Coaching, Masterminds, Retreats…Oh My!
Coaching, Masterminds, Retreats...Oh My!
- What women in business really need
Having been in business for myself for 25 years, I have seen a lot of trends and evolutions to the support available to business owners, particularly for women in service based businesses because that’s me and has been across the various businesses I have owned.
I remember my first business coach. Back in 2014, this coaching took on quite a structured form that would be delivered to any SME in relatively the same way, addressing key fundamentals of business.
It was good, it taught me a few things and most importantly, it was that coach who held me accountable to getting my first book written while my babies were at nursery - I still remember a moment typing away on my laptop on the sofa, next to the Christmas tree thinking “I must hit my word count target before the little ones are home full time for the holidays”
Fast forward more than a decade and I have witnessed so many shifts in business coaching, who offers it and the varying styles in which it is delivered.
I’ve seen this from all angles as a women business owner receiving coaching, as the wife of a business coach with the world’s largest business coaching firm AND as a business coach/franchisor myself.
So I think it’s time to spill the beans on what I really think is great and what I think truly sucks about the way business support is pitched to women in particular but everyone really.
Let’s start with coaching.
Having done well in business yourself, does not qualify you to coach or mentor others. Likewise, you don’t have to have done well yourself in any particular field to be a brilliant business coach.
There are essential components to the success of any business and a lot of this is rooted in the numbers and metrics. Don’t get me wrong, I believe that psychology plays the largest role in success, however the numbers will ultimately be the reason a business fails.
If you have ever worked one-on-one with a business coach who has not had a consistent and close eye on your key business numbers and KPIs, you have not worked with a business coach.
The ability to coach is different to teaching or consulting. It is a skill in itself that takes work and refinement. Would-be coaches often ‘shoot from the hip’ with uniformed advice rather than using coaching skills to help their clients uncover the answers that are right for their business.
A business coach is not the same as a business bestie. For me, one of the best things that has come from joining some female centered business groups has been the relationships made but too many women seem to join these groups to prey on the vulnerable members.
Maybe you have experienced those who seem to deeply care about your success IF you are a prospect. I feel so grateful to have found a few women who I have so much in common with (we’re a unique breed) and whom I can jump on Zoom with and chat business, life and all the things WITHOUT either party trying to sell something to the other. We mutually value each other’s time and input into the conversations and friendship.
Business coaches may have their own specialities or have expertise that makes them more effective with a certain niche or certain personality types.
As a women in business, I know that there are some things about my gender that impact my performance in business differently to men. Of course we ALL have masculine and feminine within us but there are genetic differences and societal influences to navigate too.
One coach may not be enough. I believe that different types of coaching have their place for different areas of business and performance. Just like a fitness coach and a nutritional coach and a psychotherapist can all bring something different to the table.
Not all business coaching is created equally and we should tune into what our BUSINESS needs when it comes to business coaching. That means all the things that impact our business, including personal performance and self-work. You may have a coach who is a great all rounder or you may work with a few coaches on different areas of business and personal performance.
My closing gripe with business coaching is contracted durations. A great coach will retain their clients month after month without needing to tie them into a contracted term. Yes, accountability comes from a commitment of working together for a period of time and shifts don’t happen overnight but if a coach communicates this effectively on the way in and signs up their ideal clients, there will be no need for a fixed term.
This is my view with coaching. It is not my view with other forms of delivery like a curriculum, a course or a franchise contract as those are very different modalities that are specifically delivered over a period of time or require participation over a period of time and that is when an agreed term makes sense and adds commitment and accountability.
With business coaching, no fitting client will expect to sign up for less than 3-6 months and should expect to invest in the coaching for at least that period of time anyway. Beyond that, the client may change direction, outgrow the coach, need to reallocate funds to a different type of coaching or area of the business… Things can move quickly and I don’t believe clients should feel trapped. Plus, what coach wants to continue supporting a disengaged client?
What’s a Mastermind?
I have been in them and I have run them and this is what I think….
A mastermind is supposed to be what it says on the tin. A group of great minds who come together and every participant is a valuable asset to the group.
A lot of masterminds in the business world have become a morph of group coaching. This is likely due to the way in which they are delivered. In my opinion, a mastermind will have a great leader as the host but they are not the one and only ‘coach’ that every member is there to learn from (that’s group coaching).
A good mastermind host will lead and hold space for a collective of minds who can bring value to each other. This will mean being mindful of who qualifies for the mastermind so as to maintain the value to all the participants.
I believe a lot of ‘business coaches’ started to offer masterminds as a means to charge more and leverage their time BUT this can be achieved through group coaching and allows people to get in where they fit in which is where they will gain most value and results.
I’ve seen too many business owners (myself included) get into financial difficulty having invested in masterminds and overstretched their spending in hope that getting in the right room, surrounded by the right people and learning from the mastermind host would be the magic fix that their business needs.
Women are especially vulnerable to this because firstly, we like to do things together and we find empowerment in community and secondly because many women in business are uniquely wired, some like me with ADHD or just with adhd-ish traits (which is why they’re driven in business) and this drive can lead to over-investing too.
My lessons to share here are, ONLY join a mastermind if you are already achieving great levels of success in your business and your business can spare the investment and comfortably cashflow it for the duration of the mastermind. And yes, that is your responsibility to decide.
A mastermind is the cherry on top and next level for a successful business owner. It is NOT the savior or fix for a struggling business or an unstable business. If that is you, a good business coach or mentor will be a better fit or group coaching if budget is tighter.
Retreats - What even are these?
To retreat means to move back or step away. The word is used in military situations and also in the sense of taking a break to rest and rejuvenate.
I have attended some of Tony Robbins’ huge business events with thousands of people and some of his smaller events with maybe a few hundred people. I have also attended ‘retreats’ with less than 50 people which I would argue are not retreats at all but in fact business events.
This summer I initiated a business retreat which I call the ‘Real Retreat’ because it is exactly that. It provided space, a break, a chance to recalibrate away from the day to day and noise of life and work. The BEST business breakthroughs of 2024 came from that retreat.
My ‘Real Retreat’ has no host, no hierarchy, no itinerary and no rules. It is by invitation only for women in business who want to take that break and be around similar minded women in business. That’s the only criteria. Message me if you want to know about 2025’s Real Retreat.
What I want to say here is that some of the other retreats I see amazing women hosting are incredible experiences and I highly recommend them. Go on them too. Choose those that align with what you and your business need and soak up all the good vibes and connections that come from them, they are fab. I just think they are usually events, no matter how zen, and the word retreat has become a little over used in the online coaching industry.
So there are some very real and honest views from a lifestyle entrepreneur! I feel a sense of duty to serve women in business and getting away from the buzz words and trends that lead people down paths they’re not ready for or not aligned with.
Getting the strategic fundamentals in place is essential for business success and that means both on paper and within ourselves as business owners. From that solid foundation (which requires continual growth and nurturing), it really is a unique journey for us all which social media and those with the loudest voices ought not dictate. Stay in your own lane!
With love, gratitude and high vibes - Lucy x
