How to Save Money and Grow Wisely as a New Coach

In poker, being “a fish” means being an inexperienced player whose money ends up in a shark’s – a more experienced player’s – pocket. As the saying goes: If you can’t tell who the fish is at the table … it’s you. 

As an aspiring coach, you can be likened to the fish as you begin to explore the coaching world. We’re often seen as consumer fish by shark-like coaches and vendors. In this post, I’ll share the mindset and key rules I use to decide when to buy, when to assert my value, and how to hold onto my cash. 

The Coaching Market: Promise and Predators 

Explosive Growth 

The coaching industry is growing rapidly. The number of coach practitioners increased by a whopping 54% globally between 2019 and 2023, and by an additional 15% since then, according to the International Coaching Federation (ICF). The world needs coaching, and the revenues nearly doubled last year, according to the same organization. 

Enter the Hustle and Its Pressures 

Since I started my coaching journey a year ago, I’ve noticed a surprisingly high number of consultants and coaches targeting me in their marketing efforts. 

With a decade in the tech startup world, I’m no stranger to vendors trying to sell their products. I respect service providers who bring real value. But in coaching, I found a new level of aggressiveness in the hustle.

Midlife Career Makeover on a Shoestring 

When I quit my job as a coder to pursue a lifelong dream in mental health, my paycheck dropped from tech-level comfort to nonprofit-level simplicity. Think “very light, very present.” 

Starting out broke was a blessing in disguise: it forced me to get ruthlessly clear about what I would invest in and why. 

What I Looked For in a Program 

I searched for a coach training program that aligned with my priorities and values. In addition, I looked for: 

• Classmates: Peers are the most essential part of learning, in my opinion 
• Content: I wanted to build on the skills I’d gained as a crisis counselor. Listening skills, ethics, and client empowerment were on my radar. 
• Accredited by ICF: I wanted to utilize my education to become certified as a coach. 
• A reasonable price: I sought a balance between a $100 DIY PDF course and a $10,000 guru-style retreat.

Swimming with Hungry Sharks

In my search for a coaching program and in learning about the industry, I signed up for every webinar, newsletter, software trial, and free class I could find. I showed up for the learning, but stayed for the retargeting. It was as if the algorithms were shouting, “Hey Coach Coaches™ – there is a new fish in the pond. Lunch is served!” every time I opened up my laptop. 

No Entry Without Protection 

The Power of Not 

I wanted to continue learning from other coaches, but I realized I needed to shield myself from the constant selling energy. I wanted to be their peer, not their customer. 

I made myself a rule: don’t become a consumer here. I call it “The Power of Not”. Gain clarity and withstand pressure by following one rule: don’t. Whenever I feel tempted to take out a loan for a group program, hire a business coach, or pay a content creator to build an app or website for me, I whisper to myself: “The Power of Not.” Then I get back to work. Task at hand: How can I get what I need without breaking the bank? 

Needs and Wants 

I can no longer shop happily 

I came in here for that special offer 

A guaranteed personality 

— The Clash, Lost in the Supermarket (1979) 

Yes, business owners need to invest. But do we really need a website, business cards, certifications, an office, a logo, new headshots, or a flawless Instagram funnel to get started? No.

Ironically, most of the famous Coach Coaches tell a story along the lines of “I started with nothing, I just started coaching. I found my first client at the beach/ through a friend’s friend/at a flight/by talking for free at the library/by putting up notes.” Yet those same voices now sell “perfect” revenue machines that require six software subscriptions and thousands of dollars. The math is not always mathing. 

As an aspiring coach, I suggest we start the buying/not buying process by asking ourselves three foundational questions: 

• 1. What do I seek? (and why?) 
• 2. What do I need? 
• 3. Can I fulfill the need for free? (If not, what’s the most inexpensive way to get it?) 

The answers I usually get are: 

I seek a way out. I want to escape the uncomfortable. “Please, Dear Guru Coach, save me from these pathetic efforts and laughable results, and make me popular!” 

I need accountability. I have a hard time holding myself accountable and feel a strong urge to hire someone for the job. 

“If only I had a group of peers cheering me on … that would keep me on track.” 

Yes, there are inexpensive or free options. 

