The Pros and Cons of Business Coaching
Let's talk about the elephant in the room - paid coaching. Offers for paid coaching and online courses are literally everywhere right now, & I want to have a very frank conversation about it.
Personally, I have spent approximately $23,000 in paid coaching & online courses over the last 3 - 4 years. That's how I learned A LOT of what I share with you and teach my own clients. I also learned a lot about what works (and doesn't work) for me as both a coach and someone being coached. A lot of it has been worth the money. However, one high-ticket coaching program taught me some very expensive lessons that almost cost me my business. Lessons that despite my embarrassment, I feel are important to share with you.
When I started my first business, MyFrenchU, - it was by accident. I didn't pay for coaching. I learned EVERYTHING as I went - mostly through trial and error. It felt like a second job sorting through the free advice of so-called gurus. On my own, it took me about 18 months to get my teaching business to the point where it was profitable; I was consistently earning 4-figure months; and my business ran smoothly.
With my second business, I didn't want to take that long. There was still a lot that I didn't know, and I wanted to educate myself. That's exactly how I approached it too. I researched coaches and their programs the way I researched grad programs. I also met with them to make sure that we were philosophically aligned and someone I would enjoy working with. Finally, I met with one or two people who had been through their program and asked them my questions too.
Later, almost a year into my second business, I felt like I had gone as far as I could on my own, so I invested in coaching again. However, this time I wasn't as thorough in my research. I allowed myself to be "sold" a result instead of learning the specifics of the program I was purchasing. Because of the good reputation of someone associated with the company, I assumed that the creators of this program would operate with the same level of care and integrity that I do with my clients.
While this 5-figure coaching program failed to deliver on any of its promises, I learned a lot from that experience, albeit the hard way. I learned how much I care about my clients and the experiences they have with my business and with me. I learned that, for me, some things are worth more than money. I will not cold DM anyone or reach out to someone via text or email without consent. I will answer any question asked about my business or experience with complete transparency. My webinars will be trainings not sales pitches and free coaching calls will be exactly that. While I'm sure I'm "leaving money on the table", I'm proud of what I'm creating and how I serve my community.
In summary, for me, paid coaching has mostly been worth the money I've invested. I've been able to experience much faster growth in both of my businesses and with significantly more confidence. I believe in my ability to learn and put into practice what I learn. I also really appreciate having someone "lay it out" for me rather than having to do ALL the research and trial & error on my own. It's taught me about business and about the type of business person I want to be.
Can you create your own private practice teaching business without investing in a coach or mentor? Absolutely! I know you can because I did. Could I have done it more efficiently AND started turning a profit more quickly if I'd had proper guidance? Also yes!
The bottom line is this: You're going to have to invest some ratio of time and money when starting a business. Only YOU know what ratio is right for you.
I hope this helps
Best wishes always,
Rachel