WEBVTT NOTE This file was generated by Descript 00:00:00.689 --> 00:00:04.270 Hey, I'm Mark and this is the beautiful business podcast. 00:00:04.299 --> 00:00:11.219 Although I think I'm going to change the name to a podcast for coaches. 00:00:11.250 --> 00:00:15.189 And there are two reasons for that one, I'm a branding genius. 00:00:15.219 --> 00:00:20.339 So if I think that a podcast should be called a podcast for coaches, then 00:00:20.589 --> 00:00:21.899 really that's the end of the discussion. 00:00:23.015 --> 00:00:26.684 But two, I want to call it a podcast for coaches because that's what it is. 00:00:26.894 --> 00:00:28.244 It's a podcast for coaches. 00:00:28.724 --> 00:00:35.994 And I actually kind of like the forced constraint or narrowing that that 00:00:35.994 --> 00:00:41.284 could come from that, because if I call it a podcast for coaches, it'll 00:00:41.285 --> 00:00:45.595 probably be a small hedge against my. 00:00:46.230 --> 00:00:51.390 Tendency to get distracted, tendency to kind of get outside my lane or 00:00:51.390 --> 00:00:54.179 get outside the lane of the thing that I'm currently working on. 00:00:54.290 --> 00:00:58.219 Anyway, I'm Mark Butler and you might be listening to a podcast 00:00:58.239 --> 00:01:00.159 called a podcast for coaches. 00:01:00.389 --> 00:01:05.529 So it was almost exactly a year ago to the day that I published the last episode 00:01:05.529 --> 00:01:08.350 of this podcast and it was a wild year. 00:01:08.350 --> 00:01:12.970 I did a lot of coaching and had a loved one, my, my wife. 00:01:14.160 --> 00:01:16.550 Go through a cancer diagnosis and cancer treatment. 00:01:16.570 --> 00:01:23.000 And very fortunately she is on the other side of that now, or at least as much on 00:01:23.000 --> 00:01:26.040 the other side of it as a person can be. 00:01:26.459 --> 00:01:29.529 Many of you are way ahead of me in this experience of cancer. 00:01:29.529 --> 00:01:33.399 And you know that you don't get to say cancer free after 00:01:33.399 --> 00:01:35.060 a person goes into remission. 00:01:35.060 --> 00:01:38.710 You say they are in remission and then somewhere between five and 10 years later. 00:01:39.369 --> 00:01:43.730 Um, if it works out that way, then you get to say cancer free. 00:01:43.809 --> 00:01:46.670 Anyway, Kate went through cancer treatment. 00:01:46.670 --> 00:01:51.800 She came through it really well and heart goes out to any of you who 00:01:51.809 --> 00:01:55.609 have had a similar experience because now that we've been through it, 00:01:57.020 --> 00:02:02.839 and frankly, I think that our, our experience of it, um, was not what a 00:02:02.839 --> 00:02:04.580 lot of families experience of it was. 00:02:04.899 --> 00:02:07.640 Kate, of course, had a brutally difficult time with treatment. 00:02:08.769 --> 00:02:13.230 Uh, but even then, you know, her prognosis was good from the beginning. 00:02:13.230 --> 00:02:19.050 So heart goes out to any of you, any families whose prognosis 00:02:19.050 --> 00:02:20.599 was different or is different. 00:02:20.910 --> 00:02:28.339 Anyway, this episode is called 377 sessions, 149, 000, because 00:02:28.339 --> 00:02:33.620 that's the quickest summary of my coaching practice in 2023. 00:02:34.740 --> 00:02:38.349 And I wanted to kick off 2024 by talking about what. 00:02:38.810 --> 00:02:43.240 I experienced and what I learned in my coaching practice in 2023 and how 00:02:43.320 --> 00:02:48.339 I feel about it and how I think it might look in the near and far future. 00:02:48.360 --> 00:02:50.399 So four topics I want to talk about today. 00:02:51.329 --> 00:02:56.089 Number one is the workload of a 377 session. 00:02:56.090 --> 00:03:03.750 Um, coaching practice, number two are the relationships that are, are part of that 00:03:03.750 --> 00:03:06.240 practice that grew from that practice. 00:03:07.100 --> 00:03:08.760 Number three is the finances. 00:03:09.589 --> 00:03:15.320 What was the actual financial experience of a 377 session coaching practice? 00:03:15.350 --> 00:03:19.550 And last we'll talk about the marketing and what I think it looks 00:03:19.550 --> 00:03:25.240 like to sustain and maybe grow a coaching practice like this. 00:03:25.329 --> 00:03:26.739 So first let's talk about the workload. 00:03:29.114 --> 00:03:31.835 If you've listened to this podcast before, you know that I coach on average 00:03:31.835 --> 00:03:33.415 two days a week, three weeks a month. 00:03:33.895 --> 00:03:36.995 I coach Tuesdays and Wednesdays with some rare exceptions. 00:03:37.385 --> 00:03:40.084 And I coach the first, second and third weeks of the month. 