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Day 105: It’s Smart to Test a New Business Idea

by Apr 14, 2021Coaching, Productivity0 comments

“I’ve gotta say, I don’t know what I would have done if it weren’t for this group?” said one of the members of the practice group. “Me too,” said another. It felt pretty good to hear those words. It meant I’d added value. And that’s one of the things I always want to do.

One of the goals I’m working on right now as a Hero On A Mission is to build my coaching business. One possibility I’ve been looking at is being a coach for new coaches in the coaching community that I’m a part of.

I was a part of another practice group with some other coaches. It had gotten larger and larger. I noticed that a fair number of new coaches were looking for an opportunity to be in a group that specifically helped them improve their coaching skills to boost their confidence. I wanted them to walk away with the thought that they can indeed deliver a high-quality coaching experience for future clients.

A Business Idea

I decided to start a group of my own as a test product. It would last anywhere from 7-10 weeks depending on what course we decided to use for our practice.

There were four things I wanted to discover.

  1. Would enough people be interested in a group like this?
  2. Were my ideas for an effective practice group solid?
  3. Is my coaching knowledge and experience enough to add value to the members of the group?
  4. Could I make money doing this?

Next week will be our final session where I’ll get evaluations and feedback from the coaches who’ve been with me for almost three months. That session will be where I get my full answer. But I have gotten some feedback already.

The Pros

Over the past few weeks several members of the group have spontaneously and enthusiastically said, “I just love this group!” The group setting was truly powerful. The group learned so much from one another. My idea to keep the group small was effective, giving everyone opportunities to learn and develop. If the group had been even a couple of people larger, it wouldn’t have worked like it did. And there certainly were people who wanted to get into the group. In fact, I had to put two people onto a waiting list.

The Cons

On the downside, I don’t know if these people would have signed up if they had had to pay for it. I offered this trial practice group for free. They had already made a significant investment to receive their coaching certification. One of my group members was pretty passionate that she didn’t think she should have to pay more for a group like ours. It should be included as a part of the certification’s on-going support. I’m curious to see what others think.

I’m glad I’ve done this trial run. I know I’ve created something worthwhile. I added value to the people in my group. I’ll have to wait until all the data points come in before I make any decisions about what to do next.

What do you think I should do?

Glen Stevens

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