You go online, and every second, a business coach talks about helping coaches make 10k months or 7 figures.
Now, don’t get me wrong, these are inspiring aspirations to reach for.
But everyone is talking about what to do to succeed.
No one is talking about what to do, not to fail.
You might think they are the same,
But they definitely are not.
So let’s get real here.
Let’s talk about failure.
If you are a coach in business, you have an 81% chance of NOT making it past the first 3 years.
Yep, 81% chance*
The failure rate for small businesses in general for the first 2 years is 20%, 45% in the first 5 years and 65% in the first 10 years**
That means the coaching industry has churned and chewed through more coaching businesses in percentage in 3 years than the entire small business community has in 10 years!
So let’s talk about what to do if you want to fail…
1. Short Term Financial Thinking
A lot of coaches run out of money or never generate enough sales to make the business sustainable or viable. They think in short timeframes and end up stressed out in famine times, and become impulsive in feast times.
2. Burn out.
Their business requires them to be on 24 hours a day, 7 days a week. They either have full books and no time, or they are stressed about the next client and where the next dollar is coming from. This leaves them feeling in a constant state of stress and pressure that leads to burnout from overwork.
3. Don’t set a clear vision, goals or priorities for their business.
They lack a future vision and goals and, therefore, have a lack of prioritisation within their yearly, monthly, weekly and daily actions. This leads to their attention constantly being taken by the most urgent thing rather than it being led by priority.
4. Build a business they hate.
They subordinate and build a business that is aligned with the current coaching industry’s version of success. This is based on those they look up to and admire in the industry or are in mentorship with.
The key is building a business aligned with their voids, values and vision and figuring out what works and doesn’t work with them when they are in mentorship. This in itself leads to the creation of a business model that works for them, not against them.
5. Don’t invest in mindset coaching and mentorship.
Interestingly enough, the coaching industry has a high level of coaching mentorship and education uptake for skill sets and tactics but low uptake for mindset work when it comes to growing their business. All the reasons a coaching business fails would be overcome with the support of a skilled human behaviour and mindset coach in their corner.
The juiciest one of all… If you do all the above and don’t quit. You will be in the 19% of coaching businesses that have survived the past 3 years. And most likely be in the Top 7% who make it past the 10k months.
For a lot of coaches, it isn’t the skillsets and tactics that hold them back. It’s the mindset and capacity to deal with the adversity and challenges that allow them to build a business they love and just not quit
So I ask you.
Do you have the support in place to maximise the probability of building your dream coaching business or are you on track to be in the 81%?
If you don’t have the support and would love it.
Email me here and let’s chat.
Until next week.
Keep Smashing Growth Ceilings.
7 Figure Entrepreneur
Mindset and Business Coach
Demartini Method Facilitator
Ps. If you want to clear the baggage from 2023, Masterplan 2024 and set yourself up for your most inspiring year yet. Join us for our New Year’s Transformation Program starting at the end of November here.