By Padraig O’Sullivan
All the research concludes the same thing….there are more coaches than ever graduating from educational programs all over the world.
But the majority of coaches are not able to eek out an income level relative to that they might earn in a corporate role.
Why is that?
I believe most coaches are more interested in developing the technical aspect of their craft, i.e. coaching skills rather than developing the craft of building their coaching business. Developing a financially viable coaching business or practice is no different to building a viable service based business in any kind of industry.
The lessons on how to do that have been written up many times. Yet coaches seem to get stuck on how to be a better and better coach rather than being a better and better businessperson who happens to be a coach!
This is a big difference.
In my role as an Honorary Fellow at Sydney Business School, where I lecture on the Masters of Business Coaching degree, I get to see many students come through the programs every year.
The students who are financially successful after they graduate are those who are able to apply their academic learning and apply the recognised business principles.
I call these the 5P’s of developing a million dollar practice.
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