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The Practice & Business of Coaching

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Discover how to leverage your existing professional skills to create a thriving and profitable coaching practice. Learn the proven 4-phase coaching process that will greatly boost your confidence to ...

Discover how to leverage your existing professional skills to create a thriving and profitable coaching practice. Learn the proven 4-phase coaching process that will greatly boost your confidence to effectively coach others, and transform the lives or your clients. Walk away with numerous business and marketing strategies that you can apply immediately to attract more clients and make your practice financially sustainable. Presented by, Jonathan Jordan, a top-ranked, internationally renowned executive & business coach.

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    The Practice & Business of Coaching The Practice & Business of Coaching Presentation Transcript

    • Jonathan Jordan Certified Executive & Business Coach The Practice & Business of Coaching An Overview
    • Special Offer for Coaches A Comprehensive Marketing Critique so your marketing dollars bring you a return on your investment For Only $297 Here’s What You Will Receive: A review & analysis of your current, or planned, printed marketing materials, and electronic material – e.g., your website. Up to one hour of direct coaching after the materials have been reviewed. A review & analysis of your current marketing strategies with guidance on where and how to find new business income. To accept this offer, e-mail Critique@MindfullyChange.com Or call +1 (321) 214-5824
    • Some of What We Will Cover Today!  THE ROOTS OF THE MODERN COACHING PROFESSION  THE PRACTICE of COACHING  The Coaching Paradigm vs the Therapy Paradigm  The 4 Phases of an Effective Coaching Process  The Power of Questions  A Step-By-Step Guide to Conduct an Actual Coaching Session  THE BUSINESS OF COACHING  The Importance of an Entrepreneurial Mindset  Basic Business & Financial Fundamentals  Defining Your Brand & Finding Your Niche  Proven Marketing Methods
    •  Former Executive with Fortune 500 Companies  Licensed Clinical Social Worker  Series 6 and other Financial Services Licenses  Nationwide and International Speaker  Published Author  Member of the Society for Neuroscience  Certified Executive & Business Coach  Owner of an International Coaching Business Jonathan Jordan Just a Little Bit About Presenter…
    • Presenter Contact Information Jonathan Jordan President, Global Change Management, Inc. Please feel free to contact me with any follow up questions or comments E-mail: Jonathan@MindfullyChange.com Follow me on Twitter: @MindfullyChange
    • My Coaching Business  Began my own practice in 2005 (did have some previous experience in executive coaching)  Currently my coaching firm has 11 “affiliate coaches”  Delivered over 8,000 paid coaches sessions to 150 plus coaching clients  In North America, Europe, Asia, South America, New Zealand and Australia  A handful of celebrities  Three clients have appeared on the TV program “Shark Tank”  Ninety percent phone coaching – Most of my clients I have not met face-to-face
    • My Coaching Business, Cont.  Longest continuously, weekly coached clients: over 7 years  Delivered paid seminars and keynote addresses on 3 continents – including India and Ireland  Was paid by the US Senate to speak to the entire Senate Staff on Capitol Hill in 2011  Have spoken to over 100,000 people as a paid public speaker (and flown over 1 million miles doing so)  Written one book, “Brain Matters in Business”, and writing a second one, “7 Practices to Greatly Improve Your Brain”  Thoroughly love what I do and the positive impact it has on others!
    • Available on Amazon.com
    • The Psychological Roots of the Modern Coaching Profession  Etymologically, the English term “coach” is derived from a medium of transport that traces its origins to the Hungarian word kocsi meaning “carriage” that was named after the village where it was first made  “The term ‘coaching’ was first recorded around 1830 in Oxford University and was a slang word for a tutor who ‘carried’ a student through an exam. The word coaching in this context described the process of transporting people from where they were, to where they wanted to be. The first use of the term in relation to sports came later in the 1800s. Over the passage of time, the art of coaching is being applied more and more in business and life in general “ From the book, Destination MBA: Showing You How to Get There, by Mansie Dewan, “The MBA Coach” based in New Delhi, India. (Mansie is one of my valued coaching clients)
    • A Few Quick Stats…  Coaching as a professional began to emerge in the late 1980s  Since 1990 coaching has grown from:  Three coach-training schools to at least 273  Zero professional associations to at least 16  Zero magazines and journals to at least 11 Source: Grounded Theory of the Roots and Emergence of Coaching, a dissertation by Vikki G. Brock
    • Milton Hyland Erickson 1901 – 1980  An American psychiatrist and pioneer in hypnotherapy and family therapy noted for his approach to the unconscious mind as creative and solution-generating  Having almost died from polio as a teenager, he struggled with muscle control issues, was color blind, tone deaf and dyslexic  He developed incredible abilities to observe other people’s behaviors and gauge their true intentions. Ultimately this resulted in outstanding therapeutic successes that made him a legend in his own time  Founding president of the American Society for Clinical Hypnosis, and fellow of the American Psychiatric Association, the American Psychological Association, and the American Psychopathological Association
    • Milton Hyland Erickson, Cont.  His abilities to catalyze healing in others constitute a gold mine of key insights into the human mind  Neuro-Linguistic programming (NLP), creative methodologies in the areas of communication and personal development, and the Solution Focused Counseling approach grew out of studies of a number of the most successful American therapists at that time, including Milton Erickson  NLP was also modeled on Fritz Perls, founder of Gestalt Therapy, and Virginia Satir who focused her work on helping people “become more fully human“  Although many coaches are unaware of this, NLP and Milton Erickson have greatly influenced modern coaching methods
    • A Few Quotes From Milton Erickson
    • Thomas J Leonard 1955 - 2003  An American, considered by many to be the founder of the modern coaching profession  Founded Coach University (Coach U) in 1992  Founded the International Coach Federation in 1994
    • Therapy/TreatmentCoaching
    • Therapist-Client Relationship  Historically, the therapist-client relationship was based on the doctor-patient relationship and the hierarchical “medical model.” The doctor, or other provider, is often viewed as superior to the patient  This relationship is also complicated by the assumption that the patient is suffering (patient derives from the Latin patior, "suffer") and/or sick (has pathology).  In this model, patients have limited ability to relieve their own suffering, often resulting in the patient feeling totally dependent on the provider to “fix” them
    • Coach-Client Relationship  The coach-client relationship is not based on the “medical model” and is more peer-to-peer and less hierarchical in nature. There is no assumption that the client is suffering and/or sick. On the contrary, in the “coaching model” it is assumed that the client is well and has most, or even all, the resources the client needs to meet her or his goals.  The coach is not attempting to “fix” the client but is helping the client unlock the potential already within the client  This model is more compatible with a mindfulness approach  A secondary, unintended benefit of this coach-client relationship helps establish that coaching is NOT a “medical” intervention nor is a form of “treatment” and, therefore, any laws or rules about medical treatment do NOT apply to coaching
    • Some Reasons People Hire a Coach  To define and live the life they really want  To set and reach goals faster  To become more financially successful  To get ahead in their career  To have a more successful business  To improve their relationships  To reduce stress and enjoy their lives  To become a better leader
    • Source: Grounded Theory of the Roots and Emergence of Coaching, a dissertation by Vikki G. Brock
    • Ask, Don’t Tell Therapy Coaching Explaining (Blaming) Consulting, Teaching, Advising ASK TELL WHY HOW
    • Story of a Stray Horse By Milton Erickson  I was returning from high school one day and a runaway horse sped past … I jumped up to the horse's back, took hold of the reins and said “giddy-up" and headed for the highway. As the horse trotted along, now and then he would forget he was on a road and veer off into a field of grass. So I would call his attention and re-direct him back to the road where he was supposed to be  Finally the horse turned into a farmyard and the farmer said, "Where did you find him?" I said, "about four miles from here." "How did you know he belongs here?" I said, "I didn't know - the horse knew. All I did was keep his attention on the road“
    • Phases of an Effective Coaching Process 1. Focus attention on the desired outcome or goal  Discover where the client really wants to go 2. Focus attention on creating the action plan  Map the journey there 3. Focus attention on executing the action plan  Inspire and motivate the client to take the steps to get there 4. Focus attention on re-evaluating and refining  Go even further (repeating the process)
    • Attentive FOCUS 1. Define Outcome 2. Create Plan 4. Refine, Repeat 3. Execute Plan Phases of an Effective Coaching Process
    • Coaching Session Form
    • How to Conduct a Coaching Session Preparation… On the coaching session form:  Note on the form whether or not the previous session’s “Weekly Action Plan” (WAP) has been received  Review the notes from the last session and have those notes visible during the current session  Note any “issues to address” during the session
    • Top of Form
    • How to Conduct a Coaching Session In the Beginning…  Ask, “Since our last session, in your opinion, what was your greatest SUCCESS?”  Ask, “Since our last session, in your opinion, what was your greatest CHALLENGE?”  And/or, “What will make this session a success for you?”  What the client reveals in his or her answers to the 2 opening questions, especially the 2nd one, will often be the first issue to address during the session  Sometimes this will be the primary issue for the entire session
    • How to Conduct a Coaching Session The Heart of the Session Ask questions. For example:  “What needs to happen to overcome that challenge?  “What do you need to do to make that happen?”  “If you had those resources, what would you do different?”  “When will you do that?”
    • Why Questions Can Be More Powerful Than Answers  Asking questions of clients causes them to think and find the answer within themselves - this empowers the clients  This also creates answers clients believe in and are more likely to be motivated to take actions based on their own answers. It creates client “buy-in”.  In the coach-client relationship, questions from the coach make it a more peer-to-peer relationship than a expert-client, which is consistent with the coaching paradigm (and is more consistent with a mindfulness approach)  It also allows the coach to spend more time to actively (or mindfully) listen to what the client is really saying
    • How to Conduct a Coaching Session Closure - Most Important Component  “What will be your primary focus this week?”  And/or “In order to move you even closer to your goal, what are one or two tasks you intend to complete this week?”  Suggest a “Weekly Action Plan” – usually based on the above  Obtain the client’s commitment to complete the WAP. For example, “So you are committing yourself to complete these tasks by March 17?”  “What was the main VALUE you received from today’s session?”  The above “final” question typically causes the client to move beyond the session with that value still on his or her mind for some time. It greatly reinforces the value for the client, and is extremely helpful feedback for the coach
    • End of Form
    • Definition of Social  The word “social" in English derives from the Latin word socii, which translates as "allies“ (plural)  The term social describes animals, including humans, that rely on each other for mutual survival and collective co- existence  Social creatures cannot survive and meet their needs other than through the cooperative exchange of resources, what humans call “commerce” or “business”  Commence and business are social activities and involve many of the oldest areas of the human brain
    • Dreams Can Come True… But first you have to have one
    • The Importance of Beliefs & Attitudes Scarcity vs Abundance Do you believe there is only a limited amount of wealth and if you take your slice there will be less for everyone else? Do you believe that if resources are handled correctly, there is plenty for everyone and that you being financially successful also creates opportunities and prosperity for others?
    • Do You Have Mojo or Nojo? MOJO Take Responsibility Run the Extra Mile Want to Do a Great Job Love Doing It Appreciate Opportunities Make the Best of It Inspirational Great Attitude Determined Zest for Life NOJO Victim March in Place Just Want to Get By Have to Do It Tolerate the Requirements Endure It Painful to Be Around Lethargic Lazy Zombie Like – Living Dead Attitude and an Entrepreneurial Mindset
    • Marketing Sales Service Delivery/ Production Accounting & Admin HR Or Team Work Flow Direction Technicians tend to focus on their “technical skills,” not on what the business really needs…
    • Profit & Break Even Point Break Even
    • Why Know Your Financial Numbers?  Greater awareness of financial health of the business  May reveal looming financial issues before it is too late  Greater day-to-day money management  Can the business afford to buy that or not?  Knowing what is, and what isn’t, making a profit  Data-based decisions and accurate projections  Easier to value the business  Increases the value  Easier to sell/exit
    • 3 Basic Business Financial Reports  Balance Sheet  A financial snapshot of the business  Profit & Loss Statement (P&L)  The amount of money earned or lost by the business  Cash Flow Statement  The amount of money that flows into and out of the business  Most likely to be the most accurate reflection of your business bank account
    • Cash Flow vs Profit & Loss What is the Difference? A Couple of Things that can Make a Difference Between a P&L and a Cash Flow Statement:  Depreciation  Cash Basis vs Accrual Basis
    • Predictable Cash Flow is Critical
    • Cash-Flow Calculation (Usually Monthly)  Client Fees  Product Sales  Speaking Fees  Book Royalties  Rent (paid to you)  Bank Loans  Business Mortgage/Rent  Utilities  Payroll  Supplies Money Actually Received Money Actually Paid This will also help calculate the critical “break even point”
    • Coaching Specialties (and Credentials) More Common Specialties:  Personal coaching  Executive coaching  Business coaching  Leadership coaching  Career coaching  Relationship coaching No jurisdiction (that I am aware of) has laws regulating the practice of “coaching” in general, nor in any specialty area Less Common Specialties:  Life coaching  Health coaching  Dating coaching  Job-hunt coaching  ADHD coaching  Financial coaching
    • Know Your Ideal Client…
    • Know Your Ideal Client, Cont.  Sex  Age  Marriage Status  Number of Children  Education  Income Level  Type of Employment  Size of Home  Car Type  Sports, Hobbies  Recreation Activities  Pets  Politics  Religious Affiliation Basic Information Deeper Information
