by Eric Dombach | How to Become a Business Coach
The thing I love best about business coaching is that it’s a lifestyle business. That is to say, once you’ve got your business firing on all cylinders, you not only bring home significant income, you have time and flexibility to enjoy it. That’s why I always tell my clients that success in business coaching is about a holistic approach to life.
To help my new clients wrap their minds around what this really means, I ask them to do a simple SWOT analysis in each of 10 life categories. Since it’s the new year, which is a fantastic time to reflect and start fresh, I thought I’d share this exercise with everyone!
I developed this exercise based on concepts from Doug and Charlene Fike of Growth Dynamics Resources. Here’s how it works: in each of the 10 categories below, briefly identify the Strengths, Weaknesses, Opportunities, and Threats that you’re aware of. Then identify one to three goals for each category. Don’t put pressure on yourself! Evaluate each category only to the extent that it feels natural and easy. Don’t force anything. Some categories will have lots of data and some will have little or none.
This exercise is designed to facilitate grateful reflection and deliberate action and improvement. Above all, enjoy!
10 Life Categories SWOT Analysis
Below, you’ll find the 10 important categories in a well-designed, healthy life. It’s so easy to let our definition of success in business coaching be all about the bottom line. The bottom line is important, don’t get me wrong, but it’s not everything. This exercise helps put our work in a broader perspective that will keep us motivated and grounded.
It's so easy to let our definition of success in business coaching be all about the bottom line. The bottom line is important, don't get me wrong, but it's not everything.
You can also download this exercise as a Word file for quick and easy editing.
1. Spiritual
- STRENGTHS:
- WEAKNESSES:
- OPPORTUNITIES:
- THREATS:
- GOAL 1:
- GOAL 2:
- GOAL 3:
2. Marriage
- STRENGTHS:
- WEAKNESSES:
- OPPORTUNITIES:
- THREATS:
- GOAL 1:
- GOAL 2:
- GOAL 3:
3. Family
- STRENGTHS:
- WEAKNESSES:
- OPPORTUNITIES:
- THREATS:
- GOAL 1:
- GOAL 2:
- GOAL 3:
4. Religion
- STRENGTHS:
- WEAKNESSES:
- OPPORTUNITIES:
- THREATS:
- GOAL 1:
- GOAL 2:
- GOAL 3:
5. Financial/Investing
- STRENGTHS:
- WEAKNESSES:
- OPPORTUNITIES:
- THREATS:
- GOAL 1:
- GOAL 2:
- GOAL 3:
6. Business/Career
- STRENGTHS:
- WEAKNESSES:
- OPPORTUNITIES:
- THREATS:
- GOAL 1:
- GOAL 2:
- GOAL 3:
7. Physical Fitness
- STRENGTHS:
- WEAKNESSES:
- OPPORTUNITIES:
- THREATS:
- GOAL 1:
- GOAL 2:
- GOAL 3:
8. Personal Growth
- STRENGTHS:
- WEAKNESSES:
- OPPORTUNITIES:
- THREATS:
- GOAL 1:
- GOAL 2:
- GOAL 3:
9. Hobbies/Recreation
- STRENGTHS:
- WEAKNESSES:
- OPPORTUNITIES:
- THREATS:
- GOAL 1:
- GOAL 2:
- GOAL 3:
10. Social/Relationships
- STRENGTHS:
- WEAKNESSES:
- OPPORTUNITIES:
- THREATS:
- GOAL 1:
- GOAL 2:
- GOAL 3:
New to business coaching? Find more great resources and exercises in our FREE ebook, How to Become a Business Coach.
by Eric Dombach | Business Coaching Tools
The other day I ran into this list of 19 catchphrases all top-producing salespeople say from Ryan Stewman, the Hardcore Closer. I loved it because it struck me as so true for business coaching as well.
Some of my favorites included…
If it’s to be, it’s up to me. As true in business coaching as in sales as in life.
Smilin’ and Dialin’. Yup. The phone is still the most powerful business coaching sales tool in existence.
Every no gets me closer to yes. The more Complimentary Coaching Sessions you do, the closer you are to your next business coaching client!
You can’t hit if you don’t swing. Fear of failure holds far too many business coaches back. The truth is, you won’t hit a home-run with every sales meeting or marketing campaign…but if you don’t swing (and miss sometimes!) you’ll never be able to get on base. And every once in a while you’ll knock it out of the park.
These were some highlights, but whole list is worth checking out.
Business Coaching Catchphrases
Looking at Stewman’s list made me wonder…what business coaching catchphrases do I rely on–for encouragement, humor, and when I need a quick reminder about what I’m here for?
Here are several that came to mind…
Do the RIGHT things in SMALL amounts over a LONG period of time. This is one I go back to time and time again. It reminds me that I can’t expect perfection overnight, but that success is an ongoing process of improvement.
Clean up the head trash plaguing your thought-life. What you think has a direct impact on what you do, which has a direct impact on the outcomes you achieve. Want better results? Think better thoughts.
Being a business coach is like being Iron Man. No, seriously. Awesome exoskeleton and all.
Be a coach, not a consultant. Consultants get paid for hours and deliverables. Coaches get paid for value. That’s a difference your bank account will notice.
Consultants get paid for hours and deliverables. Coaches get paid for value. That's a difference your bank account will notice.
Work hard once. Got this from my friend and colleague Ian Brodie. Don’t reinvent the wheel–invent systems and templates you can deploy over and over again. (Or get everything you need from us with a FREE 30-day trial of our comprehensive business coaching system!)
Coaches need a coaches’ coach. Maybe I’m biased, but I needed a coaches’ coach…my clients need a coaches’ coach…and, after all, if you’re a business coach, it’s what you’re telling your prospects they need. It always helps to practice what you preach.
by Eric Dombach | Business Coaching Franchise
Considering a business coaching franchise?
Don’t sign your name on the dotted line until you talk with existing franchisees.
And I don’t mean the franchisees your sales rep sends you. After all, in the franchising community, everyone knows that your due diligence process will make or break the sale. So they work very, very hard to keep it tightly controlled. Most franchisors will allow you to speak only with the best performing franchisees–and in some cases those franchisees are carefully coached to spin their story in the most favorable light possible.
It makes sense. When you’re asked for a reference, do you give out the name of someone who likes you and will sing your praises? Or do you refer someone who has a low opinion of you and would bad-mouth you to your perspective client or employer? Of course the answer is obvious! It’s no different with a business coaching franchise brand.
The opportunity to meet with this carefully selected group of franchisees often happens in the context of group conference calls, panel calls, question and answer calls, and the like. You’re told that these group sessions are conducted out of respect for and to leverage the time of existing franchisees. That’s only partially true. The more important reason for doing these calls in groups is so the franchisor can more effectively control the process. If all goes well, the franchisor hopes you won’t feel the need to call individual franchisees and get the straight scoop “off the record.”
So what’s your best move?
Make Off-the-Record Due Diligence Calls
Here’s what you do: open the Franchise Disclosure Document, pick up the phone, and start calling everyone on the list.
When you get someone on the phone, make your call short and to the point. Tell them you’re considering a business coaching franchise and you’re hoping for some feedback from existing franchisees. Don’t waste their time with your story; just ask them if they have a few moments to share with you their story.
Here are a few questions you can ask:
- How many months have you been in business?
- What additional required expenses have been added since you originally signed on?
- What’s your monthly break-even point in sales?
- How much revenue did you bank in the first 12 months?
- How much revenue did you bank in the second 12 months?
- How much revenue have you banked as a result of the franchise brand’s recognition?
- What kind of support do you get from the franchisor?
- How frequently do you have coaching sessions with your regional manager?
- Who are your most significant business coaching franchise competitors?
There are several more questions you can ask; find a comprehensive list in our FREE due diligence guide, The Business Coaching Franchise Buyer’s Guide.
After interviewing at least 10 to 15 franchisees, you should be able to piece together a very good picture of how much money the franchisees are making, how knowledgeable the regional managers are, how competent the franchisor is, and how well the model actually works. With answers to these questions, you’ll either be ready to quit the process or continue on with increased confidence in the brand.
After interviewing at least 10 to 15 franchisees, you should be able to piece together a very good picture of how much money the franchisees are making, how knowledgeable the regional managers are, how competent the franchisor is, and how well the model actually works.
Either way, if you’re considering a business coaching franchise, you’ll be glad you took the time to make these phone calls–as they could be the difference-maker to the tune of hundreds of thousands of dollars!
by Eric Dombach | How to Become a Business Coach
Welcome to my fourth and final post in the series on marketing over the holidays for business coaches (see the others here, here, and here). Today, I’m giving you important advice for making 2019 even better than 2018 was.
It starts by putting yourself in a space where you can really attend to your goals, priorities, and high-level strategy. And you do that by taking some time off–really!
Most business coaches get trapped thinking that relentless, unceasing productivity is what will make or break you. While hard work is an important component of success, truly successful entrepreneurs understand the importance of rhythms.
If you’re from a faith tradition rooted in the Judeo-Christian worldview, you’re familiar with the concept of sabbath–or season of rest. In the Old Testament this strategy was actually required by God in order to remind the people that true abundance and justice include downtime–for everyone.
Not only that, rest is an extremely important part of the creative process. And what is planning but creating your future? In order to have a great new year, you’re going to need to reflect, think, dream, and then strategize. So first things first, take a break sometime between now and January 5th.
