Are you thinking about setting up a life coaching business? Is the time right for you to take the plunge, ditch your day gig, and forge your career path as a life coach and an entrepreneur?
The Experts are Usually Salespeople
You’ve see the ads, you’ve read the articles, and you are starting to believe the hype – yes, you too can start a life coaching business and make millions. You can work your own hours, set your own schedule, and help others achieve their goals and dreams… all while making heaps of money.
But, it is important to remember, that much of what you read about life coaching is marketing material. Someone is trying to sell you a program, a book, seats at a seminar, or a coaching training school. You are being bombarded by hype, promotion, and exaggeration. You are being sold a bill of goods!
What the Experts Don’t Tell You About Setting Up a Life Coaching Business
- The experts who are selling you something, often fail to mention the following about life coaching and what happens when you set up a life coaching business:
- Coaching is a skill and a business. Some experts focus on the skills – communication skills, active listening, empathy, hard work – and some focus on the business. But, you don’t often hear that owning a life coaching practice takes both skill for coaching and business acumen.
- Though having passion for coaching is a start, passion does not equal profit. When setting up your business, you need to have much more than passion to succeed. Passion is just one of the building blocks for success in the coaching business.
- Coaching is frustrating. When setting up a life coaching business, most people don’t think about how frustrating being a coach and an entrepreneur can be. You get a client; you lose a client. You not enough time for all the clients who want your services; you have not enough clients and too much time. Life coaching can be a really hard sell at times.
- Personality may matter more than passion. You may love coaching, you may have a passion for helping others, but if you don’t have the personality that draws people in and makes them trust you, you may not attract or retain enough clients to succeed.
Coaches seem to be successful in more specialized niches. When setting up a life coaching business, you might want to think about a specialized target market or a niche. Coaching small business owners, executives, small business owners, and specific target markets (single moms, college graduates seeking jobs, etc.) seems to be where the money is.
Life Coaching Can be a Great Gig
Though this article has pointed out that much of what you hear about the coaching business is hype, it is still a career choice. If you go into it knowing that it takes hard work, it requires passion and personality, it takes specific business acumen, and it takes research and patience to find the right niche, you will have a better chance for success.
Setting up a life coaching business is fairly easy, but building a successful coaching practice takes much more effort. However, the rewards, both financial and personal, are great, and the effort is definitely worth it!
Writing Team, Coaches Training Blog Community