Today, I spoke to Marla Tabaka, who is a Million Dollar Mindset Coach, Inc. blogger, and host of two popular radio shows. In this interview, Marla talks about the difference between business and life coaching, the qualities all entrepreneurs have, how to decide if you want to be a solopreneur or have multiple employees, and more.
What the difference between a business coach and a life coach? How did you choose your path, which lies between both?
Experience has taught me that utilizing a combination of both approaches is the key to success in my niche. When the business owner is able to identify and resolve their stress and self-imposed limitations, they can achieve what I call The Million Dollar Mindset. With this empowering thought-process in place she can run the business from a confident, calm, and unlimited perspective – and the business will thrive.
This sets the client in motion to stretch beyond their current “comfort zone” and fulfill their purpose and passion in a life that brings them joy. When a client is stuck, for instance, I may ask, “What may be the negative consequences of achieving this goal or vision?” This helps the client identify unknown fears and stressors and gives us the opportunity to work through them.
Traditionally, a business coach works with Profit and Loss statements, business and marketing plans, and other business-specific items. While those things are important, I believe that working from “the inside out” (the person first, the business later – or simultaneously) helps the client achieve The Million Dollar Mindset, which leads to success in life and business.
How can you spot an entrepreneur? What qualities do all entrepreneurs have?
Million Dollar Mindset coaching includes identifying key values and how they create the foundation for a happy, balanced life and successful business. When I ask, “what do you value the most? What can you NOT live without?” Invariably, “freedom” is one of the top three things an entrepreneur cannot live without. I hear varying definitions of what freedom means, but being their own boss serves a critical role in their happiness.
Entrepreneurs are creative, resourceful individuals with a strong drive and determination to live their ideal life and support others in a meaningful way. Oftentimes, the business is an avenue to serve a higher purpose, contributing to the greater good.
Entrepreneurs are “idea machines” and are most happy and productive when they are working in the creative realm. They also possess a certain degree of willingness to take the risks necessary to achieve success. These are not exclusive to monetary risk, but include “putting themselves out there” and risking rejection, failure, and embarrassing moments. But a true entrepreneur will turn a potential setback into a positive opportunity and learn from every experience.
How does someone decide whether they should be a solopreneur or start a company with multiple employees?
In their eagerness to launch a business, people often neglect asking themselves some of the critical questions like:
- What is the five and ten year vision of your business?
- What is your exit strategy?
- What is the purpose behind starting your own business?
- Do you want a job or a business that you can scale and perhaps sell somewhere down the line?
If you want a job, then doing all of the work on your own is fine. If you want a business, and have hopes of selling it in the future, you will need support. In a way, the word “solopreneur” is a misnomer because solopreneurs do not have to remain “solo” through the long haul. You do not have to hire full time employees in order to free yourself from the technical work in your company and to work on your business instead.
When do you know you’re ready to hire your first employee if you’re looking to scale your company?
I remind solopreneurs that they may not need to hire an “employee” for a long time, if ever. Many entrepreneurs hire contractors to fulfill their obligations. But if you are truly scaling your company and have a solid plan in place (and the financial resources) here’s a good question to ask yourself. “Does at least 90% of the work I do on a daily basis contribute directly to the growth of my company?” If you are stuck in a technical or administrative role, your company will not grow to its full capacity, if at all.
You recently wrote about endorsements. How valuable are endorsements? Can they be trusted?
My personal belief is that endorsements and testimonials are very important. But, you’re talking to someone whose “buy strategy” is complicated. Prior to purchase, I’ve been known to email people who have given testimonials, just to make sure that they still feel the same way about their experience today! What would happen if your prospects did that? Would your testimonials hold water? Testimonials should “prove” to your prospect that your product or service can address their problem and surpass their expectations. I also caution business owners that their endorsements must be authentic, truthful and relative. Otherwise, they may drive people away.
With this said, a properly-written sales letter or email may not require the support of testimonials to drive and convert traffic. Unfortunately, not everyone has the skill or resources to craft such a letter, so testimonials and endorsements can take up the slack.
———-
Marla Tabaka, a Million Dollar Mindset Coach, believes that with the right mindset – anything is possible! She has seen many of her clients reach one million-dollars in annual revenues – and beyond. Marla’s success comes from her intimate understanding of the entrepreneurial mindset and her proprietary inside-out approach to business, known as the LifeMap™ Method. Marla is the author of the popular Successful Soloist Blog at Inc Magazine on-line where she shares insights, experiences, and tips based on her experience in life, business and as a coach. She is also the host of two popular radio shows, The Million Dollar Mindset and Million Dollar Tapping with Marla Tabaka. If you are interested in working with Marla, contact her through her website at www.MarlaTabaka.com.
