How Small Business Coaches Are Missing the Boat
How Small Business Coaches Are Missing the Boat
Small business is exploding. The entrepreneurial “bug” has infected many discontented corporate types who are seeking a better way of living, a higher quality of life. Many of their efforts have probably contributed to the second fastest growing industry within the United States after information technology - coaching.
Coaching as a service can produce significant results according to a 2001 study completed by Dr. Merrill Anderson of MetrixGlobal for a Fortune 500 company. In this study, coaching resulted in a 529% return on investment. Additional studies from Dell and other companies have helped to catapult this fledging industry.
Given all this good news, then why does the research conducted by Stephen Fairley, author of "Getting Started in Personal and Executive Coaching" suggest that only 9 out of every 100 coaches make more than $100,000 per year? Additionally, 53% of all coaches make less than $20,000 a year and almost one out of every three coaches (30%) have never exceeded 10 paying clients.
Since this $1 billion industry and growing at an estimated 40% annually, why are the business results for coaches not in alignment with the growth? Possibly, the answer lies within continued research such as from Dun & Bradstreet that failure for 90% of all small businesses can be traced to 3 key factors:
Lack of planning
Poor management
Under capitalization
Lack of planning is probably the most detrimental factor. The other 2 factors are in many cases a direct result of poor planning. NOTE: Within a solid strategic plan, management and capitalization are addressed.
Consider the following:
FACT: Most people spend far more time planning their weekly grocery list or family vacation than they do their businesses.
How many individuals do you know that spend 15 to 30 minutes per week planning the grocery list or spend 4 weeks to several months planning a vacation or honeymoon? Now imagine if these same individuals set aside the same amount of time to plan their businesses, what type of outcomes they would receive? In the book It’s Not the Big that Eat the Small…It’s the Fast that Eat the Slow, the authors Jason Jennings and Laurence Haughton said that most business owners spend more time in yesterday and today than thinking and planning about tomorrow.
FACT: If you don’t have a plan, you are on someone else’s plan.
Successful business owners use their plan to ensure that they are not on someone else’s plan. By having a plan, you accept personal responsibility for your own success. Additionally, someone else won’t beat you to that customer or that niche market.
FACT: Those who fail to plan, plan to fail.
Without planning, failure is the only option. Planning also supports critical thinking skills because individuals are always asking “What if?” Their proactive actions create the destiny that they desire for themselves and allow them to quickly make course corrections when necessary because their eyes are on the target.
So if you are a executive, personal, life or career coach and are not making over $100,000 a year and have not exceeded a total of 9 paying clients, maybe now is the time to create or review your strategic plan. NOTE: A strategic plan states who does what by when as compared to a business plan that provides a general overview along with financial documentation.
Of course, if you like being in the majority of those making under $20,000 a year, then please continue to do what you have always done while hoping for different results.
How Small Business Coaches Are Missing the Boat - To learn more about this author, visit Leanne Hoagland-Smith's Website.
Like this article? Share it with your friends
Coaching is the second fastest growing industry and executive coaching accounts for an estimated $2 billion annually. With high return on investments, coaching appears to be the entrepreneur’s dream. Yet, most coaches from executive to life are missing this high pay boat because of one critical factor. Can you guess what it is?
Small business is exploding. The entrepreneurial “bug” has infected many discontented corporate types who are seeking a better way of living, a higher quality of life. Many of their efforts have probably contributed to the second fastest growing industry within the United States after information technology - coaching.
Coaching as a service can produce significant results according to a 2001 study completed by Dr. Merrill Anderson of MetrixGlobal for a Fortune 500 company. In this study, coaching resulted in a 529% return on investment. Additional studies from Dell and other companies have helped to catapult this fledging industry.
Given all this good news, then why does the research conducted by Stephen Fairley, author of "Getting Started in Personal and Executive Coaching" suggest that only 9 out of every 100 coaches make more than $100,000 per year? Additionally, 53% of all coaches make less than $20,000 a year and almost one out of every three coaches (30%) have never exceeded 10 paying clients.
