As I was scrolling through my Facebook feed the other day, I noticed something peculiar. All of the ads in my feed were from business coaches offering six-figure dreams.

They all had the same outfits, the same stylized photos, the same backdrop and, quite frankly, even similar ad copy. Different people, same exact ads.

It seems as if everyone and their mother is a business coach these days. It's almost like some weird pyramid scheme where a bunch of coaches are coaching coaches on how to make money coaching.

As a business coach myself (though I mostly work with writers and thought leaders and was making money with a business before I began coaching), I've started thinking that this is going to have to come to a screeching halt someday.

There is definitely a business coaching bubble going on, and it's only a matter of time before it pops.

So, if you're also a business coach who actually knows what they are talking about, here's how we're going to survive the impending implosion of the business coaching industry.

Spend money on the right investments.

While on a recent business trip to Austin, I got to catch up with someone who'd I'd coached briefly a couple of years ago after a speaking engagement. It turns out she'd ended up going with another coach, but boy did she give me some insight on what's actually going on out there.

"These people you see on Facebook and Instagram are spending $3,000 on photo shoots to look the part, but they aren't making any money," she said. "They're going broke and the people mentoring them are giving terrible advice."

When I asked how she was so certain she responded with, "Because I fell into that trap myself. I even had one of my coaches tell me I needed to get hair extensions and that's why people weren't responding to my social media posts."

Wow.

You see, this is where my background in writing about business and finance comes in handy. I'm always looking for ROI, not the latest trend. Hair extensions are certainly not going to make me money, but investing in contractors will.

This is where I implore you to only spend money on things that will actually give you a return. Like learning sales or building a financial team. Also, vet mentors before you hire them.

Seriously, let other people waste their money chasing the latest trend while you focus on getting the best return on your investment. Sound financial decisions alone will ensure you survive while others quit when they realize they have no money.

Let people know you have actual credentials.

I'm tired of seeing business coaches whose first businesses are their current business as a coach. That's not a qualification, that's a sham.

This is, again, where my background as a financial writer comes in handy. I was making money as a writer and marketing consultant for financial companies before I started teaching people how to create their own businesses.

My background in working in another small business before going out on my own also gives me the necessary chops to teach people about the ins and outs of running one. In other words, I'm going to survive because I actually know what I'm doing.

If you've also got the credentials, then you'll also be more likely to survive the impending doom of the business coaching industry. Your next step becomes marketing these credentials and letting people know you actually have them.

Put your blinders up.

As a result of feeling nauseated from seeing the same ads all the time, I quit spending so much time on Instagram. I also installed Newsfeed Eradicator for Facebook so that my newsfeed gets replaced with an inspirational quote.

I don't want to be exposed to things that can take me out of my game. I also don't want to go into "Compare Despair" when I'm having a bad day so I don't even allow the room for it to occur.

Quite frankly, I don't want to be concerned by what other people's ads look like or what they are promising. My main concern is what I can do to provide value for my readers, clients, and students. If I focus on that, then I'll be more than okay when this bubble bursts.

I also stick to my core group of mentors and colleagues - many of which who've already built successful businesses aside from teaching people about business. I learn from them, not whoever has the prettiest Facebook ad or most effective funnel.

Final Thoughts

Is the business coaching industry going to implode? Probably. But if you follow these tips you'll be more likely to get through it. Just sit back and let the phonies fall of.

Published on: May 25, 2017
The opinions expressed here by Inc.com columnists are their own, not those of Inc.com.