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SBW: Coach Finds Gameplans To Make Businesses Work

This is Small Business Weekly, a recurring feature in which we’ll spotlight a small, independently owned business in Bethesda or Chevy Chase. Got a business you think we should check out? Drop us a line at desk[at]bethesdanow[dot]com.

Peak Impact business coach Diane YochelsonA business coach is different things to different people, but to Bethesda’s Diane Yochelson, it’s all about changing a client’s mindset.

Yochelson started her Peak Impact business consulting firm in 2011, shortly after she became a certified Professional Business Coach in 2010.

Her clients are mainly those in the service industry — financial planners, lawyers, insurance companies, small real estate firms and other business consultants — having trouble generating profit, finding new leads or making time for life outside work.

“The role of the coach is to help the client shift perspective,” Yochelson said. “It’s to say, ‘Let’s start peeling back the onion at various layers and understand what happened that time things went bad.’ It’s to understand what went wrong, how it went wrong and how you can change it.”

Yochelson worked on the U.S. Senate Small Business Committee before going into commercial real estate. She moved back to Bethesda in 2008 after a seven-year stint in San Diego and got into the idea of business coaching while working with a career coach.

“I was so blown away by the impact it’s had on me and I knew this is what I wanted to do,” Yochelson said. “I found I missed the business side of things. I was an entrepreneur and in building my own business I started learning what it took and saw it wasn’t easy.”

The certification alone wasn’t enough to attract clients. So Yochelson studied marketing and sales techniques and brought some with her from her commercial real estate days.

She typically has 10 clients at a time, and can work with clients around the world for any number of weeks or months through Skype chats or on the phone. She’s currently working with a client in France. She’s had clients in Los Angeles, Colorado and New York, as well as ones in the D.C. area.

Her speciality is in finding ways for small business owners who have hit walls to find new leads.

She’s working with a client now who hates going to networking events. So they examined the types of events he’s going to make sure he’s targeting the right audience for potential clients. They role played exactly how a typical conversation might go.

“He’s had some bad experiences with it before but we were able to pull out of the role playing that he was networking in the wrong place for his target market, so he already felt uncomfortable,” Yochelson said. “He’s also introverted, so we talked about his perceptions of going to a networking event. If you go in thinking, ‘I’m going to collect five cards and then I’m done and never going to follow up,’ then don’t waste your time. If you take a deep breath and realize, ‘I might meet some nice people tonight. I don’t know if I’m going to get business out of this, but we’ll see what the future brings,’ than you’re going to be more productive.”

In that way, Yochelson acts as a sounding board for frustrations of business owners, then looks for ways to lead those clients past any roadblocks, either real or imagined.

“A lot of this negative self-talk is what holds people back,” Yochelson said. “A coach is there to sort of waive the flag and say, ‘Of course you can do it, and here’s what’s holding you back.’”

Photo via Diane Yochelson

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Don’t Settle for Student Loans to Pay for Online Education

Online college programs are becoming a more popular choice for prospective students, with one study finding that more than 6 million students enrolled in at least one online course in fall 2015. The popularity of these courses can be attributed in part to their flexibility with working adults' schedules, students' ability to progress more quickly through online programs and, oftentimes, cheaper tuition. [See 10 low-cost online bachelor's programs for out-of-state students.]Online degrees can be beneficial to many college students, but some studies have shown online learners complete their programs at lower rates than students at traditional brick-and-mortar campuses. Individuals with student loans but no degree comprise two-thirds of defaulted borrowers. Though these numbers are not encouraging, just like for traditional programs, there are ways to reduce how much you'll need to borrow for an online program to ensure you won't become one of these statistics. Don't just settle on borrowing student loans to cover the whole cost of your program and living expenses. Instead, start thinking about how to cut costs and cover your balance in different ways, such as the following. -- Grants and scholarships: Even though you are taking an online course, you can still apply and receive grants and scholarships. But your first step should be to complete the Free Application for Federal Student Aid, commonly referred to as the FAFSA, which will allow you to receive a Pell Grant if your expected family contribution is low enough. The EFC criteria and award amounts are adjusted annually, but the 2017-2018 academic year awards range from $606 to $5,920, which could significantly lower the amount you borrow annually. Your next step is to apply for scholarships. You can start by checking online scholarship search engines, such as the Salt Scholarship Search, College Board's BigFuture and Peterson's. But don't forget to take advantage of local organizations and your school's financial aid office. Both may offer scholarships that you can't find with a national scholarship search. [Review these 10 sites to kick off your scholarship search.]For instance, organizations like the Elks Club, Knights of Columbus or the Rotary Club typically offer scholarships annually to local students. Just because you're going to school online doesn't mean you're ineligible. Visit your local library for scholarship listings, and ask around town. You might be surprised how many local organizations offer scholarships. While these scholarships typically aren't large, every little bit counts. Each dollar you receive in a scholarship is a dollar you don't have to borrow and pay interest on. -- Work-study: Another option for online students may be work-study awards. Not all students enrolled in online programs are eligible, but students at some schools -- including, for example, SUNY Empire State College and Liberty University -- are. Work-study awards are not given upfront like scholarships and grants. In most cases, they are an offer to earn up to the awarded amount if you secure an eligible work-study job. While there is a misconception that all work-study jobs must be on campus, students can work for off-campus, nonprofit or public employers as long as the work is in the public's interest. You may be able to work for a for-profit employer if the job is relevant to your course of study. No matter who the outside employer is, it will need to have an established agreement with your college for you to receive work-study funds. Remember, to be eligible for federal financial aid, you must be enrolled and pursuing a degree or certificate. If you're not working toward a credential, Pell Grants and work-study won't be option, but you may still be able to take advantage of private scholarships -- just be sure to read the eligibility criteria carefully. [Explore what to know about financial aid in online programs.]-- Pay as you go: One of the great benefits to enrolling online is the flexible schedule, which can allow you to complete your college coursework around your responsibilities. But prospective students often overlook using their part- or full-time job earnings as an option for paying for college. Almost 80 percent of college students in 2015 worked at least part time while attending classes, according to the National Center for Education Statistics. By budgeting and thinking strategically about your college costs, you can likely reduce your dependence on student loans by paying a portion out of pocket. Many -- but not all -- online programs are less expensive than traditional programs and often have shorter payment periods. Six, eight or 10 weeks are common course durations. Because of the frequency of payments in an online setting, you may be well-placed to pay as you go and possibly avoid borrowing altogether. Attending college online and avoiding student loans may be challenging, but if you are willing to put in the effort, you can limit the amount you need to borrow. More from U.S. News Q&A: Understanding Student Loan Discharge Eligibility Student Loan Refinancing Isn't Right for All Borrowers
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