Free Coaching is a Losing Strategy
If you’re looking for a losing strategy, then stick to getting free coaching from the no-cost resources you find everywhere on the internet . You’ll learn, like I did, that relying solely on free reports (or cheap $27 products) will be the most expensive lesson you’ll ever learn.
I, too, was cheap. I thought I was being smart with my money each time I spent a little verses thousands on a program. However, money was running through my hands like a sieve as I purchased something every day!
The joke was on me. I thought I was being cautious and smart. But I wasn’t. I wasn’t even being frugal.
I was learning how to “do” business online $27 at a time – and it a turned out to be a $22,000 lesson that almost cost me my marriage.
The shoe dropped in 2004 during a quiet summer stroll with my wife and business partner Charlsa. She was trying to figure out how we could owe more than $20,000 on one of our credit cards.
It was confession time. I had to admit that my online business learning had racked up that balance.
Obviously – she was angry. And she had a right to be angry.
I was an idiot.
While I was making good money as a consultant, I was pursuing my dream of working from home, managing my time, and being with my wife. Yes, the same person who was now ready to kill me.
On the other hand, she was scrambling to teach music at two different schools eight miles apart every day. She would cram down her lunch on the road during her 30 minute race to get to the next school. She did this daily. She worked hard. She was exhausted.
And I just spent almost two-thirds of her annual salary to learn online business.
It was time to have a heart-to-heart discussion about the reality of my dream of building my online business. My wife was a trooper. Instead of blocking my dream, she supported it…but there had to be some changes.
We agreed to three things:
- I needed to pay for real business coaching to help me along the way.
- I needed to bounce my ideas off of someone who had been there and done that.
- I needed to commit to listening to my business coach and learn from their experience.
While I was committed to our agreement, it was Charlsa that understood the value of coaching more than I did.
During a NAMS Workshop session, I found her scribbling notes furiously. She told me then and there that I needed to be coached by the speaker. The speaker was Alex Mandossian who charges between $25,000 and $50,000 per student per year.
My wife had already determined he was worth every penny.
So I began coaching with Alex. That was three years ago.
You know what?
She was right; he was worth every penny.
Alex helped me when I was stumped. He had an ability to counter my specific questions with a high-level diagram or handout. One that helped me uncover the problem as it applied to my business. When it was uncovered, it became smaller or disappeared completely.
For example, he pointed out my lack of self-esteem when I was complaining that I had set my prices too low. I learned to price my products according to what I am really worth.
He was my coach for 18 months. To this day, we are still goods friends.
I’ve worked with seven coaches thus far, and each one brings something new to the table. I grow from each experience.
Now, you might still be on the fence about hiring a coach.
Let me share with you four great reasons why utilizing a business coach is the key to your business success.
#1 – Your horizons will be broadened.
When you are paying someone to coach you, especially when it stretches your budget, you take their teaching seriously. You’ll listen to them more, implement suggestions quicker, and see results faster.
It’s simple, really. I trusted my judgment to hire them. The least I can do is trust their coaching. And it pays off.
Who wants to fork out money each month and not take action? I sure don’t. So, I don’t argue with them about a solution; I just do the work. Because I do the work, I’ve had coaches commend me for being a good student, and I benefit from our relationship.
#2 – They can flatten a steep learning curve.
Before I go out and hire just any coach, I have to know what I’m hoping to learn. Say I want to learn more about creating automated Facebook Ad campaigns. The last coach I need is a product creation coach, even if they are the best in the business.
Be willing to walk away from a coach that is not a good fit for your stage of business. If I needed help in an area of expertise that any of my prior coaches have, I’d hire them immediately. It’s important to learn from someone who has a higher level of expertise than you. You don’t want to pay them to learn with you.
A great coach will know their limitations and point you in the right direction if they cannot help you. I’ve actually been fired by a coach because she knew I had a million dollar business, and she wasn’t a million dollar coach. She told me to find a coach that fit the level I was aiming. I still refer people to her because she was honest and knew her value and expertise.
#3 – Relationships are important.
A great coach will introduce you to other resources, like a peer group so you can bounce ideas off each other. You coach can’t be your ‘everything’, but a good coach will protect you, help you, and lead you to others who are the right people to continue growing with.
It’s OK to trust your coach and to trust his circle of colleagues as well. Before hiring a coach, talk to some of his clients and see if they resonate with you.
#4 – Access comes with boundaries.
Now coaching does come with boundaries. While emergencies will occur, most of the time you will only be able to talk with your coach during set hours. (And you can’t pull the “friend card” if you happen to already be friends when you hired your coach.)
You need to understand that your coach is your counselor. You coach is there to help solve your current problem to keep you moving toward your goals.
Believe it or not, this is actually a good thing because you will have to plan ahead with your business and your calls.
OK – if your coach is not there to answer your questions 24/7, what do you do when you get stuck?
Well, you don’t barricade yourself into your office and try figuring everything out for yourself.
By all means, reach out to your coach, just within the parameters set forth when you hired them. They’ve been stuck before and weren’t sure of the next step. They can shed light on your situation.
The point is, treat your coach like a coach, so they can do their job.
How do you know if you’re ready for coaching?
- You’re ready for coaching if you’re committed to your business.
- You’re ready for coaching if you’re focused on your niche.
- You’re ready for coaching if you’ve been struggling on your own for a while.
If the thought of dropping a ton of money on coaching keeps you awake at night, consider these options:
- Try a free strategy session if it is offered. (Cost: Free)
- Purchase smaller increments of time to solve a specific issue. (Cost: $200 to $1000)
- Hire a coach for only one month if it is offered. (Cost: $1000 to $3000)
- When you have a larger project, hire a coach for a set time of 90 days. You get more attention and the drive to a specific result. (Cost: $1500 to $5000)
- When you’re ready for a real plan, sign up for an entire year of coaching. (Cost: $5000 to $25,000)
- If none of these seem life viable options, consider group coaching for a shorter period of time like 90 days. (Cost: $500 to $3500)
The choice is yours – just be ready for the lifetime journey of working with great coaches that help you build your business in a simple, scalable and sustainable way.
Isn’t that what you want, after all?
Still not quite ready to hire a coach?
Join the next best thing: MyNAMS Insiders Club. It’s an extremely focused group of online entrepreneurs all dedicated to helping each other.
Check out the training, tools, and weekly live calls in MyNAMS Insiders Club today for only $1!
It’s time you get the Team, Training, and Tools you need to succeed.
(If you benefited from this great article – considering sharing it with others. Thanks!)
- 5 Mistakes to Avoid When You Build Long Term Business Relationships - June 4, 2018
- Success in Business ~ Live your WHY! - July 14, 2017
- Free Coaching is a Losing Strategy - July 7, 2017
- Maximize Your ROI in Any Niche – with Affiliate Marketing! - June 14, 2017
- How to Make Affiliate Marketing Work for You - April 3, 2017
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"The ultimate product you create is...yourself!" David Perdew