. Read it, print it, memorize it.

#12) Not asking the client how you can best help them. Don’t assume you know, ask!

#13) Not choosing to solve one problem at a time. Instead, some coaches try to take on too much with a client, never really finishing anything, only to leave the client frustrated and possibly asking for a refund for all that wasted time. Focus on one problem. Solve it. Then, introduce other services you have at that time. If a client asks, “What else do you do?” You can reply with what else you do, but gently insist you finish the first problem. “After we work on this first problem, we can move to the second. Let’s stay organized and complete one thing first.” (Client: “Makes sense. Okay.”

#14) Not clearly honing in on the client’s problem up front, before a client enrolls in coaching with the coach. This creates confusion and second thoughts whether the client should spend money up front. You should say, “I see what the problem is, I’ve dealt with this before, clients in the past have had great success with my coaching them through problem-x, why don’t we get started today? Better to get your problem over with sooner, than later, right? Every day your problem is NOT solved, imagine the time and money you’re losing. Put a value on your time (if money is not really a loss here). How much do you make? $75 an hour at your job? So, that’s three months of struggling with this problem. That’s 90 days (or more), and no weekends off. We never forget our problems. We take them home and to bed with us on our mind. So, 90 days x 24 hours a day x $75 per hour, I’d place a dollar value of that problem bothering you at around $162,000 worth of damage to your mind, spirit and such. I’m only charging you $1,500 for 10 sessions. That’s a discount of over 90% off my regular coaching fee rates? You save over $160,000 .... I’m joking to make my point, and trying to put a dollar value on your problem/situation. What do you think about that. Is this a true value of the pain you’re suffering with x-problem?”

#15) Not firing a client, when they deserve to be. Instead you keep them on for the money, but pay for it dearly in the long run. Offer 3-5 referrals so you show that you care about their growth, and want them to pick the best match for them. But, fire them.

#16) Not giving the prospective client enough insight as to what a coaching session with you is like. Record, in audio or video format, a 10-30 minute mock coaching session. If someone is in need of your services can sit down and watch you coach someone and really feel they’re right there with you in the same room or on the phone, wow, that’s powerful. They’re ready to jump into your pool. All they need is a nudge in the form of a phone call, after they opted in to your list to view that video and you had a ASK ME ANYTHING BOX under the video where they dropped in their question and you called them back to say, “I got your question, would you like to talk about it?” That just opens the floodgates to clients opening up to you, and you working with them.

(THIS IS CONTINUED IN THE BOOK)

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BOOK EXCERPT #4

PART 5

10 (Out Of 30+) MARKETING MISTAKES Broke Coaches Make

150+ Mistakes Coaches Make Excerpt
Copyright © 2024 by Bart Smith
Reprinted by Permission

#1) Letting the competition get to your self-confidence or ability to get out there. There is no competition, you hear? None. There is only you, and if clients want someone like you, a unique individual with unique gifts and a unique way of looking at/solving problems, then there’s no question, you will be hired. But, they (clients) need to know about you. Why aren’t you out there? So, not getting out there is problem #1, and #2 is worrying about the competition. Did the Rolling Stones worry about the Beatles? Did Elvis Presley worry about Frank Sinatra? Did Carl’s Jr. worry about McDonald’s? Then, why are you worrying about so and so and you know who? Stop that. No more! Get out there. The world is waiting to meet someone exactly like you!

#2) Not attending enough events where you can network with others. Not finding a quiet space in the corner of the room, lobby or hotel, where you can have people come meet with you for 5-10 minutes each. These are quick power coaching sessions, where they tell you the one thing that’s on their mind (i.e., pain/problem/passion), of which you also got them fired up with a handout you gave them earlier to prepare for this 5-10 minute power coaching session. In doing this they get excited, get to try you out, you get to meet them, look them in the eye, etc. Let them talk 80% of the time, while you chime in for the remaining 20%. It’s easy to RUN OUT OF TIME, and say, “Would you like to continue this during a real 1-hour free session? Talk about an already warm lead. Do this to 5-25 people at such an event and see how many warm leads you actually get. It might take you an hour or two to get those 5-25 leads, but it’s worth it. You know about rapid dating or speed dating? This is called “speed coaching!” Same concept!

#3) Boring website, boring copy, boring photos, boring anything and everything, are more mistakes coaches make. Also, being cliché, using predictable phrases, general statements, etc. Not you. NEVER be this way.

#4) Not donating time for charity work. Here’s why this is important. Are you only in it for the money or do you really want to help people? Chances are, if you’re not paid, you won’t coach. Sure, you have a burning desire to help others. Okay, put your money where you mouth is and do some charity work. For starters, this gets you away from the work-zone into a true helping others zone. Next, that photo of you dishing out those turkey legs at that homeless shelter really resonates with that corporate client who was looking for someone to hire for their personal coaching needs. Seeing you helping others is just the kind of big heart most clients need to know when they hire you. Are you all about the money? Or is there another side of you that really does care about people? You only have to donate an afternoon once or twice a year for this to have its affect. It could be for seniors, homeless, veterans, animals, children, half-way houses, domestic violence shelters, etc. Find ten different causes in your area, and participate in one of them every other month or so. Up to you, but I think you get where this can lead to. Besides, what a great way for you to get endorsements from those organizations for your website. “Susan Smith, Professional Coach at www.HerSite.com, donated her time to help _______ [name of organization].” If your name goes on their website, look out for some great search engine back links to your website hopefully. The potential is unlimited.

