While online coaching can be transformed into a lucrative opportunity, not everyone makes it. In fact, 4 out of 5 individuals that try online coaching either run out of money or get burnt out and call it quits within the first three years of doing it. This isn’t much of a conundrum because there are sufficient tools and resources available to online coaches. But what is it that causes them to fail? The answer is not always so straightforward. Online coaches make many mistakes that send their careers into the abyss. Sometimes, it is wrong timing, while other times it is the lack of self-confidence. Then some fail in the planning stage, which is just the tip of the iceberg. This blog will look at some of the common mistakes online coaches must avoid at all costs.
Let’s dive right in.
While few online coaches are fortunate enough to realize their gift earlier, most take a lifetime. It happens primarily due to fears, insecurities, and a lack of self-confidence. This often leads to people procrastinating, and by the time they decide to do something about it, they have already missed the train. Sure, it is never too late to be what you could have been. However, starting late makes you miss out on some valuable opportunities. Understanding the online landscape and cultivating a loyal following takes even longer.
Not Having Self-Worth
One of the biggest mistakes people make, which often results in their demise as online coaches, is the devaluation of self-worth. People stuck in this problem charge ridiculously low, making their audience think of their services as cheap and invaluable. A fair amount of online coaches have, at some point, charged extremely low rates for services that took a lot of time and effort. One of the reasons they do this is because they feel it will help them find more clients. Contrary to popular belief, setting low prices make you come off as desperate and needy, giving your customers the impression that your services are not good enough. Even if you manage to pull in a large crowd with nominal prices, you won’t be able to sustain your business, and it will eventually collapse.
If you want to survive as an online coach, you need to know and work with the right people. This happens primarily due to complacency. If you are complacent, you need to change your approach right away. It would be best to get in touch with your clients and learn of their demands. After you have served them, you cannot call it job done. What you must do instead is to seek their feedback regarding the services you have provided.
Moreover, it would be best if you also said in touch with other coaches within your fraternity. Not only does it increase your knowledge, it also opens you up to a whole new range of clients that are willing to benefit from your services. You can learn from other experts in your circle, which allows you to build and sustain credibility as a subject matter expert.
Losing Your Focus
Another mistake people make is that they work with basically anyone that comes their way. They think they can benefit from it, but in reality they can’t. Financial success in coaching comes from being sincere to a particular niche and then sticking to it. If you work with everyone, you will lose focus, which can be disastrous to your coaching career. While having a big following is worth your while, some contacts will only be a distraction in your work, and they will keep you from getting what you set out to achieve in the first place. For example, your business is based online, and you have several zoom meetings lined up. All of a sudden, a new customer comes up and asks you to meet in person. Sure, you don’t want to disappoint them, and the prospect might even be worth it, but how will you make up for the hours you spend commuting to a decided venue and back.
Before you set a meeting with a client, factor in the things already on your schedule. Not every prospect is worth responding to. Just because you want to make an extra buck, you can’t afford to mess up commitments that might actually be worth something more in the long run. By responding to every call, not only will your work suffer, your moral integrity will take a major dip, and you will lose your value in the market.
Not Having a Plan
Any business is doomed for failure if there is effective planning goes into at the back end. An online coaching business is no exception. In the online coaching space, you should be well aware of your strengths and weaknesses, and in that light, you must come up with a plan. If you want to stay on top of the planning game. You must value your time. Next up, you should be well aware of your financial standing. You must also invest in polishing your craft in order to remain competitive. Moreover, your facts should be accurate, and in order to have the right facts, your research should be immaculate. You should also be aware of current affairs, and especially industry news. Furthermore, when planning for your business, make sure not to ignore the element of risks. However, the risks should be calculated, and not ones that send your business down the abyss
Not Having a Good Website
Whether a business is solely brick and mortar or partially online, not having an informative website is a risk you wouldn’t want to make. But just having a website for the sake of it doesn’t work too. You have to make sure it’s optimized to provide visitors the best customer experience. Despite this knowledge being commonplace, one of the reasons most inline coaches fail is because they don’t invest in a good website. While some are oblivious to the importance of a good website, others skimp on it to save money. With an amateur-looking website, attracting a large number of people remains a dream, and it never sees the light of day.
You can risk your chances of succeeding in the online coaching space with a poorly designed website. Your web pages should have a minimal loading time to enhance customer experience. It should have well-researched content relevant to your brand. It would be best if you also had a blog on your website where you provide informative content on a consistent basis. Moreover, the color scheme on your website should be aligned with your brand’s color and theme. Splurging a few extra bucks on a decent website will earn you the leads and conversions you deserve.
Focusing Too Much on Training
Another common mistake people make when starting an online coaching business is focusing too much on training and certifications. Certifications and training are important, but not when your online coaching business is still in the early stages. Most new online coaches spend a hefty amount of money on training and certifications and wonder why nobody signed up. While your online business is still in the initial stage, it is better to focus more on building a website, cultivating a healthy social media presence, arranging all the necessary tools, and also studying up on areas that will benefit your business when you start. Training and certifications are perfect and much more useful when you have made a name for yourself in the market. Anything before that will waste money, time, and resources.
Not Having Enough Money
Most online coaching businesses that fail to find success are the ones that enter the market with little or no money. Sure, in an online business, you don’t need the things a physical store would require. However, you still need to have sufficient money to run your business before revenue starts coming in. An online coaching business isn’t too different from other businesses. To make money, you will have to put in a little bit of investment. Sometimes, you burn your bridges before entering the online coaching business, and if the business doesn’t work, you will need some cash saved up to utilize until you land a new gig or your business resurrects itself.
The Final Word
An online coaching business can be profitable if you play your cards right. First of all, make sure not to make the mistakes mentioned above. Furthermore, before you start an online business, you must factor in a couple of things. First, you need to have sufficient cash on the back end. It would be best to have a good computer, a stable and quick internet connection, and the right equipment needed to conduct webinars. Last but not least, as an online coach, you need to be confident in your skin. You must value your time and learn to differentiate between good and bad prospects.