00:03:40.244 --> 00:03:40.694 So. 00:03:42.205 --> 00:03:48.125 Those 370 sessions were completed in roughly 36 weeks of the year, which means 00:03:48.125 --> 00:03:52.074 roughly I was doing about 11 coaching sessions per week, which averaging 00:03:52.074 --> 00:03:57.084 out is about five coaching sessions per coaching day throughout the year. 00:03:57.095 --> 00:04:00.585 Now, at the beginning of 2023, I was busier. 00:04:00.605 --> 00:04:04.955 I had as many as seven sessions per day on a Tuesday and a Wednesday. 00:04:05.405 --> 00:04:09.305 And I've got to say those were more tiring times. 00:04:09.315 --> 00:04:12.524 There were plenty of Tuesdays where I was scheduled to go nine o'clock 00:04:12.525 --> 00:04:15.345 in the morning to four o'clock in the afternoon without even a lunch break. 00:04:15.984 --> 00:04:17.715 I do 50 minute sessions. 00:04:17.725 --> 00:04:22.645 So the intention would be that I would finish a session, have a minute to sort 00:04:22.645 --> 00:04:26.845 of clear my head, use the bathroom, grab a snack, whatever I need to do, 00:04:26.845 --> 00:04:28.065 and then jump on the next session. 00:04:29.085 --> 00:04:29.505 And. 00:04:30.485 --> 00:04:34.795 So after a month or two of that, I realized I don't 00:04:34.805 --> 00:04:36.055 think this is sustainable. 00:04:36.065 --> 00:04:42.404 I think I do much, much better with sort of a three session morning and a three 00:04:42.404 --> 00:04:44.985 session afternoon or even a three and two. 00:04:45.444 --> 00:04:49.355 And that feels very, very good, very sustainable to me. 00:04:50.525 --> 00:04:54.945 I don't schedule coaching on Mondays, Thursdays, or Fridays for the most 00:04:54.955 --> 00:04:58.414 part, those are the days when I run my bookkeeping service at letstothebooks. 00:04:58.414 --> 00:05:00.575 com, the bookkeeping service for coaches. 00:05:01.114 --> 00:05:03.105 So Tuesdays and Wednesdays are my coaching days. 00:05:03.465 --> 00:05:08.775 And as the year progressed and my coaching load lightened a little, 00:05:09.805 --> 00:05:15.785 I found that I really, really look forward to my coaching days. 00:05:16.669 --> 00:05:18.580 It's a very different kind of work. 00:05:18.690 --> 00:05:21.599 In my bookkeeping business, I do a lot of software development. 00:05:22.380 --> 00:05:25.780 And so it's a big context switch to go from my bookkeeping 00:05:25.780 --> 00:05:27.459 work over to my coaching work. 00:05:28.510 --> 00:05:31.400 I'm really grateful that I enjoy them both. 00:05:31.840 --> 00:05:33.690 And so that's interesting to me. 00:05:34.230 --> 00:05:38.460 One of the biggest takeaways for me is how important batching seems 00:05:38.460 --> 00:05:41.610 to be to my, to my way of working. 00:05:42.320 --> 00:05:47.910 I don't think I would do well with, say, two sessions a day, five days a week. 00:05:48.580 --> 00:05:49.830 Or I wouldn't do as well. 00:05:50.320 --> 00:05:53.880 I think that it would be a harder switch if I were to, say, be working 00:05:53.890 --> 00:05:59.160 hard on my bookkeeping business from You know, eight in the morning to 00:05:59.160 --> 00:06:01.950 three in the afternoon and then do two coaching sessions or even to do two 00:06:01.950 --> 00:06:04.150 coaching sessions in the morning and do bookkeeping for the rest of the day. 00:06:04.150 --> 00:06:07.780 I haven't run the experiment, but for me, batching feels really good. 00:06:08.460 --> 00:06:12.030 Part of the reason batching to Tuesdays and Wednesdays feels good and to batching 00:06:12.050 --> 00:06:13.399 to the first three weeks of the month. 00:06:13.920 --> 00:06:16.900 is because it creates a lot of white space. 00:06:17.950 --> 00:06:20.240 It feels extremely sustainable. 00:06:21.820 --> 00:06:23.400 I look forward on Monday nights. 00:06:23.400 --> 00:06:26.520 I'm able to look forward to my Tuesday coaching sessions on Wednesdays. 00:06:27.050 --> 00:06:30.730 I'm happy to be having my sort of coaching Friday, if that makes sense. 00:06:31.070 --> 00:06:34.989 I have a great client and she knows that she's usually my 00:06:34.989 --> 00:06:36.414 last session on Wednesday. 00:06:38.315 --> 00:06:41.125 And as we finish our session, she very often says, have a great 00:06:41.125 --> 00:06:44.145 weekend because she knows that my coaching weekend is starting. 00:06:44.695 --> 00:06:46.185 It feels great. 00:06:46.915 --> 00:06:52.465 I used to think that coaching was an easy way to make money. 00:06:52.914 --> 00:06:56.395 In fact, I thought, it's such a cheat to make the amount of money 00:06:56.395 --> 00:06:59.755 as coaches that we do because coaching is, you know, it's easy. 00:06:59.795 --> 00:07:04.035 Well, 377 sessions isn't even that many sessions. 00:07:04.075 --> 00:07:08.645 I know coaches who coach much more than my average of 10 hours a week. 00:07:08.745 --> 00:07:09.445 Much more. 00:07:10.135 --> 00:07:14.795 For me, anything beyond that 10 or 12 hours a week starts to 00:07:14.795 --> 00:07:16.495 feel like a much heavier lift. 00:07:16.505 --> 00:07:20.355 And it starts, for me, it starts to call into question whether I could do it or 00:07:20.355 --> 00:07:21.745 would want to do it for the long term. 00:07:22.655 --> 00:07:28.100 So The way I'm currently operating, I could see myself 00:07:28.210 --> 00:07:31.390 coaching at this pace forever. 00:07:32.110 --> 00:07:33.640 I'm 44 years old now. 00:07:34.930 --> 00:07:39.030 I could see myself as an 84 year old waking up on a Tuesday morning and saying, 00:07:39.090 --> 00:07:40.660 yeah, I've got my six sessions today. 00:07:41.890 --> 00:07:44.559 It just, it's a very good rhythm. 00:07:45.599 --> 00:07:50.149 Talk a little bit, maybe more about this later, but I think that 00:07:50.189 --> 00:07:52.309 developing a healthy coaching practice. 00:07:53.975 --> 00:07:57.225 can potentially flip the whole concept of retirement on its head. 00:07:58.125 --> 00:08:03.945 Because if I can make the living that I'll describe later in the episode, 00:08:04.615 --> 00:08:11.514 working two days a week, well, how different is that from being retired? 00:08:12.005 --> 00:08:16.725 Especially since the work that I'm doing has a lot of meaning for me, 00:08:16.865 --> 00:08:19.585 has a lot of intrinsic value to me. 00:08:20.295 --> 00:08:25.165 So this is why I think I've said before, and I will say again, I encourage my 00:08:25.165 --> 00:08:31.865 fellow coaches to work in the way they hope to succeed for the long term. 00:08:33.815 --> 00:08:37.605 Now, I do think there's a benefit to getting too busy for a period of time. 00:08:37.845 --> 00:08:39.105 I think it stretches you. 00:08:39.105 --> 00:08:40.355 I think it builds your muscle. 00:08:41.445 --> 00:08:44.515 There's a lot of good that can come from getting too busy for a short period 00:08:44.515 --> 00:08:50.094 of time, but the goal in my mind is to then settle in to a nice, sustainable. 00:08:50.405 --> 00:08:50.845 Rhythm. 00:08:51.675 --> 00:08:55.195 Unfortunately, and I've talked about this before, I know I will talk about it again. 00:08:55.445 --> 00:08:58.895 Unfortunately, I think what happens is coaches let themselves get into that too 00:08:58.895 --> 00:09:03.034 busy phase and then they think the only way out of that too busy phase is to 00:09:03.035 --> 00:09:07.125 change their business model to go from a one to one model to a one to many model 00:09:07.454 --> 00:09:11.004 or from a coaching model to a training model according to my definitions, 00:09:11.004 --> 00:09:12.784 which I've shared in past episodes. 00:09:13.804 --> 00:09:17.465 It's not that that's wrong, although I do think there are some hidden costs there. 00:09:18.084 --> 00:09:19.815 What I encourage people to consider is. 00:09:19.880 --> 00:09:28.310 Um, let yourself get pretty busy and then look for sustainability inside the current 00:09:28.310 --> 00:09:33.500 model because my current coaching life, now that I'm building the muscle and the 00:09:33.510 --> 00:09:38.160 stamina to pretty comfortably, pretty easily, pretty happily do an average 00:09:38.160 --> 00:09:44.280 of 10 or 12 sessions over the course of two days, it is starting to feel easy. 00:09:46.620 --> 00:09:51.420 And I have to ask myself, do I want to go from having something that feels 00:09:51.420 --> 00:09:55.325 really good to, Really value added in my life and in the lives of my clients 00:09:55.785 --> 00:10:03.085 and feels pretty easy To something that feels hard Without necessarily a 00:10:03.085 --> 00:10:07.864 big change in the benefit to me or to my clients So Something to think about 00:10:07.864 --> 00:10:13.185 when it comes to the workload is am I working in a way that I want to sustain? 00:10:13.535 --> 00:10:17.045 Or am I working in a way that feels like in order for it 00:10:17.055 --> 00:10:18.324 to be successful long term. 00:10:18.344 --> 00:10:24.869 I will have to change it I think I've found a groove where it could be 00:10:24.869 --> 00:10:27.959 exactly what it is for the long term. 00:10:28.919 --> 00:10:30.259 And that's very interesting to me. 00:10:30.379 --> 00:10:35.230 It's especially interesting to me to think about the possibility that someday 00:10:35.600 --> 00:10:40.250 maybe I will sell my bookkeeping business, or maybe I will build a team that runs 00:10:40.250 --> 00:10:41.730 the bookkeeping business without me. 00:10:42.640 --> 00:10:46.370 And in that case, now I am kind of functionally retired 00:10:46.750 --> 00:10:48.120 with my coaching practice. 