Interested in starting your own entrepreneurial journey in business development but unsure what to expect? Then read up on our interview with Greg Faxon, Founder of Greg Faxon Enterprises, located in Essex Junction, VT, USA.
What's your business, and who are your customers?
GregFaxon.com offers business coaching for...wait for it...other coaches! Kind of meta, I know. We help coaches fill their client rosters. Most coaches have a big desire to share their wisdom and expertise with other people. But actually attracting those people? That's another skill set entirely. And that's what we teach. Our mission is to create the simplest, most effective marketing system for coaches. Whether it's your first paid client or your first $100k month, we're here to help you do it in a way that feels good for you.
Tell us about yourself
I started the business when I was 22 years old. At the time, I was working for a marketing consulting firm with clients like Capital One and Pfizer. I remember one day, my eyes were glazing over from staring at an Excel spreadsheet, and I thought: "I gotta get the hell out of here and start my own business." But I didn't know what type of business to start. When I came across coaching and realized it could be a great fit. I've always been interested in personal development. So I asked my girlfriend: "Should I be a life coach?" She laughed in my face. And honestly, I couldn't blame her. Who's going to hire a 22-year-old life coach? I knew that I had to learn to market myself if people were going to take me seriously.
I wrote blog posts, held free workshops, and even did 30 free coaching calls alongside my full-time job. I figured that if I was able to help people for free, they'd want to hire me as their coach. And you know what? I eventually landed on a few things that worked. Within a couple of years, I was doing six figures in my coaching business. That's when other coaches started coming to me and asking, "How are you getting clients when you're so young?" And so I started teaching them what I had learned. Almost by accident, I ended up with a few clients who were also coaches, and they got great results.
For a while, I resisted the idea of working solely with other coaches. But then I thought about how overwhelming it had been to start my own coaching business. And how amazing it had felt to build a real business based on my own skills and experience. I loved the idea of simplifying the process for other coaches. I wanted them to wake up knowing exactly what they needed to do each day to fill their roster. And that's still what keeps us going today.
What's your biggest accomplishment as a business owner?
Having a business has allowed me to do so many cool things. I've written a book, interviewed Seth Godin, spoken and colleges and conferences, created an online course that sells itself, held a live event, hired my first full-time employee, and gone off social media completely without losing money. I'm super grateful for all of that. But I think the most fulfilling part of running a coaching business is seeing the results that our clients create. We've had a client go from zero in revenue to retiring her husband, one who hit $110k in a single month, or one that doubled his revenue while cutting his hours in half. That's what really lights me up.
What's one of the hardest things that comes with being a business owner?
No one else can tell you what to do. Freedom is what every entrepreneur wants, but it's a double-edged sword. You make the decisions, chart the path, and live with the consequences. Having your own coach or mentor can help with this, but it's still going to be lonely and disorienting. There are moments when you love what you're doing and moments when you want to get a job or start a different business. But those are the moments when you grow, and it's who you become in the process of building your business that matters.
What are the top tips you'd give to anyone looking to start, run and grow a business today?
- If you're looking to start a business, don't do it. It's a pain in the ass, and there are easier ways to make money. True entrepreneurs will ignore this advice and prove me wrong by taking action.
- If you're looking to run a business, don't do it. Instead, find an amazing assistant/operations person who can run the day-to-day. Then focus on designing a better machine and growing the business (see below).
- If you're looking to grow a business, stick to your strengths. The marketing strategies that work for you are going to be the ones that fit your personality.
I have a free quiz to help with this: https://www.gregfaxon.com/quiz
Where can people find you and your business?
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If you like what you've read here and have your own story as a solo or small business entrepreneur that you'd like to share, then please answer these interview questions. We'd love to feature your journey on these pages.
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