What A Founder At Coach Lauren Wong Wishes They Had Known Before Entering The Coaching Industry
Lauren wishes someone had emphasized the "lack of stability" in being self-employed, specifically regarding financial management, needing to save money earned in good quarters and plan for inconsistent paychecks. Moreover, Lauren highlights the importance of marketing and branding, noting that "coaching sometimes can come up kind of be a brand," and expressing a need for more knowledge and exploration in this area, potentially through partnerships or other strategies to increase visibility.
Financial Management, Marketing, Branding, Entrepreneurship, Self-Employment
Advizer Information
Name
Job Title
Company
Undergrad
Grad Programs
Majors
Industries
Job Functions
Traits
Lauren Wong
Founder
Coach Lauren Wong
UC Berkeley
UCLA Anderson
Communications, Economics, Political Science, American Studies
Coaching, Speaking & Writing, Education
Education
Scholarship Recipient, Pell Grant Recipient, Took Out Loans, Greek Life Member, LGBTQ
Video Highlights
1. Managing finances as a business owner is crucial due to the lack of regular paychecks; learning to save and plan for the future is essential for stability.
2. Effective marketing and branding are vital for coaches to establish themselves and gain recognition in the industry; exploring partnerships and strategies to increase visibility is key.
3. Being willing to seek help from contractors or other professionals in areas where you lack expertise, such as marketing, can significantly contribute to the success of your business.
Transcript
What have you learned about this role that you wish someone had told you before you entered the industry?
As I mentioned, this role of being your own boss sounds amazing. However, there are also difficulties.
One of the challenges I constantly remind people about is the lack of stability. When I started my business, I gained a lot of money in one quarter but didn't realize I needed to save it. I don't get biweekly or even monthly paychecks; I get paid quarterly.
I set it up that way for my clients to make it easier for them. It's about learning to manage that money and think about future needs. I wish someone had told me how to manage finances better.
For instance, I'm currently thinking about managing finances on a different calendar year because my schedule doesn't align with everyone else's. Besides that, there's the marketing aspect. I'm not as good at marketing as I'd like to be.
Being willing to contact contractors or other people who can help is important. I wish someone had told me to explore that more. Coaching can also involve building a brand.
Some of the most famous or well-known coaches have a brand. I wish I had known a bit more about that and explored it further. Figuring out how to get your name out there more, whether through partnerships or other means, is something I wish I knew more about and how to prepare for.
Advizer Personal Links
https://linkedin.com/in/lwong89, coachlaurenwong@gmail.com, instagram.com/coachlaurenwong, facebook.com/coachlaurenwong