One of the things that may attract you to the idea of becoming a life coach is that you can be your own boss working from home – no boss, no commute, no sitting behind a desk in a little cubicle. You’re your own boss. You say when the shop’s open. You say when you eat lunch, what you wear to work, when you get to take a vacation. You work for yourself – but don’t make the mistake of working by yourself, too.
There are so many angles to cover in running a life coaching business that your head might spin just thinking about them: legal, accounting, finance, marketing, sales, bookkeeping, website development, copywriting, advertising, and personnel, just to name a few. Unless you’re a thousand years old, and hold advanced degrees in every one of these areas, you need a team. You see, the old saying about being a “jack of all trades, and master of none” holds true for business owners, too. With the internet, you could probably figure out how to do many of the tasks necessary in all of these areas. But do you think your end product will be able to compete with what a pro can produce? You need a team!
A great team is made of two types of members – those who work on your business, and those who work in your business. The first group includes professionals who don’t do what you do – they may know next to nothing about life coaching or being a life coach. However, they do what they know wonderfully – set up your business entity, protect you against liability, come up with a wise tax strategy, create your marketing materials, get your website up and running. Their services enable you to do your business better. You lead and direct them, but they consult and advise you.
The team members who work in your business may include employees and sub-contractors. When you first start as a life coach, you’ll probably be working by yourself, but as your business grows, you may consider hiring a few key employees or sub-contractors. Through them, you leverage your time and abilities to multiply the efforts of your business. If you have a well-trained and capable staff, you can handle a greater volume of business, and even after paying them, you’ve made more money than you could have on your own.
Now, this whole expansion plan only works if you do it with an eye toward redemption. You’ve got to redeem otherwise wasted time, turning it into income producing activity. Your aim is to make more in those hours the cleaning service is there than what you pay them to be there. Make more in the time you’d spend doing your taxes than you pay your CPA to do it for you. Otherwise, all you’re doing is running up a bunch of expenses.
Of course, finding your team can take some time. You may go through a few cleaning services until you find one that gets it done the way you want. You may have to interview several copywriters before you find one who “gets” your business. And you also have to remember that just because you find a team member to work in or on your business doesn’t mean you forget about that task. You are still the leader, the owner, and you’ll have to find a balance of control – neither micro-managing nor abdicating. You should expect some turnover, too, as you refine your team. Be patient; be purposeful, and build a team that’ll help propel you toward the success you seek.