There’s a lot of talk that a recession is coming. Have you noticed this has been a constant question played out in the media for the last few years?
It’s understandable. At this point, we’ve had the longest stint of economic growth in the history of the stock market, and eventually, that will turn, and when it does, you want your business to be solid.
A lot of fear comes up for all of us when there’s talk of recession, but particularly for business owners. But what’s cool about a recession is that it often “rights” things that were out of balance.
For example, in 2008 there were more real estate agents than ever before. When the housing market crash happened, the agents that were in it to make a quick buck moved on, but the really good, passionate, dedicated agents not only survived but they eventually thrived.
A recession gets rid of people who aren’t playing an A game. So, how does this relate to coaching?
To be blunt, there’s a really low bar to becoming a coach. Anyone can go to coaching school if they can pay the fees. Practically anyone can become a coach, whether they’re talented or not, and the average coach has only one paying client a year after getting certified. Plus there are plenty of folks that call themselves coaches but have not had formal training at all.
In a recession, the coaches who aren’t bringing their A game will go back to their day jobs and make room for the “cream to rise,” so to speak. The coaches that are really great at their craft and know how to engage with their prospects will be more in-demand than ever!
Think about it: we coaches help people bridge the gap between where people are and where they want to be. And there’s nothing like a recession to clearly show people where they are versus where they want to be.
There are three things you need to do as a coach going into a recession:
- Master your craft and create a great client experience.
- Have a clear value proposition and be able to demonstrate a clear Return on Investment (ROI) on people’s time, energy and money investment in working with you.
- Master and love the art of client enrollment
In times of recession, coaching is just as needed, if not more so, than in times of growth. Up leveling leadership and building high-performance teams, helping people find new careers, and helping people bring their A game to their life is just as important and possibly even more important during hard times! Focusing our work on deep, rich change where it’s always needed and desired is always crucial to a thriving practice, particularly in times of slowed economic growth.
How recession-proof is your coaching practice? What will you do to bridge the gap between where you are now and where you need to be to be sought after regardless of what is happening in our economy?
Tara Butler Floch