When it comes to scaling your coaching business, you can't afford to get distracted.
In his book The Entrepreneur Roller Coaster, Darren Hardy argues that every entrepreneur should know and focus on their three "vital functions" as a business owner. Each type of business has a different set of vital functions.
So, what are the three most important functions if you run a coaching business?
It's a good question to ask. Here's why...
If you're not aware of your vital functions, it's easy to get distracted by low-priority tasks instead of focusing on the things that only you can do and then outsourcing everything else.
But if you know what your three vital functions are, you can prioritize the right things each day in your business. Watch this video to learn more:
Here are your three vital functions if you run a coaching business:
1. Delivery. This is your main function as a coach. You owe it to your paid clients to focus on serving them before you focus on anything else. If you neglect this area, you may have some initial success but it will start to become really expensive to acquire new customers since you won't get any repeat business or referrals.
2. Enrollment. This one can be broken down into two components: marketing (getting awareness) and sales (converting that awareness into paid clients). Enrollment is your second most important function because if you don't create a steady stream of new clients, you'll eventually have no one left to deliver to.
3. Leadership. When you start off your coaching business, you might be doing a lot of the administrative stuff yourself. But as your business starts to grow, you'll probably want to start hiring and managing people to outsource that work to (virtual assistants, contractors, even employees). At that point, your vital function becomes leadership: determining the overall strategy and direction of your business and delegating to other team members.
If you focus on those three vital functions each day, your business will grow a lot faster than if you creatively avoid in other areas. Put your attention on doing great work, bringing in new business, and leading your team for long-term growth.
Now that you know your three vital functions, what specific strategies projects are you going to tackle this month? How can you structure your days, weeks, and months so that you can focus on your three vital functions and outsource or eliminate everything else?