Wendy McCallum (02:11)
Hello, welcome back to The Coaching Edge. I'm your host, Wendy McCallum. I'm really excited about this episode. Sometimes I gotta be honest, I get a little stumped as to what to talk about in these podcast episodes that is actually going to be interesting for you and new for you. And now, in the advent of AI everything, something that you cannot get by Googling. And so I'm really trying to focus on.
Whether it's me or somebody that I bring on as a guest on this podcast, really focusing on giving you some information, some strategy, a perspective that you cannot get just by asking the question to Claude or ChatGPT or, you know, or Google. And today I'm gonna talk about something that I think really does fall squarely in that category, which is what I have learned from coaches who made it.
As coaches and coaches who quit when it came to building a coaching business. I have worked with over 75 coaches just in the BBB alone, which is my business building program for coaches, and countless other coaches through workshops, one-on-one coaching, master classes, discovery cult. Like I've I've talked and met with and supported so many coaches, and I've had so many conversations with coaches over the years, and some of them are.
Killing it. Some of them are absolutely thriving. In fact, many of them are, which is awesome. They've built sustainable businesses, they're making good money, they love what they do, but some of them quit. And I've watched both of those things happen over the years. And after doing this type of work with coaches now for the last six years or so, specifically the business building stuff, I've started to notice some real patterns in terms of who makes it and who doesn't make it. And that's what I want to share today. I want to share with you.
what I have actually seen in terms of the types of characteristics, lenses that people have on this business building thing, how they go about it, their work ethic. I want to share all of the things that I see the coaches that succeed having in common, and then also the things that are often there when it comes to the coaches who don't make it. And
L some of this is probably gonna be a little bit hard to hear, but I I would rather be honest with you always than sell you some fantasy. And I if you're listening to this podcast and you have been for a while, you know that this podcast is all about kind honesty. And this is gonna be a really honest podcast because I'd love to say that every coach I've supported has, you know, nailed it and gone on to build the business of their dreams. But of course that's not the case because I
You know, I can teach, I can talk, I can support, I can provide strategy and tools. But at the end of the day, whether this thing that you want for yourself actually happens or not is kind of on you. and like I said, there are some overlapping commonalities between the coaches that I have seen succeed and those who tend to not succeed. So let's start with the reality. This is where it gets a bit gritty and probably a little unpleasant for some of you.
The stats aren't great. This is a hard business. 82% of coaching businesses fail in the first few years. And that's old research now. And honestly, I suspect that number is higher. My guess is that as a result of the weird economic times that we're in, that include, you know, this uncertainty, the trust recession I talked about so much last year in terms of buyers, the disruptive impact of AI, and the market being.
More saturated than ever when it comes to online programming and coaching. It's just harder to stand out, it's harder to get attention, it's harder to convert. And I'm not saying all of that to discourage you. I'm saying it because the coaches who succeed are the ones who walk into this thing that is business building with their eyes wide open. And I want that for you too. I absolutely believe you can succeed. But if you go in with blinders on, if you are not willing to accept the fact that building a business is hard, you're not going to succeed.
the coaches who succeed are the ones, like I said, they walk in with their eyes wide open. They really listen when they hear somebody like me who's been coaching now for over 17 years talk about the hard parts of building a business. And they don't expect it to be easy. they don't believe this BS that is out all over the place now that makes me so mad, makes my blood boil every time I see it. this whole idea that you can just make six figures in six months.
and they they don't they don't fall for any of that. This whole like become a millionaire coaching, you know, right away garbage. Frankly, most coaches never become millionaires coaching. it's possible, but it does not happen very often. And frankly, for most of the coaches that I support, that's not even the goal. The goal is to make a salary that is enough for you to feel good about the work that you're doing and cover all your expenses.
