You Can't Be a Jack of All Trades

Hone in on your specialty!  This is probably the most important thing you'll need to know as a coach – make sure that you put the time and effort into really focusing in on your specialty and deciding what you will (and won't) do for your clients.

Probably the biggest mistake that many business owners make – not just coaches – is not working through this step.  I know I had a problem with it for quite some time!  I thought I didn't need to narrow my focus or get specific about clients.  Let's face it - when you're just starting out, any client is better than no client at all!  But that's exactly the wrong approach.    Yes, you do need to build your client base, but trying to be all things to all people is a sure way to find yourself burned out and unhappy with your business.  Trust me, I know! 

Another reason it's important to focus on your specialty is because if you don't and you just start doing anything and everything, you're going to provide less-than-stellar services because you don't enjoy what you're doing.  This is not the way to build your reputation and credibility.  Instead, when you hone in on your specialty and know exactly what it is you'll be providing your clients, you'll go above and beyond what is expected of you because you enjoy what you're doing.  And this will make people become your raving fans.  And raving fans like to talk.  In a good way!

Let's take a look at an example of how to narrow down your offerings.  You can't just say you're a “coach” or even a “life coach.”  Those are two very general terms that don't describe your niche or specialty at all. A better option is to say your specialty is a business coach who works with women in their 40's to 60's who are just getting started, or want to get started, with a new business venture.  (Sound like anyone you know?)  You can narrow that down even further by offering coaching that specifically helps them with the start-up process of marketing their business (setting up social media profiles, creating a marketing plan, etc), choosing and establishing a business entity, or learning the ins and outs of profitable networking.

So, as you can see, focusing on your specialty will help ensure that you are only attracting people who fit your ideal client profile and who you will enjoy working with most.  This is exactly what you need when it comes to building a profitable coaching business you're excited about.

Now that you have your specialty narrowed down, it's time to move onto the next important stage of landing your dream coaching client.  And that starts with knowing who they are.  We'll talk about that tomorrow! 

How to Land Your Dream Coaching Client

So, you're ready to open the doors to your coaching business – congratulations! This is an exciting time. But this is also the time that you really have to dig in and start doing the hard work of landing new clients. This can be an easier process if you know how to go about it correctly.

To make it easier for you, consider these 10 strategies top coaches have learned to embrace:

• Hone in on your specialty - you can't be a jack-of-all-trades
• Discovering Your Ideal Client
• The Secret of the USP – Or Why a Unique Selling Proposition Helps Seal the Deal
• Building an Unforgettable Online Presence
• The Art of the Free Consultation Call
• How to Make Saying “Yes” a No-Brainer
• Instant Credibility – In Hardcover
• Show Off Your Expertise With Well-Placed Testimonials And Case Studies
• Pricing Is Critical – But Not For The Reasons You Might Think
• Practice What You Preach: It’s Not Just A Cliché

Over the next few days, we will look at each of these in-depth.  So check back often!

Your State of Mind Is Critical!

Who feels like this today besides me? It starts with a thought like...
My vision is crystal clear, my focus intense, my goal is in sight and I am relentless. There is ZERO chance ANYTHING I want will get away.

Sometimes it can be difficult to focus on the positive, especially when you are starting a new business.  Every little setback or obstacle can feel insurmountable.  We feel like we are losing direction.  Maybe we are being foolish to think we can be entrepreneurs - especially at our age!

Most of us feel that self-doubt when we are trying to go through this alone.  But you are not alone!  If you are reading this, then you are part of an amazing community of people who are here to support and help each other.  Reach out to us!  Leave a comment.  Find us on social media.  Connect with us.  Trust me, we have all felt doubt and despair.  And we have all been lifted up by the fabulous people we surround ourselves with.  We'll give you all the advice, support, or kick-in-the pants you need!

And when you accomplish a goal or hit a milestone, let us know.  We will celebrate with you, promote you, and shout your achievement to the world.

I was just reminded of how important it is to have a support group after attending a wonderful 4-day event in Orlando.  Spending all that time in a room with like-minded people was empowering.  It was like a breath of fresh air - or maybe I should say a gale force wind because it completely swept my mind free of some negative thoughts I'd been having.  I remembered all the people who had reached out to me when I felt like quitting.  And I knew I had to go back and remind everyone of the same thing - you are not in this alone! 

Your mindset IS critical!  But keeping a positive mindset is easier when you are surrounded by like-minded, positive people.  Join us!  We're here for you. 

Shiny Object Syndrome

I love attending events!  I always have a great time, meet fabulous people, and learn a ton of stuff!  So it's no surprise I have been having a fabulous time this week at Wendy Lipton-Dibner's Move People to Action Event.  But today I learned something that just boggled my mind.  Not because it was some earth-shattering new program or a technique to quadruple your conversion rate.  No, it was actually rather sad news.  What did I learn?  98% of people who attend these conferences never implement what they learned.  That just blew me away!  Why would you spend money on a conference and not use what you learned? 

