You have been coaching for years. You’ve already built a strong and respectable reputation in the industry. And you have long wanted to set up your own professional coaching business. The problem, however, is that you’re not sure if your business will succeed. What makes you think so? If you do not know the answer to this question, you are not alone.
According to research, only 5% of coaches successfully build their own professional coaching business. That’s not a good number. It’s too low! While there are approximately 10% who do have their own enterprise, these coaches are the ones struggling to keep their businesses afloat. Many of these coaches actually have a hard time making ends meet. This leaves us with a big number – 85%.
Approximately 85% of professional coaches never really start their own businesses. They simply get stuck doing work for someone else, using their skills and knowledge in coaching.
Why Is This Happening?
There are five reasons why only 5% of professional coaches are successfully running their own coaching business. These reasons are known as the 5L. L stands for Lack. The lack of anything can make one incomplete. The same thing applies in professional coaching.
Here are the 5Ls:
1: Lack of Knowledge, Experience and Skills as a Professional Coach
Knowledge, experience and skills have the same level of importance. These are what make people trust you. Imagine listening to a person who promises to fly you to the other part of the world without the skills, knowledge and experience of a professional pilot. How would you feel? What would you do? It’s the same in professional coaching. How can somebody believe in you if you do not have the proper training and education needed to become a respected professional coach?
Most of today’s coach training programs last from two to around 20 days. That’s not enough time to properly educate and train somebody who wants to put up his or her own coaching business!
You need to be trained by the right people so you’ll develop all the necessary knowledge, skills and experience of a professional coach.
2: Lack of Knowledge, Experience and Skills in Business
Business is a science of its own. Meaning, you cannot expect to be a good business person just because you are a highly experienced, skilled and knowledgeable professional coach. You have to learn how to become a Jedi in the world of business. You have to learn all the qualities that today’s most successful business leaders possess.
If you rely simply on your knowledge, experience and skills as a professional coach, you won’t see the success ladder anywhere near you.
3: Lack of Clarity
When things are clear, you will push yourself into the right direction. What does this mean? Well, if you know that you have problems and are clear about what you need to do with them, you’ll find it easy to fill in the gaps and move progressively.
To build a successful professional coaching business, you need a clear understanding of your capabilities with regard to both the coaching and business side of things. You need to have a clear idea of what you have and what you lack.
4: Lack of Focus
If you lack focus and action towards the goal, your business will go nowhere. If you lack focus in execution, you will never be successful. It is important to learn what to focus on and how to keep that focus sharp.
Focusing on the essential elements of your business will help you prosper.
5: Lack of Energy
Energy is what keeps us going. It’s what keeps everything moving. Without energy, you will not be able to achieve anything. For example, clarity and focus work together. You need to have both in order to become successful. But if you do not have enough energy, you will not be able to clarify things and you’ll be left with nothing to focus on. You will not be able to focus on your tasks and goals in life. Thus, your business will not go anywhere.
The most important thing you should remember is that the 5Ls help coaches to pinpoint and address problems properly until they eventually come up with effective and efficient solutions. If coaches are aware of which elements they lack or need to work on, their quality of work becomes better and they are able to achieve more.
Each of these Ls are related. They are interconnected. So if you make small changes in one “lack”, expect to see multiple changes in another.
Photo courtesy of ramenlover.