Strategies to Build a Stable and Thriving Coaching Business
Coaches are now more business oriented than they used to be. Coaches know that beyond coaching being a profession of dedicated service to mankind- the business side should be considered. Honestly, we all want to help people, solve problems and thrive while at it. You get the opportunity to share your expertise, give out your messages and genuinely help people get life changing outcomes.
Coaching allows you create a way of life guided by, and lived on your own terms. As a solopreneur, the beautiful part of it all is that you have the freedom to work from anywhere. An office, your home, on a vacation in Hawaii, or even from a space shuttle in Mars. All you need is your phone, laptop, stable power supply, and an internet connection.
But as sweet as this sounds, the business side of it comes with its many challenges. The world doesn’t work anymore by the adage “build it and they will come”. You have to actively and relentlessly put in the work. Be business conscious, do everything legally and morally right to better position your business for a big break. This will make the job of scaling up when the time comes less hectic.
Unfortunately, a lot of coaches lack this foresight. They just dabble into coaching, because someone told them that they were great motivational speakers. They forget that many parts make a whole, and in a short while they get frustrated and devastated from poor outcomes.
Let me brutally honest with you, no matter how talented and great you are at coaching… if you don’t effectively market your services, handle the business side thoroughly or position your business at a favorable spot, your business will not be profitable.
There some key principles to follow, if you must run a profitable coaching business.
The first thing to do is…
Pick a Lucrative and Profitable Niche Market
An error coaches make is having the thought that they are supposed to work with everyone, and solve every problem, just like so many life coaches (with an exception of a few who focus on key life areas). This makes them become a jack of all and master of none. If this is you, it will be very difficult for clients to identify you to a particular field. You are an expert at none and cannot command premium prices that experts in any coaching field will usually charge.
Know and work with one client, your ideal client and solve that person’s pressing problem. When you have mastered this, consistently delivering outcomes for your client, you’d become an expert in that field. If you can successfully identify and pick your niche market, it opens you up to a lot of opportunities which you can take advantage of. This causes your business to grow exponentially.
There are ways to go about identifying a niche market.
- If you’re the patient type, you can let your market find you. This is through working with everyone for a while; solving problems and helping them get dramatic outcomes. Take track of progress and see which brings in the most profit, ease and results. You could decide to then major on that.
- This is for the determined ones. Pick a narrow audience, find out the biggest problems they have and help them solve it. Truth is, there is no stereotype with humans. We can be anything we want to be, with or without special skills in an area. When you see how good it works for you, then you can go ahead to get better on the job, with consistency and through active learning.
- Coach on what you’re passionate about. This is for you if you have a compelling or inspiring story to get out there. This could be why you decided to coach in the first place. You having an experience and conquered it with great results in the process. It is great that you want to help others achieve same results. But it is important that you refine it, take some classes and package it in a way that it becomes profitable.
You can also find your niche market by answering the questions below:
- What do you love doing?
- If there is one thing you want to be remembered for, what could it be?
- What are your hobbies?
- Are there fun points, things you love about your job or interacting with people?
- What makes your day a meaningful one?
- What is the one thing you achieved that made you so proud?
- Do you have childhood ambitions that still appeal to you?
- Is it a profitable specialty in your market?
And more soul searching questions…
Do not fail to do some market research on what is currently trending in your niche market, and what your target audience needs. If you have what they need, they would gladly invest in it. This way you will route your coaching services and messages to solve specific problems for specific groups of people.
You will also be saved from the burden of signing up clients without sounding salesy. You will connect with clients better. You can demand premium fees. Clients who are ideal for you will seek you out. You can also leverage on your expertise for bigger impact and results.
Affirm Your Business Idea
I think I can safely say this is one of the gravest mistakes coaches make with their businesses. Affirming your business idea is the root of any venture. A coach just gets in the market, picks a niche and slams a price on it. That’s like putting the cart before the horse. You will spend years waiting for a big break in your coaching business to no end.
Authenticate your business idea first by honing your craft well. Then connect with a few potential clients who will be willing to pay for your services, even before you’re ready to launch. Give them problem solving samples of what you have to offer. You can do this using a webinar, and the whole process should take a couple of days.
This way, you’d know what the reception to your idea is like. You’d also know what your market needs. This way, you progressively build a hub of clients. You won’t spend years building something that your market does not need.
