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Running a Coaching Business – March Review
Finished is better than perfect.
Attempting to write about business while building a business is difficult. Often, building the business takes priority over this blog. However, there is power from reflection.
Follow effective action with quiet reflection. From the quiet reflection will come even more effective action.
– Peter Drucker
MARCH REVIEW
Current Clients: 5
No growth there, despite my goal to provide 4 complimentary coaching sessions this month. About 2 weeks into March, I had two people say “yes” to my coaching, however both backed out right before signing the coaching agreement. One said no due to emergent family issues (the coachee had to cover family care while her spouse had to work more), the other client received an offer to his dream job!
Side Hustle Fast Track For Pharmacists
My goal was 10 students, and we ended with 12 total. The first and second modules are completed, and our course produced our first success story!
A few more students found success within the weeks following. More on that later.
Complimentary Coaching : 5
My goal was four this month, but I was able to provide 5 sessions this month. The more the better.
Gain 2 clients: Failed
APRIL GOALS
Launch Side Hustle Fast Track For Pharmacists
I launched a beta group for this course last month and over-achieved my goal of 10 students and received 12.
This month I will host the course on Teachable and hope to promote a webinar
Provide 1 Complimentary Coaching Session per week
Say “Screw It” to Fear
This morning I faced my fear of hosting webinars: by hosting a webinar. eeck!
Well, I hosted it. Totally messed up the tech side of it, but I rocked it with all that I had.
I found out 32 minutes before the webinar of my grave error. Fortunately, I recorded myself quick using Zoom and uploaded it quick as I could.
Even after my techie failure, I found the medium fun and thrilling to teach! I will do more webinars in the future for certain.
Cheers
Give First, Then Give, and Give More, Then Ask
I spent two years of hustling in business asking for sales from people who didn’t know me well. Whether I was promoting a course (like my mastermind course) or I sell my coaching as a “leadership and podcast” expert, I tried too hard to chase money.
There are a few problems with this mentality.
1) You can never have enough money.
I pursued the almighty dollar before my relationships when I started.
In my first year of business, I made an extra $5,000. Which sounds like a nice side-income, however, it quickly became not enough for me. I wanted more and the thrill of making money only pushed me down the path of desiring more income.
I suspect I could have made more over time if I pursued relationships first.
2) You see people as an avenue for your success
I know a fellow who started in the online world about the same time I did. If you just take the image he presents online, you would think he has it going on. He is doing well with his business. I’m happy for him.
But here’s what I know about him after receiving emails and talking with him.
He would rather have money than a relationship with people.
If you become an affiliate for him, you may find yourself uncomfortable opening his email promotions. He uses the sleazy internet marketing tactics that cause cringing.
I appreciate his boldness, but you can tell he cares only about one thing: money.
A Different Path
I was reminded today of the right path by a friend and fellow mastermind member Azul Terronez.
His business has been all about giving first. He started his “business” by making connections with the right people at conferences like Tropical Think Tank. He put relationships above closing deals. He genuinely cared for the attendees.
His approach lead to get a great client: Pat Flynn.
As a millennial, I know that I’m addicted to microwave solutions.
I become disappointed when people tell me “No” to my coaching. But Azul taught me that if I keep serving others first as a friend, it will return to me.
The Lesson Comes Full Circle
A friend and fellow side-hustler joined my mastermind over 12 months ago. He wanted to continue coaching with me after the mastermind ended, but he decided that it wasn’t a good time.
I was disappointed at first, but I kept in touch. I served him by helping him through a few challenges, and I didn’t ask to start a coaching relationship with him.
Fast forward to a few weeks ago, he contacted me asking for another coaching experience. That’s when I finally asked for a sale with him.
The real solution:
Be patient. Put people first.
You have to play the long game when playing business.
If you’re a coach, consultant, or freelancer, the best strategy is patience and valuing relationships over money.
My Lending Club Experiment Results – 1 Year Performance
Investments are scary.
