There’s no mistaking that the economy is having a hard time right now. Cost of living rises, interest rate rises etc can all feel a bit overwhelming to say the least. If you’re a coach trying to run a business that can feel a bit scary and leave you feeling a bit anxious.
So how can we make sure our business and ourselves thrive when the economy has basically gone to shit? In this post I’m going to share a few tips, things that I’ve discussed with my clients and things that I do for myself.
It’s worth noting that all of these things make sense even when the economy is stable, they just make good business sense!
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Get clear on your own financial situation
Having a very clear and detailed picture of your own individual financial situation is going to be the foundation of everything at this time.
As much as we might be hearing a lot of negativity in the news, the reality might actually be that your finances are ok. Or it might not.
But having that awareness and clear picture of what’s going on is going to help you take action if you need to, or it will put your mind at rest.
Obviously this is a desperately difficult situation for some people and I’m not wanting to brush over that, but for some people, the reality for them is not as bad as they may worry it is based on what we hear.
Business wise, my advice would be to have a very robust cash flow in place so you can see how your income and expenses will pan out over the next few months. I use this in my business and it helps me decide how and when I need to take action to bring more income in.
Everyone’s Financial Situation is Different
If you’re worrying about not being able to get clients or people not being able to afford to work with you, something super useful to remember is that everyone’s financial situation is different.
It’s going to be different from your financial situation and there’s such a vast variation in how much money people have and how they choose to spend it.
Generally speaking (and I’m adding in a big disclaimer here because I am being very broad in this comment) the people who invest in £1K / $1K plus coaching packages are unlikely to be the people who are going to be as negatively impacted by the current economic climate. They’re likely to have more disposable income and in many of the political / social environments we operate in, some people with money will always have money. Something I disagree with FYI, but it is what it is right now.
So if you’re concerned about people being able to afford you, I’d try and remember that you can never know what other people’s financial situations are, and more than likely there’s still many, many people with access to resources to use to solve their problems, achieve their aspirations and pursue their dreams!
Diversify your income (if it makes sense)
If you’re wanting to serve people at different investment levels (there’s no rule that says you have to) then looking at diversifying your income with lower cost / mid cost products and services if you don’t already have them, could make sense.
It’s worth remembering that if you’re creating free content with the purpose of marketing your business, that’s still a way you’re serving people for free in an accessible way.
However, diversifying isn’t going to be right for everyone’s business, there’s a lot of strategic components that are worth thinking through before you start creating courses or memberships. Creating these things aren’t always the magic bullet we think they’re going to be.
Get super focused on demonstrating the value of your services
This is of course relevant at any time, but when people might be being more careful about how they invest their money, being super clear on the return on investment people can expect is key.
Return on investment isn’t just about money of course, and if you’re a business to consumer coach, then the return on investment for your services is likely to be better quality of life, better health, improved career etc – and do get super specific when you’re talking about outcomes using in real life examples!
Once we’re clear on outcomes and return on investment how can you add proof to that? Testimonials! Make sure you’re using really good testimonials and social proof if you have it such as screen shots from social media. If you’re a new coach and don’t yet have testimonials then what can you share from your own experiences or journey and what transformations you’ve experienced.
Don’t stick your head in the sand
I know that thinking about all this stuff can feel quite negative and not at all ‘high vibe’ and honestly I think I’ve put off talking about it because of this reason.
But it’s the reality we’re all navigating right now and sticking our heads in the sand and ignoring it isn’t helpful. I also don’t believe that considering how it might impact us is an example of poor money mindset. It’s fucking reality after all!
However, there is a balance between acknowledging this is the backdrop to which we are operating and getting totally bogged down in it all – there’s no reason why you and your business shouldn’t still thrive through this.
Manage your energy
Nicely leading in from my last point is the mindset, spiritual, manifesting side of things. Like I said earlier, if you’ve been feeling scared, anxious and uneasy about all of this I totally get you, and I don’t think you should feel ashamed for that.
But from an energetic point of view I think there’s a lot we can do to set ourselves up in the best possible way.
Energetically something that’s been helping me is rooting into all the ways I have abundance and safety (because money is often connected to safety for me). So just regularly acknowledging what I have and energetically inhabiting that space of abundance and gratitude.
So getting myself into that energetic space and then taking practical action from there has been incredibly useful for me. I feel that trying to take that action from a place of lack and fear is when we can sometimes come off as desperate icky sales vibes, so anything you can do to feel into a more abundant space can be really helpful.
So those are just a few of the things that I found useful and some of the things that have come up in my conversations with clients around this topic.
It is looking likely that this situation is going to be in place for a while, but remember that nothing lasts forever and it will shift again in the future. There are plenty of people who don’t want to put their dreams on hold and continue to struggle with their problems for whom coaching is a really valuable solution.
It is very much possible to have a thriving coaching business through this, and I really hope those tips above will help you feel more positive about the whole situation.
I’d love to know if this has been helpful at all, do leave me a comment below and let me know!
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