You want to grow your financial coaching business. What does that look like? In previous episodes, we’ve talked about the initial stages of becoming a financial coach:
- Phase 1 – Thinking About Becoming a Coach: This is the exploratory phase, where you’re casually helping friends and family with their finances. Your identity as a financial coach isn’t fully formed yet, and you’re still advancing in your financial journey.
- Phase 2 – Ready to Become a Coach: This phase is often fraught with uncertainties and fears. Deciding whether to coach part-time or full-time, grappling with pricing strategies, and the discomfort of potentially charging family and friends mark this phase. It’s a period filled with learning, preparation, and either time or monetary investment.
- Phase 3 – Coaching but Not Consistently: Arguably the most challenging phase, you have some clients but spend more time on business development and client acquisition than actual coaching. This phase is characterized by trial and error, self-doubt, and imposter syndrome.
Now, let’s explore Phases 4 and 5, where you evolve from struggling to thriving.
Phase 4: Coaching Consistently but Struggling in Other Ways
You’ve gotten past the first three phases of coaching, where you want to be successful and you dream of coaching consistently. In Phase 4, you have consistent work. You’re likely achieving six-figure earnings, with coaching as your primary income source. Your business systems, pricing, and marketing are well established. But you still feel stuck.
Challenges and Growth in Phase 4
- Scaling and Leveraging: Your current strategies won’t suffice for future growth. You might consider group programs, courses, or speaking engagements, each requiring new systems and marketing approaches.
- Multitasking and Management: You’re juggling multiple roles, from coach to marketer. You might have a part-time assistant or freelancer, but the bulk of the responsibility still rests on your shoulders.
- Strategic Shift: The need to shift from operational to strategic thinking is critical. It’s about working on the business, not just in it.
Strategies for Navigating Phase 4
- Connect with Inspirational Coaches: Surround yourself with peers who can offer guidance and challenge you. Depending on your revenue you could check out our Mastermind or MastermindPlus Programs. Our Inspired Grace Retreat or Virtual CEO Retreat could be great for you here too because you need to put yourself in spaces where you can think expansively.
- Think Differently About Your Business: that means creating consistent habits and dedicated time to think strategically. And for me, I didn’t really know how to THINK strategically about my business, I had to learn how to do it and then put it into practice.
- Embrace Delegation: Learn to effectively delegate, not just tasks, but also the ownership and pride in those tasks.
Phase 5: Coaching Consistently and Loving It
This is the phase where you’re not just surviving but thriving. Your business is scalable, and you’re impacting thousands through various approaches like employing other coaches or running group programs.
The Hallmarks of Phase 5
- Business Scalability: You’ve developed a business model that maximizes your reach while minimizing your direct time investment.
- Selective Clientele: You’re now in a position to choose your clients, often turning away potential clients.
- Operational Excellence: You work within your Zone of Genius and have a team that complements your strengths.
Key Strategies in Phase 5
- Advanced Hiring: Invest in a team that resonates with your business ethos.
- Leadership and Management Style: Understand and embrace your unique leadership style.
- Visionary Planning: Focus on where your business is heading and why. Delegate the ‘how’ to your capable team.
- Business Reimagined: Consider the broader role of your business in fulfilling not just financial needs, but also your core human needs.
Growth Beyond Coaching
In both Phases 4 and 5, personal growth is as crucial as business development. Your mindset, creativity, and strategic thinking become the most valuable assets. Activities like CEO retreats can provide the necessary space for reflection and strategic planning.
Understanding your current phase and focusing on the right strategies is essential for progress. Whether it’s embracing the challenges of Phase 4 or reveling in the success of Phase 5, each stage requires a unique approach, combining personal development with strategic business growth. Our programs are designed to guide you through each phase, ensuring you not only grow as a coach but also as a leader and visionary in the field of financial coaching.