There’s so much unknown, and so little trustworthy information. Whenever I learn about “A new way to double your income,” I roll my eyes, but secretly wonder what would be possible if I pursued it.
I love reading about what others do to grow their investments, especially when there’s a step by step aspect to it. Which is why I’m documenting my journey with Lending Club.
I first heard of Lending Club from my friend Nick Loper as another option for passive investments from his Prosper account. Nick’s results are encouraging to a would-be investor.
What is Lending Club?
Lending Club is a peer-to-peer lending website. You can request a loan from their website or you can invest your own money into small amounts ($25 min) as loan capital.
As an investor… that’s cool.
Here’s how it works:
Now, I’m not claiming to be a financial expert. I don’t understand a lot about Lending Club, but the idea of investing money passively as a loan, and to be paid back over time and gain interest sounds like fun to me!
Risks Involved
There’s no such thing as an investment without risks. Lending Club’s model involves investing your money in different “notes” (another confusing banking term for a loan). These notes are graded based on multiple factors like credit score, income, loan amount, and loan purpose.
Notes are graded A-F. Here’s some more helpful info from Lending Club about the notes:
My Journey
I started my investment with $200 on January 8th 2016. I thought, “Why not? I have some extra cash.”
Well, I played around with the platform. Gained some confidence. Chose my allocation for where I wanted my money to go. And I watched and waited.
I researched how “expert” investors allocated their funds and made my own version of where I wanted my money to go. Lending Club has a great automated system that will invest your money in $25 minimum amounts into your targeted locations.
My current allocations:
After investing another $650 over 6 months, here are my results as of February 1st 2017.
RESULTS
Essentially, I made $56.47 (Formula: $906.47 – $850). A 6.6% return on investment. Fairly comparable to our stock market, if conservatively invested.
This isn’t the whole picture. Technically, my account is worth more than $906.47; however, this value is calculated by subtracting any notes that are late.
As of this blog post, I simply re-invest my interest earned automatically back into Lending Club’s system. I could stop this and take out the $21.61 cash earned.
So, I’m not throwing a party yet.
Defaults
A loan that defaults means that the person who took out the loan cannot pay it. All money invested is lost.
As of this writing, I have 2 loans that are late (between 31-120 days), so they could turn into defaults. In which case, I lose my a part of my $25 investment. However, the interest and principle from my other loan investments will keep me in the black.
My Review
Overall, a fun mini-investment to play with. I will be investing more money from my coaching business into Lending Club.
If you have a few extra hundred dollars lying around and you want to play with investments, I encourage you to give it a shot!
Why I write for 15 minutes every day – 28 Day Challenge
I love the story of Rudy.
A man against all odds becomes the hero. I believe everyone thinks themselves an unlikely hero. We have many faults, and it’s unlikely we will ever become “great.” At least, that’s the lie I tell myself.
When it comes to writing, I’m a Rudy. I have many faults that make me a poor writer. I write in the passive tone. I can’t spell to save my life. I write like I talk, which isn’t always coherent. I can’t communicate effectively in the verbal format.
I bask in wonder as I read my heroes’ blogs. I think to myself, “I could have wrote that blog. Why didn’t I?”
Like Rudy, I must practice to get to my “hero level.” Rudy would never be allowed on the field if he didn’t put in the hard work. I need to put in the time to get my chance at becoming great. One day, I want to score my touchdown.
I need to put in the time to get my chance at becoming great. One day, I want to score my touchdown.
For now, I have to settle for practicing.
I will never achieve great things with written words without this essential practice.
Like you, I know I have many books inside me. The New York Times says 81% of Americans want to write a book, but less than 1% actually finish a book.
I want to write about a Zombie who has an identity crisis.
I have a book within me about the struggles of chasing after success.
I’d love to write more on the struggles of a full-time employee working as a side-hustler while managing a family.
But for now, I’ll settle for one word at a time.
That’s why I’m committing to write daily for the 28 days of February.
