6 Things You Need to Focus on to Make it as a Full-Time Executive Coach
(June 3, 2019) Three years ago I took the plunge and walked away from an 11-year career in association management. I had traveled the world, managed teams, turned organizations around and built amazing relationships. But something was missing and no matter how many associations I added to my portfolio, I couldn’t fill the void.
I had run over fifty meetings and brought in hundreds of thousands of dollars, it could’ve been millions, but the chase that used to get me excited dimmed out over time. So after hitting my own personal wall (you can read more about it in Spitting Fire), I decided to get certified as a coach and leave my career to go at it full-time.
Ah those were the good ol’ naïve years where I thought I could bring in six figures in the first year and people would be banging down my door to work with me. After working with a client who was definitely not the right fit, the pool of clients dried up quickly. And that’s when the panic set in.
“What have I done?”
“Is it too late to get my job back?”
“How long can I live off of my savings?”
In month two I was tempted to take on a full-time job back in the association world. Thankfully the decision-making process of the Board of Directors took long enough for me snap out of the financial-safety day dream. I took on a couple more clients by the end of the year and made a modest $13,000.
To be honest I was happier being out of a toxic work environment and not crying every night in those first few months. But then the reality of a $2,000 rent, health insurance, dog expenses, and the other essentials like food and utilities snapped me into a true Oh Shit! Moment.
Then like the universe heard exactly what I needed, a friend and fellow coach swooped in and asked when I was getting my ACC credential (ACC credentials are through the International Coach Federation and require 100 certified hours — 75 of which are paid). I hadn’t even though about it until she opened my eyes to CORPORATE CONTRACTS. It was like the clouds parted and the sun started shining all over me. Gone were the business development struggles. Gone were the hurt feelings when a client left. Gone were the headaches of billing.
“This is it! I’ve made it!” I thought to myself.
I gathered all of my coaching hours and realized I only needed a few more to apply for my ACC. Within two weeks, I applied and passed the exam and had my ACC.
“Now everyone will want to work with me, an ACC certified coach!”
Oh, sweet little naïve me! Looking back, I want to give her a hug and stroke her hair, but business owner me had some serious lessons to learn.
I wore those three letters in every conversation. “I’m a CERTIFIED ACC COACH,” assuming anyone other than a coach would have any idea what I was talking about.
The disappointment grew when my monthly numbers were barely covering my rent. In an effort to cash hoard, I began charging my rent on my credit card along with everything else. This continued for eight months until I had amassed $17,000 in credit card debt. I share this with you not as a bragging note, but to be real with you. Whether this was a mistake or not is up to the eye of the beholder. All I know is seeing money in my bank account felt much better than the a low balance on a credit card statement (and I sure did love the 2% cash back).
The corporate contract that was supposed to make my year, was in a pilot program and took almost the year to get going. In my head I would be making bank, but in reality, it covered my health insurance.
Time to put matters into my own hands. The fire got lit under my behind to start reaching out to other business owners and coaches to get out of my head and my apartment. I clearly wasn’t going to solve this cash flow problem on my own, so why not interact with some cool chicks.
I began facilitating the Socialpreneurs on Capitol Hill with six women in different stages of business who met once a month. We let our guard down, asked for help and offered support. Maybe it was how I showed up or maybe I stopped being so desperate, but whatever it was, that group brought me two new clients at an increased rate.
“I’ve made it! My niche is now small business owners.”
I updated my website and changed my packages. I switched from SpitFire Coach to Lauren LeMunyan Coaching to be more appealing to the masses and anyone who owned an LLC would get the acronym and logo design.
I brought in a few more clients and learned a very critical lesson:
Do not offer discounts or favors to friends until after the full-price transaction has been agreed and/or paid
Why you ask? When you offer a lower rate or do things as a favor, the other person may expect this rate to continue and may not value your services at the valuation you would offer to someone else. It may feel more like an obligation or something you should do.
I felt almost a debt to this person and the more they asked for things, the more I caved in and did it. I hoped that they would reciprocate, but when the requests kept coming, I finally hit a wall and shut down. Sadly, that relationship is now null and void.
My insecurities and doubts as a business owner were leaking into every decision and conversation I was making.
From obsessing over website verbiage to changing package pricing and even bouncing back and forth with my target audience based on who hired me, my confusion was making my crazy and causing me to lose money.
Then in year 2 of business, I woke up. I reengaged with my fellow engine coach and got clear on financial goals and daily intentions. I got back to who I was and who I wanted to be. That’s when The SpitFire Coach as a brand was relaunched. It’s also when I stopped making excuses for not writing a book and got to it. I kept using the book as the block for not speaking at conferences, not working in corporate, and not making more money.
One day at 2:00am, it all hit me. It’s time to write the book. Within six weeks, the book poured out of me. I pledged to myself that I would only work when I was inspired, and I would stop when I was tired. I’m happy to report that I kept my word and published “Spitting Fire: Your Guide to Reignite and Maintain Your Passion at Home, Work and Beyond” in August 2018.
This leads me to my next lesson:
A book does not make you an expert, but it does make a very handy business card.
The more clarity I got around my vision and core values, the more I detached from the outcome. The book was never about monetary sales or media exposure. My goal was to help person — and that person was me. Publishing the book gave me the confidence to apply for speaking opportunities, have honest conversations with strangers, and ultimately believe in myself as a SpitFire.
To date, I have spoken at over 20 events and have sold over 1700 copies of Spitting Fire.
As I wrap up year three, I am amazed at the success I have achieved. I currently have 26 active clients located around the globe including Hong Kong, South Africa, Spain, Scotland, Brazil, Canada and 12 states in the US. I’m working with business owners, emerging leaders and professionals looking to start their next opportunity. I’ve logged over 1200 certified hours and now have my PCC with my eyes set on the MCC within two years. Financially, I am on course to triple my numbers from last year. I am proud to announce that I have paid off that credit card debt from my first year.
I’ve made amazing connections with other coaches and look forward to building incredible opportunities. What I’m most proud of is the trickle-down effect of the tools and skills my clients have learned and are able to now teach to their teams.
And for my final lesson…
When you believe in yourself, anything is possible if you’re willing to put in the time and energy.
Owning a business is not for the impatient, greedy or ego-centric. Give yourself the space to create, reflect and adjust. Give yourself the kindness when you get knocked down. And most importantly, give yourself a celebration when you succeed in your vision!
Lauren LeMunyan PCC is the Founder of SpitFire Institute a professional development and coaching services provider in Washington, DC.