Well, as I was sitting there feeling all pompous and self-satisfied because I DO implement, I received a sudden wake-up call.  You see, my daughter is attending this event with me.  Now if you have children, then you know what happened next.  She took great delight in reminding me that it hadn't always been that way.  At one point in my early days, I was spending literally thousands of dollars on stuff I never used.  In fact my computer and my office are still crammed with ebooks, reports, books, and videos that I have never even opened!

Later this evening, as we were going back to our hotel room, I received a text message from a dear friend and fellow network marketer.  She had just found the latest, greatest, next big thing and she wanted me to check it out.  Why the person who had sponsored her made $53,000 in a month!  And he was going to show us how to do the same.  I looked at my daughter and laughed and made this comment: "Well, here goes Barb, chasing another shiny object."  And that's when it hit me!  We are all guilty of this!

How many of you have spent 100s or even 1000s of dollars on programs, conferences, webinars, and books that you never implemented? 

How many of you have jumped from one network marketing opportunity to another, and are still broke?

How many of you have lost money and are still working a job just to pay for your courses and ebooks and network marketing business products?

I know I have been guilty of all these things.  And I say, IT HAS TO STOP!

I was fortunate enough to stumble into the right people and the right company to help me be successful.  So now I only buy something when I absolutely know I need it.  And my network marketing company hopping days are over.  I love the one I'm with and plan to stay for a very long time.  But my success was due in great part to circumstances.  You see, you can't buy stuff when you are out of money!  You can't join another company when you can't afford the enrollment fee.
Many of us are still caught on this hamster-wheel, though.  And I intend to do something about it.  But I need your help.

I know why I spent years chasing one shiny object after another.  But my reasons may not be the same as yours.  And if we are going to put an end to this, then we have to have a solution that will apply to all of us.  So first, we have to figure out the "WHY".  And you can help with that.
Simply complete the attached survey.  It's 10 short questions that ask simply if you have ever had the same experience I, and so many others, have had. 

Once we know what the problem is, I hope you will join me in creating the solution.
I know that you are the right people to help our fellow boomerpreneurs.  So, thank you, sincerely, for taking the time to complete the survey.  My readers are absolutely the best!

To take the survey, click here!  And remember, learn more.  Do more.  Be more.  Live more!

Managing Your Cash Flow

It’s thrilling and terrifying at the same time. On one hand, you’re self-employed, doing exactly what you want to do without having to answer to a boss, show up in an office on time every day, or dealing with annoying co-workers. You make the rules and live life as you like.

On the other hand, though, you’re without the “safety net” of a fixed income. With no regular paycheck coming in, budgeting can be a challenge, and if you’re not careful, you can find yourself struggling just to pay the bills each month – no matter how much you earn.

Taxes First

As an employee, your boss conveniently paid your taxes on your behalf, leaving only your net pay in your check each week. As an entrepreneur, you don’t have that benefit, and that causes a lot of trouble for some newly self-employed people. Here’s the thing – your “paycheck” suddenly looks a lot larger than it really is. With no FICA, Social Security, or other taxes being withheld, it’s easy to simply spend what you’ve earned, and then find yourself in trouble come tax time.

Your accountant will be able to help you determine what percentage of your gross income should be set aside for taxes. If you’re self-employed, you will typically have to pay quarterly income tax – which is based on what you earned last year and is paid in advance – so you need to make sure you have that money set aside or you’ll face some pretty serious fines from the IRS. Quarterly taxes are due April 15, June 15, September 15, and January 15.

The easiest way to manage your tax payments is to open a separate bank account just for taxes. For each dollar you earn, take a percentage of that (whatever you and your accountant decide is the correct amount) and put it in your “tax” account. Then when it’s time to pay your quarterly taxes, simply write a check and mail it off.

Business Budget Planning

Just like your household, your business needs a budget. You need to have a pretty good idea of what you expect to earn each month, and also what your expenses will be. You can also plan in advance for new equipment purchases, business trips, and other out-of-the-ordinary expenses.

Some of the most common expenses you should count on include

·         Taxes (yes, I mentioned them earlier, but it’s that important)

·         Hosting accounts

·         Domain renewals

·         Mailing list managers

·         Memberships in business education forums and mastermind groups

·         Contractors (writers, web designers, and others you outsource work to)

·         Your accountant and lawyer if you have one

·         Business only utilities, such as your cell phone, your Internet connection, and anything else you pay for from your business account.

