Perseverance: The Key to Business Coaching Success
Today, I want to tell you a personal story about perseverance, what I’ve discovered is the key to business coaching success…
It’s June 2001.
I’m a brand new business coach, having just decided to give it a shot after spending seven years as pastor to a small congregation in my local community.
It’s a huge transition, but I’m excited. I’ve just returned from a 10-day training with the business coaching franchise I’ve just joined, their business-building advice ringing in my head–and an insatiable desire to succeed burning in my chest.
Every morning, I start my day on my back porch, praying like crazy for new clients.
But I don’t just pray.
I pour my heart, soul, and cash into growing my new business.
My wife and I scrape together $5,000 to invest in marketing. And I try everything I can think of: direct mail, newspaper ads, chamber mailings, telemarketing groups, networking, strategic alliances, referrals–if there’s a marketing strategy I hear about, I give it a shot.
The months pass. First one, then two, then three…and four months later, I have nothing to show for my efforts but a dwindling bank account, a notebook full of “hard lessons learned”…and some wounded pride.
But all that is about to change.
Because finally, after more than twenty absolutely dismal face-to-face sales meetings, I land my first client! Success, at last!
My heart soars. My big break!
Then…something I could have never predicted…
In the middle of the initial consultation, the client’s accountant storms in (uninvited and unannounced) with all the aggression of a mother bear guarding her cub.
He begins interrogating me about my background and competence as a coach–and since I have no professional track record except for my time in the clergy…well, let’s just say that five minutes later I’m out on the street wondering what on earth just happened.
The next day, the client is in my face, demanding a full refund, and threatening to sue if I don’t return his money.
My first client–GONE. After just one consultation.
Don’t Take Your Foot Off the Gas Pedal
But I don’t let it stop me.
You see, by now I know that marketing is just a mathematical exercise. Because of that perspective, I control the emotional impact of this setback, pick myself up, dust myself off, and press forward.
Day after day, week after week.
Then, a month or two later, I convert four face-to-face sales meetings into clients in just one month! When I add up the revenue from these four new clients, I bank over $10,000!
But even more important than the cash flow, I realize that I’ve gained an incredible perspective–a perspective that has been worth millions to me ever since:
Don’t take your foot off the gas pedal.
You see, as soon as that money hit my bank account, I reinvested it immediately back into my business.
As a result, in 2002, I hit $25,000 a month. In late ’03, I nailed my first $40 grand month. In ’04, I generated $85,000 each month in sales.
By mid-2005 I’d added a total of 7 coaches to my business and sold the whole kit ‘n’ caboodle for a cool million.
Since then, I’ve built several successful businesses using this same exact strategy.
Business Coaching Success Requires Relentless Re-Investment
As soon as your marketing investment pays off and you land a new client or two, you’ve just generated additional money you can turn around and put right back into growing your business. And you can repeat it over and over and over again until you’ve created the coaching practice you’re dreaming of.
It’s simple mathematics. Anyone can do it. And yet…one of the biggest reasons business coaches starve is because they do the exact opposite of what it takes to be successful.
As soon as they get a little cash, they take their foot off the gas.
You’ve been there, right?
You market, sell, and promote like mad…and then you finally land some new clients. BINGO! Then, intoxicated with your success, instead of RE-investing it in marketing like you should, you spend it.
It’s a recipe for disaster!
Sow your seeds today so you can reap rewards tomorrow.
Think of it this way. The more chances you have to make a sale, the better you’ll get at closing. The more sales you close, the more coaching you’ll do. The more coaching you do, the more referrals you’ll get. And everything begins to spiral upward from there.
So put your foot on the gas and never let up…even if you think you’re “in the clear” for a moment.
The more chances you have to make a sale, the better you'll get at closing. The more sales you close, the more coaching you'll do. The more coaching you do, the more referrals you'll get. And everything begins to spiral upward from there. So put your foot on the gas and never let up.
Don’t let small successes make you sloppy: market, market, market until you think you can’t–and then turn around and market some more.
You’ll be glad you did.
Looking for more tips, strategies, and inspiration? Download our FREE beginner’s guide to business coaching success, How to Become a Business Coach.