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             28 January, 2021
 

    
Category:  Articles » Self Improvement » Coaching

 

How Long is Your Shoestring?

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         Views: 1372
2006-07-17 03:37:33     
Article by Shaun O'Reilly

In my previous article I mentioned the potential for attracting clients using referral groups such as BNI and BRE. Some readers got back to me and mentioned that although they thought these groups are a useful and even proven method for building their practice, at £500+ they thought it was a bit on the pricey side.

This highlights a concerning tendency I've noticed in a number of coaches. Namely, the reluctance to significantly input funds into their own coaching practice as part of their attempts to attract clients. This is myopic. It is also bordering on the less favourable side of insane.

You can't scrimp your way to building a sustainable coaching practice.

If you think all you need to do is train as a coach and then get some business cards and leaflets printed and have a stampede of clients rushing to work with you I'm afraid you're mistaken. Sorry to be the party pooper and whistle blower on this crucial point.

The fact is that to build a successful coaching practice (hey - any business) you will need to put in a significant amount of time, effort and yes - even money too. To think otherwise is naive.

If you allocate your resources wisely then you'll get much more back in the way of returns so that no input will really ever be wasted.

How do you make a good decision on utilizing your resources?

Before putting your resources of time, effort and money into any new client attraction method for your coaching practice, here are some pragmatic questions to ask yourself:

1. What will you need to put in? - Quantify how much time, money and effort you'll need to put into the client attraction method you are considering. This may be hard to do in some cases but go with your best guesses.

2. What will you likely get back? - Estimate the likely returns you'll receive if you do go ahead with the client attraction method you are considering.

This is the area to place most of your focus. Focus on the benefits and outcomes you'll receive from a particular method rather than thinking solely about the input required.

3. What are the consequences if you don't act? - Of course you have the option of not following through on a particular method to build your coaching practice. But what will the likely consequences of this course of action be? How will you gain from not following through? What could you lose by not going ahead?

4. What other options are there? - You may find that you discover alternative options for attracting clients into your coaching practice. These may require less input and/or give you a much greater return from your input of resources.

I hope that this article has been useful for you and has helped you to consider your approach to allocating your resources of time, money and effort in your attempts to build your coaching practice.

Shaun O'Reilly is the founder of Authentic Practice and works exclusively with coaches to help them to build successful coaching practices.

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