Why Starting My Own life Coaching Business is a Great Idea

Starting my own life coaching business is a dream. But, it should be one of those dreams that are turned into reality.

What about you? Are you thinking of starting your own life coaching business? Are you thinking of getting into the exciting coaching field?

Life Coaching Business

What is Life Coaching?

Life coaching is inspiring, positive, motivational, dynamic, and rewarding. It is also people-centric and action-driven. Life coaching is centered on a synergistic relationship between a coach and a client, which works to help the client reach their full potential and find happiness and fulfillment in life.

Life coaching works because coaches are in a position, and have the skills to view a situation from afar. They can act as a sounding board and shed light on difficult situations. They are there to use their knowledge, skills, and training to help.

Doesn’t this sound like a great business? That’s why I’m thinking of starting my own life coaching business, and perhaps you should be thinking of doing the same.

5 Steps to Starting My Own Life Coaching Business

Starting any business is a process, and life coaching is no exception. Here are the major steps that I would take when starting my own life coaching business.

  1. Analyze myself. Do I have what it takes to be a coach? Am I compassionate, empathetic, and sympathetic? Do I listen well? Am I able to ask questions and actually hear the answers? Do I have a strong work ethic? I would look deep inside myself to see if I have what it takes to be a life coach.
  2. Get trained. I would find an accredited coach training program that fits my budget and schedule. I would make sure it has a solid reputation and offers mentor coaching. I would vow to always continue my education as coaching is a dynamic and ever-evolving field.
  3. Take some time to learn how to operate a business. Unless I work for someone else, having a coaching practice is a business. I can be a great coach, but if I don’t know how to set up a business, pay taxes, market for clients, and provide excellent customer service, I probably won’t be a coach for long.
  4. Hire a few life coaches. This is one of those steps that people don’t think about. Yes, it will cost me some money, but the cash I hand over is worth its weight in gold as I get the chance to learn first hand from experienced coaches. I wouldn’t even think about starting my own life coaching business without first seeing how they work up close and personal.
  5. Take the plunge. Taking the plunge begins with your first act of marketing and continues until you get your first client. Every journey starts with the first step. I would take that step – set up social media sites, place an ad – do whatever it takes to get my first client. When I finally have that first client – I would fire up and go for it. Pretend there’s two minutes left on the clock and I have ninety yards to go to score the winning touchdown. I have to give it all I have! Would you be willing to do that?

By the way… you’re invited to claim your FREE step-by-step 30-Days to Become a Coach video toolkit. Just go HERE now to get your 30-day coaching blueprint videos.

Fred Philips
Business Coach
Writing Team, Coaches Training Blog Community

Meet Your New Personal Trainer – the Virtual Fitness Coach

Is the virtual fitness coach taking over the fitness industry? Is virtual fitness coaching the next big trend in the fitness world? Well – no and yes.

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Life Coaching Business

Fitness Classes are Going Online

The trend in the fitness industry is online. More and more fitness clubs are offering online services with virtual fitness instructors. It probably isn’t a takeover of the fitness industry but it is certainly becoming a trend. Convenience has influenced almost every industry and the digital age will undoubtedly dictate a surge in online fitness classes.

Without the need for space and other overhead costs, fitness clubs and trainers can offer these virtual classes at a considerably lower price. This ability to offer a virtual fitness coach will lower prices and make fitness training more affordable for the consumer.

Will a Virtual Fitness Coach Replace the Real Person in the Gym?

Does virtual fitness coaching and the rise of the virtual fitness coach signal the end for the traditional personal trainer or gym fitness class?

It is doubtful that health clubs will disappear. People will always enjoy the energy of a fitness class in a club and will benefit from the personal instructions and corrections of a fitness trainer. People like to sweat and suffer in the company of others. Misery and getting in shape love company!

What Will the Virtual World Will do for Fitness Coaches?

This new trend in the industry bodes well for anyone in the fitness training business. Having a demand for online fitness trainers opens up new opportunities for personal trainers and health clubs. More people can be reached and more money can be made!

There will be challenges for fitness coaches who transition into the virtual fitness world. Filming a class requires equipment and a basic understanding of the technology needed. Filming a class is also more challenging than giving a class live.

How Will Virtual Coaching Benefit Consumers?

