Successful Coaches Have One Thing in Common — They Never Stop Learning

Your presence, that of your client, and a place to meet online or offline. Theoretically, that is all you need as a coach to do your job. Apart from a phone or computer, sometimes a pen and notebook, there are no other physical assets involved in the work of a coach.?Our minds are our most valuable assets.

Welcome to the knowledge-based economy, where the production of goods and services?relies on intellectual capabilities more than on physical inputs or natural resources. Where sources of knowledge like human expertise are important economic resources. “The knowledge economy addresses how education and knowledge — that is, human capital, can serve as a productive asset or business product to be sold and exported to yield profits for individuals, businesses, and the economy.?“—?Investopedia.

As a coach, it might look like all you do is listen, ask pertinent questions, build rapport, hold the space for your client, and encourage them. As a business owner, however, you are delivering a service that is a reflection of your knowledge and expertise. The relevance and attractiveness of that service heavily rely on maintaining a certain level of knowledge.

One of the main concerns of a knowledge-based economy is?human capital obsolescence?— knowledge and skills becoming outdated or irrelevant. The effects of it could mean the end of our coaching businesses.

The good news is that by adopting a lifelong learning attitude, we can remain relevant and up to date with recent developments without too much effort.

“One hour per day of study in your chosen field is all it takes. One hour per day of study will put you at the top of your field within three years. Within five years you’ll be a national authority. In seven years, you can be one of the best people in the world at what you do.” — Earl Nightingale

Here are a few suggestions for areas to focus your attention on when it comes to learning and maintaining your knowledge.

Coaching skills.?If you are a qualified coach committed to your personal and professional development, you are most likely already invested in learning new coaching skills or perfecting existing ones. Membership of coaching bodies usually comes with CPD (continuous professional development) requirements, so I find that most coaches have this one covered.

If you don't, you might want to join the Professional Coaches Community, a membership group I run together with three other wonderful coaches. It gives you access to CPD, peer coaching, business masterclasses and regular supervision. We only accept new members twice a year, so get in touch if you wish to be added to the waiting list.

Business development skills.?Being a great coach is necessary but not sufficient for building a coaching business. In addition to coaching skills, you need to learn how to create content and market your business, put together a relevant and attractive coaching offer, have sales conversations, negotiate deals, and so much more.

I call these?money-making skills?because without them it is unlikely you will generate much revenue in your coaching business.?My YouTube channel?is dedicated to teaching you these skills and helping you build a financially viable coaching business.

The coaching industry.?Being aware of the latest developments in coaching, the challenges coaches face, and where the profession is headed will help you stay informed and make better decisions in your business. The?ICF Global Coaching Study?released every 4 years is a good place to start.

Business in general.?What works in business today, might become outdated in a couple of years. Apps, software, technology — they all change so quickly these days. Couple that with the socioeconomic changes brought by?a black swan event?like the one we experienced in 2020 and you’ll get an idea of how quickly consumer behaviour can change.

As a response to the events that took place in 2020, McKinsey senior partner Liz Hilton Segel suggests that we shouldn’t make the assumption that what worked in the recent past will be true two to three years from now. “There’s a real need to try to look around the corner and anticipate how trends are going to affect your business and then to prepare for those trends and build capabilities that will lean into them.” —?McKinsey, July 2020.

Your clients.?The more you work with a particular type of client, the more you’ll get to learn about them, their needs, biases, and behaviour. That knowledge will inform your coaching offer and the changes you might need to make to keep it relevant and attractive.

Having a well-defined niche is crucial for your coaching business, but constantly refining and doing deeper research on your target audience is just as important. As you gather more data, make sure you use it to serve your customers (and your coaching business) better.

Yourself.?Having a business changes you. The way you think, act and talk will reflect the lessons you learn as you progress.?One thing I know: The lessons will keep repeating themselves until there is nothing left for you to learn from them, so keep your mind and eyes open.

It’s easy to ignore this bit because you’ve got so much to keep track of already. Remember that you’re building this business for yourself and on your terms. What is it that you want and why? Are you chasing goals that you no longer desire? That you didn’t desire in the first place, but borrowed from someone else because they sounded good? Every single thing you learn about yourself will help you make better decisions in your business.

Develop a passion for learning. If you do, you will never cease to grow. — Anthony J. D’Angelo

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This article was originally published on?Medium.com.

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