In the last 5 years, between 2016 and 2020, the business coaching market size has grown over 1.2%, according to market research firm IBISWorld. But what is the market size in the future and what are the current trends in the industry? Let’s dive into the statistics and trends.
Business Coaching Market Size in the US in 2021
As of 2021, business coaching is considered to be a $11.6 billion dollar industry. But despite the upward trend of business coaching in the last 5 years, business coaching is expected to decline slightly this year by -0.2%. The main reason for this decline being the effects of the Covid-19 pandemic. Small businesses and small business owners have taken a huge hit since the onset of the Covid-19 illness, and businesses have not been able to proceed as per usual. For this reason, it’s no surprise that the business coaching market size has seen a slight decline this year.
What is the biggest opportunity for growth in the business coaching industry in the US?
Despite the fact that the business coach’s market size has taken a slight hit this year, it doesn’t seem that the downward trend is going to continue for long. In fact, a large rebound is expected over the next 5 years. Once the Covid-19 pandemic begins to subside and the US economy begins to expand, entrepreneurs will once again be excited about growing their own business, and the need for business coaches will once again rise.
Furthermore, a large portion of the business coaching industry’s clients are from corporations who invest in non-essential training for their staff. During the Covid-19 pandemic, such non-essential training was stalled, but as Covid-19 starts to push its way out the door, this training is once again going to be in popular demand, increasing the need for business coaching.
Business coaching trends you need to know
As a business coach, apart from determining the size of your target market, it’s also important that you stay up to date on the trends. Here’s the good news: business coaching is now more critical than ever! As we step into the unknown and uncertain future, mentoring is no longer something that people desire; it’s something that they need. Coaches can help to navigate their students through an uncertain economy and can lead small business owners to success despite all the hurdles that the Covid-19 pandemic have brought upon them.
But if you want to succeed as a business coach, you’ll need to know that it isn’t all about authoritarian leadership styles anymore. Young entrepreneurs today don’t want hierarchies where the people at the top tell them what to do. Rather, they want a business coach who will inspire them. And in order to inspire them, you’ll have to work hard to develop personal relationships.
In times where one-on-one, in person communication is rare, people are seeking out strong bonds and relationships more than ever. And that’s what they’re looking for in a mentor. They want to work with real people who genuinely care about their happiness and success.
So, if you can build personal relationships with your clients and inspire them to be innovative and creative, then the future is bright for you as a business coach.
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Writer, Coaches Training Blog community