This month marks the 8th anniversary of my business, Potentials Realized. My memories are still very fresh of April 1, 2004, returning back to Canada after 13 years of working internationally with the UN, Canadian and British Aid agencies. I hadn’t lived here for more than a decade and was bringing Andray my partner from the Caribbean to see how we could make a life for ourselves work here. Looking out 8 years later so much has changed over the years - a new home, our son who is almost 7 and my business, Potentials Realized, now 8. I think of the hundreds of coaching clients and dozens of organizations across the non-profit, corporate and public sector who I have supported through workshops, retreats, strategic planning, coaching and learning strategy work.It has been quite a journey.
I have learned a lot as a business owner and usually take this time of year to reflect on some of my key learnings. I did this about 10 days ago during Earth Hour. Here are 8 of the lessons I have learned which have been most important for creating where I am today – as a business owner, a mom and a professional:
1. Be clear on what you really want to create – Having a clear vision, and a pretty big one, has been critical. In the immediate, short term and longer term create a vision. I think back to my original visioning work in 2004 which included things like becoming an author, and designing award winning programs. At the time I had no idea how these would come about and both have. It is an ongoing reminder of how important vision and trust is in building a business.
2. Create systems that will support you and can be built upon. What tasks and activities do you think you will need to undertake regularly (registrations, invoices, workbooks, evaluation forms)? Think about what you already have developed and how these can be systematized. If admin doesn’t come naturally, you may want to consider bringing someone onto your team to help you with this.
3. Use your strengths – AS coaches many of us are familiar with the research that surrounds strengths based leadership, and the impact on engagement and productivity. Check out what Gallup has to say. Are you using your strengths in your business? How? What changes do you want to make around this?
4. Make sure you really enjoy what you are doing…. As business owners we are responsible for “everything plus the kitchen sink” some days. If we don’t enjoy what we are doing it may be a wake-up call to think if business ownership is the best fit.
5. Create a business that works for you and your lifestyle – Your own lifestyle needs will likely change over time. Consider where and when you want your effort. Over the past few years I have been able to spend most of my summer (June – August) working out of my cottage, structuring programming so more of my virtual work is done in those months, and in person programming done outside of those months. Consider how technology can work for you….
6. Quality is key – Quality can be the key to referrals and repeat business. Ensure that the quality of what you offer is outstanding.
7. Differentiate/Diversify – What makes you different than other businesses? How is what you offer different than other service providers. In terms of diversification, what different offerings do you have? What risk exists from the amount of diversification (too much or too little) you have?
8. Be clear on your bottom line and track, track, track – Become really clear on what your bottom line is and what you are willing to undertake. Track where business is coming from and really notice what is giving you the results.
I hope that you are enjoying the start of spring! As always, I'd love to hear your thoughts on key business success lessons for coaches. Please feel free to comment below or over on our Facebook page.
Warm regards
Jennifer
Jennifer Britton, PCC, CPCC
Author of Effective Group Coaching (Wiley, 2010)
Join us for an upcoming program - Group Coaching Essentials (6.75 CCEs with ICF starts Thursday April 12 at 10:30 am ET), Advanced Group Coaching Practicum (Fridays 10:30 - 11:45 am ET starts April 27) and the Mentor Coaching Group starts April 24th (Tues 12-1pm ET)
Phone: (416)996-TEAM (8326)
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