and and sustain the life that you want for yourself, whatever that number is. So coaches that succeed come in realistic. And that is so helpful. Realism is actually a competitive advantage in this business. Being realistic is competitive. I know, you know, there are all these like manifestation babes out there talking about how if you just dream it, it will happen. And I I'm I'm not against the idea of
You know, having a vision and setting goals and and you know, putting it out in a positive way to the universe what it is you want. But at the end of the day, whether you have a successful or business business or not depends on how hard you're willing to work and hustle. and whether you're willing to make mistakes and all the things I'm about to talk about. Okay. So the ones who struggle, the ones who don't make it, it's almost always the same set of factors. And this this part's not your fault. So I wanna be really clear about this. Is something that
I mean, of I probably get even angrier about this than I do, I do about the whole you can build a million-dollar business in a year thing. It's when coaching certifications and trainings themselves promise you that. So you drop your $20,000 on a coaching certification, and there's this promise that when you come out, this certification, it's just the certification on its own, frankly, or whatever the certification gives you in terms of.
Very basic business training is going to allow you to generate a client base right away. And you'll get paying clients right away. So often the coaches who are struggling have a bit of a fantasy about how easy this should be. And it's not really their fault because their certification or the training has sold that to them. I have done trainings and certifications that have done that. And it's as somebody who's been coaching now and in the business building world with other coaches for a very long time.
it's really makes me annoyed and angry, frankly, when these ridiculous promises are made to new coaches. So it's not necessarily your fault, but if you believe that this is going to be easy and you should be able to have a paid roster of clients within a couple of months of coming out of your coaching certification without doing very much work, you are completely out to lunch and you have been misled. I think the coaches who who don't fail or sorry who do fail also very much, as I've said,
Really underestimate how much work is involved in business building and they're just not ready for it when the reality hits, they're not prepared. Okay, let's talk about really the specific qualities and commonalities of the coaches that make it, because this is really what I want you to be paying attention like. Am I doing that? Am I thinking that way? am I prioritizing that thing? And if the answer is no to any of these questions, I want you to start thinking about how you can actively start changing it right now because.
The whole point of this podcast is to help you succeed. And if you notice, I'm not doing that, or I actually think the opposite way to that, it's not too late. You can change it. So the first thing I've noticed in the coaches who make it, and this is not a necessary prerequisite. I want to be really clear, but I do think it's helpful. And you may or may not have this. And if you don't have it, don't worry, keep listening, because there's lots of other things. But I have noticed that a lot of the coaches who make it have some business or professional background. So they have done something before coaching.
maybe it was their, you know, a previous a previous career, or maybe they they worked and then they were, you know, off doing something different, maybe they were raising a family or whatever and went back and got their coaching certification. might be big business, corporate, might be small business, might be medium-sized business. they've just they've been involved in something in their past that that has allowed them to see what is involved in building and keeping a business going.
So they they just have a sense of what's involved in the pr in the promotion side of things and in the growth side of a business. And and it could be that they ran, they maybe they ran their own small business, a different business before they started into coaching. I've had lots of coaches in my BBB program who were running other programs or who were professionals with their own professional corporations, like physiotherapists, for example, or psychologists or
people like people like me who are I was a lawyer before I started doing this. That really does help. Again, not a prerequisite, but it is a strength. if you don't have it, if that is not something you're coming into this with, then it's a gap. And I'm gonna suggest that you get honest about that gap and you try to get some support to fill it. Because even those of us who have business building experience, which I had before I started my coaching business only because my husband at the time
Was building a business and was helping him do that. So I I was seeing what was happening and working for him. And I had also worked as a partner in a law firm for about four years and an associate with that firm for about seven years before that. So that was a really large corporate entity. so very different from a small business. But I did learn about marketing and having hard conversations and getting yourself out there through that. So all of that helped. anyway, again, if you don't have that, it doesn't mean you're not going to succeed as a coach. It just means that's probably a gap for you.
And something that would be very helpful and productive for you to try to fill, whether that's through you know getting support from a coach or signing up for some kind of an online program or doing some self-study and research and they're talking to other coaches, there are lots of different ways to start filling that gap. So that's the first thing. They the successful coaches often, but not always, have some business or professional background. They, this is the second one, this is for all of you. They are realistic from the start.
So if you're listening to this podcast and you're thinking, okay, I was not realistic from the start. I was one of those coaches who unfortunately got sold a bill of goods by their certification or training or by somebody online. And I believed that this was gonna be so easy, and it turns out it's not easy, that's okay. You can still get realistic now. Your rose colored glasses are probably coming off. Probably one of the reasons you're listening to this podcast. Coaches who make it do not expect six figures in year one. They know this is a long game. They are not comparing themselves to the, you know.
People they see on Instagram who are, you know, frankly, making money by talking about how much money they've made. Okay. They, these coaches came in knowing it was going to be hard and that it was going to it was gonna be a lot of work and it was gonna make them more resilient and that this was all part of the process. The third thing that these coaches that succeed have in common is that.
They have all made a plan for the business building stage. Now, this is something I do help people with. And if I got on a discovery call with you and you were telling me that you were ready to quit your full-time six-figure job because you wanted to start a coaching business, I would say, hang on, hold on. Do you have money set aside? And we would talk through the logistics and the pragmatism of you actually quitting this job before you have started building your coaching business. Because the coaches that succeed that I support.
Are oftentimes continuing to work full time when they're building as as they're building their business, especially in the early months. many of them have a plan to go down to part-time at some point so that they can start to step up the amount of time they can commit to their coaching practice. and I also have lots of coaches who have made a plan financially, and so they have a bit of a float or a cushion during the business building year or years, because it can take years, guys. It's
You know, you'll start making money, but will you be making as much money as you need to support the lifestyle that you're accustomed to? No, probably not. so many of the coaches that I see succeed have actually done that. They've built that float. That is what I did. So I saved a lot of money when I was practicing law. And when I left law, I had that money as a bit of a like cushion.
as I was building my business. and I also had lots of conversations with my partner about our financial needs and his salary and how we can make this all work. So that you have to be practical about it. You have to have a plan for the business building stage from a financial perspective in order to be to succeed. The coaches who struggle have not done this math.
And they are just believing again, they've got the rose-colored glasses on, they're just believing whatever it is that they have been told in terms of how easy it is to do this. And the financial pressure makes everything so much harder, and they end up just folding it up and going back to work wherever they were working before. another thing that the coaches that succeed have in common is that they are all willing to have hard conversations. They are willing to get uncomfortable. This is a good one.
To ask yourself about and get honest with yourself about. Are you willing to be uncomfortable? Because if you're not, you're not gonna succeed in building a business. It is necessarily awkward and uncomfortable sometimes. In fact, a lot of the time in the business building stage, you're gonna be out there doing stuff and you're gonna feel like you're not qualified to talk about what you're talking about. You're gonna feel awkward talking about your offers, you're gonna feel weird in the beginning, probably asking.
to be paid what you're worth, what your value is. I mean, there are gonna be lots of uncomfortable moments in all of this, and it all gets easier and you get better at all of it. But if you're not willing to be uncomfortable sometimes and have hard conversations, you are not gonna succeed as a small business owner. The coaches that succeed don't wait for clients to come to them. They go out and they start the conversations. they talk to people even when it's uncomfortable, they network.
They go to events, they reach out, they make offers, they do terrible Instagram reels and posts and you know, to put stuff out there that's a they're a little bit cringe for them. But that is how they get better. They pitch themselves for speaking gigs. They get themselves on podcasts before they really feel like they have anything special to talk about. are they nervous? Yes. Most of the time they're nervous.
And many of them, frankly, are perfectionists. but one of the things that I have talked about on this podcast before and that I talk about with every coach I support in business building is the idea of the beta mindset. And coaches who succeed embrace that, even if they're perfectionists, they recognize that part of getting perfect with something and getting the perfect offer out there and becoming the best coach they can be is trying things for the first time. And in order to try it and have it
you know, get out there and actually have the chance of people signing up for the thing, you have to accept the fact that it's not going to be perfect right away. Perfection comes later. And honestly, I don't even believe in perfection. I think everything is always evolving and getting better and all the rest of it. And so I try to not use that word at all when it comes to my work. But if you are a perfectionist, you've got to learn how to embrace that beta mindset. You got to get out there and do things before they feel perfect. You've got to go out there knowing that the way that you make the absolute best offer
product, become the best coach you can be is by best speaker you can be, best podcast guest you can be is by getting out there and doing it.