The consumer will benefit as the industry grows and matures. The cost of a virtual session is usually the same or less than the cost of a live session. More competition means higher quality classes. More exposure and competition means more quality choices for anyone looking to get in shape with the most convenience and for the lowest cost.

A virtual fitness coach can still offer the same level of service. They can offer discounted packages based on frequency or for signing up for a specified period of time. They can create personalized exercise and nutrition plans. Virtual coaches can also offer email support in between sessions without any additional cost.

The online fitness coach may not completely replace the traditional club or personal trainer. But, virtual fitness coaching is a growing segment of the health and wellness industry which is opening up new possibilities for anyone who wants to reach more clients and make more income as a personal fitness trainer.

If you are interested in fitness and exercise, don’t just think about becoming a personal trainer, think about becoming a virtual fitness coach. More and more people are looking online for help with their fitness needs. If you aren’t online – they won’t be able to find you!

By the way… you’re invited to claim your FREE step-by-step  30-Days to Become a Coach  video toolkit. Just go  HERE  now to get your  30-day coaching blueprint videos. 

Fred Philips
Business Coach
Writing Team, Coaches Training Blog Community

7 Marketing Steps to Starting a Life Coaching Business

There are several key steps to starting a life coaching business that need to be followed if you want to be successful. Many of them you have heard over and over again – get certified, get mentor coaching, learn how to start a business, and learn the skills of inquiry and active listening. All much needed steps.

Life Coaching Business

However, there are a few others steps to starting a life coaching business that are crucial if you want to succeed. They all involve marketing. Yes, that dirty word – marketing. Make it those two dirty words – marketing and promotion.

Marketing and Promotion are Not Dirty Words

You may not like to market and sell. If not, you are not alone. Those that love it usually excel at it. Those that hate it, usually avoid it like a root canal. But, marketing and promotion are absolutely necessary for any successful business. You can take all the steps to starting a life coaching business you want, but if you fail to concentrate on marketing strategy, your chances of success are about as good as the Cubs have each year of winning the World Series.

7 Steps to Starting a Life Coaching Business

You may get certified as a coach, you may call yourself a coach, but you aren’t a coach without clients. Here are a few steps to help obtain and retain clients.

Define Your Target Audience. Identifying your target audience will help you create a niche. Starting and completing this step before you hang out your coaching shingle will give you a niche and show you the target market you’ll be coaching.

Create a plan to coach your target market. You must develop a strategy that will provide outcomes your target market seeks. They come to you for results – you must have a plan to achieve these results. This may not sound like a marketing step, but your plan and strategy will be part of your promotional campaign.

Design a promotional and marketing strategy. This is where you determine how you reach your target market. Do you focus your efforts online, through networks, or by advertising. What type of ads do you create? What should your website look like? What type of email campaign do you need? These are vital questions for your business – you may want to think about hiring a specialist to guide you through the process.

Learn to delegate tasks. If you hate marketing, your best bet may be to hire someone to market for you. This could be a one-time thing, an on-going relationship, or perhaps an employee. With someone else doing the promotional work, you can focus on life coaching.

Learn alternate ways to market. You can book speaking engagements or give volunteer coaching sessions. Just by showing up at an event, you are promoting your business. There are plenty of alternative ways to obtain clients – think outside that proverbial box.

Though you may hire someone to do the promotional work, it is still important that you learn how to sell. At some point you will have to ask clients for business. Perhaps part of your marketing campaign is to offer a free session or a free ebook. Some time during the session, you will have to promote your services and ask for their business. Somewhere in that ebook you will need to make a pitch to get the reader’s business. No list of steps to starting a life coaching business is complete without one imploring you to learn how to sell.

The Most Important Step to Starting a Life Coaching Business

You are a coach and coaching is a people business…right? Well, here is a bonus step to starting a life coaching business. Be a person. That’s right…be a person. Don’t be a business – be a person. People who are seeking the services of a coach, don’t want to think of you as a business or a service provider, they want to think of you as a person. An individual who can help them reach their goals and dreams.

When you market and promote, do it as a person, not as a business. Of all the steps to starting a life coaching business, this may be the most important.

Hope you took some great value out of this post today! I’d love to hear your feedback, so make sure you leave a comment with your thoughts or questions. And also, you can click on the Twitter button below to retweet this article… Thank you!