Although, I must tell you beforehand that this is not an easy task. It is not easy to get people to shell out their money for something that have not tried or tested. You have to get them to trust you, be confident and spot on with consistent delivery of value for the price you charge. If you succeed with this, you will be building a business that is certain to have sustainable growth and an ideal paying audience for a very long time.
If everything I said above isn’t well understood, I’ve summed everything up in bullet points below.
- Capitalize on your strengths and delegate your weak points
- Develop dynamics that gives you an edge over the competition
- Reach out to audience in your market on a one-on-one basis
- Create concept proof (in the form of a webinar, showcasing your expertise)
- Grow your audience and email list
- Launch and take pre-orders of your services
- Get feedbacks; use them in building and making the right adjustments and tweaks on your business
This is the easiest way to have potential clients in line waiting. Also helps you understand what your market wants and making your business a better one.
Make Your Business Authentic
My personal mantra is that a person should be authentic and this should translate to the things you do. That way, even when you are not there, the narrative about you will be consistent with who you are and your stand… whether as a coach or a professional service business owner.
This is how to be authentic which fuses into your business. As a coach, you are the face of your business. Infuse your passions, interests and personality into your business.
There are some steps to authenticating your person and business below. Hopefully, you find them helpful…
- What values do you hold dear?
- What do you hope to achieve with your time on earth?
- What are your life vision and goals?
- What are your business ethics?
- Why do you do your business, with exception of the monetary gains?
- Do you connect to your business emotionally?
- How do you feel when you make decisions that align with your personal and business values?
- Is there a way you feel when you have to make compromises or bend the rule a bit?
These and more are deep questions you need to ask yourself in order to authenticate yourself and business. You would better clarify what guides you, what pushes you and what you stand for.
Consistently Grow Your Audience
A fact you need to know is that as your audience of ideal prospects and clients grow, so will your income. Growing your audience is also a measure to create a community of people who understand and connect to your business. Your audience is a very powerful asset to your business, more than you can imagine.
Your audience saves you from burning out in the process of attending to every person. They will assist you in helping other prospects and clients solve problems which they may have encountered…even before you get to it. These also are the same people who will do an extensive marketing for you, farther than your actual marketing campaigns.
You also get feedbacks from this audience which helps you make tweaks in your business, positioning it in a better light.
The following are ways to grow your audience consistently;
- Discover the biggest problems and challenges of your ideal clients and create a free solution for it
- Use simple materials like cheat sheets, checklists, audios, videos, or simple PDF reports. This depends on what your audience prefers. Do not forget to use infographics for the benefit of the visual-spatial learners. This is most effective on Facebook
- Don’t forget to have them subscribe to your list in order to get the full package
- Use your CRM system to automatically deliver these content to them.
Share Your Expertise
Once you have built an audience, the next step is to share your expertise with them. Let them know how much value they will get from you. Do not hoard your expertise like a squirrel stashing nuts, waiting for the famine to come. If you do, there’d be a new kid on the block by the time you decide that you are ready to share.
Be obsessed with providing great and profound value to your audience in a short time. Sharing your expertise does you and your audience a whole world of good. It helps your audience solve life problems, creates goodwill, and at the same time, makes you more knowledgeable. The more you teach the more of a master you become.
Sharing your expertise also engraves your place as an expert in your field. You can do this through webinars, podcasts and other materials that best fit your audience. You can also put your audience to an inspiring challenge that will push them to take action.
For example, if you’re a fitness coach, you can put your audience to a 30-day burpees challenge, with you actively taking part. Ask your audience to send in short testimonials of their results before the end of the 30 days. With the results coming in, you can tell your audience to work directly with you, so they can lose even more weight through your personal coaching.
They will gladly sign up, because they have been sensitized by the outstanding results they got from doing the burpees challenge with you. You have shown that you are a resourceful expert, your strategy works and you can give them more. They trust your expertise, and will work with you.
Your prospective clients need to know and to trust you. This will enable them take action to work with you. Sharing your expertise will expose you to more people, establish you as a resourceful person, and make your prospects trust you to solve their need. This will lead to more clients, and a boost in income.
The take home? In your hands lay your success…
Nobody will walk your path for you. If you must be successful in the business of coaching, you have to point out all the hit points and act on them. Identify and capitalize on a niche in your market that’s profitable – and then take other steps to position yourself as the best in your market through the aforementioned strategies.
You will be favored by clients, stand a chance with the biggest in your industry, topple the competition and scale up so fast you’d be blown away!
You can’t wait to get the ball rolling and you need our support? Schedule a breakthrough call with a member of our team.
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