10 Business Coaching Scams To Know About, For Female Entrepreneurs
Female entrepreneurs are not immune to suggested successes. There may be scammers calling themselves a business coach for women, but it is actually just going to drain your money. You need to be careful before you hire a business coach for female entrepreneurs or outsource any work.
The United States Association of Certified Fraud Examiners found that small businesses are especially targeted for scams. They estimated that U.S. businesses lose an average of 5% of their gross revenue to fraud.
You can also check my article 20 questions you should ask a business coach before hiring. )
Here are ten common business coaching scams for female entrepreneurs, and how to learn from my personal mistakes.
Please note that everybody can call themselves a business coach. Even when they’ve never had a business before.
1. A Business on Facebook Promises to Teach You How to Make Lots of Money on Facebook
When your business is not about: selling how to get rich with Facebook, their methods do not work just as well for your personal audience. You likely have a different audience than what they do, so their templates do not work as well for you as for them. Their numbers do not work.
Selling to get rich on the platform using the platform works wonderfully yet the results of their clients are mostly not as great as they pretend.
I do recommend that female entrepreneurs take advantage of social media and Facebook groups, but don’t fall trap to a scam trying to pay large sums of money for their help.
2. A Businesses Promises to Help You Build an Online Funnel
If you believe you need a funnel to make you money, yet you have no idea how to create a funnel on your own, then companies will charge you ridiculous amounts of money to build it for you. They make it seem very complicated, so you start to feel like a beginner.
If you do not have a large advertising budget or do not have a big following, your funnel is not going to work as well as you hope.
You need a lot of money to test your adds campaigns on any platform. If your budget is not big enough you will never get past this phase and in that case, you cannot make a lot of money with your funnel.
3. A Businesses Promises to Help You Build an Online Course
That is not what you need initially when you are beginning your businesses.
You need a big following or a lot of money to pay for ads before you should think about building a course.
They don’t tell you this. And because you believe your online course is going to make a big difference you will end up frustrated and paid a lot of money.
To build a successful online course, you first need a big email list, a lot of social media followers, online copywriting skills and design skills. You need a launching strategy, with emails, webinars, etc.
But they don’t tell you that because they want you to pay them to help you to create your online course.
As a business coach for women, let me tell you this, creating the course is the easiest thing to do. You can do it yourself once you’ve grown enough.
4. A Business Promises to Help You Find Your Ideal Audience.
This type of scam promises that when you know who your ideal audience is all your problems will be solved because you attract them magnetically.
However, this simply isn’t true. If you can’t sell in a personal conversation, or when you can’t sell online, knowing your ideal audience won’t ensure sales.
5. They Require You to Pay a Lot of Money Upfront
Fraudsters all know that after a few months people stop paying the monthly installments. Guess why?
Because you start to notice that the strategy is not working for you as well as they promised you.
They will tell you that you need to be willing to do the work, even if they promised to do it for you when they sold you on their services. If they ask for a lot of money upfront, be very skeptical about working with them.
6. They Promise, You Can Get Rich Quick
An individual or business may lure you in by showing you how they made a million dollars overnight with real statistics. But there is no ‘get rich quick’ fix.
What they do not tell you is that they have been working for years to build on an email list that big, that you can make that kind of money overnight, or that they have failed miserably most of the time until they found something that works.
You have to be willing to create consistency every day and work hard. You cannot keep using your kids as an excuse (or any other excuse) for not being able to do the work.
You will have to work the hardest in the first five years, even when you do not want to put the effort in that is needed: and believe me, it takes much more time than you can even imagine.
7. They Promise if You Write a Book You Will Get Rich
I have written two books and yes, I am making money from the spinoff of my book, but not as easily and far not as much as they have told me I would.
Everybody writes a book nowadays. And becoming a best-selling author is super easy when you know the tricks on how to do this. So, the word bestselling author does not have much value anymore.
8. They Promise if You Become a Successful Speaker You Will Make Lots of Money
If you are not a celebrity already you will likely not get asked to speak at all.
You need to be out there every day promoting yourself, calling event organizers, and prove yourself over and over for very little money if you are not one of the big celebrities.
Yes, I am making money off the spinoff of my speaking gigs, but only because I’ve created a system. Would I only speak and sell my book, I would not make money at all. This promise is not true, and don’t believe it when you see it.
9. They Promise if You Duplicate What They Do You Will Get Rich
There is no ‘duplicate me and you will get rich’ strategy. Every businesswoman is a different person. So, the strategies that work well for me, might not work for you.
Everyone’s audience is different, so you need to approach them differently.
Your surroundings are different. It is a lie and yet it is being sold over and over.
10. Learn to Write an eBook and Grow Your Business Massively
First of all, the number of poor eBooks I see is annoying. Often, they are super well marketed, but the content is bad. Many use eBooks only to get your email address, but not because they wanted to give value and impress you.
Even if you have a valuable eBook, with the right cover and great content, your email list is not going to grow overnight. It takes work and constant promotion everywhere you can, to grow your business with an eBook.
And I could even make this list bigger, with lead hunting agencies, sales page designers or copywriters and more.
So, What Is The Learning Of All Of This?
Each of these examples are from my personal experiences, yet this is not all of my experience with scams. I am a business coach for female entrepreneurs and have spent over 100.000 euros over the past ten years investing in myself, so I’ve seen just about all the scams for female entrepreneurs out there. And when I started being a business coach for female entrepreneurs, I already had 21 years of personal business experience behind me.
Even though I’ve made plenty of mistakes, I now know all the common pitfalls of female entrepreneurship, and I spend my time coaching female entrepreneurs.
If you’re a female entrepreneur looking for a business coach for women, then this advice could make or break your business. Check out one of our monthly mastermind classes led by a business coach for female entrepreneurs. Try it out the first class, for just 1 euro ($1,20). Click here now to get started.
And again, if you’re looking for a business coach, here are 20 questions you should ask a business coach before hiring them.
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About the author:
Tineke Rensen is in business for 30 years. She built an international Outdoor and Survival business from scratch and sold this after 22 years. Tineke was a national whitewater kayaking champion.
She now is one of the most all-round business accelerators you can find. There are very few topics she cannot help you with your business. Many people find it hard to believe when they hear this. How much do you think you know about a topic if you live it day and night for 30 years?
Tineke works with female business owners to grow to their full business potential. She uses her own system the “Blueprint for a Successful Business Makeover”. She is a women’s business coach.
Tineke is the author of “Maximum Business Growth For Women”
If you want to watch business videos with Tineke Rensen you can like the Powerful Business Academy Youtube Channel