As you may know I like to make the beta reading of my book open sourced so the community that will be using them can actually gain the information and request changes or additional information to be added as the book is being written.
This post is One Chapter of my coming book, “GET THE DEAL”. Which the idea has it’s origins from the live training with the same name that I have taught to thousands of real estate investors all across the country and have had time to refine the information to answer the questions most asked at those trainings. Without further ado I want to encourage you to read this chapter and leave your suggestions in the comments below!
Chapter Sixteen
Where Does A Coach Fit In?
“The best coaches know what the end result looks like, whether it’s an offensive play, a defensive play, a defensive coverage, or just some idea of the organization”
-Vince Lombardi
I make it no secret that I am a big fan of coaching and am regularly paying coaches and hiring new coaches when I am ready to level up and hit my goals. I’ve also been asked how do I know if a coach is going to be right for me. That question is usually followed up by them telling me how much a certain coach coasts.
Here is my advice. If the coach has what you want and is willing to teach you how you can get it, then that is likely the right coach. If they DON’T have what you want, then DO NOT join their program. It’s as simple as that.
As far as what to pay your coach. Well that one really will depend on what you stand to gain once you have the accountability or skills that the coach is going to give you. If you stand to make substantially more than the initial investment then it’s a good return on investment and potentially a good idea. If you are looking to earn an extra $10k per year from a coach who charges $100k that could be a very bad return. On the other hand if you are looking to make $1,000,000 and the coach is only charging $100k it is a good return on investment. (remember, make sure the coach HAS actual success in the area they are teaching).
If you are a fisherman who makes their money by catching fish and you love what you do then taking a course on how to make money building an online marketing class might not be right for you… Unless of course you stand to make a killing by being able to market your catch to a bigger audience and so earn more money.
It’s not the quality of the coach. It’s the clarity of your goals and the amount of desire and commitment you have to gain a return on investment.
Business Coaches And How To Use Them
A business coach helps your business tackle specific tasks and objectives (for example, helping through the process of bringing on a business partner, or managing a software implementation). The coach helps set the objectives, determines the number of sessions needed to meet the goal, and charges a fee for the service. The relationship with a business coach is most often short term, and you could make use of several different coaches over the life of your business.
Business coaches, too, are must-haves for small business owners. But when many entrepreneurs see that fee, they cringe. The gut reaction might be to hunker down and solve the problem on your own, just like you’ve done for so many other areas of your business. But don’t worry about how you can’t afford to hire a business coach because the truth is, you can’t afford not to hire a business coach.
Here Are A Few Ways A Business Coach Will Help Your Business
As an entrepreneur, you started off as a specialist: You had a great idea for a business, and you launched. As a newfound business owner, you’re now stuck with the job of the generalist. This can work for a while, but you’ll soon realize that you don’t have time to stay on top of all the things you need to do, or challenges too complex for your experience. You can continue to hack it, or you can get some help.
Strategy and planning
A coach will challenge you to think differently, stretching your goals. Sure, you have lofty expectations for your business, but to rebound your strategy off someone who’s walked this road before—pointing out pitfalls, areas you need to strengthen—this is invaluable. Someone with a unique, but proven, wherewithal for strategy will push you harder while also keeping your approach on course.
Technology
Technology is playing an ever-increasing role in small business, and it can be tough to keep up. Tech helps small businesses gain a competitive advantage by communicating better with their employees, customers and prospects; saving time and improving efficiency by automating their processes; and improving business performance through the use of business analytics. Coaches have the skills needed to successfully deploy new technology, manage integrations, and consult on the best options for your unique situation.
Management
Coaches and mentors help improve your management and leadership skills. As your business grows, your role will evolve into a greater and greater management capacity. Coaches will help you navigate difficult business problems and decisions, and will help set a foundation early on to be able to handle some of the big, inevitable, management storms that lie ahead.
Marketing advice
Especially in the early stages of a small business, the entire marketing strategy and effort falls on the shoulders of the business owner. Coaches can help you see what you’re not seeing. A seasoned business coach who has experience with branding, marketing strategy, and tactics can lift your sales numbers and keep you from spinning your wheels on what doesn’t work.
Grow the business
It doesn’t matter so much where you are now, as long as you’re clear on where you’re headed. A coach will help you address the areas of your business that need nurturing to ensure you stay on track to healthy growth. Perhaps the most important factor to staying on track is having someone to be accountable to. It’s easy to let yourself off the hook. A coach can serve as an accountability partner, helping you push through the challenges to meet your goal.
A Little More Clarity Around Coaching
To be clear, coaching and mentoring is a two-way street. You get the most from it when you put the effort into the relationship. You still have to run your business, and you’re responsible for what happens.
As with every relationship, you can’t expect that there will always be a perfect fit. The small business owners interviewed for our report warned that not all coaches or mentors were effective or worth their fees. But they found that the internet made it easier to find and vet qualified coaches who add value to their firms. These same businesses went on to say that good coaching was extremely valuable—indeed, was more than worth their investments in these areas.
The business environment continuously grows in complexity and at a rapid pace. Keep in mind that as your business moves through stages of growth, your key business challenges will inevitably change. Also recognize those new challenges will require changes in how you manage your business. If you want to stay competitive in the midst of growth and change, don’t be afraid to ask for help along the way.
I just got back into town last night after having spent 2 days in Las Vegas with my Real Estate Mastermind Group. In years past, (before I wrote the book, “Broke To A Quarter-Million”) I prided myself on my independence and ability to grow a business without going to real estate club meetings, paying for coaching or especially buying into expensive classes and products. I gave myself a little too much credit for going it alone without the need for input and education from peers and other experienced real estate investors.
Fast forward a few years, and now I would tell you a different story. I joined my mastermind group in 2017 and can personally attest to the way a solid mastermind can dramatically improve your business. Over the past 2 years in this MasterMind, I’ve rubbed shoulders with some of the top real estate talent in the country and have made some lasting relationships in the process.
We meet 5 times a year and at the end of every meeting, I come back armed with so many proven strategies, tactics, relationships, contacts, resources, etc. to take my business to the next level. Knowing what an impactful tool a mastermind can be, I have to be sure to lay out the 5 reasons why it makes sense for real estate investors to join one.
Alchemist Insights
When you run out of time in a day to “learn while doing,” or when the margin of error for learning from your mistakes is gone, you look for expert help to provide guidance and work through complex problems quickly.
