Everything You Need to Know About a Life Coaching Business


You’re wondering, “Why would I want to run a life coaching business?” right?

Lots of reasons.

The Benefits of a Life Coaching Business

A life coaching business is the ultimate self-improvement journey… you can’t really master something until you’ve coached someone else on mastering it.  When you’re a life coach, you’ll have to walk your talk, and your clients know the difference if you don’t.  Running your own life coaching business is a great reason to have a great life and be happy!

The greatest joy of running a life coaching business is the honor and privilege of seeing your clients grow stronger and happier.  When you see someone happier, what do you feel?  Happier, of course.  When you see someone strong, you feel strong, etc.  You’ll experience all the joy, excitement, and fun of every one of your life coaching clients.  Even better, you get to experience their special flavor of joy, love, etc.

The second greatest joy is feeling the ecstasy of knowing that you helped another soul improve their life.  You’ll feel their gratitude, as well as you own gratitude for having the privilege to serve another human being, yourself, and the greater good.  You really ARE making the world a better place.

Finally, let’s not for the last benefit: MONEY.  Yes, you actually GET PAID FOR THIS!  It seems ridiculous, but you actually get paid lots of money to wake up in the morning, saunter into your own private office, pick up the phone, help people, grow yourself, and feel proud for changing the world.

What is a Life Coaching Business?

A life coaching business is the profession of guiding, supporting, counseling, and tracking the life of your client… for fun and profit.

As a life coach, you’ll work with your client on practically every area of their life.

Your job is to:

  • make observations
  • offer advice
  • speak your intuition (and cultivate your clients own intuitions)
  • invent new possibilities and directions
  • set up and hold rigorous accountability

…and give support to your client.

All these things need to be given at a level of intensity and quality that is way beyond what your client would ever expect from a friend, family member, or business associate.

That’s why YOU get paid and THEY DON’T.

Should I Start a Life Coaching Business?

Is a life coaching business for you?  Try asking yourself these questions…

  • Is it a MUST for you to change the world?
  • Is your biggest thrill helping someone else with a problem or goal, especially if no one else can solve it?
  • Is your life already great (or do you have a deep need to improve it, i.e. make your own life extraordinary)?
  • Do you enjoy listening to another persons stories, problems, and dreams?
  • Do you enjoy giving advice?
  • Can you deal with a fair amount of rejection (at least rejection of your ideas)?
  • Have you already undergone a fair amount of ‘life training’ or personal development training (or are you currently going through this process)?
  • Does the idea of a pure ‘service business’ interest you?
  • Are you willing to be creative in your business plan, rather than have a ‘cookie cutter’ formula for your business success?
  • If you answered ‘yes’ to most of the questions above, then you should get started with your life coaching business today.
  • Why wait to do what you’re destined to do?

Once you’ve gotten started, you’ll be:

  • Calling people
  • Running free coaching sessions
  • Signing up paying clients
  • Designing your coaching courses
  • Setting up your marketing process and materials.

Some of these activities will be enjoyable for you, and some of them will be challenging, boring, or even scary (I know they were for me).   If you’re still enjoying the ‘good parts’, then don’t let anything stop you from continuing your journey towards your ultimate vision of your life coaching business.  The only thing that can stop you from your dream coaching business is YOU.

The Six Stages of a Successful Life Coaching Business

There are SIX stages of growth in a life coaching business.  Each of these stages has a different set of activities, goals, and skills to learn:

PREPARATION STAGE (optional):

You may or may not need this stage, depending on your own level of personal development.  In this stage you prepare yourself and your life to become the life coach for your clients.  Part of this is getting your own head on straight.  The other part is getting your life on track.  This doesn’t mean that you’ve got to become Buddha or that you now need to go out and achieve the perfect life (far from it), however, you need to do your utmost to play at the highest level possible in your own mind, body, soul, and external life.

Sometimes, the preparation stage means making major changes in your life situation, and sometimes you’ll need to add some coaching and training to the mix to complete this stage successfully.

My life was definitely not perfect when I finished the preparation stage.  I was living in a trailer.  I had about $7,000 in savings and no other net worth.

However, I also got on the road to setting things straight in my life:

  • I worked for hours on my own values, beliefs, and vision.
  • I ended a relationship that was abusive.
  • I started getting regular exercise.

These small steps got me going in my life coaching business and moved me from the ‘hypocrite zone’ to a ‘determined wanna-be’.

Stage ONE:  LEARNING

In the learning stage, you’ll do just that… learn coaching skills and application to real-world coaching scenarios.  Sometimes this will just be practice-coaching (perhaps in a coaches training, or with a friend), but you’ll begin to really coach people in this stage.  Also, this is the stage where reading, studying coaching, and getting training to be a coach (or even coach certification) would be done.

Stage TWO:  LAUNCH

In the launch phase, you announce your intentions to the world that you are a life coach, and begin acting on those intentions.  This is the stage where you network, sell, market, and begin to build your business.  I found this to be the hardest stage.  Why?  Because it’s the time when people are the most doubtful as to whether or not you’re really serious (or even that you can pull off a decent coaching session).

Stage THREE:  ONE-ON-ONE COACHING

In the one on one coaching stage, you’ll get into a groove where you’re picking up new clients consistently, as well as holding on to many of those client relationships for the long term.  This is the stage where you figure out:

1)  Where most of your good leads (prospects) are coming from, and how to get more of them

2)  How to sign lots of your free sessions up for paying coaching with you

3)  How to keep a client coming back for years

4)  How to manage the finances, administration, and client relationships for coaching business success

Usually, in this stage, a coach will make between $3,000 – $7,000 per month.  All you’re doing is coaching clients one on one.

