Starting a Personal Coaching Firm
Interview with Psycademy Founder Dr. Lisa Turner
Dr. Lisa Turner has founded a firm specializing in personal development. She shares a few entrepreneurial lessons that she's picked up along the way.
Dr. Turner started her firm, Psycademy, in 2004 in Hampshire in the UK.
She clearly knows how to start a coaching business and do it right, so we asked her to tell us more about what she's doing.
Tell me about your current business. What are you doing exactly?
Psycademy is the world leader in personal development , facilitation, training and coaching. The number one asset that any business person has is themselves and their team. We make it possible for people to increase the return on investment in that asset. We enable people to raise their inner threshold, to become more successful, feel more connected and increase their sense of purpose and mission.
I use NLP, NLPCoaching, and other proven techniques including some slightly "esoteric" ones.
What is your target market and why do they come to you?
We have two main client types:
The first are solo professionals who are not experiencing the kind of success they would like to. They are living their purpose but struggling to make living.
The second are those who are financially successful but feel their life lacks meaning or purpose. They are making a living but don't feel they are living fully.
We enable people to "live their purpose and still pay the mortgage".
What were you doing before this, and is this your first business?
I used to be a lecturer in automotive engineering. I still use the scientific method in my trainings and coaching now. No fluff, just facts and highly effective techniques.
Where did you get the startup money?
I invested my own savings, which I think really helps to focus the mind. There is nothing like spending your own hard earned money to ensure you get a return on your investment.
Who are your main competitors? How do you compete against them?
My main competitors are not other trainers or coaches, in fact I get many of my referrals from them. Instead my biggest competitors are apathy, settling for less, unwillingness to take action or invest in themselves.
I don't compete against them, I simply demonstrate what it is costing them in lost opportunity and lost revenue to not perform at their best or to live life to the full.
How has your experience in running the business been different from what you expected?
Initially I thought it would be harder to sell than it has been. Business people and entrepreneurs really understand that they ARE their business and so they need to invest in themselves first. I did, however, completely underestimate how much I would loath admin and compliance requirements.
Is there anything you wish you had done differently?
I would have outsourced the admin and compliance requirements MUCH sooner.
What have you done that has been very effective in helping to grow the business?
Social and business networking, both on and offline has been massively effective for me. I find it hugely supportive, a great source of information, suppliers, and most of all - clients. My target market hangs out on networking sites.
What advice would you give to somebody else who wanted to start a similar business?
Get very clear about the value you deliver. I meet lots of coaches / trainers / facilitators who are fantastic at what they do, but simply don't fully appreciate the value, in hard cash, of their service. Learn to ask your potential clients this question. "What do you think it is costing you to have this problem?" then provided your fee is less than this, they can't not hire you.
Thank you Dr. Turner for the great advice!
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