May Newsletter: The First Step to Advanced Coaching (Pearls of Coaching Wisdom)

Hello fellow coaches!
What I want for you is to make this summer you're most profitable summer yet! Do you have a belief that summer is not the best time to do business?
Does that belief serve you in achieving your business goals? After 13 years of being self employed I have witnessed not only for myself but also for my clients that our income can dramatically increase any month of the year.

If you are not making the income you want perhaps it is time to embrace your entrepreneurial mindset. Today I want to share with you a concept that I shared with you a couple of years ago - four critical activities that are necessary to embrace as an entrepreneur.

You decided to be a coach. Filled with lot's of enthusiasm and tons of energy, you have gained the training you feel is appropriate to really make a difference with and for your clients. You went out and bought a fancy new headset, a new computer, a fax machine, better yet you set up a system that you get your faxes by email!

And now, you are ready to begin. Well not so fast....... one thing that I know for sure is that being a great coach, having the right equipment and the formal education and having a profitable business are two different things. Unfortunately many coaches start their business with the enthusiasm and excitement of making a difference in their clients lives but neglect the due diligence of what it takes to make a living from coaching. You are not only a coach but also an entrepreneur.

As an entrepreneur it is critical to "work on your business" and ensure you are spending your time in ways that are getting you a financial return.

Whether you commit to working 20 hours a week or 40, you must use this time VERY wisely if you want to be sure that you are doing what you need to do to sustain a profitable business. To ensure the success and growth of your business, you must embrace the entrepreneurial mindset and ensure you are spending your time among these four main areas:

1. Money-Making Activities (you want to be dedicating 60% of your time in this area - yes 60%): Anything that directly contributes to your bottom line is a money-making activity. It could be delivering the complimentary session, facilitating a workshop, generating referrals, or following up on leads.

2. Planning, Preparation and Strategizing Time (up to 20%): This is the time that no one budgets for, but when it comes to being the CEO of your business, this time can be the most important. This is the time you spend "evolving your business." After all, it takes time to mastermind with colleagues, get business coaching, and create systems to make the business run more smoothly. Preparation activities help you maximize and leverage your money making activities. For example you are hired to deliver a workshop, so creating your workshop would be a preparation activity.

3. Super Service and Support (10%): This includes any time when you provide assistance or extra value to your customers or staff members. When you budget time for super service, you give yourself a chance to really stand out. Whether that means over-delivering a product or service, checking in with clients, or coaching your team to perform even better, this is a crucial aspect of your business.

4. Administrative Activities (10% or less): The day-to-day details of running a business - paperwork, invoicing, accounting, errands, etc. - are certainly essential, but they should not be a priority. This is where most people get bogged down and lose a tremendous amount of time. Budget time for administrative activities, but whenever possible, hire them out. If you are spending more than 10% of your time on administrative activities, then it is time to hire some help!

Most people eventually come to see that they spend way too much time on administrative tasks - and they're shocked to see how little time is spent on making money. Perfectionists often see too much time going into planning and prep. ("Perfectionism isn't profitable" - are you spending too much time making things perfect?)

When you schedule your workweek with specific hours allotted to these four areas, you accomplish two things:

1. You make sure every side of your business gets regular, focused attention.

2. You devote chunks of time to specific objectives instead of bouncing around like a ping-pong ball. This focused time is far more productive than occasionally touching on something.

To build a profitable business we must be focused on the business of coaching. The exciting thing, as an entrepreneur you can design your week exactly the way that you want, just be sure that you do book in money-making time - and protect it fiercely, your business depends on it.

Coaching challenge:

- Determine your highest priorities, both personally and professionally, and schedule them in first.

- Decide on how many hours you want to work each week.

- Using our percentages as a guideline, determine how many hours you need to spend per week in each area: money-making activities, administration, service and support, and strategizing.

- Block out time on your calendar for each of these areas.

Being strategic with your time can be the difference between a profitable business and a hobby. This one step is critical to sustain a profitable business!

"See" you next month,
Your catalyst in transforming your bottom line,

Teresia LaRocque, MCC