The ABCs of Your Coaching Business
by Gordo Byrn
[Editor's note: This article also appears on the TrainingPeaks blog.]
Recently, a successful business owner shared an insight on time management. I’ll paraphrase his opinions to get the ball rolling:
We value ourselves more than we think. We are not all that valuable. We spend a lot of busy work doing just that -- busy work; non-productive.
My first manager had me focus on my time:
A-time is revenue producing. Meeting with clients.
C-time can be outsourced. B-time helps grow my business. A-time is the only time I always personally have to show up for.
But A-time only makes up about 20 percent of my work week. All the rest is non-revenue producing or business building time I would rather have somebody else do.
Have you considered the ABCs of your business? I have.
To define what should make up my A-time, I ask myself:
With B-time, it’s tempting to tell yourself that you need to be an expert in all areas. However, that’s impossible and to be the best you can be you’ll need to develop specialist experience that’s unique enough for people to pay you to share what you know.
At Endurance Corner, our solution to building deep specialist knowledge has been to form a world-class team (of coaches, athletes and alumni). We use technology to connect ourselves via an online forum that enables us to share our knowledge. Collectively, we benefit from each of us contributing in an area where we have deep experience.
To illustrate, it would take me decades of B-time to become an expert in:
By the way, the above is a list of the specialties of our columnists. While my friend avoids B-time, we’ve found our best marketing is to give away good information for free. This reaches and then educates new team members.
Minimizing C-time requires change and we share a strong bias towards the status quo. Remember that the easiest way to increase your return on investment is to create systems. In a coaching business systems might include: