A lot of people have seen the benefits of coaching. Reportedly, 99% of individuals and companies who hire a coach are “satisfied” or “very satisfied.” Not too long ago, starting a coaching business wasn’t seen as a serious profession, but times have definitely changed. People are starting to see all of the benefits services such as this provide.
If you think you have the right skills and the ambition to give insight and motivation to people who are looking for guidance, you might consider starting a coaching business. So here are some consolidated quick tips that might help you ensure you make your new coaching startup successful.
1. Know your value…
Most other business models offer information on setting the right price for products or services. It’s often fairly straightforward.
However, that’s not the case in the coaching industry. Unfortunately, there isn’t a straight answer to how much you should charge for your services. That’s something you’ll have to figure out on your own.
While it may seem hard at first, you have to know your value. When calculating your rates, think about what you bring to the table. Consider how much someone would be willing to pay for that.
Here are some things you might consider:
- Your educational background.
- You will need some minimal requirements to practice coaching, but that’s just the standard.
- The more certifications, degrees, and credentials you have, the more your services will be valuable to potential clients.
- The experience you have.
- It’s impossible to put a price tag on experience, but the more experience you have, the more you’re worth.
- Remember that as you gain experience, your value rises…and so should your rates.
- The supply and demand for your services.
- This is a simple economic principle that can apply when you’re trying to calculate how much something should cost.
- If the demand is high but the supply is low — meaning you don’t have a lot of competitors — you can easily set a higher price.
You must know your value at all times, but it’s also important to know how the business itself is valued. When you know how to calculate your business’s value, you’ll always stay on track with the changes you should make to stay competitive.
2. …and offer great value.
Depending on where you’re located, coaching might be a saturated market. The supply for your area of expertise might be higher than the demand.
But you can still run a profitable coaching business if you offer great value to your customers. And even if you’re the only coach in your area, you should still strive to offer great value with your services.
It doesn’t matter whether the market is saturated or not. You should take pride in your services. You want to offer something to your clients that they couldn’t get from any other coach.
Talk to your clients about useful tricks they can use to improve their lives, such as the restart routine, for example. You can teach your clients to recognize the signs of stress, learn when to take a break, and restart when they need to get back on track.
3. Write a mission statement.
If you want to have a successful career, you need to clearly define your goals. That process starts with personal reflection.
Think about why you’ve chosen this career path, what kind of approach to coaching you want to have, how long you would like to be a coach, as well as the results you hope to achieve.
When you know the answers to these questions, you’ll be able to create a solid mission statement. This statement represents a targeted goal to strive for. It’s something that helps you make decisions and choices as you go along.
If you don’t know what your goals are, you will end up with a vague mission statement. It will provide you with little to no guidance. Saying something such as “I want to be a coach for just a few years with the sole intent to earn some money” won’t help you at all.
Your mission statement needs to be more sold. Consider something such as “I want to be a coach for at least five years with the intention to help business owners to learn how to treat their employees with more compassion” sounds much better.
4. Think about your own growth.
A big part of coaching is teaching business owners how to support employee education and upskilling.
However, did you ever think about your progress and growth? You’ll want to teach other people how to improve their lives and achieve personal growth, right? You’ll need to let yourself do the same.
Personal development is something every coach should strive for.
Only through this type of growth will you be able to be the coach someone would want to hire. Put your personal growth and development first, and it will have a great positive impact on your business.
5. Know what kind of business model you want to implement.
You need a business model that will help you achieve your mission statement.
The first part of your business model should detail your pricing strategy. Include how you plan to generate leads and your growth plans.
The second part is the method you’re planning to use to help your clients. Most coaches use the GROW model, which stands for Goal, Reality, Obstacles, and Way Forward. This method has been around since the 1980s. Many coaches have used it with great success.
Almost every person on this earth could benefit greatly from coaching services.
If you know what you’re doing when starting a coaching business, you’ll make money and help people. In fact, you can help thousands of people from all over the world. Just remember everything you read about listed above and soon enough you’ll become the coach everyone wants to hire.