The "Hidden Reason" Most Coaching Businesses Fail

Here's the true story behind why my coaching business failed:

I started my entrepreneurial journey as a RE investor.

I flipped hundreds of homes and bought dozens of rentals.

I achieved the proverbial financial freedom.

Then I decided to start coaching.

I'd always wanted to be a coach or teacher (even went to college to become a professor).

Now, it felt like I should follow that passion.

I chose to teach what I knew, which was real estate investing.

I spent a ton of money on coaching (close to 100K) and blew a few years doing dumb stuff like:

Selling low ticket...

Trying to build a webinar funnel and run ads to a crappy course I had built....

Buying IG followers thinking I'd become an Instagram cool guy and that would make a difference...

Writing and publishing a book!

I made all the typical rookie mistakes coaches make.

None of these things actually worked.

Eventually, after working with some great coaches, I figured out the "high ticket group model", which is probably the only model where you can really make a lot of money with little fulfillment required.

That got my RE coaching biz to 15-20K/month with only a couple hours of fulfillment needed each week.

I felt like I had "cracked the code" and was ready to scale to the moon, like all the other baller coaches I'd seen in these Facebook groups.

But, for some reason, I didn't enjoy the marketing. Going out on Facebook and making posts about real estate wasn't fun.

I also didn't enjoy the sales calls. In fact I dreaded them so much I hired an advisor (prematurely, in terms of my revenue) to do the calls for me.

That didn't work either, because I also lacked excitement for our program, so I couldn't transfer that over to him.

(I also couldn't train him on sales because I SUCKED at it, but that's another story...)

To top it all off, I felt drained after coaching calls. I was losing passion for helping people invest in real estate.

It was a problem I had solved for myself years ago and I didn't get excited about it anymore.

Yet that's what I was still doing day to day for my clients.

I was getting burned out.

Not long after, I went to a meeting with my mastermind group, run by one of the biggest names in the consulting space.

I heard some amazing speakers there - and it almost seemed like they were speaking directly to me when they said things like:

"Fall in love with your prospects not your products"

"Make sure you have a ton of enthusiasm for where you're headed"

"Can you see yourself doing what you're doing 5-10 years from now?"

My mind was racing.

Could there be a deeper reason why I couldn't scale my coaching business?

What was the real reason I was procrastinating on marketing and sales?

If I were to start all over, what would I do differently?

These were the questions that ran through my head after the meetings were over.

I thought about my ideal prospect - the person I love spending time with.

For me, it's entrepreneurs, specifically ones that have a set of expertise they love sharing with the world.

It's coaches, teachers, trainers, experts, people like you.

If I was going to have a beer with any type of person, that's who I would pick.

Then I thought about the problems I enjoy solving.

For me, it's how to scale coaching businesses.

That's what I'm learning about and working on everyday. It's fresh on my brain at all times.

Next I thought about my current business, which served people stuck in a 9-5, and helped them escape it through investment properties.

Can you guess what I realized?

I realized that my business was out of alignment.

I realized that I wasn't serving my ideal client or solving my favorite problem.

I knew I had a tough decision to make.

So what did I do?

I pulled the Band-aid off, and I totally changed my business.

I started helping coaches create businesses that are in alignment with who they love serving and the problems they love solving.

The result?

My energy went through the roof. My excitement became tangible.

Within just 2 weeks of launching the new program, I'd done 17K in sales.

I already knew the high ticket group model, but THIS was the missing piece.

Now I have a TON of enthusiasm for where I'm headed.

Now I don't procrastinate when it comes to marketing my business.

Now I don't dread sales calls (I actually look forward to them!)

I believe that the hidden reason a lot of coaches are either

a) stuck on the sidelines or...

b) struggling to succeed is simply this:

They aren't serving who they love, and they aren't helping with problems they enjoy solving.

Forget about your skill for a second, because that can be learned.

Who would you love to have a beer with?

For me, it's coaches. Who is that for you?

Next, what problems do you enjoy solving the most?

Hint: It's probably the same thing you've already gotten some skill at but are still working everyday, right now, to further that skill.

What's that for you?

Now, if you base your business the answers that are true for you - around the right WHO and the right PROBLEM....

THAT is the missing piece.

THAT is the solid foundation upon which your coaching business will finally thrive.

I would say I "hope this helps", but the truth is I know it will help. I know there is someone out there like me who is struggling with this right now.

I'm here telling you to follow your heart. Go after what you really want. Make what feels like a difficult decision.

Everything you want is on the other side :)