    • Definition of a Brand  Logos and other “marks” of the brand do represent the brand, but are not the “brand”  Defining your brand starts with what you want your clients to experience  Logos and marks (sometimes called “branding”) are secondary to the predicted client experience
    • Creating a Niche is About Creating a…
    • A Successful Unique Selling Proposition (USP) Is…  Unique  Attractive to your target market  Something that will get people talking  Something that can’t be easily copied, or if it can be, it will be an obvious rip-off on the part of the offending business  Specific, concise  Appealing emotionally
    • Time vs Money  Some marketing methods cost you a lot of money, but take up little of your time  For example, a newspaper ad  Some marketing methods cost you a lot of your time, but cost you little or no money  For example, writing an “expert” column for a newspaper  If a marketing method costs you both time AND money, you probably don’t want to do it
    • AIDA = Formula For All Advertising
    • 7 Reasons Why You… or 7 Questions You Should Ask… (or other odd number) 1… 2… 3… 4… 5… 6… 7… Call to Action E.g., For your free ____ Call 555-5555 Now! TIP: If you struggle to come up with the headline, start by writing down 7 benefits of what you sell – if you cannot come up with 7, go with 5 or 3. Once you have that list, then decide to frame your headline as a question or statement. The Basic Format For Any Ad…
    • Family Stressing You Out? I’m glad to help you… • Improve Your Child’s Behavior •Reduce Stress and Return Harmony to Your Family •Save Your Marriage or Relationship •Have the Family Life You Really Want •Bring Fun Back Into Your LifeJane Lamb, LMHC, LMFT Marriage & Family Therapist Has procrastination ever helped you? For More Information Call 555-5555 Now! P.S. I’m a fully licensed and friendly professional Conveniently Located on Main and Washington
    • Do you want a successful career in the restaurant world? At Kitchen Experts, Inc. we offer you: -A full Culinary Certificate in only 6 weeks! -Individualized hands-on instruction -A very affordable program -Training form top culinary professionals -Totally free job placement assistance Classes begin soon, spaces are filling quickly Call (555) 123-5310 for more information NOW! An Actual Ad From a Client
    • A Client’s TV Commercial – Seen on CNN
    •  Who Else Wants [blank]?  This is a classic social proof strategy that implies an already existing consensus  Little Known Ways to [blank]  Get Rid of [problem] Once and For All  [Specific number] Quick Ways For You to [solve a problem] Some Headline Examples
    •  Now You Can Have [blank]  Have [or Build] a [blank] You Can Be Proud Of  What You Ought to Know About [blank]  Big curiosity draw with this type of headline, and it acts as a challenge to the reader to go ahead and see if they are missing something  Discover What the Best [peer group, e.g., social workers] Already Know Some Headline Examples, Cont.
    • Examples of Proven Marketing Methods  Write a newspaper article or column – become an “expert”  Write a book - maybe an eBook  Workshops, lunch & learns, etc  Follow up with leads, and past clients  Surprise your clients with random helpful acts – surpass expectations
    • Examples of Proven Marketing Methods, Cont.  Sponsor a local event  Market to people who can afford your fees  Create 2-way referral alliances with complementary professionals  For example, physical trainers, accountants, lawyers, therapists  Harness the power of social media
    • In Marketing Content, Emphasize the Benefits, Not the Process Ask yourself, “why” (not how) should people become my clients? What are the BENEFITS to the consumer? Related note: Base your pricing on the benefits to the client, not on your cost
    • Some Benefits of Being a Professional Coach  Achieve a blend of passion and income while doing something you love to do  Earn as much, or even more, as you would from a nine-to-five job but with less stress  Autonomy. You decide how, when, and where you run your coaching practice – be your own boss  Lighter burden because clients are more empowered and self- motivated  Way less paperwork and no managed care and other mandated “medical-related” regulations to follow  If you want, the convenience and flexibility of working via the phone – also gives you the ability to have a nationwide or even an international practice
    • Special Offer for Coaches A Comprehensive Marketing Critique so your marketing dollars bring you a return on your investment For Only $297 Here’s What You Will Receive: A review & analysis of your current, or planned, printed marketing materials, and electronic material – e.g., your website. Up to one hour of direct coaching after the materials have been reviewed. A review & analysis of your current marketing strategies with guidance on where and how to find new business income. To accept this offer, e-mail Critique@MindfullyChange.com Or call +1 (321) 214-5824
    • Presenter Contact Information Jonathan Jordan President, Global Change Management, Inc. Please feel free to contact me with any follow up questions or comments E-mail: Jonathan@MindfullyChange.com Follow me on Twitter: @MindfullyChange