It can be overwhelming trying to research ways on how to start an executive coaching practice as an aspiring new coach. No need to panic, help is here to get you started.
About Executive Coaching
Executive coaching is one of the fastest-growing niches of coaching that exists today. It is a $1.5 billion per year industry, and as the corporate environment gets increasingly competitive, the demand for executive coaching will continue to rise.
This coaching specialty is tailored to senior executives and other types of business leaders. Executive coaching is a practice that involves a mutually designed relationship between these executives or business leaders within the organization. The goal is to assist these individuals to progressively improve performance in the workplace, eventually resulting in achieving desired results. In some facets of business, executive coaching has literally taken over business consulting even though there are differences between the two areas.
What Are Some Benefits of Executive Coaching to The Target Clients?
- Better work-life balance relationship
- Increased self-awareness
- Enhanced leadership and strategic planning skills
- Better decision making
- More effective leadership
- Improved Retention
- Improved communications and relationships.
How to Start an Executive Coaching Practice That Works For You
So you are now wondering where do I get my ideal clients from? How do I even begin to figure all this out fresh out of coach training school? Well, let us take a look at these great tips that just might be able to help you get started in your executive coaching practice.
First of all, you want to ensure that
- You have established Your Niche/Specialty -In this case, executive coaching is that niche.
- Claim your coaching business name – Decide on the perfect name for your coaching practice. Choosing the appropriate name will help define who you are and the services you are seeking to render to your prospective clients.
- Identify your preferred coaching business structure – Depending on where you live, be sure to choose the appropriate business structure for your business. For example, in the United States, we have Sole Proprietorship, Limited Liability Company (LLC), which is usually the preferred choice for most coaching practices, Corporation, Partnership, and S Corporation. These are the six business structures here in the US.
- Register Your Business – Once you have registered your business with the appropriate local agency, you want to consider obtaining liability insurance for your coaching practice.
- Business Location – You will want to either invest in a physical office space paying rent plus utilities or consider a home office space that is cost-effective. Your decision will be dependent on if you are going to be offering other services, apart from executive coaching.
- Advertising/Marketing – It is time to now search for your ideal clients. Where do you go? Many coaches have found out that the internet is one of the best places known to attract coaching clients, and you can do so with little or no cost. Market your business by building a business site, using search engine optimization, business blogging, using social media platforms such as Facebook group marketing, Linkedin, and finally take advantage of your community. Get involved and spread the word through friends, coworkers (i.e., verbal & written communication). It is always just a matter of time before word reaches the ears or desks of one or two executives or business leaders of small, medium, or large organizations within your local community.
How to start an executive coaching practice that works best for you is undoubtedly going to be a concern for anyone regardless of if; he or she is a new or seasoned coach. It is not as challenging as you may think to get started as long as you do your research and be ready to put in the work to get you started on the path to a successful executive coaching business.
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Margaret K. Olubiyi
Writer, Coaches Training Blog community