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Two main reasons why coaches fail are:
1. The coach does not provide value to the client(s)
Getting results for your clients is the bottom line and acid test for you as a coach. Coaches must provide both business value to the sponsor client as well as personal value to the coachee client. The client should get in excess of at least 5 times the value they pay for as their return on investment. The results need to be quantifiable and measurable and baked into the coaching process.
Develop the business case together with the client upfront. There must be something at stake. Confirm and agree with the client what ‘value’ means to them and set clear outcomes and goals. If the coach cannot find a way to solve a pressing problem that the client is facing and provide them with that multiple in terms of ROI, they are not likely to be hired or retained in the long run. No one wants to go to the Doctor and get undressed unless they are in serious pain. Similarly, no one wants to go to a coach unless they have a serious challenge and think that they can help to resolve that challenge. Once you know the value you can bring, you can develop messages so that people think of you first when they have that need.
2. Coaches fail because they don’t know how to attract clients. Many coaches fear business development and others simply lack these skills.
Many coaches spend a lot of time trying to pitch their concepts to potential clients, while the clients have no interest in hearing them. I find talking to your prospects of their biggest pain-points and challenges to help them grow their business and moving forward is the most intuitive way to attract and keep clients.
Coaching as a profession is more recent development in the last 20 years or so. A coach needs to find his or her own niche and have substance as a coach through a combination of solid academic achievement, leadership experiences and work life results.
Address these two fundamental issues and you will be a successful coach.