All of the Mistakes I Made in My Multi-Million Dollar Coaching Business (Part 1)

(Don't worry, eating copious amounts of chocolate wasn't one of them).

You know when you sit down to start writing about your mistakes and you realize….

WHOA.

This list is too long?

I’m like “Let me explain! No. Let me sum up!”

But anyway, reviewing almost 13 years of being in business is ride.

So, grab some thinking chocolate and hop aboard!

First: A note on chocolate - it’s a bean. Which means it’s a vegetable.

SO I’M EATING MY VEGGIES OKAY? Okay!

Mistake #1: Acting like a competitive toddler on a sugar high

I’m both competitive and lazy. I contain multitudes!

But sometimes, when I eat too much sugar my competitive side takes over.

And I see someone do something cool, like a new program launch or an interesting event, and I think: “I can do that.”

And then I start to do that.

Which is a TERRIBLE idea for many reasons.

Most of which are: Just because I think can do something, doesn’t mean I should rush off and do it with no thought.

Followed by: Do I even know that cool thing worked out for that person? (I don’t).

Also, I’m lazy. I like not working hard and also taking naps. High five if you *also* love taking naps.

So starting a bunch of projects with no real strategy or understanding is…not great Bob.

And it’s a mistake I made a lot, especially early on in my business. I saw so many cool things and rushed off and tried to do them without asking myself key questions like: “What is the effort needed to make this launch/program/idea successful?” “What will I do if it doesn’t work out? What’s my back-up plan?” “How much do I expect to earn, and is that okay?” “Is this in alignment with what I really want to do, will I really enjoy this??”

So if this is also you, I see you! And let me introduce you to the idea of a parking lot.

If you are anything like me you’ll get excited about something, spun up about it, and if you quickly write it down, answer the above questions, and then put them aside in a mental parking lot and walk away for a few days before taking any other action, you’ll get a better idea of if this is really for you.

(I would usually lose interest, just FYI. Parking lot + less sugar for the win!)

Mistake #2: Never running the numbers

Similar to Linda Evangelista, I don’t get out of bed for less than $100,000. Before I commit to any project inside my company, I need to know that it’s going to bring in a good amount of revenue in order to make it worth my while.

Does this sound crazy or douchy? It might.

Does it help if I tell you I didn’t start out that way?

When I started out I never thought about numbers. I just thought about doing all of the projects! Writing a book, launching a program, doing some private coaching, doing a retreat. All of the things!

But I never thought about the numbers.

I never stopped and ask: “How much will I CONSERVATIVELY expect to make from this project now? And is there potential to make more over time?”

(I’m sometimes wildly optimistic, which is why the word “conservative” is doing a lot of heavy lifting in the previous paragraph).

So I spent time on things that never really paid off for me. Wasting tons of time and sometimes a lot of money.

Of course some projects are worth it in the long run, even if they start small and with *cough* less success. Some projects are passion projects, and that’s also okay.

And some projects are worth it because there’s a big immediate payoff in money or just a big payoff in the satisfaction of doing the work.

But not all projects are worth the effort or time investment.

If you sit down and do the numbers for what you think you can make now, and in the future, and also sit down and look at the level of effort it’ll take to get you there…it’s eye opening.

And you’ll quickly realize most projects aren’t worth it - and by “worth it” I mean that you just don’t have the passion or excitement to see them through the level of effort it’ll take.

And that’s okay! It keeps you focused in your business.

There’s only so much time or energy you have as a coach, so it’s important to put that energy into the things that you most enjoy, that also fuel your business, and help your clients. It’s a win-win-win! Veggies for everyone!

For me, anytime I have a new idea (almost daily, I’m full of terrible ideas), I run the numbers, look at the effort, and then ask myself one last question: Should I do this or just sell more BARBs? (BARB stands for Build a REAL Business, our flagship program over at Coach Pony for coaches from all niches. You are welcome to join us!)

The short answer? When framed like that, BARB almost always wins. It’s what I love to do most.

Mistake #3: Taking too long to set business guidelines

“I decided on the spur of the moment last month to quit my job and I had some expenses come up this week and I know it’s 7 months past the refund period but could you see it in your heart to refund me? Please?”