Fred Philips
Business Coach
Writing Team, Coaches Training Blog Community

Become an Entrepreneur – Create Your Own Success Coach Jobs

Did you decide to be a success coach, take an accredited coaching program, and then find out that there were no success coach jobs? Did you think that, once you had a degree or a certificate from a coaching program that employers in the coaching field would be lining up to hire you?

Well, welcome to the real world and the new economy. Jobs can be hard to find in any field. So, what do you do now? Find a job at Wal-Mart? Work the drive-thru at a local fast food joint? Keep trying to snag one of the few coaching jobs with a corporation? How about work for yourself?

Coaches as Entrepreneurs

Success coaching is a strong and beneficial relationship between the coach and the client in which both parties work to improve the quality of the client’s personal and career life. Sounds like a great gig if you can get it. Well, you can get it by starting your own business.

If success coach jobs are hard to find, create your own success coaching job.

Having your own business means you can work when you want, from where you want, answer to yourself, and set your own deadlines. But, starting your own coaching business can be a daunting task. Is it worth it? You bet.

Hire Yourself for a Success Coach Job

Yes, you can do it – you can be an entrepreneur. You can be the boss, the big cheese, the big kahuna! Don’t wait for someone to hire you, create your own success coach job.

6 Keys to Being a Successful Success Coach

  • Not a get rich quickly scheme. Don’t enter the coaching field if you think you can get rich quickly. It is mostly hype. However, if you take the “quickly” part out of the phrase, it can be true – you can get rich. Even if you don’t get rich, working as a coach is both financially and professionally rewarding – you get to help others while you make a decent (or better) living.
  • Start out on the side. Don’t quit your day job (if you have one) when you begin coaching. Work your way gradually into the field. It often starts out slowly as you build your reputation and your brand. Once you have established your practice, you can think about going at it full time.
  • The pursuit of knowledge never ends. You will always need to better your education. There is always something to learn, whether you are just starting out as a coach or you have been coaching for 20 years.
  • Don’t be a loner. If you need help, hire someone. Many coaches hate to market, but marketing and promotion is absolutely essential to being a success. Success coach jobs, especially those when you work for yourself, do not exist without effective marketing. If you can’t do it, hire someone who can.
  • Don’t give up. Running a business is often a roller coaster ride. You can’t jump off when you are at the bottom. Persistence pays off and will get you back to the top.
  • Passion and skill matter. Your best coaching comes at the intersection of passion and skill. If you have the passion, you will find a way. But, if you don’t have the skill to help clients find the outcomes they seek, you will not be coaching for long.

Success Coach Jobs are in Demand

Even if the job market is lagging, coaching jobs are in demand. How can this be? Because more and more people are seeking out the services of coaches to help them achieve their goals and dreams, there is more room for entrepreneurial coaches to start their own business and begin helping these clients.

You want a job as a success coach? No problem – just create your own and you will be on your way to working in a successful success coach job.

Hope you took some great value out of this post today! I’d love to hear your feedback, so make sure you leave a comment with your thoughts or questions. And also, you can click on the Twitter button below to retweet this article… Thank you!

Fred Philips
Business Coach
Writing Team, Coaches Training Blog Community

You Can’t Separate the Business and Practice of Coaching

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.

Hope you took some great value out of this post today! I’d love to hear your feedback, so make sure you leave a comment with your thoughts or questions. And also, you can click on the Twitter button below to retweet this article… Thank you!

Fred Philips
Business Coach
Writing Team, Coaches Training Blog Community

The Business of Life Coaching is More Than Coaching

Most people who become life coaches don’t think about the business of life coaching when they first get in to the business. Most people only think about the coaching aspect of life coaching.

But, if you open your own practice, life coaching is most definitely a business. An extremely competitive one!

The business of life coaching is like any other business. It needs to be set up properly, promoted widely, and run smoothly for as long as it is in business. The business of life coaching is just as important as the coaching. Even if you are a great coach, if you don’t run your business correctly, you will ultimately fail.

Life Coaching is a Kick-Ass Life

Yes, being a life coach is wonderful. You get to set your own hours, work with wonderful people, help those wonderful people reach their goals and dreams, and make good money doing it. What more could you want in a career?

But, this kick-ass life is a business, and the business of life coach success means doing things the right way so you can realize your potential as a coach.

