Part 2: The Truth about Why Most Coaches Fail
Maybe you're starting to believe that coaching is the path forward for you.
Or maybe you're already a coach and want to do things differently.
Before we talk about how to build a part-time 7 figure coaching business, we want to look at why most coaches fail, so we don't make the same mistakes.
Did you know that 82% of coaching businesses fail in the first two years.
.02% of coaches earn 6+ figures.
Based on these facts, we can understand why some people find it hard to believe that a coach can earn 7 figures, especially only working part-time.
But there are very specific reasons why most coaches fail and a select few coaches thrive.
Let's dig in.
Most people come to the coaching world having...
- Gone to school
- Worked for someone else in 9-5 jobs, in the corporate world, or in the public sector
Going to school and working for someone else requires specific ways of viewing the world and a specific set of skills.
One of the biggest problems is this...
The ways of viewing the world and the skills that help a person get through school and work for someone else, are the complete opposite of what helps a person thrive as a coach working for themselves.
Old Paradigms of Viewing the World & Work
Most coaches or people starting out in the coaching industry carry over these older ways of viewing the world and the skills they've developed from school and working for others into their coaching businesses.
They do this without knowing it and it's the primary reason most coaches fail. This leads to all sorts of bad habits.
It creates business models that are doomed to fail or burn you out from the start.
It leads to people recreating all the problems they had in their 9-5 jobs in their coaching businesses.
To be able to create a part-time 7 figure coaching business where we love what we do, make more money, and work less, we break free from these old paradigms and ways of doing things.
We step into a new way of viewing the world and a new paradigm for work.
But there is one other mistake to avoid if we want to build a part-time 7 figure business...
The Force of the Masses
In any industry the force of the masses is powerful.
It's the consensus view on how the work "should" be done. It's the popular way of doing things in any industry. It's what all the popular influencers and guru's are teaching to do.
You look around and you see most people using the same practices, strategies, tactics and business models as everyone else.
Everyone's marketing is the same.
Ever look at a coach's website or social media?
They all look the same. They all say the same things. Everyone's sales process is the same. Everyone interacts with their clients in the same ways.
The force of the masses in the coaching world teaches you to
- SCALE and build a big business.
- Run expensive ads month after month.
- Build complicated marketing funnels.
- Target the same mass market clients everyone else is.
- Hire employees.
- Get as many clients as you can.
- Build out 8-12 week programs.
- hard sell on phone calls.
- Overcome objections.
- Network to get clients.
- Create salesy webinars.
Now, we are not saying none of this works.
Some of these strategies work fabulously to build a BIG coaching business with lots of clients, lots of employees, lots of overhead, many moving parts to manage, and lots of business operations to oversee.
There is nothing wrong with a mass market coaching business like this if you're the type of person who LOVES advanced marketing, running sales teams, and is generally someone who enjoys running a big business.
The problem is many coaches are the exact opposite of this personality type.
Yes, some people become coaches because they love marketing, sales and running a big business. But most coaches don't love any of these things.
Most coaches have the personality type to SERVE. They want to help people. They have the expertise or skills to solve problems and they want to spend their time doing that kind of work.
That's what they love doing.
But they spend most of their time doing these other things to build a big coaching business.
This is why everything feels off.
That's like asking Picasso to do accounting work all day.
Or Jeff Bezos to write pop songs.
It's not what they're meant to do.
They would fail at it and this is why so many coaches fail and get disillusioned along the way.
Now we know why most coaching businesses fail.
But how does a coach build a part-time 7 figure coaching business?
Continue to Part 3: The Principles of a Part-Time 7 Figure Coaching Business.