In 2007 I attended a large conference about marketing and business growth.

Somewhere in a 90-minute presentation by Dan Kennedy, he threw out a thought, almost like it was just a passing idea he wanted to share, that resonated with me in big way.

Dan was teaching about direct mail and he referred to some folks in his personal mastermind group who were now coaching others how to grow their businesses.

Dan then said, “By the way, if you find yourself being asked by for help, you might also have a coaching program.”

Two years later, after I had grown several successful businesses, some entrepreneurs started asking me how I was creating and growing so many different businesses.

I remembered what Dan Kennedy said about being a coach, but honestly I dismissed the idea since I had no formal training as a coach or leader of a mastermind group.

I know now that this was the ‘ugly voice’ of the imposter syndrome creeping into my success mindset.

Thankfully, a few more people sought my opinion and I decided to dip my toe in the water by creating what is today, my Dream Business Mastermind and Coaching Program.

I started by doing an informal survey of what some entrepreneurs liked about mastermind groups and some of the things they did not like.

One of the things I heard over and over again was that while they loved the idea sharing and camaraderie, but they did not like the travel time, expense, and being away from the office for 2-3 days or longer.

I thought about this and decided to launch what I believe to be one of the first ‘virtual’ mastermind groups for entrepreneurs.

Yes, I was virtual before virtual was cool!

There are many types of mastermind groups; some industry-specific and some have ‘score cards’ where you are only accepted into the group if you have a certain level of revenue.

My thought was that the real benefit of a mastermind is the sharing of ideas about what’s working and what’s not working.

I also knew and appreciated the camaraderie and caring nature of some groups.

I figured the ‘caring and sharing’ aspect of masterminding could only be enhanced by not making the group industry specific nor with revenue requirements.

I believed in 2009 and still do today that we can learn from what others are doing in other industries and perhaps adapt it to our own businesses.

I further believe that everyone starts somewhere!

And those that have already achieved some level of success can help those closer to the starting gate.

This thinking closely follows with my Serve First philosophy.

In addition, what I discovered with this approach was that it is not uncommon for ‘newer’ entrepreneurs in my group to not be hampered with ‘proven’ opinions.

Meaning, they might just might be more willing to share a thought or an idea they believe, perhaps out of naïvete, but in some cases, it is head-slapping brilliant to those more experienced business owners who might think they know better!

I originally started my virtual mastermind as an additional revenue stream, but it soon became my main business.

Thankfully the early voices of imposter syndrome did not pan out, and I grew to accept the fact that I was in fact a great coach and mastermind leader!

So how does that happen without formal ‘coach’ training?

You might be curious about starting your own virtual mastermind group and like me, have never attended “Coach University” and are wondering if you have what it takes.

In other words, what can you learn from Cap’t Jim’s experience that can help propel your success as a coach and mastermind leader?

Here are 4 things that I believe are important if you want to be a coach:

  1. Motivated Self-starter
  2. Solid experience and record of accomplishment
  3. You’re passionate about helping others achieve success as much as yourself
  4. You are the go-to person for answers/inspiration and encouragement

With hindsight of the last 14 years coaching hundreds to higher levels of success, here are ten signs that I believe will make you a good business coach.

See how many you have!

  1. Strong communicator
  2. Empathy
  3. Experience
  4. Problem solver
  5. Thinks quick on feet
  6. Strong moral and ethical compass
  7. Adaptability
  8. Open to feedback
  9. Willing to deliver tough news/opinions
  10. Patience

If you feel your experience and drive to help others achieve higher levels of success; if you feel that an additional revenue stream – perhaps a lucrative revenue stream is something that appeals to you, keep reading!

Little voices notwithstanding, if you believe you would make a good business coach and mastermind leader, the next steps include figure out is how to start your own virtual mastermind, what to name it, how to price it, and ultimately how to grow it!

It just so happens that Capt’ Jim The Dream Business Coach has a ready-made solution for you!

For an appetizer, a “sneak peek” if you will, click here and then keep watching this space:

Cap't Jim Palmer, The Dream Business Coach

Cap’t Jim Palmer, best known internationally as the Dream Business Coach, is creator of the Dream Business Mastermind and Coaching Program and host of Dream Business Radio – a weekly podcast based on Jim’s smart marketing and dream business building strategies. He is also the founder of Success Advantage Publishing.

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