Starting a life coaching business has never been easier thanks to the internet. The main issue is how to operate it strategically in such a way that you have regular income that’s enough to sustain your business and not going to burn you out. A steady flow of projects or recurring clients can help you boost your profits and still maintain a work-life balance.
Here are some main considerations to think about when you are just starting out your life coaching business.
Marketing Your Life Coaching Business
From the moment you start your life coaching business, you will have to look for clients and projects, and then set time aside to do them well in order to get happy customers, good reviews, and hopefully repeat customers who will be glad to keep using your service. These are the main ingredients that successful life coaching businesses normally adopt.
When you are first starting out, you will need to learn about what makes a good proposal and the right clients to work for. You will have to contact prospective clients, follow up with them, and finally close the deal.
It can be tempting to try for every project when you start your life coaching business, but some can be more trouble than they are worth. You also hope you will get good clients who will give you good reviews that you can use as a marketing tool, but not everyone is reasonable, and difficult clients can really drain your energy.
It will take time to build your life coaching business, but ideally, you will eventually get to a point where the business comes to you, and you can pick and choose your projects. It’s all about building relationships with clients and making yourself a valuable part of their team.
This means being reliable, hitting all your deadlines, and communicating well. You should be responsive via your communication method of choice, such as email or phone. If you are working with a client on a project that will take them longer than most of their work with you, do your client the courtesy of setting their expectations up front… as to what it will take from them, as well as the rewards they can expect. Get them to update you every so often to show you that they are on track.
No matter what the situation with your client, it’s better to keep them informed and clear, than to just assume they are on board with your coaching.
Billing for Your Services
You can charge on a per-project basis, or consider offering a package of service for a fixed fee each month. For example, if you are holding a coaching workshop for an organization, it makes sense to charge on a per-project basis. If you are offering online coaching lessons, a monthly fee might be a better option. You can then create invoices in PayPal and get paid easily.
Positioning Yourself as an Expert
You can make a good deal of money as a generalist, such as becoming a life coach who touches on every single topic under the sun, but there can be more money and prestige in specializing. For example, you might specialize in specific niche markets such as becoming a life coach for employees or couples.
You can also boost your expertise in your niche or industry by writing e-books, presenting webinars, and so on. These can all be lead magnets (freebees that persuade your prospective clients to give you their contact information so you can follow up later). Free offers like these are powerful ways you can add more people to your prospect database, and attract them to try your services.
Succeeding as a life coach requires persistence and determination, but it’s all worth the effort, especially when your efforts are bearing fruits, and you’re changing lives.
Writer, Coaches Training Blog community