00:10:48.680 --> 00:10:52.500 I'm working my two days a week, my three weeks a month, and the rest of 00:10:52.500 --> 00:10:54.580 the time I'm doing what I want to do. 00:10:54.620 --> 00:10:59.220 Now, the reality is I probably wouldn't change my other days that much, but 00:10:59.220 --> 00:11:00.739 it's nice to know that you have options. 00:11:01.220 --> 00:11:02.920 So the workload feels amazing to me. 00:11:02.940 --> 00:11:06.760 The business model feels amazing to me and the relationships feel amazing to me. 00:11:06.760 --> 00:11:07.700 So let's talk about those. 00:11:10.560 --> 00:11:14.930 I probably served 20 ish clients in 2023. 00:11:14.930 --> 00:11:18.220 We'll talk more about that in the marketing section. 00:11:20.110 --> 00:11:27.360 The thing that has surprised me is what an affinity I feel for my coaching clients. 00:11:28.260 --> 00:11:29.060 I'm invested. 00:11:29.469 --> 00:11:33.389 Now I'm not invested in an enmeshed way where I'm laying awake at night. 00:11:34.035 --> 00:11:37.145 Losing sleep over whether they're going to do this or do that. 00:11:37.825 --> 00:11:41.255 Although I definitely did go through that phase in my coaching practice back in 00:11:41.355 --> 00:11:48.645 probably 2015, 2016 at this point, it's, it's this very differentiated affinity, 00:11:48.645 --> 00:11:52.275 this differentiated investment that I feel in my clients where I do think 00:11:52.285 --> 00:11:54.115 about my clients outside of our sessions. 00:11:54.785 --> 00:11:58.175 I pull for my clients, I hope for them and I care about them 00:11:58.225 --> 00:11:59.525 and I care about the friendships. 00:11:59.975 --> 00:12:04.935 I care about the friendships that, that exist outside of our coaching sessions. 00:12:05.615 --> 00:12:08.205 Uh, I really believe in long term coaching. 00:12:08.754 --> 00:12:14.665 I really believe in the power of spending dozens of hours and 00:12:14.675 --> 00:12:16.555 beyond with a single client. 00:12:18.115 --> 00:12:21.945 I've experienced it as a client working with my own coach or therapist. 00:12:23.725 --> 00:12:27.800 And now I'm experiencing it as a coach where we are having Sometimes 00:12:27.800 --> 00:12:31.250 dozens and dozens of conversations and what it does is it opens the 00:12:31.250 --> 00:12:32.860 door to two things in my mind. 00:12:33.330 --> 00:12:38.140 Number one, it opens the door to seeing patterns that you're 00:12:38.140 --> 00:12:39.760 then able to show your client. 00:12:41.380 --> 00:12:44.250 Now you might have had an instinct about those patterns early in the 00:12:44.260 --> 00:12:50.110 relationship, but as time goes by, sessions go by, and trust and rapport 00:12:50.110 --> 00:12:56.200 build, your client finds it easier to trust the insights that you're sharing. 00:12:56.895 --> 00:12:59.575 Because they don't think you're just dropping in, you know, sort of 00:12:59.575 --> 00:13:03.865 parachuting into their life, dropping opinions on them and then bailing. 00:13:05.575 --> 00:13:08.105 I've had experiences now where I can say to a client in our 00:13:08.105 --> 00:13:13.205 34th session, look, I think this thing is just like those things. 00:13:13.205 --> 00:13:14.995 I think this is all part of a similar pattern. 00:13:15.005 --> 00:13:16.475 Does that resonate with you? 00:13:17.295 --> 00:13:19.365 And sometimes it does resonate with them. 00:13:19.735 --> 00:13:22.235 I also think that as a coach who works with a client for the long 00:13:22.235 --> 00:13:29.535 term, I'm able to celebrate things that they might not even notice. 00:13:29.855 --> 00:13:34.835 I'm able to draw attention to wins that they probably think 00:13:34.835 --> 00:13:36.185 are too small to celebrate. 00:13:37.535 --> 00:13:39.985 And this is the reality of experiencing change in our own lives 00:13:40.405 --> 00:13:41.545 because we're living our lives. 00:13:41.545 --> 00:13:43.935 It's hard to notice changes that are happening in our lives, 00:13:43.935 --> 00:13:45.215 especially as they come slowly. 00:13:45.605 --> 00:13:47.685 But if I'm working with a coach for the long term. 00:13:47.750 --> 00:13:51.610 Um, the coach can say, and actually this happened a couple of months ago. 00:13:51.610 --> 00:13:55.160 It's vivid in my mind where I was able to say to a client who is sharing 00:13:55.160 --> 00:13:59.130 some experiences with me, I was able to show that client contrast. 00:13:59.960 --> 00:14:04.230 Hey, notice how you used to react this way to that kind of situation, 00:14:04.230 --> 00:14:05.680 but now you're reacting that way. 00:14:05.680 --> 00:14:08.920 Notice how you used to feel this way about that kind of situation. 