Okay. The fifth thing is that coaches who succeed know that what's really important is to focus on the activities in their business that are close to the money, and that's what they do. So I've talked about this before on the podcast, this idea of looking for what's close to the money, what's closest to the joy. Those are always my two
questions I ask myself when I'm trying to decide what to do next. And also frankly, when I've maybe put something out there and then thought, I don't know if this is the thing. I'm starting to get have second, you know, doubt it a little, have some second thoughts around it. I will ask myself, like, is this actually close to the joy? Is this close to the money for me? How am I feeling about this? Close to the money means the stuff that is actually the activities and actions that are actually likely to lead to paid clients. That's what you need to be focusing on.
These coaches that succeed are not spending a lot of time tweaking their logo and their websites and their Canva brand packages and, you know, getting business cards made up and fancy stickers they can give to their clients and doing, you know, elaborate workbooks. That's not what they're doing. They're focused on getting paying clients. They understand that they need revenue to solve problems in their business and they are prioritizing the actions that they need to get that income, even when those actions are less fun.
Less pretty because that's what it is. Like you have to learn how to identify and notice that you are engaged in shiny object syndrome. Again, there's a whole podcast episode, I think, on this with this idea where you just get caught up in like the little things that feel fun to do as a business owner and maybe lead to some kind of you know pretty outcome, but are actually not
at all close to the revenue, have nothing to do with whether a client signs up for you at this, signs up to work with you at this point in time. So these coaches that succeed, they get clients before they have fancy platforms, before they have fancy brands, before they have fancy, you know, anything, frankly, they sell before everything is perfect. They hustle in the early days. So that's the fifth thing. The sixth thing is this one's really, really important. The coaches who I see succeed, myself included,
Do not overspend on things they don't need. They are very careful with their spending. This is a conversation, gosh, we've had this so many times inside my coaching groups. This the assumption is that in order to make more revenue, like in order to have more cash in your pocket, you need to get more clients or charge more. And that's definitely a piece of the puzzle. But the other way to get a whole lot more money in your pocket is to spend less.
And yes, you have to invest in your business. I started by talking about that. But the coaches that succeed are very careful about it. They are investing strategically. They know they need some basics. They know they need the, you know, a good computer and calendar app. And they gotta probably get Canva when they start. and they need some support and guidance. And sometimes they need more than a little support and guidance when it comes to building a business. But they're not signing up for every single app out there.
And they are also, and this is the big one, guys, I see this time and time again, getting another certification and then another training and then another upgrade and a this and a that because they are terrified to get out there and actually have the hard conversations and ask people to work with them and offer what they have to offer. And so instead they just invest in the next certification because they think, well, if I have one more certification, I'll be more qualified and then it won't be so uncomfortable for me to actually get out there and try to sell my services.
And I'm here to tell you that the coaches that succeed are not the ones with the most trainings. I would I'd love to have like the actual data on this, honestly. If I could go back and look at, let's say I have a hundred coaches I've supported, look at how many of the coaches who are out there still coaching, making a profit, building their businesses, feeling amazing, how many certifications and trainings those coaches have versus the coaches that did not succeed.
And it's really unfortunate and really sad. And there is a lot of, I think, unfortunately, a lot of how do I say this? Like you get taken advantage of as a new coach, and you are often finding yourself being offered and sort of that vulnerability and that that underconfidence that you have is being preyed on by certifications and training institutes. And I am here to tell you you don't need it. Get yourself a coaching.
