The day I finally pulled the trigger and launched my coaching business, I was full of excitement and expectations. I had played the scenarios in my mind over and over again for years. I knew the kind of people I wanted to work with and I knew that I wanted to make a measurable positive difference in their lives and businesses. I had spent a great deal of time building my foundation and my vision.
Week one went well. But by week two, I already had potential clients trying to barter the terms of my programs and fees. As a new business owner, I really wanted to be flexible because I wanted to increase my client list but I also needed the business. It wasn’t just soft costs any more, now I had hard costs as my business was now active.
I was afraid to stand my ground in case I lost the business.
I felt the need to compromise my programs in order to accommodate the individual requests I was getting. Eventually, just a few months in, I was no longer offering my formulated programs. I was creating individual sessions now instead of my programs and, it quickly became a business costing me more money to operate than I was earning. It became an unsustainable business model and left me disillusioned about whether or not this was even a good idea any more.
My business coach and I got together to discuss what was happening and why it wasn’t working the way it was supposed to be working. I realized that I had caved in to the pressures from potential clients and allowed their excuses to justify why I needed to compromise on my fees and my services. It was a compromise that wasn’t working for anyone. Even when I gave them what they wanted, these clients were not getting the results they wanted and I was getting broker by the day.
Here are 4 of the Hardest Lessons I’ve had to learn as a business owner
1.The client who pays the least typically demands the most
You wouldn’t go into a retail store and tell the sales-person that you really like a sweater and will pay them a fraction of the ticket price because you know they need the business. Why would you let your clients do it to you? A client who is not willing to work with you on your terms, is already disrespecting you, your time and your expertise. I guarantee you that this behaviour will show up again if you agree to work with them. They have already demonstrated that they habitually makes excuses and justifications for things they don’t like that are good for them. They will be more of a headache for you than their business is worth.
2. I couldn’t help everyone
I could give my clients everything they need to get the results they want but if they don’t do the assignments and work that I give them, my ability to help them is limited. I can not be responsible for the efforts of my clients. If they are able to do the work but unwilling, it won’t matter what I do to help, they’ll always have more excuses than results.
3. I can’t do everything
It is really important to recognize that you can’t do it all. You can still be in control of your business and have other people doing tasks for you. In fact, you might have even more control of your business if you do hire someone else to help. Know where your expertise begins and ends. As your business begins to grow, delegate some of the necessary tasks to a team member or a V.A. You don’t want to find yourself in a situation where you’re too busy doing operating tasks instead of building your business and servicing your clients.
4. Learn how to say NO
Don’t let the fear of rejection, being disliked or being judged be the reason you say yes when you should really be saying no. It doesn’t mean that you’re a bad person if you say no, it means that you know and own your value. There might be some clients and colleagues that get upset with you when you say no, but you don’t need their approval to do what’s best for you or for your business.
Every day you’re a business owner you’ll learn new things that will either support you or hinder you. Every lesson, whether it is a success or a failure, is important and crucial for the growth of not just your business but for you as a business owner as well. Embrace these lessons because ultimately they contribute to your success.