Stage FOUR:  GROUP COACHING

In the group coaching stage, you’ll figure out how to improve everything you mastered in stage three (one on one coaching) to the level where you can put clients into groups (perhaps of 5-10 clients each) and still get great results.  You’ll need to:

1)  Get even more leads to fill your groups

2)  Do an even better job coaching and managing your client relationships.

A coach that knows what they’re doing in the ‘group coaching’ phase can make between $10,000 – $100,000 per month (I personally made over $30,000 / month by mastering this phase of my own life coaching business).

Stage FIVE:  GURU LEVEL (PRODUCTS & TRAINING)

In the ‘products & training’ stage, you’ll turn all the knowledge that you’ve gained in your coaching, and form it into a stellar product.  This product can be sold over the internet and/or during speaking engagements.  You’ll also most likely be in demand for trainings and workshops.

You’ll find that you can help even more people by offering products and trainings to your clients and prospects. (I’ve trained as many as 500 people at a time.)  The other cool benefit of offering products and trainings is that you’ll get plenty more excited prospects for your one on one and group coaching (when people experience a product or training, you tend to become a ‘guru celebrity’ in their eyes, which makes it much easier to get them to commit to working with you in your coaching services).

A coach that makes it to stage six can expect to make as much money as they’d like (I know coaches that are pulling in over $20,000,000 per year by offering products and training alone).

Stage SIX:  BUSINESS BUILDING (TEAM)

In the business building phase, you’ll turn everything you’ve learned and accomplished in the first five phases into a business.  You’ll teach a team to do what you’ve successfully done, so you don’t have to do it yourself.

  • Your team will develop your products and run your trainings.
  • Your team will give the one on one and group coaching.
  • Your team will run the marketing, sales, and administration.

You can then do what you feel like doing in your business, rather than working day after day to stay alive and keep the revenue flowing in.

A coach that makes it to the business building (team) stage can make as much (or more) than in the other stages, but they’ll get to work when they feel like it, and take the rest of the time off.  Personally, I’ve taken as much as 2 1/2 months vacation in a single year by getting my business to the ‘team’ phase.

What do I do NEXT?

What are your thoughts?  Have I left anything out?  Do you think you should start your own life coaching business?  What ‘life coaching business’ stage are you already in?  What’s next in your coaching business?  (Please leave a comment below, and I’ll reply)

Would you like more information about how to start your life coaching business and get 7 free hours of training videos about how to get started, coach your clients, and begin moving through the six stages of your own life coaching business? Just click the access button below for free immediate access.

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Comments

  1. Stevie Smith says:

    You sure gave me a good thought on that! I might as well see if I can have a start on the business. Thanks for the share! :)

  2. Shannon Murphy says:

    Hi there! I am currently in the preparation stage for starting my own life coaching business. I have a great background in psychology and ALOT of life experience and overcoming tragedy and difficulties. However, how did you get to the point of true confidence in what you have to offer a client? I know I can help people but I am afraid they won’t believe me/take me seriously, especially because I am a bit younger. What are your thoughts? Thanks for your help! :)

  3. Fantastic article!! thanks for sharing. I’m signing up to your programme now – look forward to it!

    Hi Shannon,
    Confidence is gained by taking actions. Funny thing about confidence is that if you are confident with your offering, your clients will find it easier to trust you. Otherwise, they can smell it miles away and get sceptical…take some baby steps, do some practice coaching sessions, and even coach on yourself. Once you see 1 or 2 results, your confidence will pick up immediately!

    Sending you good vibes!
    all the best
    Yiye

  4. I have been a business man for many years and decided a few months ago to open my coaching business.From a financial point of view, I’m quite in a good shape, so i can incur a few years with a high income. I went over all the questions you posted here, and proudly I can say I answer “yes” to all of them.
    Thanks for the awesome plan you mentioned here, it really helped me in planning what and how I’m going
    to do that, as I have no prior experience or friends in the field.

  5. Miranda Ross says:

    Hi,
    I am intersted in beginning a coaching business. One of my focuses are teaming up with probation officers and schools to help children and adults who are straying the wrong way. How do I go about doing such and receive pay? Do you have any ideas how I would set this up? How did you go about your advertisment?

  6. Jeffrey T. Sooey says:

    Miranda,

    There are lots of ways that you might get paid for the work you’re doing with schools. Speaking at schools can generate revenue, while I personally know tutors that are doing six figures in income. Probation officers may be a less likely source of immediate income, although it’s possible that there could be a government budget for such service.

    One note on doing this type of work… the more you focus on working with people that are already doing well (i.e. successful, happy, healthy, etc.) the higher likelihood they can afford to (and are willing to) pay for your coaching. There are exceptions to this rule, but I’ve seen the shift in my own business over the years to working with higher level clients being a big part of why my income is much higher than before.

    The best way to set things up would be to TALK to the people involved with these areas. Ask them questions. Start contributing right away. Create relationships first… then the money can begin to flow!

    I started my advertising on Google Adwords, which was a magical way to grow my online business. For the markets you mentioned in your comment, it could be a vehicle for you to connect with new clients as well.

    Jeff

  7. Kim says:

    Thanks so much for posting this article. Over the last few years I have been encouraged to offer Life Coaching but I was deeply consumed in another business venture. Now that my business is successfully sustained, I am excited about getting started as a Life Coach! The questions confirmed the fit of a coaching role in my life and the Six Stages you provided are awesome guidelines to help outline my professional development. I look forward to hearing more fwords of wisdom on Coaching in the furture.

    Be Well, Be Whole

    Kim

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    Thank you so much for this great article. I am acutally still in the learning stage and would love to start my own coaching business. Hopefully, I will one day be so professional that I will be able to apply to the online coaching directory http://www.your24hcoachingdirectory.com. But until then, I still have to learn a lot.

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