How will the New Media movement effect your coaching practice?

Below is a post that I have written this morning for my colleagues in the business and life coaching industry on my Coaching Gym blog, and I wanted to share it with you in a wider audience.  So take the references to coaches and apply them to your own profession.  What will this mean for you and your business?

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Are you one of the many coaches feeling the overwhlem of too much
information?  There seems to be so much to take in, and just where do
you start when it comes to the information that you read, watch or
listen to?

Books, magazines, newspapers, radio, TV – just by themselves they
were sources of information that would keep most people happy.  But
just like the Demtel commercials …. BUT WAIT THERE’s MORE!!

You now have access to MORE information via websites, blogs,
podcasts, ezines, and electronic news services.  All delivered to your
desktop without you having to leave to walk down to the newsagent or
book store (no wonder middle age spread has turned into middle class
spread).

So as a coach are you just delivering information that is available
elsewhere?  What happens when your clients and prospects work out that
what you offer can be found in many places AND in a more friendly and
cost effective way than you are delivering it?  Is your business set-up
in a way that takes advantages of the changes in information and
technology?  Will you change at the same pace as your target market?

As the amount of information and the number of coaches continues to
grow will you be part of the industry that moves with the trend toward
shallow platitudes and quick answers to complex problems (some of which
don’t have answers at all)?  Will you be offering watered-down wisdom
that is easily digested or long-term solutions that are getting harder
to sell?

Don’t believe me that the world of information is changing?  Have a look at a short history of information sharing at http://epic.makingithappen.co.uk/
(use the "click here to view" to see an 8 minute flash presentation on
where the information/technology merge has come from, in a very short
space of time, and where it may be going).

Are you prepared for this?  The 2014 timeframe may actually be
conservative.  Are you ready for the speed of change in the information
market in the next 5 years?  How will this effect your business?

How do I know if this is a good business idea?

The short answer to whether any business idea is good or not rests with the opinions and the wallets of your customer base.  Only they can truely tell you whether your idea is worth money or not.

But in the meantime there some great questions (remember that questions are one of the keys to solo success) that you can ask of yourself, your business and your target market that might help clarify whether this is an idea worth persuing.

• What resources and effort is required?
• What are the start-up costs for this venture?
• What is the expected breakeven point?
• Can it be trialled or modelled?
• What blockages or restrictions can be foreseen?
• Which of your personal strengths and qualities does it call on?
• What business skills are required?
• What specialist skills are required?
• How can this be tapped into the efforts of other organisations to get to market, faster, better, cheaper?
• What is the crucical magic that this business will be creating?
• What would the service/product be ready for market?
• What are the true costs of operation?
• When would you run out of money?
• What can your service/product do that your competition can’t?
• What can your competition do hat you can’t?
• How do your customers experience this business?
• What channels will you use to attract awareness?