In this podcast episode, Angie and John discuss a common mistake among coaches: neglecting the business aspects of their practice. They emphasize the importance of managing business administration beyond just getting new business cards or a flashy website.

Angie shares her struggles with adapting to administrative tasks, underscoring that many coaching programs do not teach the essentials of running a business, such as marketing, managing finances, or filing taxes. They explore how Angie overcame her resistance to business systems with the help of a CPA and stress the importance of systematizing business operations for success.

John reflects on his own transition from working for a major company to managing a business, highlighting the necessity of understanding finances and planning strategically to ensure a coaching business can be profitable and sustainable.

The conversation covers the need for a business plan, realistic goal setting, knowledge of one's financial needs, and the potential pitfalls of inadequate planning.

Angie and John advocate for coaches to view their practice as a serious business, advising on seeking professional support and recommending resources like the 'Profit First' book, by Mike Michalowicz, for managing business finances effectively.

00:00 Introduction to Common Mistakes in Coaching

01:09 The Importance of Business Management in Coaching

01:31 Personal Experiences and Challenges in Coaching Business

02:14 The Necessity of Business Planning and Management

02:43 Strategies to Overcome Business Management Challenges

04:42 The Reality of Running a Coaching Business

05:22 Misconceptions and Mistakes in Coaching Business

06:02 The Importance of Business Planning and Financial Management

07:12 Practical Tips for Successful Coaching Business

09:16 The Role of Business Coaches and Importance of Business Plan

16:01 The Reality of Running a Business and the Importance of Authenticity

18:43 The Importance of Financial Planning and Tax Management

24:21 Conclusion and Final Thoughts