6 Keys to Success in the Business of Life Coaching

  1. Start slowly. This means that if you have a job, don’t quit it right away. Start your life coaching business on the side. Yes, this might mean that you work two jobs for a time, but the kick-ass life doesn’t always come easy. Don’t quit your day job until you see some results in your coaching business.
  2. Focus on one thing at a time. Start by focusing on what you need to start a business – business licenses, city permits, bank accounts, office space, office furnishings, and more. Take care of each of these things one step at a time. Once you have completed one task, move on to the next.
  3. The business of life coaching is no different than any other business – it is tough to do it alone. Having a partner, virtual assistant, web designer, or business consultant will make life easier. It’s almost impossible to do it all yourself in today’s complex business environment.
  4. Put money aside. Yes, you can start a coaching business with little out-of-pocket money, but it sure helps to put money aside for those times when you need it. You may need it for more education or certifications, marketing, more furnishings, or other expenses that may come along.
  5. One often overlooked item when starting a coaching business is insurance. Why would a life coach need insurance? General liability is sometimes referred to as “slip and fall” insurance and will cover any injuries that occur on your premises. Professional liability insurance, also called errors and omissions insurance will cover you if any claims are made due to your coaching. You might not think you need insurance, but without it you are naked and exposed.
  6. The business of life coaching is all about marketing and promotion. You can do everything else right, but if you don’t have an effective marketing campaign, your business will be on shaky ground. Almost every business needs to market their services or products, and coaching is no exception. If you detest marketing, hire someone who is good at it. Being a good coach is essential to owning a successful coaching practice, but if you don’t market and promote, no one will ever know how good you are! Your life coaching business is dependent on your ability to promote your services and let the people of the world know how much you can help them achieve their goals and dreams.

Hope you took some great value out of this post today! I’d love to hear your feedback, so make sure you leave a comment with your thoughts or questions. And also, you can click on the Twitter button below to retweet this article…Thank you!

Fred Philips
Business Coach
Writing Team, Coaches Training Blog Community

What Types of Life Coaching Business Niches are Right for You?

Life coaching is not monolithic – there are many variations and types of life coaching business niches. A life coach can select a specialty in which he or she has experience or passion, or one which appears to have a large target market and a lack of coaches. There are many types of life coaching businesses – what is the right one for you?

What Types of Life Coaching Business Niches are Right for You?

Selecting the right life coaching business niche can mean the difference between success and failure. As the industry continues to grow and more people become coaches, it is becoming increasingly important to have a specialty. It is much more effective to promote yourself within a tightly defined niche than as a general practitioner who is looking to coach any and all clients.

Here are some of the criteria to consider when selecting among the various types of life coaching business niches.

It may not be necessary to consider all of them, but ignoring all of them will probably set you up for failure.

  • Intense Need: Find something for which there is a strong perceived need – a painful issue or set of problems for a group of people. The greater the pain, the more likely the niche is profitable.
  • Passion: Find something you feel passionate about. The more passionate you are, the more effort you will put in to promoting and working the niche. Passion doesn’t directly lead to profitability, but it leads to hard work and satisfaction, which can then lead to financial success.
  • Lack of Coaches: Is the specific niche underserved? Do you see a lack of available coaches for the target market? A coaching business will grow much faster and have a greater chance for success if there is less competition.
  • Examples of Success: Though a lack of other coaches in a niche is usually a good thing, it is also beneficial to see a few examples of the success within the niche. If people are paying money to coaches working within this niche, there is some precedent for success.
  • Discretionary Income: Does the target market have money to spend? Can these prospective clients afford your services? Without this discretionary income, your services may be in demand but still out of reach for those you are trying to reach.
  • Be the Very First: This may contradict the criteria that seeks examples of success within the niche, but it is something to consider. The list of various types of life coaching business niches can increase by one if you create your own. If you are the first, the market is all yours, at least for awhile. One of the best ways to be the first in a niche is to take an already defined niche and narrow it even further.
  • Outcomes: You may find the perfect niche, with a large target market, plenty of discretionary income, a lack of experienced coaches, and one for which you have the passion, but if you can’t supply the right outcomes for your prospective clients, then you won’t be able to find success. Know what you can offer before you start promoting yourself within the niche.

So many types of life coaching business niches – which one do you select? If you don’t do your due diligence before jumping in, and consider the criteria listed above, your chances of success are limited. Know the market for various types of niches and then capture that market.

Hope you took some great value out of this post today! I’d love to hear your feedback, so make sure you leave a comment with your thoughts or questions. And also, you can click on the Twitter button below to retweet this article…Thank you!

Fred Philips
Business Coach
Writing Team, Coaches Training Blog Community

What is a Good Name For a Life Coaching Business?

What is a good name for a life coaching business? Is it best to just use your name? John Doe Coaching? Or some variation with your name? John Doe Expert Life Coaching? Or is it best to leave your name out of the title? Expert Life Coaching.

It is not easy to answer the question, “What is a good name for a life coaching business?” However, there are a few guidelines that can help you select a good name for your life coaching practice.

What is a Good Name for a Life Coaching Business – the Mistakes

There are two principal mistakes people make when naming a business – these two mistakes should be avoided if you want people to find your life coaching practice on the Internet or in the real world.

  1. Using unusual spelling to be different. People may forget the spelling or may not be able to find you because of the odd spelling. Worse, they may find a competitor who spells correctly.
  2. Trying to be too cute or clever. If your name is too cryptic and you have to explain what it means every time you hand out a business card, it’s not a good business name.

What is a Good Name for a Life Coaching Business – the Fundamentals

  1. Is it easy to spell? People looking for your business on Google or in a phone book need to be able to spell it correctly. Help them locate you by making it easy to spell.
  2. Is it memorable? There is a fine line between too clever and memorable. Get a second and a third, and a fourth opinion before you finalize a clever name. You want people to remember but also know what it means.
  3. Will the name tell people what you do? Life Coaching for Athletes. From this name, people will know what you do and who you do it for.
  4. If you already have a reputation, either locally or nationally, you should use your name in the title of the business. You can add a descriptive word or two, but you want people to be able to find you if you have already earned a positive reputation in the industry.
  5. Make sure your name is unique. You should check the Internet before you finalize the name. You don’t want to share a business name with another coach. What is a good name for a life coach? Making it unique is a start.
  6. Before you decide on a name, check to see if the domain is available. Having your business name match your domain name is important. If you want to name your business, John Doe Life Coaching for Change, you want to make sure a domain name with those words is available. You may think your name is unique, but you would be surprised at all the domain names which have already been purchased.

What is a good name for a life coaching business? Naming your business may seem like one of the simplest decisions you will have to make. However, your name is something that will be part of your business for as long as you stay in business. It is your brand, your identity, your company soul. Selecting a great name is the beginning of a successful business.

Hope you took some great value out of this post today! I’d love to hear your feedback, so make sure you leave a comment with your thoughts or questions. And also, you can click on the Twitter button below to retweet this article…Thank you!

Fred Philips
Business Coach
Writing Team, Coaches Training Blog Community

The Secrets to Writing a Business Plan for Life Coaching

Writing a business plan seems like a difficult task, but there are some easy secrets to writing a business plan for life coaching  that will allow you to create a simple yet effective plan that will help knock your business out of the park.

Every business, even a life coaching business, needs a business plan. It is your structure, organization, and vision. It is important to know where you are going and how you are going to get there before you start your business. You cannot run a race and expect to win if you don’t know the location of the finish line nor the best route to get to that line. Writing a business plan for life coaching will provide you with a great start and put you on the fastest and most effective route to that finish line.

Secrets to Writing a Business Plan for Life Coaching

  1. Write a mission statement. What do you want to achieve? For example, you may write “I want to motivate and inspire over 100 clients to achieve their goals and dreams. You can also add the types of clients you are seeking if you have specific niche. The mission statement is general with some specifics ( over 100 clients, specific niche, etc.)
  2. Define your service or product. If you have a niche, define it – life coach for single mothers, life coach for ex-athletes, life coach for corporate executives, etc.). Describe what you have to offer. – experience, training, certifications, degrees, etc.)
  3. How are you going to market your service? This should include a list of the various ways you plan to promote your life coaching practice. One of the most critical secrets to writing a business plan for life coaching is to be specific about your promotional methods. You should have at least a few methods researched and designed before you even think of starting a business. You can add, delete, or amend the list later, but you must be ready to go the minute you open your doors for business.
  4. What other types of products or services can you offer? This is one of the forward-looking parts of the business plan. Writing a business plan for life coaching should include alternate income streams, even if these potential sources of additional income are a few years down the road. Having alternate streams of income means you have three or four sources of revenue instead of one – like a eight cylinder engine having much more power than a four-cylinder engine.
  5. Who are your target clients? This goes along with your niche, but this section also serves to identify them in greater detail. How can you get to know your target market (free workshops, seminars, email blasts, offering free services, etc.)? What outcomes do they need?
  6. Your business plan should also detail your organization and structure. How many employees? Type of business ( corporation, etc.), how you will market (do your own or hire someone), what permits and licenses you need, and anything else that is needed to set your business up and have it running smoothly.
  7. The last part of the plan is the other forward-looking part of the plan, and should include your vision for the business. Writing a business plan for life coaching should include your thoughts on what your life coaching practice should look like in one year and five years. Be more practical at the one-year mark, and think big, really big, for the five-year mark.

