Starting A Coaching Business: 3 Things No One Tells You
Are you someone who has a passion for helping others achieve their goals and overcome their obstacles?
If so, have you ever considered starting your own coaching business?
According to recent statistics, the coaching industry is proliferating and is estimated to be worth over $15 billion worldwide.
With an increasing demand for personal and professional development, there has never been a better time to start your coaching business.
As a coach, you have the opportunity to make a positive impact on people’s lives while also building a profitable and sustainable business.
According to a survey by the International Coach Federation, the median annual income for coaches in North America is $62K, and many coaches earn well over $100K annually.
In this article, we’ll explore 3 main things people wish they knew before starting a coaching business.
1. Determine your coaching niche
As a beginner in the coaching industry, it can be tempting to try to be a “jack of all trades” and offer a wide range of coaching services.
However, this approach can be overwhelming and may not be the best strategy long term.
Instead, take the time to define your coaching niche.
Start by identifying your area of expertise – what are you passionate about, and where do your skills and knowledge lie?
For example, if you have experience in marketing, you might consider specialising in business or marketing coaching.
Or, if you have a background in fitness and wellness, you might consider becoming a health and wellness coach.
Next, evaluate the market demand for your niche. Are there people out there actively seeking your type of coaching? Are there other coaches in your area offering similar services?
You can research your competition to identify gaps in the market that you can fill. So, suppose you want to specialise in career coaching for recent college graduates. In that case, you might find plenty of coaches in your area offering general career coaching, but few specifically focused on this demographic.
By defining your coaching niche, you can position yourself as an expert in a specific area rather than a generalist. This can help you attract clients and differentiate yourself from the competition.
2. Develop your signature coaching program
With structure and consistency at the core, developing a signature coaching program can provide a tailored and high-quality coaching experience that helps clients achieve their specific needs and goals.
To begin crafting your program, consider the key elements that will make it stand out. The process may seem daunting at first, but don’t worry – we have a few tips to help you get started.
Explore the guidance below and learn how to create a coaching program that reflects your unique expertise and vision.
Set clear outcomes
A coaching program should clearly define the outcomes that clients can expect to achieve. For example, a weight loss coaching program might aim to help clients lose 10 pounds in 8 weeks.
Step-by-step process
Provide clients with a clear and manageable step-by-step process to achieve their desired outcomes. For instance, a financial coaching program might break down the budgeting process into smaller, more manageable steps.
Set the length
The duration of a coaching program is an important factor that can impact the effectiveness and success of the program. The length of the program will depend on the specific needs and goals of the client, as well as the complexity of the issues being addressed.
A career coaching program may last for 3-6 months, with bi-weekly or monthly coaching sessions. The program could include a step-by-step process for identifying career goals, developing a job search strategy, and enhancing interview and networking skills.
Name your program
Giving your coaching program a name is like giving it a special identity and personality. It’s like adding a “wow” factor to your program that can catch people’s attention and make them want to know more.
Personalise your program
While a coaching program should provide a clear structure, it’s important to allow customization to meet each client’s specific needs. So, a health coaching program might enable clients to choose from various workout routines based on their fitness level and preferences.
Accountability
A good coaching program should offer clients the tools and resources to hold themselves accountable and track their progress. For example, a productivity coaching program might give clients a daily planner to track their tasks and accomplishments.
Support
Finally, your coaching program should provide clients with ongoing support and guidance throughout the coaching process. This can include regular check-ins, feedback, and encouragement.
After you’ve created your program, test it with a pilot group of clients and make improvements based on feedback. This is a great way to refine your coaching program and ensure it delivers the results your clients are looking for.
3. Market your coaching business
For beginners in the coaching industry, marketing your coaching business can be one of the most challenging aspects of starting your own business.
A good marketing strategy should consist of a mix of online and offline tactics and be tailored to your specific coaching niche.
Build your online presence
Creating a website and having a presence on social media platforms is a great way to showcase your coaching program and reach a wider audience.
Your website should include information about your coaching program, testimonials from past clients, and a clear call to action to schedule a consultation or discovery call.
Social media platforms like LinkedIn, Facebook, TikTok, and Instagram can also be used to promote your coaching program and share valuable content with your audience.
So, if you’re a career coach, you might create a LinkedIn post about the top 5 ways to land your dream job, linking back to your coaching program page on your website.
Attend in-person events
Attending in-person events, such as conferences, seminars, and networking events, can be a valuable way to market your coaching program.
You can connect with potential clients face-to-face, providing a personal touch that can help establish trust, build relationships, and showcase your expertise.
When attending in-person events, it’s essential to have effective marketing materials that showcase your coaching program and provide value to potential clients.
For example, a well-designed brochure can give an overview of your coaching program and highlight your unique benefits to potential clients.
One way to enhance your marketing materials’ interactivity is by incorporating QR codes. With a simple scan using their smartphone, potential clients can be seamlessly directed to your website landing page or directly to your coaching program, providing them with easy access to valuable resources and information.
What’s more, making a QR code is pretty straightforward and free, making it an accessible and effective way to elevate your marketing materials and stand out in a competitive market.
Offer free taster consultations
Offering free consultations is another effective way to market your coaching program.
By providing free consultation, you can give potential clients a taste of what it would be like to work with you and help them understand how your coaching program can benefit them.
Let’s say you could offer a 30-minute free consultation where you would discuss their goals and challenges and give them a personalized action plan that they can use to achieve their goals.
This can help potential clients see your coaching program’s value and establish you as a trusted and credible coach.
Summary
Starting a coaching business can be an exciting and fulfilling journey for those passionate about helping others achieve their goals.
With the growing demand for personal and professional development, there has never been a better time to start your coaching business.
By defining your coaching niche, developing a high-quality coaching program, and implementing effective marketing strategies, you can position yourself as an expert in your field and attract the right clients.
Take the first step on this exciting journey, and start building your coaching business today.
