225 | What No One Warned Us About When Building a Coaching Business
May 27, 2024
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They discuss the unanticipated challenges of building a coaching business, like loneliness and flexibility. From starting a business with a dinosaur costume to pricing strategies, they share personal anecdotes and advice for navigating client engagement and graceful departures.
Setting the right price for coaching services is crucial to avoid resentment towards clients and the industry.
Recognizing that perfection is unattainable in business and taking calculated risks can lead to more successful outcomes.
Deep dives
The Importance of Proper Pricing in Coaching Services
Setting the right price for coaching services is crucial to avoid resentment towards clients and the industry. Undercharging can lead to dissatisfaction and hatred towards clients. Charging based on the value of service and understanding worth can prevent these negative feelings.
Embracing Failure and Taking Risks in Business
Recognizing that perfection is unattainable and nothing will ever be completely ready is vital in business. Rather than waiting for things to be perfect, it's better to take calculated risks, fail fast, and learn from early feedback. Being willing to experiment and iterate quickly can lead to more successful outcomes.
Balancing Client Relationships and Self-Worth
Realizing that clients may not care as much as oneself and setting appropriate expectations in client relationships can prevent disappointment and resentment. Understanding that clients are not as emotionally invested can help maintain a healthy balance and prevent personal frustration.
The Negative Impact of Underpricing and its Consequences
Reflecting on the negative consequences of underpricing coaching services and the impact on one's self-worth and client relationships. Being aware of the value one provides and charging accordingly can lead to greater satisfaction and success in the coaching business.
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