4 Healthy Ways to Maintain Productivity
I blogged recently on common myths about weight loss on Lifehack.org. Today, I wanted to share common assumptions (that I believed before reading about this!) about weight loss. These presumptions are prevalent in our healthcare community and need to be disproven or proven.
1. Breakfast is the most important meal of the day
Presumption: eating breakfast every day boosts the metabolize and protects against weight gain
Two trials studied the effect of skipping vs. eating breakfast. No effect on weight was found in either trial.
2. Teaching children early to eat and exercise influence weight throughout life
Presumption: If you teach children how to be healthy, they’ll stay healthy
One study looked for factors that influence weight gain during early childhood into adulthood. They found that maternal smoking and significant weight gain during pregnancy was associated with adult weight gain in children. They did not find any relationship between teaching children proper diet and exercise and weight. Said another way, teaching a child to eat and exercise doesn’t influence whether or not she’ll be obese as an adult.
3. Adding more fruits and veggies, without changing anything else, will cause weight loss or less weight gain
Eating fruits and veggies is great for your health. Plus they’re super tasty (I love Pink Lady Apples).
No weight loss is seen when only eating more fruit and veggies is done. In fact, weight gain can result. Bottom line: more (exercise and decreased caloric intake) needs to be done if you want to lose the extra pounds.
4. Snacking leads to gaining fat
Randomized, controlled trials don’t support this idea. There is no evidence to support eating snacks throughout the day increases weight or fat.
So am I recommending not eating breakfast, not teaching children about diet and exercise, adding more fruits and veggies, snacking more? No.
Everything in moderation.
Believing in these presumptions or “myths” could block you from losing weight. For example, there’s some evidence to suggest eating small frequent meals throughout the day may decrease your weight. So eating small healthy snacks like celery with peanut butter or apples could decrease the amount of food you eat during a meal.
Do/did you believe these presumptions? Do you think the scientists who write these trials are wackos?
How to Smile All the Time
Provide evidence about smilers and success/health
Practice
Wake up in the morning and laugh
Consciously remind yourself every 30 minutes
Write post it notes everywhere
Be grateful for three things
http://www.wikihow.com/Smile-More-Often
http://longevity.about.com/od/mentalfitness/a/happy_smile.htm
http://www.forbes.com/sites/ericsavitz/2011/03/22/the-untapped-power-of-smiling/
Why You Need Your Own Fan Club (Mastermind)
Being alone sucks. Don’t believe me? Try being on a desert island with only a volley ball for company
http://www.passionforbusiness.com/articles/mastermind-group.htm
http://www.thesuccessalliance.com/nhillvideo/index.html
Community, relationships, bring success to a life, if you surround yourself with the right people.
I believe the idea of a mastermind group originated from Napoleon Hill, who defines a mastermind as
“Consists of two or more people that work in perfect harmony for the attainment of a definite purpose.” Napoleon Hill
In June of 2013, I started a mastermind group. I’m a part of the 48 Days Community. It’s an amazing place to interact with other entrepreneurs and dreams. There’s a Mastermind Group within the community. There were over 150 members in this group. Dozens had asked in the comment section if there were any mastermind groups that were local. All of which received no replies.
I quickly joined and asked who would be interested in an online mastermind.
What do you get:
1) Allows you to vocalize your fears
2) Establishes accountability
3) Creates new possibilities
4) Provides a fresh look
Your perspective it different from everyone elses in the world. You have a unique background with an endless amount of connections and ideas. Get in a group with others, and the ideas start to multiple.
5) Imparts constructive criticism
Your ideas rocks! But even Winston Churchill needed feedback on his ideas.
Criticism may not be agreeable, but it is necessary. It fulfils the same function as pain in the human body. It calls attention to an unhealthy state of things. – Winston Churchill
My mastermind group has brought attention to areas of my platform that need attention. They’ve criticized the way I perform my interviews. They have improved my performance.
6) Builds your confidence