Is your life coaching business model working for you? If not, let us take a look at a few business models that can advance your coaching practice.
What is a Business Model?
In simple terms, a business model is a method or process whereby a business or organization uses to traditionally operate. This process helps businesses realize the economic value of the products or services they provide. A good business model typically includes information on your ideal clients, the products and services intended to be offered, and how to accomplish the financial goals of the organization. Examples of organizations with successful and inspiring business models in today’s economy are Airbnb, IKEA, and Uber.
A Well-Defined Life Coaching Business Model
Maintaining a well-defined business model is the hallmark of any successful enterprise. Most businesses today, both small and large, utilize business models that have contributed to the general success of their organizations.
In order to construct the ideal life coaching business model, the first set of things to do is to determine who your clients are going to be, understand their needs and work diligently at fulfilling those needs. While doing all this, you are also working towards financial success and overall professional fulfillment.
Here are a few coaching business models to choose from
- Individual Coaching – To maintain steady cash flow, you will want to start with a one on one (individualized) coaching sessions. It is a good foundation for your coaching business before you decide to move on to other streams of revenue.
- Group Coaching – This enables you the opportunity to advance from coaching on one to coaching a larger group of five or more individuals thereby increasing your profit margin.
- Add-on Services – Once you have identified your niche, let us say, for instance; you have chosen parent coaching. You will want to consider add-on services such as parenting skill classes to individuals who have lost custody of their children to the foster care system (contract with private and state agencies to provide courses). Another example, you are an addiction and recovery coach, and you realize your clients are having challenges with making it to their scheduled appointments as a result of a lack of transportation. Consider partnering/contracting with non-emergency medical transports to alleviate transportation issues. Most insurances, including State Medicaid, will pay for these services for your clients. However, you will naturally need to carry out your own research because each state differs.
- Affiliate Programs – You are basically promoting other people’s content on your website and making a commission from the sale. For example, many individuals sell John Maxwell’s and Tony Robbins’s coaching products on their business sites and earn a base commission.
- Coaching Courses – Offering coaching courses, especially online (teleclasses) through platforms such as Udemy, is a great way to generate income for your business – You will be able to put your expertise and coaching skills to practice. In addition to Udemy, you can also look into teaching coaching courses at your local community college, universities, and non-profit organizations.
From the five coaching business models listed above, I hope you will be able to discover one that will work best for your coaching practice.
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Margaret K. Olubiyi
Writer, Coaches Training Blog community