Wednesday, May 18, 2022

Sticky Situation – How do I reinvent my coaching business?

How do I reinvent my coaching business?-The Experts Weigh In



We recently published the article entitled Sticky Situation – How do I reinvent my coaching business? written by Victoria Trabosh, CDC, CEC; Suzi Pomerantz, MT, MCC; .and Craig Carr, BCC, PCC, CPCC

The Situation:  I’ve had my coaching business working with teams for more than 10 years. Given the changes to the workforce with the ‘Great Resignation,’ Covid work-from-home and hybrid measures, I need to reinvent my business. I don’t know where to begin or how to go about it!

Here’s what one of our experts, Victoria Trabosh had to say…

Your concern about reinventing yourself is a great question whose answer (as usual) begins by going within. When I was in your position, I chose to examine my existing business, take the best of what I had been doing, and leave the rest. 

I have had a professional office since I began my coaching business in 2003. The expense was high but paid for itself with clients until March 2020, when the world shut down. I pivoted quickly and closed my office to work from home. The savings were enormous and helped to lessen the blow of less business. With overhead reduced, lower income had a better perspective. But revenue and expenses are only one aspect of beginning again.

I use a process for my clients and suggest they focus on three things every day: profit, people, and strategy. Profit includes raising revenue and reducing expenses. People refers not only to those with whom you work but clients and teams with whom you used to work. What has been your daily or weekly activity to reach out to them, not necessarily to sell yourself, but to offer value? Whether those existing clients return or not, you’re continuing to know where and how you bring value so that when a conversation comes up, you’re not rusty in the work, and clients feel your confidence that you are there to bring them value; they will pay for that.

Finally, strategy. Do you have a strategy to handle slow times, reflect on what you want to do, hold conversations with trusted advisors, peers, and (I hope) your coach? There is an African proverb that says, “If you want to go fast, go alone. If you want to go far, go together.” You are NOT alone in your dilemma. Read about how people are reinventing their business (and feeling good about it), focus on your strengths, make sure you’re sharing your fears so that you can get perspective and never give up.

Map out the three ideas of profit, people and strategy, and see what you reveal are your next steps. Consider forming a mastermind group – as you support others and help them solve their problems, you too will rise and figure out what’s next. Remember, fellow coach: what you brought to the world before, you will bring again, however different it may look or feel.

Tell us what you think about this sticky situation.

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