It is one thing to train as a coach and it is another thing to have a thriving coaching business. If you are wondering how you can start a successful coaching business, read on and learn some useful pointers that will get you on the journey to success as a coach. Remember, there is no one-size-fits-all approach, but you can implement these tried and tested tips to increase your chance of succeeding in this business.
5 Things You Must Do To Have A Successful Coaching Business.
1. Define Your Niche
The coaching industry is broad, and the coach training that you underwent may have prepared you to help a wide variety of people to overcome the challenges that they face. For example, you can be a health coach, a career coach, an executive coach, or any other branch of coaching.
While it can be tempting for you to dabble in a little bit of every type of coaching, you stand a higher chance of having a successful coaching business when you narrow your focus to a specific segment of the industry.
Related – What are the Different Types Of Coaching?
Start by asking yourself who exactly you want to help. For example, do want to help young professionals to climb the corporate ladder faster? Do you want to help mothers get back into the workforce easily after years off to look after their kids? Do you want to help executives under 30 double their productivity while saving 12 hours from each workweek?
By defining your niche, you will be better placed to attract paying clients who will keep your business growing to higher and higher levels.
2. Offer Solutions (Not Services)
Having zeroed in on your target niche, your next task as you build a successful coaching business is to offer your target audience solutions to their problems. It is so old-school to provide a list of the services you offer.
For example, who would be interested in paying thousands of dollars for “personal development”? What does it even mean?
But then, wouldn’t you spend your last dime on “getting the tools and methods which will enable you to double your monthly income every quarter”?
The second example illustrates what offering a solution to your clients is while the first example shows why offering services just doesn’t cut it if you want to have a successful coaching business.
In short, create a unique business proposition that will convince your potential clients that it is worthwhile to invest in what you offer.
3. Get Social Proof
The internet has made it possible for nearly everyone to start and launch a business in a matter of days. Some of those businesses aren’t even worth the time spent in designing their websites. And you know what? Internet users have grown immune to the statements of how revolutionary a certain program is, or how much transformation they will notice once they enroll for a certain course this very minute!
How can your budding business stand out in all that chatter? Get solid social proof that distinguishes you from the wannabe crowd. Be the go-to person in your chosen niche.
How can you become a thought leader in your coaching niche? Start by getting video or written testimonials from people in your target niche. For example, you can offer a generous discount to a few clients in exchange for their consent to record and publicize your coaching session with them.
Once you have those videos, ask an experienced video editor to create a slide of the most notable moments of those sessions so that you can post those clips on your website.
Additionally, join or create groups on social media (Facebook, Twitter, LinkedIn, etc.) and share useful information about your chosen niche. You can also write for authority sites so that industry leaders see you as an authority in your field. This social proof will get your name in front of the target audience, and business calls may start coming your way.
4. Implement Your Own Advice
As a coach, you will be urging people to seek your help as a professional if they want to get ahead. If you want to have a successful coaching business, it may be wise for you to partake from that advice as well.
Get mentors, role models and other experts who have walked the journey that you want to walk and follow in their steps. Why would you think of getting coaching business advice from your brother-in-law who is a florist?
If need be, pay for the expert help that you need to build and grow your coaching business. After all, the fact that you want people to pay for your services means that there is no free lunch! You too may need to pay for help in nurturing your coaching business.
This may be a hard pill to swallow, but the fact is that being an excellent coach will not on its own result in the success of your coaching business. You will need to build the right systems and market your business appropriately so that the clients you are targeting can pay for your expertise.
You don’t have to reinvent the wheel if you want to build a successful business. You would be better off devoting the time spent in trial and error to doing the things you love, such as helping your target clients. Let those who have succeeded guide you on your way to success!
5. Decide What Kind of Business You Want
Sooner or later, you will have to create formal structures around your coaching business. It is therefore important for you to think about what kind of legal entity you would like to form.
For example, do you want to create a sole proprietorship or you prefer a partnership? Talk to your legal advisor about the pros and cons of the different legal entities available so that you can select the most appropriate one for your needs.
While at it, also think about whether you would like to start a home-based business or you will get an office away from your home. Your preferred mode of operation may influence your decision in this regard. For instance, if you intend to offer online coaching services, then you can easily do this at home.
Don’t rush to set up the administrative systems, such as a website, until you are sure about the direction you want to steer your business towards. For example, you may try out several niches before you finally settle for one. Only then can you go ahead and build a business around that chosen niche. So, what are you waiting for? Join the 30 day business growth challenge below and Get to work implementing the suggestions above so that you can be sufficiently rewarded for doing what you love!
To Your Success,
Jairek Robbins and Team PCU
Ready to level up your coaching and leadership game? Want to make a big impact in the lives of others? Add more power to your purpose with our 12-week online Performance Coach certification course. Apply here: Course overview & Application!