The business and practice of coaching go hand in hand. One feeds the other. They have a symbiotic relationship: without the success of one, both will probably die.
Building and maintaining a successful coaching business is a real challenge. Unfortunately, many coaches are unable to earn a livable income in pursuit of their entrepreneurial dream. Competition is tough, but the knowledge needed to run a business is often lacking.
You Must Know Both The Business and Practice of Coaching
The business and practice of coaching are inseparable unless you work for a coaching or consulting firm. If you are an employee, you generally avoid most of the responsibilities of running a business. However, if you strike out on your own and start your own business, it is imperative to understand the business and practice of coaching
The Practice of Coaching is Different Than the Business of Coaching
When deciding to become a coach, the first step is to take an accredited coaching program. Most people know that. They learn the skills and obtain the knowledge essential to having a successful coaching practice. Without these skills you will be unprepared to help people achieve their goals. Without these skills, your coaching ability may be lacking and your client list will be empty.
The Business of Coaching
However, having a successful coaching business takes a separate set of skills. These skills are necessary to the successful operation of a business. Anyone who has ever owned a business, from a small home-based one to a large multiple location company, knows that having the right business skills usually means the difference between success and failure.
The business and practice of coaching not only means you have top-notch coaching ability, it also means you have the required business skills needed to run a profitable business.
Good business skills will help you:
- Define your coaching niche and target a profitable market perfect for your skills.
- Build a coaching business relevant to your community and to the changing dynamics of the coaching industry.
- Learn how to market and implement the right marketing strategies to attract new clients and retain current and past clients.
- Learn how to properly handle administrative tasks, such as licensing, taxes, business plans, office space and location, and other important business administrative duties.
- Set your fees correctly and subsequently raise or lower your fees if needed.
- Ensure that your business adheres to and exceeds all ethical and legal standards.
Understanding the Business and Practice of Coaching Means Success
There are certainly people who are so talented at what they do that they can still be successful without the right business acumen. However, even these people would probably be more successful if they learned and practiced good business skills.
For most individuals striving to become established coaches, the combination of both the practice and the business of coaching is crucial for success in a very competitive industry. Successful coaches are usually great at helping people obtain their goals, and they are also great at operating a business in today’s fast-paced, uber-competitive market.
Know how to Coach and know how to run a business? Then, know that you will have a very successful career.
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Writing Team, Coaches Training Blog Community