The number one thing entrepreneurs say they want to create is more money. But their actions prove differently. This article from my friend, Melinda Cohan at The Coaches Console may be a huge wake-up call if you're not growing your biz as fast as you want. The article speaks to coaches, but applies to any type of business.
Are you a Hobbyist, or a Business Owner?
Do you even know?
Do you even realize how this one, single insight can impact the level of success you have in your business and with your coaching?
If you don't know the answer or don't even realize the importance of this distinction then you may be hitting the upper limits of your level of success and not even realize it. If that is the case then no matter how great your efforts, no matter how impeccably you implement the best strategies you will not be seeing the results you desire.
There are two potential levels at which you can participate in pursuing your passion as a coach. That of a Hobbyist. That of a Business Owner.
Hobbyists can articulate a general direction for their business. They grasp the idea of business discipline, but tend to think it's too early to get it fully under control -- or feel they don't have time. Hobbyists' planning, goals, priority-setting and sense of business purpose also tend to be less focused, more difficult to understand.
Business Owners, on the other hand, can clearly define how they will make a difference in the world, and who they will serve. They know it takes a thriving, profitable business to create that difference. Far more than Hobbyists, they have practical, well-grounded faith in the discipline and the systems that build greatness in any business. Because they are clear and specific, Business Owners' strategies, articulations, priorities, choices, goals and even words have more impact.
Are you a Hobbyist, or a Business Owner?
How The Hobbyist Will Experience The Business of Coaching:
- Business and client support is reactive versus proactive. They figure out the answers as they go.
- Jack of all, master of none.
- Provide the support to their clients on a situational basis. Things are unique to each client and situation and often done differently each time. There is customization in how they support and work with their clients because the hobbyist only coaches when they want to coach.
- Run their business manually with limited technologies and support resources. They aren't necessary since they sporadically do marketing and support clients.
- Coach few clients and continue to dream of having a deeper impact on the world.
How The Business Owner Will Experience The Business of Coaching:
- Build a strong foundation up front for their business.
- Collaborate with great people to leverage their own time.
- Use the right technologies, tools and resources to simplify and automate tasks that don't produce new business directly.
- Use effective internal (and integrated) systems.
- Use their systems consistently.
- Coach more clients, make more money, and make a far greater difference in the world.
Both types are great coaches. Since founding The Coaches Console in 2004 we have also learned that Hobbyists share the dream, but not the discipline. Business Owners are different; they take enlightened, disciplined action to make their dreams, and many more clients' dreams, come true. It's vital to your success to know which approach you desire and which approach you are taking each moment. Otherwise growing your business will seem like you are pushing a boulder up a hill.
It's understandable if, as a Business Owner, you feel overwhelmed sometimes. There's so much to learn, such an array of new skills to master. You'd be less than human to feel otherwise! Hobbyists feel that pressure too. The difference is in how they respond. Hobbyists think they need to learn every single thing, as in everything. They never will, of course, but they beat themselves up for not knowing it all, and even for having just "average" skills.
Really, the Hobbyists' response to pressure is a kind of perfectionism: Like all forms of that Holy Grail, it's not reachable. Not on this planet, anyway. Still, on and on the Hobbyists go, endlessly expecting what amounts to a long list of daily miracles, then blaming themselves for endlessly falling short.
Business Owners don't attempt the impossible. Their outlook is a lot more useful, and healthier, especially on two points:
1) They've learned to be profoundly comfortable with the discomfort that accompanies life as an entrepreneur (it means we're living at our edge and outside of our comfort zones).
2) They focus on their greatest strengths, and find systems, tools and experts (assistants) to help them with the things they don't do as well. They don't waste time trying to learn things they'll never be good at. Instead, they "leverage their community," surrounding themselves - from the outset - with experts and resources.
Every single part of Hobbyists' businesses carries the same weight. They haven't identified specific actions that bring new clients, business growth and income. Stress and pressure drive Hobbyists back into their comfort zone, where they keep on spending all their time and energy on the same things - the activities they know how to do and/or love to do. Business Owners, on the other hand, understand that running a business means wearing many hats, and that some actions help build your income a lot more than others. They know how to choose which hat to wear, and when.
Hobbyists know they need to market. They do learn specific strategies and try them out, here and there. But they don't do it consistently enough, and they don't create a system to help them market and sell. Business Owners take a different view. They know marketing is the lifeblood of a healthy, vibrant practice. To them, "marketing" is a description, just a header referring to a more specific idea that they find far more important and exciting: Marketing is a conversation. It's a way of helping others by sharing a great tool with them. And wanting to tell them!
Business Owners think differently, choosing a "One-to-Many" mindset. That means they realize that, to double their practice, serve more clients and charge higher fees, they must leverage their relationships. So they build strong networks and partner with like-minded colleagues.
So are you a Hobbyist or a Business Owner? The real question is: are you reaching the level of success you desire? If you are, then exactly where you are - hobbyist or business owner, is perfect. If not, take a closer look at the distinction to identify where you are and where you want to be. Then place your attention on closing that gap. As you do you will begin to have the desired impact you wish to have on this world.
Are you ready to become the Business Owner you know you can be so your business can make its biggest impact? If your answer is yes, we invite you to educate and equip yourself with what it means to be a business owner. This series of videos will begin that education and provide you with immediate actions you can take today!
Try it out; you will soon know if you are a Hobbyist or a Budding Business Owner!
If you want some strategies to shift into Biz Owner mode, get Melinda's free template and training videos ASAP here.