Rest is an extremely important part of the creative process. And what is planning but creating your future? In order to have a great new year, you're going to need to reflect, think, dream, and then strategize.
While making calls the week between Christmas and the New Year can yield tremendous rewards, don’t neglect to find at least 5-7 days sometime this month. Set boundaries to ensure you do it. Go on vacation. Visit loved ones. Get away from it all. When you’re back, dive into the process outlined below.
A Proven Strategic Planning Process for Business Coaches
1) Develop a list of the top 10 things you want to do this coming year.
I learned this technique a few years ago at a Blair Singer event and I just LOVE it!
Get in a quiet space. Put on some soothing, inspirational music. Make a long list of the things you want to achieve or bring into your life this year. Next, choose the top 10. Now rank them in order of priority. You’ll find that your personal achievement plan for 2019 already lives inside of you. This exercise just clarifies it in a powerful way.
Here’s an example of the kind of list you might come up with if you’re a beginning business coach. (I’ve included just 5 items for the sake of simplicity, but I recommend your list include at least 10.)
- Land my first five clients.
- Build to a consistent monthly business coaching revenue of $12,000/month.
- Take four weeks off throughout the year to spend time with family.
- Attend my son’s soccer game every weekend this spring and fall.
- Put 20% of my income away for retirement. And so on…
2) Update your PowerPoint vision book with new pictures, quotes, etc. that allow you to visualize your new year as these items are achieved and enjoyed.
As you’re taking all the time off I recommended above, don’t be afraid to get out a notebook or laptop and start developing this new vision for the new year. Just don’t start executing. That’s for after the holidays! For now, it’s just visioning and planning. No guilt allowed for doing these activities. (For a FREE vision book template, no opt-in required, click here.)
3) Create your plan.
To achieve these goals, how much revenue does your business need to deliver? How many clients and at what monthly billing rate? For a $12k per month run-rate, you might decide to get six clients paying $2k each. So how many Complimentary Coaching Sessions will you have to do? How many Silver Bullet calls will that take you? How many hours will that require, setting appointments from your phone? How many leads? Plan it all out in intricate detail.
4) Find a friend who gets this stuff and is planning or willing to do this process too.
In the few days before the new year, get together with your friend by phone or face-to-face and share your goal list. Also share your updated vision books with each other. Rejoice over the good things accomplished in the past year. Encourage each other with the new things you’ve planned and envisioned. If you’re people of faith, pray for each other. Bless each other and kick off the new year with passion!
5) Find a Coaches’ Coach who can help you learn how to make it all happen.
If you’re not shooting for $15k to $20k per month or more as a business coach, you’re selling yourself short. So set high, but realistic goals for yourself and make the coming year your best year yet! If you’re new to business coaching, check out our FREE ebook, How to Become a Business Coach, to get started on the right foot.
Have a safe and happy holiday season from all of us here at Coaches’ Coach!
by Eric Dombach | Business Coaching Tools
Welcome to part 3 in a series on marketing for business coaches over the holidays, where I’m teaching you strategies to attract and retain coaching clients through the holiday season. If you haven’t yet, check out Part 1: Position Yourself Properly and Part 2: Add More Value.
I’m passionate about this topic because the narrative in the industry is that this time of year is “dead space” for marketing. But throughout my career, November and December have proven to be just as profitable and productive as the rest of the year!
In fact, one of the best times all year to make your “Silver Bullet” calls is the week between Christmas and New Year’s Day.
Why Reaching Out Between Christmas and the New Year Is So Effective
The reason you can find such remarkable success making calls between Christmas and the New Year is simple: business owners are in their offices more and out on the job site or in the warehouse less.
Things are slow, employees have time off, and business owners are reflecting on their year and planning for the future.
The reason you can find such remarkable success making calls between Christmas and the New Year is simple: business owners are in their offices more and out on the job site or in the warehouse less.
At the same time, your clients are likely taking the week off from coaching as well. So you have time to lean into your marketing efforts. Make your calls! Reconnect with old prospects who faded away. Touch base with past clients to see what kind of support they could use now. Work your list of contacts who have opted in for your newsletter or whom you’ve met through networking. You might even try good old fashioned cold calling.
Ask prospects about how their year has gone and delve into their businesses in more depth. Shoot the relevant “Silver Bullets” as always and book Complimentary Coaching Sessions for the new year. That way you’ll have something to look forward to during the first week in January!
Use the slow-down to your advantage. You’ll be surprised at how many MORE contacts you make this week–and the increase in productive conversations you can have.
For more on the Silver Bullets, download our FREE Silver Bullet Cheat Sheet —NO opt-in required. And for a comprehensive system that includes marketing for business coaches, effective sales strategies, and a full coaching curriculum, get a FREE 30-day trial as a Coaches’ Coach member!
Now get out there and grow your business!
