The following is taken from David’s interview with Jim Earley in 10 Super Coaches.
Roughly how much capital/money did you spend in the first 6-12 months, and on what?
I already had a computer. I would have purchased my time and billing software ($200), and initial business cards ($30). My ongoing expenses would have included, paper, envelopes and postage, membership dues, meals, and automobile expenses.
After a year or so, I spent the best money ever on a high quality business card with a particularly evocative label. I bartered the design, and spent $400 on the cards. They were cool. Made a statement. Got noticed every time I used them. Bolstered my confidence, big time.
Some time later, I had a brochure printed. My attitude towards brochures is that they might be an important process to experience, but they’re probably not an important tool to have.
The following is taken from David’s interview with Marcia Reynolds in 10 Super Coaches.
What method did you find most effective in getting your initial clients, and what advice would you give to coaches trying this method?
Go be visible, whatever this takes. Tell people what you are doing. Network wherever you can. Speak, write, and give seminars. The more people that know you and like you, the more the referrals will come in.
Also, get your own coach immediately, even if funds are low. Your coach will get you up and running quicker than if you try to do it by yourself. And your coach will help you clean up your own life so that you are more attractive to others.
The following is taken from David’s interview with Philip Cohen in 10 Super Coaches.
What advice would you give coaches about charging clients?
Often new coaches undervalue their services. I believe in charging clients what you are worth. However, when starting a coaching business, there are two reasons to have clients: to make money and to have someone who can help you expand your skills. I like the idea of having a set fee and being willing to reduce it for a period of time to make it easy for someone to become a client. As they work with you, they will see your value and be willing to pay more.
The following is taken from David’s interview with Michael O. Cooper in 10 Super Coaches.
What method did you find most effective in getting your initial clients?
I asked friends and colleagues at my employer to try it out. I didn’t have a structure to master the complimentary session then, so it often turned out that the client was uncoachable or just doing me a favor. I did attract a few clients this way, but with a structure, I would have spent less time working too hard for little return.
Did you coach your friends and colleagues? If so, what invitation did you use that worked best and felt good for you?
I have coached friends and I’ve had incredible experiences – both good and bad. My recommendation is to refer your friends to other coaches you trust. Even though I had a few positive experiences, the relationship changed in a way that I was not prepared to accept at times. I also did not establish sufficient boundaries when working with a few friend clients – they would call me at all hours for coaching – one even asked me to coach him through a situation at a party while he was intoxicated.
The following is taken from David’s interview with Ernest F. Oriente in 10 Super Coaches.
What advice would you give coaches about charging clients?
A couple of pieces, number one: my observation, pricing is in your mind in terms of what you’re comfortable with or not in terms of your fees, so there’s a hurdle for coaches to understand about what their value is that they bring to an organization.
Number two, it is important to raise fees on a consistent and regular basis, although I make the distinction that I still have clients from 1995 and 1996 that I have never increased their fees. I only increase the fees to the new clients who are coming in.
The following is taken from David’s interview with Ginger Cockerham in 10 Super Coaches.
How would you suggest coaches find their niche?
I think that the secret is in the connection. By showing up in as many arenas as possible, coaching and speaking about coaching and allowing your niche to develop, you will attract the people who are your ideal clients.
If you have been a player in an industry in a previous life, use your advocates and start with that community. Experiment in several communities by speaking, networking, and writing in journals or newsletters that they read. You have the opportunity for your ideal clients to show up, be attracted to you and create magic together.