Readers, the program had been over for months.

“I have a wedding coming up and while your program is great and I’ve enjoyed the past few months, I need the money for my reception now - can I go ahead and cancel my subscription? And maybe also get a refund on the rest?”

Readers, there was no subscription. There was only a payment plan. And the refund period had expired months before.

I used to agonize over every unhappy client. Every bit of feedback that wasn’t 100% positive, and every random request that was … well, a little bit nuts.

The agony was especially strong in the early days when I was a team of 1, and I dealt with, and saw, everything.

I felt terrible. And some of these requests would fester. Because I was so shocked at some people’s chutzpah, or because it felt so negative, or because I really wasn’t sure how to handle it (it was so far past the refund period, but should I do it anyway?). I’d be distracted for hours or days at a time, replaying options in my head, or second guessing myself.

And this distraction? You guessed, cost me time, cost me money, and also cost me a little bit of my sanity (and I was that weird depressed person in the corner at networking events).

I eventually realized that feeling terrible and dealing with every single random request ad hoc was not a strategy for successful business growth.

So I had to buckle down, get out the really good chocolate, and make a few guidelines for myself (and for my eventual team). Otherwise I’d go crazy, and I’d waste way to much time and energy.

Guideline #1: If only one person complained about something odd, or made a random suggestion, I’d make a note, but not do anything. If 3 people complained about something or made the same suggestion, I’d leap into action.

This guideline saved me so much stress, and I use it still this day. With larger programs like mine, there are always outliers. People who operate a little differently, or aren’t paying the right amount of attention.

Having this guideline in place lets me prioritize things that I know are impacting the group (if 3 people complain, there are usually more that have struggled), and not stress about some things that are likely just due to user error, or one person having a really bad day.

(Note: If there’s a clear mistake in a program I’ll make sure I or someone on the team fixes it immediately! This guideline is for random or odd complaints or issues).

Guideline #2: The refund policy is ironclad, and scripts are important.

Operating at scale means dealing with more situations. So, I’ve learned the hard way that having a script saves so much effort. It’s not that having the perfect script is so important (though any script is often better than what I’d write if I was upset or surprised. “Hey, are you seriously asking me to basically give you money for your wedding reception????? WHAT?” is not the winner you might think it is!), it’s that being prepared saves time and stress!

My team and I just do whatever the refund policy says because I don’t want to have to adjudicate every situation, and to help I have a script ready for my team to use in a variety of situations.

I also don’t want to feel heartless, so I also triple check to make sure the refund policy is clear and obvious before people signed up - I put it on the enrollment page, on the checkout page (often twice!), and inside the program, so it is always visible and accessible. And then I remind myself I am not responsible for other people’s actions, they are adults, and if they sign up for something, that’s their choice. It’s my job to be kind, but it’s not my job to bail someone out.

Guideline 3: Resolve things as quickly as possible so you can move on.

I’m not perfect and can definitely get grumpy, sleepy, or any number of the 7 dwarves.

And I also can overthink things and worry that I’m not doing enough (which may be surprising, given how much I like napping).

But I’ve found in any customer situation or team situation that is stressful, the sooner I resolve it, the sooner it’s out of my mind and I’m able to move forward.

But if I take too much time and brood over something, I’m basically like an unattractive vampire. )

So I prioritize tackling difficult situations, and protecting my energy. How I feel affects my business and my clients, so it’s important I’m not stuck on something negative.

(Though, a huge part of me always wants to avoid anything difficult, so if this is you I see you!).

But anyway, if you’ve read this far (yay you!), take a moment to think about your guidelines for your business. They don’t have to be anything like mine, but the more you set boundaries for yourself and your clients, the easier it is down the road when something arises.

Or put another way, let your best self work on this problem now, before someone surprises you and triggers your worst self.

Oh my gosh we are here and I’ve only covered three mistakes! Let’s continue this in another post, shall we?

OFF TOPIC WARM AND FUZZY CASHMERE CORNER

Some warm and fuzzy things for you, since we all need a little bit extra this time of year.

1. This inexpensive cashmere sweater is good. Soft! Warm!

2. Have you watched Fisk on Netflix? So good, and has a warm heart to it. Thank you Australia!

3. And of course this: