Building a coaching business is not easy; in fact, it can be downright difficult. Whether you are already in the coaching business and seeking to pump up the volume (and your coaching rates), or you are considering coaching as a career, understand that making a great living from coaching is possible, but certainly not a walk in the park.
Your Coaching Business is More Than Just Great Coaching
It takes time, patience, energy, and hard work to get a business off the ground. Think of an airplane taking off – it requires more work and focus from the pilots and it burns more fuel during take off than it dos when it is at cruising altitude.
You’ll need to expend plenty of energy and burn lots of fuel when your business is taking off. You can relax after you’ve gotten your business off the ground and are cruising along swiftly and smoothly!
4 Keys to Building a Coaching Business
- Define your target market. Having a well-defined target market is virtually essential to success. Can you draw the parameters of your target market? Do you have a passion for this group? Is your target market able to pay your rates? Are you willing to get feedback from members of your target market, even if it’s critical? Do you have the outcomes that this market is seeking? If you can answer “Yes” to all or almost all of these questions, then you may be targeting the right group of potential coaching clients.
- Create a unique selling proposition. “Reach your dreams.” Realize your potential.” These are selling propositions that try to appeal to everyone, but actually lack any real motivation for anyone. You should create a selling proposition that specifically targets your target markets and their specific goals and needs.
- Create a recognizable brand. Your brand should be easy to remember and speak to your audience. It should be usable across all forms of media, and should also be used in your domain name. Building a coaching business requires reputation and recognition!
- Focus on coaching first. Some coaches have visions of grandeur right away. It’s not a bad thing to dream big, and to think about all the additional ways you plan to generate income, but focusing initially on being the best coach you can be will allow you to build a reputation, and build a coaching business with the strongest foundation.
You Can’t Take the Business Out of Coaching Business
If you’re operating a business, you can’t forget that it’s a business. Coaching is just one part of that business. Business administration budgeting, customer service, market adaptation, and creating other streams of income are all important parts of a building a coaching business.
Building a successful business requires more than just knowing your trade. It doesn’t matter if you’re a builder, an attorney, an accountant, a plumber, or a coach. Operating a successful business is a separate skill from your trade. There are many facets to beginning an operating a successful business, but paying attention to the four keys listed above will give you a great start when building a coaching business for success and longevity!
Writing Team, Coaches Training Blog Community