Since this $1 billion industry and growing at an estimated 40% annually, why are the business results for coaches not in alignment with the growth? Possibly, the answer lies within continued research such as from Dun & Bradstreet that failure for 90% of all small businesses can be traced to 3 key factors:
Lack of planning
Poor management
Under capitalization
Lack of planning is probably the most detrimental factor. The other 2 factors are in many cases a direct result of poor planning. NOTE: Within a solid strategic plan, management and capitalization are addressed.
Consider the following:
FACT: Most people spend far more time planning their weekly grocery list or family vacation than they do their businesses.
How many individuals do you know that spend 15 to 30 minutes per week planning the grocery list or spend 4 weeks to several months planning a vacation or honeymoon? Now imagine if these same individuals set aside the same amount of time to plan their businesses, what type of outcomes they would receive? In the book It’s Not the Big that Eat the Small…It’s the Fast that Eat the Slow, the authors Jason Jennings and Laurence Haughton said that most business owners spend more time in yesterday and today than thinking and planning about tomorrow.
FACT: If you don’t have a plan, you are on someone else’s plan.
Successful business owners use their plan to ensure that they are not on someone else’s plan. By having a plan, you accept personal responsibility for your own success. Additionally, someone else won’t beat you to that customer or that niche market.
FACT: Those who fail to plan, plan to fail.
Without planning, failure is the only option. Planning also supports critical thinking skills because individuals are always asking “What if?” Their proactive actions create the destiny that they desire for themselves and allow them to quickly make course corrections when necessary because their eyes are on the target.
So if you are a executive, personal, life or career coach and are not making over $100,000 a year and have not exceeded a total of 9 paying clients, maybe now is the time to create or review your strategic plan. NOTE: A strategic plan states who does what by when as compared to a business plan that provides a general overview along with financial documentation.
Of course, if you like being in the majority of those making under $20,000 a year, then please continue to do what you have always done while hoping for different results.
How Small Business Coaches Are Missing the Boat - To learn more about this author, visit Leanne Hoagland-Smith's Website.
Like this article? Share it with your friends
 | |
 |
No article feedback found. |
| |
Leave Your Feedback |
 | |
| |||
Cheryl MatthynssensCheryl is a life skills coach, licensed Chemical Dependency Counselor and a 20 year entrepreneur. Cheryl's dedication to achieving a life of balance led to her expanding her teaching from the simple managing of life's daily challenges to adding financial well being as well. A direct marketer with DrinkACT, she is gaining ground in the online community with her concepts of making sure business owners, entreprenuers and employees have well rounded life styles. She opened up a small affiliate site - The Balance Guide- to help others find resources for mental and emotional well being. Visit Cheryl's blog to see more of the diversity beyond business she has began offering online at www.thebalanceguide.blogspot.com - Visit Cheryl Matthynssens's Website |
|||
John AlexanderJohn has taught keyword research and SEO skills to small groups of business owners and Webmasters from over 80 different countries world wide since 2002. John is also the Director of Search Engine Academy ; Co-director of Training at Search Engine Workshops offering live, SEO Workshops with his partner SEO educator Robin Nobles, author of the very first comprehensive online search engine marketing courses at SEO Training Online and the SEO Workshop Resource Center. I look forward to hearing from you! - Visit John Alexander's Website |
|||
John BrennanJohn Brennan Ed.D. Dr. Brennan is President of Interpersonal Development, LLC, a training and development firm. Interpersonal Development has provided sales training and coaching to more than 3,000 sales reps from over 100 companies. A native of Australia, Dr. Brennan received his doctorate from the University of Rochester. His dissertation researched the effectiveness of Behavioral Modeling Technology in training people in interpersonal skills. While he has spent most of his career designing or delivering training, he was also a Vice-President of Sales of a training and development franchise with operations in 25 markets. Dr. Brennan has designed and delivered sales training in North America, Asia, Europe, Australia and the Middle East. He has been a guest speaker at numerous national and regional professional conferences. When Microsoft wanted Best Practices articles on sales for their web site, they called Dr. Brennan. The results are at http://office.microsoft.com/en-us/FX011387391033.aspx His firm’s clients have included Volvo, The Prudential, Merrill Lynch, Eastman Kodak, Gannett, Equifax Europe, the Economist Group and countless small businesses. - Visit John Brennan's Website |