Notice I mentioned your “business account.” If you want to have good business cash flow, it’s important to keep household money separate from business money. This can mean simply setting up a business checking account and depositing all money there first, then withdrawing your tax money into your tax account, and your money (your salary, actually) into your personal account.

Not only will this help with cash flow, but if you form an LLC or a corporation, it’s vital to clearly differentiate between your personal funds and your business funds. Mixing the two can result in you losing the liability protection that forming a business entity afforded you in the first place.

Cash flow is one of those things that boomerpreneurs don’t like to think about, but in order to have a healthy, sustainable business, it’s vital for you to manage it well. Create a budget, be diligent about setting aside money for taxes and saving some funds for when you have a slow month, and you’ll never have to worry about how your business will manage to pay the bills.

Keep Your Combinations Safe

Remember back in the day when the worst thing that could happen to you was forgetting your locker combination and you'd be late for class? Well, the stakes might be a little higher, but the challenge is the same: How to keep your private information private.

ID theft is a very real threat. In fact, ID theft complaints are the number-one complaint to the Federal Trade Commission, accounting for 18% of all complaints and accounting for billions of dollars in loss (2012 data).  And it can be very costly to repair the damage, as I know from experience!

While your identity can be stolen through the postal service or by swiping your wallet, by far your greatest exposure is online. And when you're an online businessperson, that risk is even higher; not only your personal information is available, but your professional information, too. Thankfully, there are a number of low- and high-tech options for keeping track of your passwords and user names.

Low-tech: You can purchase “password journals” from stationery stores, or just create your own from an inexpensive spiral notebook. On the plus side: This method is easy and inexpensive, is portable, and is perfect for technically challenged individuals. The problem is that if you don't have your notebook with you, you don't have the information – and if you lose it, you're in trouble!

Mid-tech: Start a computer file with all your password and user names in it, like an Excel spreadsheet. You can save this on your desktop, or upload it to a file-sharing service like Dropbox or Google Docs. The upside: It's free, portable, and (if you use the file-sharing service) available online from remote computers. The drawbacks: Hackable. If someone somehow accesses your spreadsheet, they have your world at their fingertips.

High-tech. Online password storage and management services are big business. Check out Roboform, KeePass, and LastPass. For just a few dollars a month ($29.95/year for Roboform, for example) these services will generate, store, and even fill in your passwords for you. Plus side: The safest method for managing passwords online. Downside: you have to pay.

Whatever you choose, any of these methods are more secure than using the default “password” or “12345” as your password for everything from your bank account to your Twitter account. Don't wait until someone breaks into your locker and steals your lunch money before you start protecting yourself.

Have a Fling!

The beauty of being an entrepreneur is that you are in control of your own destiny.  But that can make it really, really difficult to take time away from the computer or office to let your hair down, relax, and have some fun.  If you're like most entrepreneurs,  you travel with your smartphone in one hand and a laptop in the other, and even when you should be relaxing, you're responding to emails.

That level of dedication to your work is commendable, but it's also dangerous.  If you never slack off, you're in danger of burning out, losing perspective, or alienating the people in your life, none of which is helpful for long-term success.  The cold, dreary days of winter are a perfect time to get in one little warmer-locale fling before settling back down to work after the holidays..

Can't get away for a week-long retreat?  Never fear.  Here are some ways to enjoy a mini-fling:

Turn off the cell phone.  The smallest move you can make with the biggest impact is simply unplugging yourself.  Take mealtime off, at a minimum, particularly when you are dining with friends or family.  Carving out a few periods during your day when you can relax completely will have untold benefits on your relationship, as well as your stress level.

Do something different.  With tough economic times, everyone has been touting the benefits of “staycations,” when you enjoyed all the attractions your immediate vicinity has to offer without getting on a plane or staying in a hotel.  Continue in that vein by visiting a local park or museum, or trying a new restaurant you've never visited.  Even venturing down a different street or checking out a new grocery store can have benefits in terms of opening your eyes and enhancing your creativity.

Make a new friend.  If most of your personal interactions take place around answering your door to the UPS man, you need to expand your social circle.  Make it a goal to create a new relationship, business-wise or otherwise.  Attend a meet-up in your area, join an online networking group, or just chat up an interesting looking person at the dog park.  People matter, and they can be your biggest source of pleasure and refreshment.

Cross something off your bucket list.  Always wanted to ski?  Dreamed for years of speaking French?  Have a soft spot for authentic Indonesian cuisine?  Pick one of your life goals (preferably one that has nothing to do with your work) and get started.  Realizing that there is more to life than your computer will energize you and make your work all the more effective.

You may not be able to take off to Baja in a VW bus with a surfboard strapped to the top, but you can still enjoy these last days of summer.  Life's short; enjoy it.