Section 1.1: Skill vs. Business Acumen

One common misconception is that being an excellent coach will automatically attract clients. Unfortunately, this isn’t true. Although obtaining a coaching certification is vital, it’s important not to conflate the skill of coaching with the business of coaching. A certification equips you with the skills to assist clients, but it doesn’t teach you how to effectively monetize those skills or develop a thriving business. The key missing element is business development.

Many new coaches reach out to me, puzzled as to why their earnings don’t reflect their coaching abilities. Now you understand the underlying reason; if you want to delve deeper into this topic, you can find my complete response here.

Section 1.2: The Investment in Business Development

Shortly after earning my coaching qualification, I realized I needed to invest time and resources into learning how to attract clients and establish a successful coaching practice. As a newcomer with few clients, you face a choice: navigate the learning curve independently or invest in programs and mentors who have already paved the way.

While the DIY route may seem like a free option, both paths carry costs. The tangible expense of paid services is clear, but the costs associated with trial and error—time lost, stress experienced, and the missed opportunity of acquiring skills earlier—are equally significant.

Section 2.1: The Financial Journey

You should expect to spend a considerable amount of time—typically around 2 to 3 years—developing your coaching business before you see any substantial financial returns. Factors such as your specific goals and the time you can dedicate to your business play a role, but achieving financial stability doesn’t happen overnight.

Although the idea of quitting your job to focus on coaching is enticing, it’s wise to hold off. Maintaining a secondary income while you build your coaching practice offers significant advantages, including peace of mind and the freedom to be selective about which clients you take on.

Section 2.2: The Loneliness of Entrepreneurship

Transitioning to full-time entrepreneurship can be surprisingly isolating. The shift from a team-oriented environment to a solitary workspace can be a shock. For instance, I found myself alone in an office for hours on end, a situation exacerbated by the pandemic.

Moreover, your family and friends may not fully grasp the nuances of your work. As the first in my family to launch a business, I often found myself at a loss for common ground in conversations, which led to feelings of isolation.

It's crucial to communicate with your loved ones about your experiences as a business owner, as I wish I had done sooner.

Section 3.1: Avoiding Burnout

The allure of hustle culture can lead to the misconception that being a workaholic is commendable. However, setting clear boundaries is essential to avoid burnout, a lesson I learned the hard way. Now, I manage my business within a 30-hour workweek, a change prompted by my earlier experiences.

Section 3.2: Embracing Multiple Roles

Many new coaches anticipate that their focus will be solely on coaching, but the reality is quite different. Coaching only constitutes about 30% of my workload. The remainder involves various tasks, including administrative duties, marketing, sales, and financial management.

I've identified eight distinct roles I play as a solopreneur, ranging from CEO to janitor.

Section 3.3: The Importance of Education

When I first started, I imagined a world where pure coaching was the norm. However, I quickly learned that educating clients on essential concepts is often part of the role. This realization shifted my focus to mentoring and consulting, which are critical for my clients’ understanding of business fundamentals.

The 2020 ICF coaching survey revealed that 94% of coaches engage in roles beyond coaching, including teaching and consulting. Knowing this earlier could have influenced my approach to generating revenue.