I often start with a book (library or using ThriftBooks, it’s about a third the price of Amazon) or ask a friend who knows more than I do. 

The truth is, there is no way you can pay yourself out of the learning pit, and there is no need to pay money for accountability. Another currency is needed: vulnerability and courage to ask for support.

Caterpillar – Mush – Butterfly 

I recently learned from my friend, Capability Coach Breanne Gill, that before a caterpillar becomes a butterfly, it’s essentially broken down into mush during the pupa stage. The caterpillar’s body turns into a “nutritive soup” that feeds the special cells destined to become wings, antennae, and everything else the butterfly will need. 

Breanne brilliantly added a twist to the classic butterfly-growth analogy: The Mush Phase. 

In this fascinating conversation, we examined what we, as business owners and coaches, might need during this oh-so-unglamorous and painful stage of our careers. 

Finding Solutions 

Connection, not Competition 

As coaches, we have a rare privilege: free access to coaching from each other. By nurturing relationships with fellow coaches, we have an opportunity to create the support system we need as we grow into this profession. Use the core coaching competencies not only with clients, but also with yourself and your peers. Connection multiplies the impact of our work, helping us stay grounded and courageous. 

Wait for No One 

We help clients step into action. Hope Theory shows us the source of action: Goals, Agency, and Pathways. When we hold off and when we wait for a new course, a guru coach, or another certificate, we risk giving away our agency. 

The only exception is that sometimes we need to pause and let ourselves catch up. Ask yourself regularly: What are you waiting for? If you can’t come up with a good answer, follow the old slogan: Just Do It. And if it helps your motivation, add the new one, “Why Do It?” 

Ready is not a feeling. It is a decision. 

When I began my coaching education, I was eager to share what I was learning. I came up with the idea to host my own meetup for business owners interested in personal development. Because I was on a budget, I decided to host the event in my kitchen and serve soup to the attendees. That’s how Soup & Success was born — a monthly meetup for female-identifying business owners [soupandsuccess.com] where I’ve been covering topics like “Stressfree holidays”, “Self-Care System Thinking”, “The Power of Yet”, “Sensitive – Struggle or Superpower?”, and more over eight gatherings. 

So far, I’ve had 35 attendees. Not exactly New York Times Best Seller stats, I know, but the events have enabled me to: 

+ Establish myself as a Mindset Coach and public speaker in my area + Build meaningful connections with business owners and coaches
+ Get invited to partnerships and collaborations 

+ Experiment with marketing strategies 

+ Learn and grow in ways I could not foresee 

Don’t Ask for Permission 

Coaching is a creative occupation. Creativity thrives with boundaries, but asking others for acceptance rarely helps. I’ve noticed that it’s common for shark vendors to powerfully communicate a “Don’t!” in their sales pitch. 

“Don’t get stuck in 1-1 — Create your own course!” 

“Courses are dead — You have to have your own app!” 

“You don’t need any technology — use my simple formula!” 

No wonder the Mush phase feels overwhelming. We’re not only dissolving. We are also bombarded with contradictory advice from ‘experts.’

In the podcast I co-host with Business & Wellness Coach Yenka Fencl, Grit and Gut, we include a Mission: Permission reflection in each episode. We reflect on what permission we will give ourselves going forward. It’s been surprisingly powerful to allow myself to go to bed early, listen to my body more closely, not compare myself, and stop eating when I feel full. It’s a free and simple practice that I highly recommend. 

KISS (Keep It Simple, Stupid) 

The KISS principle in software development stands for “Keep It Simple, Stupid” (I know – Not very nice!). Things get messy fast outside of coding, too. Selling to a potential client means removing barriers and confusion. Simple does not mean easily done. 

The Power of Not helps us resist adding unnecessary complexity. With a can-do mindset, we uncover resources we’d miss in ‘buy-new’ mode. 

So tell me what you want, what you really, really want 

Once we’ve exhausted the resources at hand, we’ll know it’s time to invest in a new solution and to take the next step. By then, we’ll know what we need, what we want, and what we don’t like. 

With that clarity, we can make the best choices for our business and ourselves. 

That’s when we swim freely and happily ever after.

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