Writing a business plan for life coaches takes some time and effort, but you will find it is time and effort spent wisely. Writing a comprehensive business plan for life coaching will give you a solid foundation for the your practice in the present and a vision for the future of your business.

Hope you took some great value out of this post today! I’d love to hear your feedback, so make sure you leave a comment with your thoughts or questions. And also, you can click on the Twitter button below to retweet this article… Thank you!

Fred Philips
Business Coach
Writing Team, Coaches Training Blog Community

5 Steps to Building Your Coaching Practice in to a Million Dollar Business

Want to build your coaching practice in to a million dollar business? It is possible if you work hard and have a plan. Of course, not every coaching practice will end up generating a million dollars, but you can create a successful and very prosperous coaching practice if you carefully follow these five steps.

A Million Dollars From your Coaching Practice in 5 Steps

Before the steps are spelled out, you will notice that the word “easy” was not used as a qualifier. You see the word “easy” often in articles about how to build a successful coaching practice, but not in this one. Building a successful business is never easy, but it is possible.

Lay Out a Solid Foundation

Starting a business takes plenty of strategic planning. It starts with a good business plan in which you outline the core details of your coaching practice. A business plan should clearly state your business goals, the type of coaching you will do, your target customers, a comprehensive marketing plan, any needed financing, and other administrative details.

Marketing, Marketing, and Marketing

In real estate the mantra is – location, location, location. But, for an entrepreneur, the mantra is – marketing, marketing, marketing. You have to create a marketing plan (part of your business plan), properly implement that plan, have ways to measure it, and then be able to adapt it, eliminate it, or start all over with it.

Marketing is forever – you will always need to market. The hope is that as you gain clients, your clients will do plenty of word-of-mouth marketing and generate referrals, but no business survives only on referrals. Marketing involves networking, traditional advertising, online advertising, social networks, writing, free information, and any way you can get your name out to potential customers.

Retain Your Clients

Though marketing and referrals will bring in new clients, the longer you retain a client, the more you will make and the less you will need to spend on marketing. To do this, you need to deliver value, respond quickly to potential, current, and past clients, and get results. Even if clients like you and feel comfortable with you, they will need to achieve the desired outcomes to stay with you.

You should always be seeking new ways to serve them, provide them with value, and allow them to achieve their goals. Once they do achieve goals, you should recognize their achievements with gifts or incentives, and feel the same joy they do.

Build Your Coaching Practice as a Business

You are not only a coach, you are also a business. To generate more revenue, you need to create additional stream of income. Coaching one-one-one will be the core of your business, but you can venture out in to other avenues of wealth creation. Explore group coaching, coaching by email, mentor coaching, DVDs, books, article writing, seminars, and more. To build your coaching practice in to a million dollar business, alternate streams of income are essential.


Though confidence cannot be quantitatively measured, it is perhaps the most important trait for any entrepreneur. Confidence is not cockiness, as cockiness often leads to sloppiness and cutting corners. Confidence is about positive focus, work ethic, and understanding the potential and power you have to be a successful coach and a prosperous entrepreneur. Your coach practice thrives on positive confidence.

These five steps are not easy, and they require imagination, concentration, and perseverance. They don’t detail each and every move you should make – business is like a game of chess; there are certain ways you must move, but when you do them and which piece you move depends on the time, the situation, and the competition.

Build your coaching practice in five steps? Build a million dollar practice with these five steps? It’s not easy, but it is very possible!

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Fred Philips
Business Coach
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