Coach training or a coach certification of some sort. In a perfect world, it's a broad it's a broader, more general one. I mean, I think it's a great place to start with a really good life coach training, programmer certification. And then get out there and coach. And then down the line, when you have enough money to get another certification, because it feels like something that's really gonna benefit you as a coach and really gonna benefit the people that you work with, go get that. That is how I did it. I did my first coach coach training was really actually a college program that I did where I got
a designation in natural nutrition. I went to college, the Canadian College of Natural Nutrition for an entire year. So it was a big investment. I went to school two full days a week and then the other days I was studying part-time at home and I got that certification. I went out and I started coaching around food and nutrition. after that certification, even though honestly I was as scared as you are, I did not know what I was doing.
But I just went out there and I started doing all the stuff I'm talking about in this podcast today. It wasn't until I had been coaching for, I think it was around seven years, six or seven years, that I went back and got my general life coach training through the co what was then the Coaches Training Institute and is now the Coactive Training Institute. And then after I got sober, which was, my gosh, I'd been coaching at that point probably by at that point for, I don't know.
Nine years, 10 years, I went and got a specific certification around alcohol-free coaching. because I could afford it. And even the last coach training I did, that alcohol certification, I went back and forth. I spent a lot of time looking at the pros and cons. How is this actually going to impact my bottom line? And how is this actually gonna add to my coaching business? How long will it take me to make back the investment in this coach training based on what I know about my business?
And I will say with that one, I actually knocked it out of the park. I paid that coaching certification off in the first two months, which is crazy. But I just I did a really good job of marketing with that and and building on what I already knew as a coach. Now, if I'd taken that coach certification after right after my nutrition training, when I didn't know what I was doing as a business person, I'm sure I would not have made my investment back.
So that that's part of the strategy too. It's like not just invest when you have the money, invest when you can actually really capitalize on the training and really maximize the benefits of the training. So that's the one I wanted to spend the most time on because this is the biggest pitfall that I see is that coaches end up spending so much money on continued certifications and trainings. And
They are so far in the hole by the time they get out there and they're actually trying to get their first paying client that it would take them five years to get to dig themselves out of that. And that is not what I want for you. So the coaches that succeed, resist the pull and get out there and do their coaching now, they build their credibility through experience and word of mouth, not with continued certifications. And that's what worked for me. And I know that's what will work for you.
Okay, the other thing that these coaches have in common is that they are in community. they're not doing this alone in a vacuum. They find other like-minded coaches who are equally motivated and and committed to building a business. And they get in the right groups. So they, you know, I I've been in lots of groups over the years as a successful coach, and I know when I'm in the wrong room. And it has happened to me many times.
and it is unfortunately this is part of the industry. And I think you get wiser as you get more experienced. But I have been talked into programs, masterminds, and I've gotten in them and realized I have more experience than the person running it. And definitely I'm way far further ahead than many of the people in the program. Now I've also been in masterminds where that is not the case, that have been tremendously beneficial to me. I mean, you always want to be,
In my opinion, you get the most value from being in a group where there are a bunch of people who are ahead of you because that's how you learn. so you want to get in community of some sort and you want to make sure it's the right community for you. And coaches that succeed have that. So they're connected to other coaches. It might be an alumni group through their training or certification. It might be a paid program, a membership, some kind of a mastermind, like I was talking about, a program like my programs that I run that in the BBB, somewhere where they can get support, inspiration, accountability, and connection.
And this matters more than people think because coaching is lonely. Building a business as a solopreneur is lonely. Not only is it lonely, it can be mind-numbing at times because there's a lot of boring work involved in it. And it can also be really draining depending on for sure the type of coaching that you do. some days when I finish coaching, you know, I have to do like a full reset because
I always come out of my office, I've told this story before, but I'd come out of my office and I would say to my partner, like, everyone cried today because it's just a hard day. So coaching can be exhausting. It can be you know
It just it can feel just really lonely. And it never underestimate the power when it comes to building a business, staying a business, staying a staying engaged as a coach, f staying keeping out a burnout as a coach, of having a community of people that you can talk to about it, who get it, who understand. and then the other thing that community sometimes gives these coaches who succeed is
Some cross-marketing, some partnerships, just an opportunity, you know, some actual concrete build business building opportunities as well from being a community. So look at that list of seven things that I just went through and ask yourself: where are the gaps for me? And what stuff on that list am I not doing or am I avoiding because it feels uncomfortable? But it's the kind of stuff that actually leads to clients.