00:14:09.210 --> 00:14:10.470 And now you feel that way. 00:14:11.300 --> 00:14:14.330 I'm also able to say things to clients, you know, because we're 00:14:14.330 --> 00:14:15.750 meeting on zoom and I can see them. 00:14:16.100 --> 00:14:20.105 Hey, You are physically different in my eyes today. 00:14:20.455 --> 00:14:22.755 You just look different. 00:14:22.795 --> 00:14:25.165 You look lighter, you look happier. 00:14:25.185 --> 00:14:28.955 Something is going on, tell me what's going on and then we can explore that. 00:14:30.605 --> 00:14:34.035 It's not that that can't happen in a short term coaching engagement, but 00:14:34.035 --> 00:14:37.145 I think it's less likely to happen in a short term coaching engagement. 00:14:37.545 --> 00:14:40.155 Another thing that I experienced recently was the opportunity to 00:14:40.155 --> 00:14:41.935 tell a client that I was wrong. 00:14:42.425 --> 00:14:44.045 in some of my early assessments. 00:14:44.385 --> 00:14:46.525 This happened literally yesterday. 00:14:46.595 --> 00:14:49.875 I said to a client, Hey, do you remember that thing I said 00:14:49.875 --> 00:14:51.585 to you, whatever, a year ago? 00:14:52.755 --> 00:14:56.085 And I was putting you in a certain kind of box. 00:14:56.665 --> 00:14:58.195 And she said, yeah, of course I remember it. 00:14:58.525 --> 00:15:00.115 I said, I was wrong. 00:15:01.015 --> 00:15:02.355 I don't think that's what's going on here. 00:15:02.575 --> 00:15:04.865 And I'm sorry, I don't think that's what's going on here. 00:15:04.905 --> 00:15:06.185 I think it's something different. 00:15:08.215 --> 00:15:12.055 When you're in a long term coaching relationship like that, you have 00:15:12.055 --> 00:15:17.065 the opportunity to come back and say, yeah, that was a guess. 00:15:17.075 --> 00:15:19.875 That was a hypothesis with more data. 00:15:20.315 --> 00:15:22.495 I'm coming to the conclusion that I was not right about that. 00:15:22.525 --> 00:15:23.655 Here's what I'm seeing instead. 00:15:24.225 --> 00:15:28.245 So it's this amazing collaboration where the client has. 00:15:29.220 --> 00:15:33.010 Uh, a chance to reveal themselves to you and to themselves over the long 00:15:33.010 --> 00:15:34.840 term, learn from it and grow from it. 00:15:35.660 --> 00:15:38.140 These relationships mean the world to me. 00:15:39.820 --> 00:15:43.320 I look forward to continuing in many of these relationships because my clients do 00:15:43.330 --> 00:15:46.920 have a tendency to renew and I love it. 00:15:47.060 --> 00:15:48.220 I'm grateful for it. 00:15:48.520 --> 00:15:51.280 It has marketing and business benefits that we'll talk about in a second, 00:15:51.910 --> 00:15:56.290 but it also has amazing relationship benefits where over the long term. 00:15:57.180 --> 00:16:01.310 You can come to deeply know a person and to help them know themselves. 00:16:01.310 --> 00:16:04.870 And I think only good things come from that. 00:16:06.530 --> 00:16:09.180 So that's the state of the relationships that came out of 00:16:09.180 --> 00:16:14.980 this, you know, 377 sessions in a year practice about the money. 00:16:16.790 --> 00:16:23.870 I did go look it up and my coaching work generated 149, 000 in change in 2023. 00:16:24.420 --> 00:16:25.900 That's higher than I thought it would be. 00:16:26.910 --> 00:16:30.240 I wasn't paying very close attention throughout the year, ironically, 00:16:30.250 --> 00:16:34.870 because I'm the bookkeeping guy, but it ended up being about 149, 000. 00:16:36.630 --> 00:16:37.860 That's an amazing amount of money. 00:16:39.010 --> 00:16:42.440 Going back to what I said earlier about the possibility that if my bookkeeping 00:16:42.440 --> 00:16:45.930 business were eventually to be sold, which I don't think is the more likely outcome, 00:16:46.370 --> 00:16:49.450 what's more likely is probably that the bookkeeping business will be run by a 00:16:49.450 --> 00:16:54.500 team and my main focus will be supporting them and developing the tools there. 00:16:54.935 --> 00:16:57.705 But mostly coaching my clients and creating content. 00:16:59.305 --> 00:17:04.835 When I think about having my, my only intensive work days be Tuesdays 00:17:04.835 --> 00:17:08.635 and Wednesdays, three weeks a month, and having that translate into an 00:17:08.635 --> 00:17:13.125 income stream of 150, 000 per year, or, you know, maybe I can grow that. 00:17:14.965 --> 00:17:15.865 That's incredible. 00:17:16.685 --> 00:17:19.445 The coaching industry has its quirks. 00:17:19.845 --> 00:17:21.885 And one of its quirks is I don't think that. 00:17:22.410 --> 00:17:26.290 A lot of people consider 150, 000 in a year to be a lot of money. 00:17:27.120 --> 00:17:29.320 I think they consider it sort of middle of the road. 00:17:29.320 --> 00:17:33.530 I think in the coaching industry, we're all very anchored to very big numbers. 00:17:34.260 --> 00:17:38.270 I think there's some benefits there because it can expand our vision. 00:17:38.670 --> 00:17:40.260 And of course that can be powerful. 00:17:40.260 --> 00:17:49.320 Also, if you go to anyone in your life, almost anyone in your life, And say, 00:17:50.130 --> 00:17:57.300 I work two days a week, three weeks a month, and from that I generate 150, 000. 00:18:00.060 --> 00:18:01.910 Who's not going to be shocked by that? 00:18:02.170 --> 00:18:03.320 I think it's shocking. 00:18:03.450 --> 00:18:05.990 I think it's an incredible outcome. 00:18:06.490 --> 00:18:10.480 I think it's an incredible outcome that's available to thousands 00:18:10.480 --> 00:18:12.870 of, I mean, so many coaches. 00:18:13.070 --> 00:18:16.590 I'm working with 20 clients. 00:18:18.300 --> 00:18:20.070 I'm mostly at capacity. 00:18:20.070 --> 00:18:20.660 I've got some room. 00:18:20.660 --> 00:18:26.030 I plan to assign, I hope to sign some clients in the next few months, but 00:18:28.040 --> 00:18:34.020 if I can do this, I think thousands of other coaches can, can do this. 00:18:35.190 --> 00:18:36.930 For me, that's a very exciting result. 00:18:37.470 --> 00:18:38.210 I'm proud of it. 00:18:38.840 --> 00:18:39.580 I enjoy it. 00:18:39.580 --> 00:18:43.230 150, 000 does not cover my family's lifestyle. 00:18:43.860 --> 00:18:45.200 So at this point. 00:18:46.170 --> 00:18:50.620 I do need other revenue to support this lifestyle, but I do find 00:18:50.620 --> 00:18:53.880 myself thinking about well, okay How does this hundred fifty thousand 00:18:53.880 --> 00:18:55.040 become three hundred thousand? 00:18:56.090 --> 00:18:59.990 I'm not especially goal oriented and I don't really, you know, buckle 00:18:59.990 --> 00:19:04.170 down and say it's 300 or die this year It's not how I really function. 00:19:04.610 --> 00:19:06.880 Also, I'm not sure that's the healthiest way to function. 00:19:07.520 --> 00:19:12.100 I've been Coaching, you know, I've really been in my, in my 00:19:12.100 --> 00:19:13.960 coaching business since 2014. 00:19:13.970 --> 00:19:17.270 Now that's, that's really where the coaching business kind of solidified 00:19:17.270 --> 00:19:20.680 and became a thing and started to support my family between my money, 00:19:20.680 --> 00:19:25.850 work, bookkeeping, CFO ing and coaching a decade now is where I am. 00:19:28.070 --> 00:19:31.490 And I think that there's a lot of hidden cost to trying to 00:19:31.490 --> 00:19:33.110 grow your income too quickly. 00:19:34.830 --> 00:19:37.650 I think that it has some big psychological costs. 00:19:37.650 --> 00:19:39.420 I think it has some big emotional costs. 00:19:39.875 --> 00:19:45.025 It of course has big benefit as well, but I think the cost gets ignored. 00:19:45.175 --> 00:19:49.055 So when I think about my 150 and how it might become 300, that 00:19:49.055 --> 00:19:50.615 does sound really great to me. 00:19:52.155 --> 00:19:55.515 But I don't intend to make that transition quickly. 00:19:55.885 --> 00:19:58.175 I intend to allow it to happen naturally. 00:19:58.605 --> 00:20:02.645 It would of course happen through some combination of more sessions at the same 00:20:02.645 --> 00:20:05.975 price, same sessions at a higher price. 00:20:06.805 --> 00:20:09.085 Or the introduction of other business models. 00:20:09.835 --> 00:20:13.605 This podcast might give the impression that I'm opposed to training business 00:20:13.605 --> 00:20:19.985 models, but I'm not, I have a, I have an ongoing vision or fantasy for selling 00:20:21.055 --> 00:20:23.175 a very expensive training program. 00:20:24.195 --> 00:20:28.595 Very expensive because I think there can be incredible value in those two. 00:20:28.945 --> 00:20:31.465 The reason I haven't offered it yet is because it doesn't exist. 00:20:31.475 --> 00:20:36.755 I have not gotten to total clarity in my mind where I could 00:20:36.755 --> 00:20:38.265 sit in front of a prospect. 00:20:38.870 --> 00:20:46.400 And say, I am 100 percent confident that you will be glad you paid me that 00:20:46.400 --> 00:20:48.240 amount of money for this experience. 00:20:48.820 --> 00:20:51.660 But I promise you, as soon as I do fill that, that program will exist 00:20:51.660 --> 00:20:53.420 and I'll sell it so enthusiastically. 