Punk Rock HR Episode 111:
If you want to be an executive or career coach, you have to approach doing so like a business, not a side hustle. You need a business plan, you need to know how to run a business, and you need to determine who you can help and who you cannot help. In this episode, I am sharing four pieces of advice for those interested in starting a coaching business of any kind.
In this episode you’ll hear:
- Why creating a business plan is a necessity, plus some resources to help you write one.
- The importance of knowing your “Why?”
- Understanding and acknowledging your skills and why you need to be ready to turn down clients you know you cannot help.
- Why executive coaching is not a side hustle.
KEY TAKEAWAYS
WHY IS IT ESSENTIAL TO APPROACH CAREER COACHING AS A BUSINESS?
If you want to be a coach of any kind, you have to approach doing so as a business. It is not a thing you’re going to do because you’ve got some free time and you need to make money. You need a business plan; you need a way through the dark times when you don’t have any income coming in. And yet, you want to drum up business. Learning how to launch a business is essential because if you’re going to monetize your coaching practice, you need a plan.
WHERE CAN I FIND OUT HOW TO WRITE A BUSINESS PLAN AND LEARN HOW TO RUN A BUSINESS?
My good friend, Jennifer McClure, who is an executive coach, offers advice for people who are starting new businesses: visit score.org. It is a wing of the Small Business Administration. They provide mentoring, counseling advice, and guidance for looking to launch a new business.
WHAT IS THE IMPORTANCE OF UNDERSTANDING YOUR WHY?
Before you learn how to run a business, I think it’s essential to focus on your why. Why do you want to be an executive coach? Why do you want to help people through the most challenging moments of their professional lives? You need to know your backstory; you need to understand what motivates you. Because if you don’t know your backstory, including all of your strengths and all of your weaknesses, you’re not going to be successful.