You're in the Dragons' Den

Imagine the scene...

You get whisked off to a BBC studio and have to present and justify your coaching practice in front of the panel in the Dragons' Den. Yikes!

(In case you're not aware of this BBC TV series, the Dragons' Den consists of a panel of 5 entrepreneurs who have achieved great heights in the world of business. Aspiring entrepreneurs get the chance to pitch their idea to members of the panel and encourage them back their business venture).

Would you be able to convince the panel that your coaching practice is a strong venture worthy of their consideration? If not, you are doing yourself a great disservice...

You see, many coaches enter the field with a half-baked idea of their coaching practice - at best. Just because a standard coaching practice doesn't need a vast amount of capital, too many coaches make the mistake of treating their idea casually.

Remember:

Casualness leads to casualties

The fact is that setting up a coaching practice can be a risky proposition. It is in your best interests to minimise any potential downsides for you and your family. Make sure that you really think through your idea for your coaching practice so that you come up with the most solid venture possible that gives you the greatest chances of success.

But what to think about?

Questions from the Dragons' Den

Here are some common questions that you'd be likely to hear if you were in front of the panel on the Dragons' Den. These questions are really the fundamentals of business. If you don't have an answer for some of them just yet then please take the time think through your idea more thoroughly:

1. What exactly is your idea? - In a few sentences, summarise the essence of your coaching practice. Where are you now? Where are you going? What do you want to achieve?

2. Who is your target market? - Do you have a clear description of your target clients for your coaching practice? Who exactly do you want to attract into your coaching practice?

Make sure that you can answer this question in detail. Hint - "everyone" is not a target market. Get very specific!

3. How will you attract clients? - How do you let people know that you exist and can help them? What methods are you using to attract clients into your coaching practice?

4. Who is your competition? - Are you aware who else is offering a similar coaching service to your target market? What are their strengths and weaknesses? How are you going to counteract your competitors?

5. Why would people choose you? - If you have a valid target market and ways of reaching them effectively, why would they choose you over and above anyone else? Make sure that you develop strong reasons for this point - it's vital.

If you are struggling with some of the questions above, then you may have identified the root causes of your client attraction challenges.

If you are serious about building a strong coaching practice, then e-mail me to request a consultation.

So, what would you do if you were in the Dragons' Den?

With very best wishes,

Shaun

Authentic Practice
helping coaches to get more clients
45 Capitol Court
Old Coach Road
Wollaton
Nottingham
NG8 1GX

Website: http://www.authenticpractice.com

Tel.: (0115) 928 3070 or (0845) 123 5105
Mobile: (07811) 262 111

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I work with coaches who have a strong desire to help others but are currently struggling to get clients. I help them to attract more clients and create a stable coaching practice to make a difference in the world.

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