Last week I wrote about the first step in creating and launching a life coaching business you love – Know Yourself. This week, I want to introduce the second step, Know Your Business.
You might think that really getting clear on your core business prior to launch would be a pretty obvious step, but you’d be surprised at how any life coaches and solopreneurs get so frustrated at this stage that they skip right over it – and move straight to marketing activities, like creating their website and putting ads on Facebook.
So what does knowing your business mean? It means that you are clear on your core business fundamentals and business systems.
Let’s take a closer look at each area:
WHAT ARE YOUR CORE BUSINESS FUNDAMENTALS?
Before you’re ready to launch, you should know at a minimum these three core business fundamentals:
- Who your ideal target client is and isn’t (and can actually describe your ideal client to someone else)
- Your packages, programs or services (including what they consist of, how they’re delivered and what they cost)
- Your core difference (what is unique about you and what you offer)
So why do so many life coaches skip this key step when launching their businesses?
Usually because they either got too frustrated trying to figure it out, were worried about getting boxed into a niche they couldn’t change (or worried that choosing a niche would mean they were turning away clients) or were told they needed to “just start coaching and your niche will become clear”.
It is absolutely true that you may not be 100% clear on your niche right now. It may also be true that the more you coach, the clearer you may get on your niche.
But that doesn’t mean you don’t need to get clear on your core business fundamentals before you launch.
Why? Because if you don’t have some semblance of what you’re offering and who you’re offering it to, it makes getting clear on all the rest of the stuff you need to get in place before you launch (like your messaging, branding, and marketing) nearly impossible.
The reality is that you can choose a niche and change it at any time, and choosing a niche actually makes it easier to attract more clients than not choosing a niche at all. You actually turn away more of your ideal clients when they can’t find you – or tell that you’re the right coach for them.
Remember that you don’t have to choose a niche for life. Just make the best guess for where you’re at right now.
If you choose a niche and launch your business the right way, you’ll start getting valuable information on what works and what doesn’t. The great news is that you can adjust and tweak your business fundamentals at any time. And the more you coach, and the warmer and warmer you will get.
WHAT ARE YOUR CORE BUSINESS SYSTEMS?
Before launch, there are three key business systems that most life coaches need to have in place:
- Marketing System (how you get new prospects to know that you exist, and then give the educational information they need to like, trust and try you and your services – so they’ll be ready to buy from you – and then refer you to others)
- Buying System (how someone will actually purchase your programs or services)
- Delivery System (how someone will actually get or use your programs/services)
These systems may be highly technical and automated or super grass roots and simple. The important thing is that you’ve given them some thought and know what you’re going to do.
Grab my new eBook, Love Your Business, where I outline the seven steps new life coaches need to take to transition from their 9-5 job and design, market & run a life coaching business they love: