Why Don't Coaches Make More Money?

This article originally appeared in choice, the magazine of professional coaching – click here to receive a FREE digital issue! Helen Tsotsos, ACPC, is the principal of SUCCESS DYNAMICS, a Toronto based coaching firm that inspires entrepreneurs to think outside the box. She knows the joys and challenges of being an entrepreneur; she’s been one for 20+ years.

Coaches must be ready, willing and able to do what it takes to make their dream of success a reality. As a coach, you are in the business of supporting, motivating and championing your clients. Using a wide repertoire of skills, tools and techniques, you transform people’s lives. You are part of the entrepreneurial revolution and you’re ready to change the world. Are you willing to change with it? Your very livelihood depends upon how you view yourself; creating a viable and profitable business hinges on this.

You are part of the entrepreneurial revolution and you’re ready to change the world.

In his revolutionary book about small business practices, The E-Myth by Michael Gerber, California-based coach and motivator, states that for every million businesses started in the U.S. each year, 40 percent of those will fail in the first twelve months. And as if that weren’t daunting enough, 800,000 will have failed in the first five years. He says that everyone who goes into business is actually three-people-in-one: an entrepreneur, a manager and a technician. The entrepreneur is the visionary and thrives on change. The manager is the planner and maintains status quo. The technician is the doer and is happiest when he is working. The challenge is to have them live harmoniously within.

So what needs to happen in order to ensure that you not only survive, but also thrive? The answer is to think and act like an entrepreneur and be ready, willing and able to do what it takes to make your dream of success a reality.

At the core of the entrepreneurial process is the entrepreneur. This individual is committed and disciplined. As a coach, it is imperative to understand and connect with the entrepreneurial mindset and spirit to develop a healthy, sustainable practice. This is less about selling and having the right business accoutrements, and more about having the right attitude and approach. Entrepreneurs are self-starters. They have drive and ambition. They are committed and disciplined when it comes to getting what they want. How can you get some of this too?

It’s important here to focus on the unique, the one and only you. Your business is an obvious reflection of this. For example, if you are constantly embroiled in chaos and disorganization, your business will reflect that. If you are motivated by the desire to serve and contribute, this will be abundantly obvious and will have its own rewards. Inevitably, you will attract to you the kind of business that reflects what’s important to you and what you stand for. At the same time it is important to realize that your business is a separate and distinct entity. Although it reflects who you are, it isn’t you. Your business is an organism that is intended to serve you, rather than you serving it.

What differentiates an entrepreneur from a small businessperson is the way he/she thinks and behaves. Entrepreneurs have a strong vision and put energy into activities that create growth and expansion. As a coach you must have a “never say die” attitude when it comes to business practices. Igniting passion for business and connecting to your purpose is the fuel for growth. Allowing the strong internal force of drive—a mixture of desire, faith and focus—to power your plans and actions is vital. This may almost feel like an obsession. Getting clear on your purpose will tell you why you’re doing all this in the first place. Think about what Walt Disney did with his vision and purpose, which was simply “to make people happy.” Purpose for the folks over at 3M is “to solve problems innovatively” and it seems that they’ve done that quite successfully.

Entrepreneurs succeed because of their focus and determination and because they believe in their products and services. Go forth with a healthy competitive desire to win new business. Set out with firm determination, harness your energy and be prepared for anything as you step into the unknown. Also, understand clearly what your “product” will offer. The product is really about what the client feels when they experience being coached. Focusing on providing value, such as hope, clarity and confidence, is a sure fire way to win new business.

Entrepreneurs take risks, which requires the ability to stay centered, with all resources at hand, while still focusing on the big picture. Building a tolerance for risk is easier when the vision is in focus. Entrepreneurs also see an abundance of opportunities and may have a difficult time actually getting started. The challenge here is to stay focused and grounded. Don’t forget to take time out to recharge and to innovate, as it is crucial to sustaining stamina and resilience. Creative solutions and creative thinking will spring out of a well-balanced coach.

Building a tolerance for risk is easier when the vision is in focus.

Entrepreneurs do not work alone. Developing a network of like-minded people boosts the entrepreneurial spirit and keeps those creative juices flowing. Networking, conventions and seminars are ideal venues for meeting these kindred spirits. Excite, entice and engage those around you. Get out there and tell anyone and everyone about who you are and what you do. Consider creating strategic alliances and partnerships with other professionals. Coaches are often independent professionals who work in isolation; creating an extended community will enhance and enrich your professional life. Whatever you choose to do, do it with energy and enthusiasm— it’s contagious!

Get out there and tell anyone and everyone about who you are and what you do.

The possibility of building a strong, successful business starts with you. Over and above all else it requires a positive mental attitude, firm determination and a willingness to go the extra mile. The rewards of entrepreneurship are many—freedom, independence, and a personal sense of accomplishment. Born from desire, tempered with faith and a willingness to weather a few storms, success is easily within reach!

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