Business of Mums, Coaching Sales Struggles and Financial Loss
In 2014, a community called The Business of Mums was launched to support women entrepreneurs, but the venture struggled to generate revenue despite high engagement. Significant capital was spent on custom-coded websites and expensive marketing agencies without securing coaching clients. By 2015, the lack of a clear value proposition and ideal client profile led to a personal financial crisis and the exhaustion of personal savings.
business of mums· coaching services· marketing agency· startup failure· 2014
00:54 You're listening to The Business of Stories with Susan Payton, showing you how to share stories that do the selling in your business so you don't have too. It was 2015 and I was sat at my kitchen table feeling emotional My husband had just asked me a question that made me finally say out loud something I could no longer ignore But before I tell you what that was let me backtrack a little I'd spent the last 12 months or so building what i thought was a business. It was a space for women who wanted to start their own business because, believe it or not when i started looking around for business support in 2014...I couldn't find anything! Facebook groups weren't really a thing So I created the community I was looking for. I called it The Business of Mums
01:49 And I provided lots of resources, interviews a forum and notice board all sorts of great stuff for mums starting a business. And...I was offering coaching nobody was buying my coaching! I was really struggling to be seen and heard in my own group and looking back it's obvious why I wasn't clearly articulating the value of working with me or why someone would want to invest in my coaching services because, if i'm honest...I didn't really know myself. I knew I had lots to offer. I'd always worked for myself. I knew what my strengths were. I've always been resourceful and a lifelong learner. I'm good at making things simple and I knew I could help people but I didn't really know how
02:45 So my plan was, and I'm not talking business plan here. I'm talking idea! My idea was that if I got enough women who were starting their business into the group and I asked them what they needed... ...I would find the thing that people were asking for that I could help them with And it seemed to be working. I was getting a lot of women coming into the group saying this is exactly what they've been looking for but they weren't buying So, I started throwing money at the problem. Trying to make it work Doing the things that I thought would work! I had an all-singing all dancing website built when it cost thousands back then because everything was coded. I even and this makes me cringe to this day employed a marketing agency And paid them lots of money
03:37 Because I thought, I just need more people. Right? If i get more people in and more people know about it then they'll come and they'll want my coaching but he didn't work like that of course it didn't so here I was one evening sat at my kitchen table having a glass of wine with my husband when he asked is everything okay how's your business going and I got really tearful I said who am I kidding I haven't got a business I've got a group, but it was a free group so i wasn't getting any income from it. And everybody loves it and everybody's engaged but it's not a business in fact it was costing me money! I'd used up my savings...but on all the wrong things because i didn't have the key foundational pieces in place
04:29 I didn't know who my idol client was. I didn't know their story, I didn't understand my value There were so many bits missing but i didn't know what I didn't know So my husband said what do you want to do? And I said I don't know! I'm not ready to give up yet but I need to do something different What I am doing just telling people hey book a call and I can help you isn't working And that wasn't easy to admit, but if you've been there you'll get it. When you know you can help people…but just don't know how to get that across in a way that feels true to who you are rather than some hyped up buy my stuff marketing message! The longer this goes on the more you start to doubt yourself and question yourself or remember thinking maybe I'm not cut out for business?
