I remember during my core training one of the most common questions that got asked was “How much can I charge?” I believe it came up as early as fundamentals. Some people even spoke of quitting their job to give coaching a try “full time” before their certification had even started, or the core program was finished…
I am honestly not judging. I remember just feeling scared and anxious at hearing some of the questions. In hindsight we were like kids worried about the last things we should have been worrying about at that particular time – naiveté if you will. My biggest question was “when will I feel qualified?” “And mostly will I ever feel confident and know with all my heart that “I got this”.
There is a drawing that I love which is comprised of four circles overlaid on top of each other, forming a common space in the middle otherwise known as a Venn diagram (I knew math would pay off one day) and in each of the circles it reads: “What you are good at”, “What you can earn a living at”, “What you are passionate about” “What the world needs” and in the common center it reads “The sweet spot”
What you are good at: How do you achieve mastery? Practice, practice, practice. Everything coaching, every channel, all the time. To become good at anything you have to work at it. It has to become your “everything”, especially if you wish to be top of your profession no matter what that is. Malcolm Gladwell’s 10,000 hours comes to mind.
What you can earn a living at: When you are a coach, you are a self-employed professional. You are a business. Therefore knowing how to run a business is a good idea. Developing a marketing strategy, a niche, a business plan, seed money, branding, a target demographic, like any other business start-up be prepared to work your tail off.
What you are passionate about: What is a passion? Something that you would do for free! What you talk about incessantly to anyone or anything that stops long enough to listen. When you are doing anything with passion, time no longer matters, it is truly effortless. Money and Passion are magnets to each other in a business context. It is a self-nourishing formula, passion makes you want to immerse yourself in “it”, immersing yourself in “it” gives you mastery, mastery and passion equals success. No matter what your “it” may be.
What will the market pay for: I must confess sometimes I have mixed feelings about this. On one hand, if you are confident on plan A and give it your all do you really need a plan B ? I think this is when the brain and the heart have to have an honest chat. What is your economic reality? Perhaps a new venture is something you start part-time. This is where the “business hat” better come on. You have to also be good at business to be in business regardless what your business is. There are tons of ways to learn about running successful enterprises. The investment of time and money is well worth it.
What the world needs: Enter supply and demand, pioneers and visionaries. Does the world need coaches? Someone on their corner, to champion them, to be their partner without judgement, to hold them accountable, to awaken transformation, to challenge them to be their best and achieve their goals and dreams? That would be a yes, yes …yes, yes, yes….ah…big YES.
In closing: Is coaching good business? It can be if you are at the top of your game and good at business. Is anyone making money at it? They are, if they are at the top of their game and …..they are good at business.