How to Become a Business Coach

Business Coaching Tips: The #1 Trait of Broke Coaches

By on March 27, 2016
Business Coaching Tips: The #1 Trait of Broke Coaches

I often receive emails from subscribers looking for business coaching tips to help them grow their practices. Not too long ago, I got one such email that really got me thinking. It came from a fairly successful business coach, banking more than $150k per year–but even still, he was struggling to keep his head above water. 

It occurred to me that coaches of all levels often struggle with the issue he raised–what I like to think of as the #1 most common trait of broke or nearly broke business coaches.

Could this email have been written by you…?

“I’m already successful as a business coach by most standards but I’m still operating at my personal ‘break even’ every month and therefore not gaining much by way of wealth creation for myself. My problem is not that I don’t know how to do what I need to do, it’s that I just don’t drive myself to do it. I think this is a tricky problem and I want to know if you’ve successfully helped someone else through this. If you have, can I speak briefly to them?”

Sound familiar?

The good news is, YES, I have successfully helped many coaches through this. In fact, I’ve coached and trained over 1500 professional business coaches on 4 continents over the last 15 years, so I’ve been able to observe some trends.

The first step is to identify the challenge:

You’re Trapped by the 2nd Law of Thermodynamics

I know, I know, I’m a business coach, not a physicist. But science and the natural world can tell us a lot about human behavior. And here’s one that applies to all of us: the 2nd law of thermodynamics says, in essence, that bodies tend toward decay, dissipation, and deterioration unless an outside force, a third party, acts upon it.

Let’s bring this closer to home. If you’re constantly broke or nearly-broke as business coach, here’s what that might look like:

  • You work at home and you work alone…
  • You don’t have to work unless you are forced do so by someone or something…
  • So, you only generate enough leads to get by…
  • And you only set and conduct enough Complimentary Coaching Sessions to get by…
  • And so you only land enough clients to get by…
  • Therefore, you bank just enough revenue to get by…
  • You simply don’t put in the additional energy that you’re truly capable of.

Sure, you’ve got a vision for wealth and abundance, but you don’t push yourself. You like your comfort today more than the prospect of having your dreams tomorrow. SO, you make “small” decisions today that lead to “big” consequences tomorrow.

Business Coaching Tips to Break the Cycle

Do you really think you can be a GREAT business coach without having a coach yourself?

The kinds of results that you get for your clients by holding them accountable, keeping them positive in the face of adversity, providing them with actionable strategies that really work are exactly the kinds of results YOU can get with your own coaches’ coach. 

After all, if you don’t have a coach pushing you, then the only outside force acting upon you is the fear of loss. You’ll finally go and land that new client when you don’t have enough money.

But if you hire a good coaches’ coach, your coach will act upon you and drive you to a higher level of achievement by keeping you focused on your vision and goals. This is much more effective than a focus on your fear of loss ever will ever be.

Here’s the question. If you’re a business coach but have no coach of your own, is there any wonder that you’re not where you want and should be in your business?

At the Coaches’ Coach, you get 30 free days of one-on-one coaching when you start a 30 day trial of our comprehensive business coaching system. But here’s the bottom line: whether you work with a certified Coaches’ Coach through our company or find a coach on your own, if you want to be a high-performing coach, you have to get a high-performing coach.  Period.

 

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Eric Dombach

About Eric Dombach

Eric Dombach is the Founder of Coaches’ Coach. In 2001, he founded a business coaching firm that, by 2005, was generating more than $1 million USD in revenue, 23% operating profit, and average annual growth rate of 140% per year. In 2005, he sold the firm to 4 of his employees for $1 million U.S. dollars, generating a return on capital of more than 800%. Since then he has trained more than 1,300 independent and franchise business coaches in the United States, Canada, Mexico, Europe, and Australasian markets.

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