“Milana, you hit the nail on the head of what’s missing for so many coaches that keeps them stuck and struggling in a profession that’s all about people flourishing. The missing element is entrepreneurship — business skills that will have a coach be not just effective at their craft but successful as well.  I truly believe following Milana’s 6 Steps to Becoming a Coaching Entrepreneur can make all the difference in the world for coaches.  I just wished I’d known about these business strategies when I first started out 20 years ago. ” (Brad Swift, founder Life On Purpose Institute, Inc., (http://www.lifeonpurpose.com) author of Life On Purpose: Six Passages to an Inspired Life)

Coaching is about entrepreneurship and inspiring others. It’s about causing a transformation in someone else regardless of the means you use to achieve it. Brad got it!

The interview is scheduled to air on the  Living & Working on  Purpose Radio Show on Wednesday, August 20  at 5 pm eastern time.  It  will then be archived so that  others can listen to it whenever it fits their  schedule  at:

http://exceptionalwisdomradio.com/archives/LWOP/archive_LWOP_MLeshinsky.html

Milana

In my book Coaching Millions I define coaching as a “methodology–a strategy used by thousands of eople worldwide to inspire, motivate, and evoke positive change in he lives of others.”

While this is true conceptually, in practical business terms, coaching is an extension of your expertise.

Whatever you’re an expert in, that’s what you should offer coaching on. If your expertise is not specific or narrow enough, define it better.

Most coaches look at coaching as a stand-alone service and in their mind they’re starting a brand new business from ground zero. And THAT’S the #1 reason building a coaching business is like pulling teeth - constant struggle, never-ending networking to get clients, and complete and total frustration about lack of results.

So, as you look at your coaching business today, is coaching an extension of what you already good at? Or something completely independent of everything you’ve accomplished previously?

Would love your comments.

by Milana Leshinsky

http://www.CoachingBusinessMastery.com

Is coaching the first thing people cut in difficult economic times?

Many people believe so.

I’ve experienced a slowdown at least once in my business. It happened in March, 2003, when the U.S. entered Iraq. Everyone was glued to their TVs 24/7, and my business almost came to a stop.

I can’t say that I handled it very well. It was really scary. I started thinking about plan “B” - going back to teaching piano or even getting a job again. I applied, my application was rejected. Thank God!

I continued to run my business and in about two months,
it picked up again.

Since that year, I learned a lot about business. I studied how small companies survive and even prosper during a recession.

I was especially interested in how coaching is affected by economic slowdown. Since it belongs at the very top of the Hierarchy of Needs, it is not considered a necessity in most people’s lives.

Can coaches survive the recession?

Absolutely YES! But not all will. Only the ones who follow these tips and strategies will withstand the difficult times we’re experiencing today:

1. Remember that coaching is a global business. You don’t have to rely on local business only. Create web presence to reach clients all over the world.

2. Specialize “vertically” - by target audience, not just by your coaching specialty. This will allow you to be more unique and have a higher perceived value in your prospects’ eyes.

3. Know your customers. Understand how these economic times are affecting their lives. Revise your coaching programs to address their pain. Prospects are much more willing to postpone their purchases today, unless they see a clear benefit in their current situation. Survey and interview your customers, reach out to them personally.

4. Increase your marketing efforts. Most coaches will cut down on it thinking it’s no use anyway. Historically, companies that survived the recession never stopped marketing. They created unique promotions, programs, and events to increase visibility and lead generation. Many of them say that they experienced maximum growth during these times.

5. Diversify your coaching product mix. Create programs and products with different price points. Diversify your in`come sources. Don’t rely on clients only. Develop workshops and continuity programs, and take your expertise to a second niche market.

6. Focus on relationships. This is a great time to fill your coaching programs through joint ventures and affiliates. Ask your current and past clients for referrals.

7. Offer “second glass” as per Mark Joyner’s “Great Formula.” Think about what else you could offer your customers if they already bought a product from you in the past.

8. Remain passionate don’t get discouraged by what you hear about economy. You create your own economy! When Michael Gerber went nearly broke, he kept on going. Everyone around him was waiting for 2 years to see when he files for bankruptcy, but he survived and thrived. In his own words, “I just never quit. It was never an option.”

9. Get a coach! Yes, it is crucial that you have a cheerleader in your life right now. Most people around you will keep complaining about recession, and this will do only one thing for you - make you feel depressed and powerless. A coach can support you in continuing building your dream business.

I hope this helps you see things clearly!

Milana

P.S. One more thing you need to thrive during recession is to stay motivated! New ideas, strategies, stories and inspiration will help you create an amazing “buzz-worthy” business. Where can you get all of this in one place? After months of planning, researching, and preparation, I am finally opening the doors to my brand new “Coaching Millions Club” next week! Exclusive interviews, unique success stories, entrepreneurial case studies, specific strategies and ideas, and much more! Watch for a special e-mail from me Monday morning - you don’t want to miss it!