#5) Not learning everything you can about (and using) social media (i.e., Facebook, LinkedIn, Instagram, Pinterest, Twitter, etc.) to promote your coaching business.

#6) Looking at marketing as work. It’s not. Marketing can be (and is) FUN! Marketing is an activity and an excuse to PARTY! Why? Marketing gets you away from what’s boring to what’s exciting, which is interacting with people and promoting your business.

#7) Make it easy for clients to give you testimonials. For starters, most people are not good at writing, let alone how they feel about what you did for them as your coach. So? Help them. Ask them these three very basic questions, and then YOU formulate their testimonial out of their own words. For example ...

Question #1 → Without giving away too much detail, why did you hire __________ [COACH’S NAME] as your coach. What problem were you facing that you needed help with.
Answer #1 → _________________ [PAIN/PROBLEM/PASSION].

Question #2 → What was one thing that stood out when it came to working with _____________ [COACH’S NAME].
Answer #2 → ________________ (This becomes a unique selling point for you, the coach.)

Question #3 → What was the result of working with __________ [COACH’S NAME] , what was the outcome did you reach your goal and what exactly was accomplished.”
Answer #3 → ______________.

Question #4 → Would you recommend ___________ [COACH’S NAME] to your friends and family?
Answer #4 → “YES!!!”

That’s it, upload a photo of yourself, tell us how you’d like your name to be displayed (i.e., oe S., Houston, TX), click the submit button and you’re done.

Once you, the coach, receive their answers, you can formulate their own words into a testimonial, which you’ll run past them for approval. Sometimes, clients don’t always remember key points working with you. So, remind them.

CLIENT TESTIMONIAL → “I came to see [COACH’S NAME] because I wanted to achieve [DESIRED OUTCOME]. It seems I just wasn’t able to because of [PAIN/PROBLEM/PASSION], until I started working with [COACH’S NAME]. What I really like about working with [COACH’S NAME] is that he/she __________ [unique selling point], and I just can’t thank my coach enough. I definitely would recommend anyone wanting to [REPEAT DESIRED OUTCOME] and having troubles with [PAIN/PROBLEM/PASSION], book an appointment to speak to [COACH’S NAME]. Thank you, [COACH’S NAME].” – Client X., City, ST

#6) NOT writing a book. Then, NOT getting interviews about you and your book. Minimum 20 interviews the first 6 months its out!

#7) NOT making videos about your coaching passion to reach potential clients. This is extremely low-cost and high-yielding.

#8) NOT FILLING UP their calendar with marketing activities to bring in new business.

#9) NOT telling people what you do NOT do. You’re quick to tell people what you DO do, but you neglect to tell them you don’t do this or that, you’re not that or this ...

#10) NOT following-up with client prospects you met. Do not assume they’ll call you or they’re reading your material and need more time. Reach out to them after 1-2 weeks, 3-4 weeks, 1-2 months.

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BOOK EXCERPT #5

PART 6

5 (Out of 12) MINDSET MISTAKES Broke Coaches Make

#1) Buying every new book or training program thinking it’s the golden ticket to making them money and finding clients. Traditionally, the old fashioned way to find clients was simply to work to find them. That is, reach out to people, talk to them, ask for referrals, make videos and record audio that helps give people an introduction to your coaching style, etc. See if you can do the maximum output and income-generation with the minimal-output of spending cash and wasting time learning new programs that were pressured upon you to buy or else the discount would expire at midnight ... Folks, don’t fall for that B.S. Here’s why, when you have enough exposure out there and folks know who you are and you’re making money? Guess what you’re going to do? Unsubscribe from all the B.S. eMail offers that come into your inbox and you’ll never sign up for another one again. Then, when you’re not distracted by all their B.S., you can focus on marketing and making money coaching.

#2) Giving up too soon when moments of doubt creep in. “I can do this”, say to yourself. You can get certified. You can learn how to market. You can learn how to speak in front of large groups. You can get in with the media, and become famous. You can learn how to build and maintain your own website. You can do anything you want to if you’ll just not give up. If you give up, what’s that say to your clients who want to give up too? Don’t you do it, or they will, then you’ll never get a paying client, because they gave up all because you gave up!

#3) Looking at selling as something bad. Selling should be looked at as helping someone make a sound decision. “Would you like the red or the blue one?” “Would you like to coach with me for one month or longer?” Sales is more about asking questions with options that the buyer gets to choose his/her way. “I’d like to coach with you for six months and see where it goes.” Most of the pressure’s dissipates when you simply ask what they want. Marketing is about informing and sales is about asking and then when the client is satisfied with your service, you wrap up the sale by asking how the customer would like to pay for your services, “Will that be cash, credit card or PayPal?”

