In 2003 I started my first coaching business.

Very exciting. People around me were very encouraging. My employer was sorry to lose me. The world was my oyster.

But I made some mistakes. As you would expect from a novice. No really big deal. It was my first time on my own. Mistakes are the things you learn from to grow.

But some of the mistakes are easily avoidable and when I mention them below you’ll see why.

1. Stick to Your Real Plan

Having a plan is one thing. Sticking to it is another. I had many opportunities offered to me in the first 6 months - and I took them all! Wrong! Stick to what you committed to do. If you’ve planned correctly (and this is crucial) you need to stick to your plan. Great opportunities that aren’t aligned to your goal may be well intentioned but they will be your demise.

2. Real Cash

I thought I would get good cashflow very easily. A good friend suggested I get an overdraft. I now wish I had. Ifyou have no cash it’s hard to d anything. I was looking at office premises, website, stationery and the like - all off what I had in the bank - which, at start up, wasn’t a lot. It made me fearful of spending any money. It meant that good ideas couldn’t be financed. And when you need to market yourself and you are desperate for cash - it shows. People sense it and you lose a level of credibility.

3. Real Support

Real support is support you get from your network that will send business your way. A great friend of mine, Barry Harrison, showed real support. He got me into seminars in his business and got me in front of many prospects. It was up to me to sell but Barry put me in front of between 75 - 100 people on a quarterly basis. All for free.

Another good friend, Justin Davies, worked with me on a CRM Strategy. Justin knew the right people who could help me and would get me to talk with them. It was very exciting. The problem became cashflow (see Point 2). But Justin was great in his support in terms of resources and energy.

4. Real Products

This is so critical. As a coach I thought I didn’t have to do this. Coaching was a loose process I could deliver on a case by case basis - wrong! It is important to have a process and model people can follow and understand. There is a term, “productisation”, that simply means putting what you have into a package people can buy. People want to know what they are getting for their money. And people will always do a mental calculation on the value of what we offer versus what they are prepared to pay.

5. Real Service

Having a plan to deliver on your promises without overcommitting is crucial. You need to know when to say “No” and be justified. You can’t do everything for everyone. I know, I’ve tried. It’s debilitating. So, ahead of time, sit down and plan what you are prepared to do and what you’re not prepared to do. Write up a customer charter and provide it to your clients. In the end all we have is our name. If that is smudged, the way up is a long road.

And so …

We all know it’s better to plan ahead and have a strategy. Just firing off in any and all directions is a recipe for disaster.

The biggest thing, in my opinion, is to have the cash and the support.

The cash allows you to do stuff.

The support help you do it and, if it’s good support they’ll tell you when you’re off track - listen to them.