00:20:53.840 --> 00:20:56.760 So that can be a way to grow the income stream and also bring some leverage 00:20:56.760 --> 00:21:00.280 into the income stream if it's done thoughtfully, if it's done with care. 00:21:01.890 --> 00:21:02.970 So that's the finances. 00:21:04.520 --> 00:21:05.540 Let's talk about marketing. 00:21:09.190 --> 00:21:12.870 At the beginning of the episode, I think I said that the last time 00:21:12.870 --> 00:21:16.000 I published on this podcast was almost a year ago to the day. 00:21:17.510 --> 00:21:21.480 In the meantime, I have been very consistently participating in my 00:21:21.480 --> 00:21:24.100 other podcast, which is called beginning balance, which I do with my. 00:21:24.430 --> 00:21:28.100 Very close friend, Jesse Mecham, who's the founder of YNAB, the software company. 00:21:29.380 --> 00:21:33.510 Beginning balance is the most consistent thing I've ever done in content creation 00:21:33.640 --> 00:21:35.630 in 15 years of content creation. 00:21:35.650 --> 00:21:37.560 Cause I really started content creation about 2008, 00:21:40.710 --> 00:21:44.790 but this podcast did not get published since late January, 2023. 00:21:47.950 --> 00:21:51.180 I don't think I sent any newsletters in 2023. 00:21:51.180 --> 00:21:56.190 If I did, it was a very small handful and I didn't make any social media posts. 00:21:58.160 --> 00:22:02.060 And as I was prepping for this episode and acknowledging myself that I 00:22:02.060 --> 00:22:06.050 published almost zero content in 2023, 00:22:07.570 --> 00:22:08.580 I had a few emotions. 00:22:09.590 --> 00:22:11.160 One emotion was surprise. 00:22:13.440 --> 00:22:17.470 I feel to a certain degree validated and vindicated because I have said in 00:22:17.470 --> 00:22:21.350 the past, when it comes to a one on one coaching practice., you don't have to 00:22:21.350 --> 00:22:26.340 think about , content creation at the same rate or volume as someone who's in a 00:22:26.370 --> 00:22:32.520 training business, someone who's selling courses or group coaching or memberships. 00:22:33.380 --> 00:22:37.569 I published almost no content in 2023 and I made 150, 000. 00:22:37.570 --> 00:22:38.500 Now, how did I do that? 00:22:38.500 --> 00:22:41.490 Well, because of the relationships I'd been building. 00:22:41.935 --> 00:22:42.955 Over the previous decade. 00:22:42.955 --> 00:22:44.955 I don't mean to make it sound like an overnight thing. 00:22:45.635 --> 00:22:49.535 The point that I'm trying to make is the 150, 000 happened in 00:22:49.535 --> 00:22:52.735 2023 without content creation. 00:22:55.425 --> 00:23:00.755 I feel that some of the things I've said in past episodes are validated by that. 00:23:01.345 --> 00:23:02.675 Where the job is actually. 00:23:03.305 --> 00:23:09.295 To go build relationships, connect with people and where appropriate 00:23:09.525 --> 00:23:13.765 offer coaching or honestly wait for people to ask for coaching, because 00:23:13.765 --> 00:23:17.135 that happens to, that's pretty wild. 00:23:18.615 --> 00:23:22.125 So one emotion about my lack of content publishing in 2023 was surprised. 00:23:22.385 --> 00:23:24.265 Another one was actually guilt. 00:23:25.135 --> 00:23:29.735 Now people get, especially in, you know, 2024, people get very weird 00:23:29.735 --> 00:23:32.115 about the word guilt and how, you know, we shouldn't feel guilty. 00:23:32.115 --> 00:23:35.615 No, I think guilt is appropriate in some scenarios when you, 00:23:35.675 --> 00:23:37.605 when you feel deep down. 00:23:37.930 --> 00:23:41.060 That there was a right thing to do, and that you either didn't 00:23:41.060 --> 00:23:42.570 do it or you did the opposite. 00:23:43.500 --> 00:23:45.660 That's a case where guilt is the appropriate emotion. 00:23:46.640 --> 00:23:54.410 And I have this sense, a person, maybe one, but a person could benefit 00:23:54.410 --> 00:23:56.180 from me talking into this microphone. 00:23:57.990 --> 00:23:59.380 And I have some evidence that that's true. 00:24:01.490 --> 00:24:08.800 And so when I think about the ability to transfer some experience, maybe 00:24:08.800 --> 00:24:12.170 help a person shift their thinking or their emotional state, just by 00:24:12.170 --> 00:24:15.000 talking into this microphone, and I think about that I don't do it. 00:24:15.605 --> 00:24:16.465 Yeah, I feel guilt. 00:24:16.515 --> 00:24:19.715 And I think that guilt is appropriate and I think the risk, the appropriate 00:24:19.715 --> 00:24:25.155 response to guilt is a decision to, to change and to be better content 00:24:25.155 --> 00:24:28.205 creation is a, is a puzzle to me. 00:24:28.315 --> 00:24:37.885 It is strange to me how I don't seem to be able to crack the formula for 00:24:37.925 --> 00:24:40.205 talking into this microphone by myself. 00:24:40.700 --> 00:24:41.970 On a regular basis. 00:24:42.750 --> 00:24:43.780 I think that's weird. 00:24:45.720 --> 00:24:48.960 I do think I have at least a partial solution beginning balance. 00:24:48.960 --> 00:24:53.470 The podcast I talked about earlier that that consistency it's been running since 00:24:53.470 --> 00:24:55.900 2021, it has almost a hundred episodes. 00:24:55.940 --> 00:24:58.840 I think I don't really check or pay that much attention. 00:25:01.190 --> 00:25:04.820 The consistency there is built on the fact that one of my very best friends in the 00:25:04.820 --> 00:25:08.020 world and I have a calendar appointment. 00:25:09.355 --> 00:25:12.145 And during that calendar appointment, we record a podcast. 00:25:12.695 --> 00:25:17.795 We miss often like we flake we're scheduled to meet every week. 00:25:18.065 --> 00:25:21.305 We probably cancel 30 or 40 percent of those appointments. 00:25:22.615 --> 00:25:23.705 One of us will cancel. 00:25:24.355 --> 00:25:25.445 He no showed today. 00:25:27.215 --> 00:25:31.555 I'm going to send him a text and say, Hey, back in my day, a man's calendar. 00:25:31.885 --> 00:25:36.765 RSVP was his bond, but we recorded two last week. 00:25:36.765 --> 00:25:36.945 Who knows? 00:25:36.945 --> 00:25:37.705 It doesn't matter. 00:25:37.905 --> 00:25:38.255 Trust me. 00:25:38.255 --> 00:25:40.625 No one in the world is going to be less annoyed by a person flaking 00:25:40.625 --> 00:25:41.855 for an appointment than I am, 00:25:43.635 --> 00:25:48.585 But it's been so consistent because I've had a collaborator. 00:25:49.495 --> 00:25:51.585 And so I am thinking about this podcast. 00:25:51.875 --> 00:25:56.095 Tentatively named a podcast for coaches and how maybe it requires 00:25:56.095 --> 00:25:58.205 collaboration in order to thrive. 00:25:58.945 --> 00:26:02.785 Another thing that will help is that many of my clients have been using this 00:26:02.785 --> 00:26:05.555 forever and I'm just late to the party, but a good friend of mine, Josh, told 00:26:05.555 --> 00:26:07.565 me to check out this software Descript. 00:26:07.705 --> 00:26:12.135 Holy moly, I have not been more impressed with a piece of software 00:26:12.155 --> 00:26:14.235 in probably the last 10 years. 00:26:14.675 --> 00:26:21.525 The friction that Descript removes from content production is mind blowing to me. 00:26:22.105 --> 00:26:24.175 And I think that's going to help me be more consistent here. 00:26:24.695 --> 00:26:31.325 So I do have every intention of pushing publish more often in 2024 and beyond. 00:26:32.235 --> 00:26:39.515 Partly because I do think it will keep my relationships fresh and fresh, 00:26:39.585 --> 00:26:42.795 healthy relationships contribute to a thriving coaching practice. 00:26:43.905 --> 00:26:46.025 And partly because I believe it's the right thing to do. 00:26:46.175 --> 00:26:48.985 It's the right thing to share an experience that could be 00:26:48.985 --> 00:26:50.125 helpful to one other person. 00:26:51.575 --> 00:26:53.665 And I don't care if it's only helpful to one other person 00:26:53.965 --> 00:26:56.495 that's leverage enough for me. 00:26:57.945 --> 00:27:03.915 Yeah, I think that's it there's some nuts and bolts about you know marketing 00:27:03.915 --> 00:27:08.455 and Running the practice that I will talk about in upcoming episodes I 00:27:08.475 --> 00:27:12.415 have an episode coming up that I've already recorded a draft and I think 00:27:12.415 --> 00:27:17.400 I'll rerecord it about Marketing coaching and how I really think it boils 00:27:17.400 --> 00:27:21.570 down to how we need to be interested in our clients and their problems. 00:27:21.970 --> 00:27:25.130 We need to be interesting to our clients and then we need to 00:27:25.280 --> 00:27:27.060 connect and share and converse. 00:27:28.040 --> 00:27:29.770 That episode's coming up in a couple of weeks. 00:27:30.370 --> 00:27:33.200 I've got an episode coming up about how coaches are making money. 00:27:33.785 --> 00:27:37.355 And how I think it's weird that we even have to say that because of 00:27:37.355 --> 00:27:38.995 course coaches are making money. 00:27:41.785 --> 00:27:42.685 And yeah, that's where we are. 00:27:43.805 --> 00:27:44.675 Thanks for tuning in. 00:27:47.045 --> 00:27:50.245 My intention is to have an every other week published schedule. 00:27:50.245 --> 00:27:55.965 So a couple of times a month, enjoy your coaching practice. 00:27:56.025 --> 00:27:57.515 What an incredible way to make a living. 00:27:58.185 --> 00:27:58.975 I'm blown away by it. 00:27:58.975 --> 00:28:00.125 We'll talk to you next time.