#4) Not asking for what you want, when you know what you need. Don’t hesitate to ASK for referrals. Inquire about joint ventures. Ask other product creators to bundle their products with yours. Ask people to promote you by becoming an affiliate. Invite people to subscribe to your newsletter. Ask to be interviewed. ASK!

#5) Not valuing what coaches can bring to the tables for their clients such as your expertise, skills, methods, tools, information, advice, services, products ... all of which deserve to be EXCHANGED FOR MONEY! Donate your time to a charity or good cause within reason, but ask for a fee when you’re asked to give away your time and talents (as appropriate).

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BOOK EXCERPT #6

PART 7

13 (Out of 30) MONEY-MAKING MISTAKES Broke Coaches Make

#1) Thinking clients will refer you business just because you did a good job with them. Clients need to be asked, nudged, prodded, reminded, and then asked again.

#2) Losing clients (leaving money on the table) or turning them away (losing money-making opportunities, because you don’t have products, eCourses, etc. in place. Work on those and stop losing money.

#3) Giving away too many discounts, or free sessions, and feeling bad about it later? Well, allow yourself to offer x-number of (free/low-fee) coaching sessions per YEAR. Once you run out, you can say to the next person, I’ve already used all the hours my business can afford to give away. Beyond that number, I start to go under, and I can’t pay my bills at that point. I don’t run a charity ring, and you don’t want training handouts.

#4) Coaching because they need the money. We all need money, that’s what jobs are for. Coaching is your passion, your life’s calling. You would do it for free, but you do have bills to pay. The point is, money isn’t the object here, helping others is. Priority #1: PEOPLE, and #2: MONEY. The money will always come. I have a saying, focus on helping others, and they’ll help you get what you want. Don’t even think about the money. Help as many people as you can, and you’ll make a lot of money. Charge, yes, but don’t think about it. People spend hours shopping, yet only minutes at the cash register. Think about that for a minute. That’s how long you should be focused on the money. Long enough to check the price tag, ring it up, swipe their card, and get them out of there. In the coaching world, that equates to talking all about them, all about how you can help them, what it would be like to coach with you, and asking for the sale, “So, do you think you could get where you want with my help? Then, what do you say we get this show on the road? What package would you like and how long would you like to work with me? I have discounts for multiple months if you purchase them in a block.”

#5) Asking your clients what they would pay for your services. This sounds like a good idea, “pay what you (the client) think (our time) is worth to you.” Well, 9x out of 10, their figure is always going to be lower than your true value. So, don’t waste your time, per se. Instead, set your fees. Let someone tell you what they think about your fees, AFTER you tell them, not before. That’s like giving someone the opportunity to price your house lower than its value. “What would you pay for a house like this?” 9x out of 10, they’d price it according to what they could AFFORD. NO HOUSE is sold based on what a customer can afford. It’s sold at fair market rates based on the value of the house itself. Otherwise, there would be a lot of poor people living in mansions by the beach. Uh, no. It’ll never happen. Price your fees, then let the market tell you afterward, they’re too high, or even too low, or just fine because no one says anything about it.

#6) Including other, outside services, bartering, trades, or investments in with your coaching fees isn’t always a good idea past a certain point. So, DON’T DO IT. DON’T DO IT. DON’T DO IT. Set your fees, create boundaries and borders for yourself and your client that neither of you will cross. Stay in your safe (earning) zone.

#7) NOT generating enough leads per month. Trust me. There are hundreds of way to create leads and develop them into viable clients. This book will help you.

#8) NOT writing a book. While your coaching business might not ever make you wealthy, authoring a book and turning your passion into teaching, training, workshops and seminars just might! The book is your outline, and gets you the exposure you need and your “foot in the door” with most companies and organizations.

#9) Not bundling your products with others for more exposure and extra income. This is a given and a must-do. Reach out to others (who compliment what you coach on) for some product-bundling opportunities.

#10) Not considering the fact that one day you could sell your coaching business for a profit and retire. This should motivate you to build a huge list of clients that have kept the testimonials flowing and validated your success. At a 10-year juncture (for example) and you are well-established, you might start taking the steps to sell your business. (You can still do part-time coaching.) Make yourself available to coach other coaches who could benefit from your expertise.

#11) Not creating product. YOU CAN’T COACH ALL THE TIME. You may want a break or experience a lull in clients. You might entertain more training or a need to repurpose your own life. Supplement your income with new products (book/video/seminar) or align yourself with vendors who can service your clients and then take a percentage. White label/private label systems and sell them to your clients for residual income.

#12) Not learning the art of sales. While marketing is outbound effort, sales translates directly to income. If making sales is not your forte, take some classes, read sales books and fine tune your skills. You can always pay someone to sell for you if your time is restricted and then pay based on a percentage of sales. Also, take advantage of affiliate marketing or referral marketing.

#13) Not licensing (to other coaches) what works for you. Do you have forms, agreements, contracts, methodologies that work well for you? Trademark them and sell them for additional income.

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