|||
David BarrDavid Barr is the President of Venture Opportunities, Inc. David has been a professional business broker/intermediary since 1980 focusing on General Business Brokerage and Mergers and Acquisitions representing client transaction value from $400,000 to $20,000,000. Mr. Barr has handled the sale of over four hundred and fifty companies. David earned a university degree from the State University of New York majoring in economics and business. David holds the Mergers and Acquisition Master Intermediary and the Certified Business Intermediary designations from the International Business Brokers Association. He is also a Senior Business Analyst and a Texas licensed Real Estate Agent. For more information about David and Venture Opportunities, visit www.bizdealmaker.com. - Visit David Barr's Website |
|||
Anne BarrAnne Barr has over 26 years experience in sales and marketing, six years as a franchisee. She has assisted over 367 business owners and purchasers to achieve their goals in career change, transition and exit strategy. She holds the designation of Certified Franchise Executive from the International Franchise Association, Certified Business Intermediary from the International Business Brokers Association and Board Certified Broker from the Texas Association of Business Brokers. Anne is active in professional organizations, networking groups and volunteers for non-profit entities. As owner/operator of four successful businesses, Anne has proven people skills and enjoys helping clients find the right "fit" in business ownership. Visit www.FranchiseOpportunitySpecialist.com for more information about me and my company. - Visit Anne Barr's Website |
|||
Casey GollanCasey Gollan, Business Coaching & Mentoring Programs. Add $1 Million to $10 Million in the next 1 to 3 years. Since 1996 Casey has to added hundreds of millions of dollars to businesses. Watch a free video see client results Business Coaching website. - Visit Casey Gollan's Website |
|||
Kim CastleWith nearly two decades in the advertising and design business, with clients like Domino's Pizza, General Motors, Direct TV, Pedigree, Wolfgang Puck, Higher Octave Music, Hollywood Celebrity Products, Disney, and Paramount, as well as thousands of entrepreneurs around the world define, structure, communicate, and position their business for greater profits, BrandU(R) co-creators Kim Castle and W. Vito Montone discovered that entrepreneurs could experience the same power that big brands command for a fraction of the cost with the world's only process-based results-drive Integral approach to business creation. BrandU(R) is helping entrepreneurs grow with the power of extreme clarity from idea...to brand...to market(TM) and helping one million entrepreneurs become successful and whole so that they can make a difference in the world. Are you one of them? If you want to experience clarity all the way to the bank(TM), get started now at http://www.brandu.com. - Visit Kim Castle's Website |
|||
Jeff FosterWebBizIdeas.com is a Minneapolis website design company founded to help people start an internet business by providing them with website, business, and internet resources that help foster the growth of successful online businesses and develop innovative Internet business ideas. We specialize in internet consulting & internet marketing. - Visit Jeff Foster's Website |
|||
|
To learn more about the Evan Elite Author Program please contact us. | |||
 | |
|  |
Subscribe to Leanne's articles
 | |
|
|  |
 | |
|
| |
 | ||
 |
||
 |
||
 |
||
|
| ||
 |
| Have you written articles that would be of value to entrepreneurs? Become an expert on our site by publishing them! Expose yourself to a wide audience, drive more traffic to your website and get more sales! Click Here for details. |
|
|
 |
| Modeling the Masters: Learn the true secrets behind Walt Disney's business success factors & grow your company! Video produced by Phanta Media |
|
|
 |
"Learn straight from Evan how you can Make a Full Time Income (And More) from a Website"
Click Here To Learn More |
|
|
|
|
Get advice & tips from famous business owners, new articles by entrepreneur experts, my latest website updates, & special sneak peaks at what's to come!
|
|
 |
 Mirror Marketing NichePreneur Mindset Mastering Change Setting Priorities Worksheet SEO Made Easy |
|
 | ||
 |
More PR Resources
Press Release Builder | |
 |
Top 50 Geek Business Blogs
Top 50 Geek Business Blogs | |
| ||
 | ||||
| ||||
|
| ||||
| ||||
|
|
|
|
|
||||||||||||
|
Email us your ideas on how to make our website more valuable! Thank you Sharon from Toronto Salsa Lessons / Classes for your suggestions to make the newsletter look like the website and profile younger entrepreneurs like Jennifer Lopez and Sean Combs!
|
|
|
| ||||||||||||
| ||||||||||||
|
|
||||||||||||