And what have I been spending my time on that is actually not close to the money? Where have I been spending money or what traps have I been falling into that actually have not been helping me when it comes to the bottom line in my small business? This is not this conversation today. I know it's a one-way conversation because I'm just monologuing here and you're listening, but I always like to think that you're on the other side of the screen when I'm recording these.
This is about getting clear. This isn't about me being critical or trying to make you feel any kind of way about what you have or haven't been doing already in your business. I just want you to get some clarity. Okay, wait, hang on. There are some places where I am not doing the necessary things that I need to. There are some things that successful coaches do that I'm not doing and I'm resisting them for whatever reason. And it might be as simple as you getting aware and clear on that and
But it might be as complicated as you saying, well, there's a gap there and I need to I need to fill it. I need to get some coaching on that if I have some blocks around that, or I need to go get some support strategies and tools, or I need to go do some research, or I need to go find a community. what are the gaps? How can you fill them? Because until you see the problem, until you notice the gap, you cannot fill it. So that's really what this episode's about. Okay, so if you're not on my newsletter list yet, go get on it because I send out
every week I send out a newsletter where I talk about the episode of the week so you don't miss any good episodes. I also give you coaching edge action items in my newsletter. So those are three things that you can do this week based on the topic that I talked about in the podcast episode. I have so many great free resources for coaches, or always free resource links in my show notes with the podcast, so you can go grab them there. And
I just love to connect with you. And the newsletter is the way that I do that. And it's a place where you can write me back if you want to. So go, go sign up for something, and you'll get on my newsletter list. just to summarize this episode, I have seen a lot of coaches come and go. I have been doing this now for 17 years, and I have seen lots of coaches come in, start the business building process, and close up shop. and I have seen lots of coaches succeed.
And the ones who make it are not necessarily the most talented. They're not necessarily the best coaches out there. They're usually pretty good coaches, though, if they succeed. And they're not for sure the most credentialed with the most certifications and the most, you know, initials and things after their name. They're the ones who came in realistic, made a plan, did the hard stuff, invested very strategically in their business, and did not try to do it alone. That's that's it in a nutshell.
And if you're listening to this and you're thinking I'm not doing some of those things, good. Now you know. Now you can change it. That's the point of this podcast. This industry and all the banana stuff, I'm trying not to swear, that goes around it, is selling you a fantasy. And I am here to give you the truth. And the truth is, this can be the absolute best thing you ever do. I am living my literal dream here. I run a business I love. I
Come to my desk and I'm excited about what the day brings. I am not burnt out. I don't feel drained like I did when I was practicing law. I absolutely feel so privileged to get to do the work that I do. I love doing the podcast. I love all of the things. There's lots of hard stuff about building a business too. But it is for me a dream job and I get paid very well for it. and I'm really proud of what I've built. So this is not impossible, but the industry itself.
And it's getting worse, I think, is going to sell you this fantasy that this is easy. And like there's just, if you just do this one thing, if you just put this one funnel in place, or you just do this, you know, do this one paid ads course, you're going to catapult yourself into success. And that is just bullshit. and I wanted to come in and talk to you about what I see as like the real truth when it comes to what you need to succeed.
in this industry and what I have seen firsthand, both in the coaches I've supported and also in my own story as a professional coach. Okay, I hope you found that podcast helpful. I'll be back next week on the coaching edge. Again, as always, if you want to connect with me, send me an email, reach out by DM. I'm Wendy McCallum, coach on Instagram. Love to hear from you. Love to connect. Yeah, I'll see you next time on the coaching edge. Have a great week.
