How to Build a Coaching Business

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Tue, 21 May 2024 16:51:38 +0000
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By Sai Blackbyrn

The coaching industry is booming, thanks to entrepreneurs eager to use their motivational skills to inspire others to succeed. However, many wannabe coaches are totally stuck when it comes to actually building their own coaching business. They have unrealistic expectations and waste crucial resources on things their business doesn't need.

Starting a coaching business is not an easy feat. Plus, with all the aspiring coaches out there ready to impart their wisdom, the competition can be fierce. In this article, let's take a look at the basic steps you should take to start a coaching business.

5 steps to starting a coaching business

1. Define a profitable coaching niche

People go to coaches because they are looking for solutions to specific problems. This is why when you start a coaching business, it is important that you choose a specialized area, or a particular problem, to solve. Having a single niche will also help you tailor your target audience and allow you to build credibility with that audience.

Some common and profitable online coaching niches include:

Life coaching

Financial coaching

Career coaching

Business coaching

Wellness coaching

Relationship coaching

Weight loss and nutrition coaching

To choose a niche, figure out where your strengths lie. What are you passionate about? Do you have any past experiences or knowledge that will help you as a coach?

2. Get the required training and certification

While certification is not a requirement for becoming a coach, there are certainly advantages to becoming a certified coach.

For starters, getting professional training will allow you to refresh your knowledge and skills. This also will showcase you as an expert in the field. Yes, you will still have to convince potential clients to buy your services, but certification will serve as validation that you know what you are doing.

According to the International Coaching Federation (ICF), earning coaching credentials from a reputable organization can boost your credibility. In fact, ICF statistics show 83% of coaching clients expect coaches to hold professional credentials. Taking courses is especially valuable for entrepreneurs who are just starting out and don't have many client testimonials for proof. People are also more likely to recommend and go to coaches with a certification than coaches who do not.

However, if you choose not to get certified, you can show your credibility to potential clients in other ways, including your education, past work experience in a similar field, and testimonials and references from clients and colleagues.

3. Set up your business structure

Now it's time to choose a business structure for your coaching business:

Sole proprietorship

Limited liability company (LLC)

In a sole proprietorship, you are the sole owner of the business. You are responsible for all ongoing operations, including finances. This means if your business runs into any type of trouble, you are the one on the hook. With an LLC, on the other hand, the business itself is responsible for debts and liabilities; the owner is not personally liable.

Choosing between a sole proprietorship and LLC is dependent on your business goals. Consider speaking to a tax advisor to select the option that would be best for you.

4. Determine the best pricing for your coaching services

There are three ways to charge for your coaching services:

Per session

Per month

Per package

Initially, it is best if you start out by charging clients per package. Having an idea of how many clients you expect to have per month will give you a better idea of what your incoming income will be and help you monitor your business's cash flow.

You will also need to determine the right price for your services. Price will be dependent on your specific niche, your credentials and experience, target market, and income goals. Conduct a thorough market analysis to find out the prices offered by competitive coaches to give you an idea of the pricing your target audience is willing to pay for similar services.

Whenever you bring on new clients, make sure you have them sign a contract for your services. The contract should clearly state the services your clients can expect from you as well as the expectations you have of your clients.

5. Build an online presence for your new coaching business

Start off by building a website via which you can promote and sell your online coaching services. Your website should give visitors a clear idea of who you are and what type of coaching services you offer. It should also have a contact form or online scheduler that allows people to reach you conveniently.

Advertise and reach out to potential clients through social media. While there are many social media platforms, consider your unique target market when choosing a platform. For example, if you are solely focusing on executive clients, you will do better with an account on LinkedIn; if your target audience is into mindfulness, potential clients will probably be more active on Instagram.

Regardless of the platform you choose, make sure that you update your account regularly and consistently post content to keep users engaged. You can also join relevant groups and forums on social media channels to connect with other coaches and interested clients.

As your business grows, collect testimonials from satisfied customers. Share these testimonials on your website to convince others to sign up for your services.

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About the Author

Post by: Sai Blackbyrn

Sai Blackbyrn is the CEO at Coach Foundation and is known as the “Coach's Mentor.” He is a multiple-time #1 bestselling author and he regularly writes for Forbes. Sai has gathered a large following in the personal development space with close to 6 million followers on Facebook, as well as co-owning the third-largest business meetup group, and managing LinkedIn pages of over 200,000 members, consisting of coaches, authors, and speakers.

Company: Coach Foundation

Website: www.coachfoundation.com