I equip people to use coaching skills. Most of these people coach as part of their leadership roles – supervisor, pastor, executive, mentor, parent – but some want to generate income with their coaching. Here are 3 things you need to run a successful coaching business.
It’s a myth that a person can become a professional coach, move to Hawaii, and coach a few people a day from the beach. For one thing, the beach is far too noisy for coaching. 😉
As with most professions, in coaching, there are a few people making a lot of money and a lot of people making a little money. Here’s the truth: Very few coaches can make a living from coaching.
While making $50,000 a year from coaching is difficult, earning a $1,000 a month is not that difficult. After developing my own business and coaching others to run their service businesses, I’ve discovered what you need to be successful.
3 Things You Need To Run A Successful Coaching Business
I speak with people every week who want to get into coaching. They often believe the only thing separating them from a successful career in coaching is a coach certification. I wish it were that easy. It’s not. Your ability to coach well is not the only factor in attracting clients.
There are many excellent coaches out there who are effective, well-trained, and professionally credentialed who have no clients. And then there are those hacks out there who call themselves a “coach,” having no idea what that means, making a lot of money.
It takes 3 things to run a successful coaching business:
- Coaching processes and skills. Coaching does require training to be effective. I have a free ebook called The Coaching Roadmap, which overviews the process to become a professionally trained and certified coach. Get the training you need to coach at a professional level, whether in the marketplace or in ministry. Get the Coaching Roadmap.
- Recognized expertise. People choose coaches the same way they would choose a consultant or workshop leader. They look for a person who has experience and a reputation in the area they want to grow in. Think of it like hiring a repair person. If your pipes are broken, you’re going to hire a plumber, not a landscaper. To you, your experience may seem commonplace. Perhaps, you’ve managed a team, lived abroad, got your 3 kids into colleges, or organized volunteers for a church ministry. All of these are valuable to someone struggling to do these things. Ask yourself,
- What experience do I have?
- What am I able to do well?
- What do other people see me as good at?
- Ability to market oneself. I used to be afraid of the word “marketing.” Not anymore! Marketing is simply offering my services to help people. Why would I be shy about telling people I can help them? The ability to market yourself is THE key to running a successful coaching business. People must know how you can help them if they are to hire you. You can do this without turning into a used car salesperson! Broadly speaking, there are 3 steps to market yourself:
- Identify people who know they need your expertise.
- Make them aware of your ability to help them solve their problem or achieve their goal.
- Invite them to work with you.
Set up your marketing – even without a website – with marketing expert Mike Kim’s LAUNCH YOUR COACHING PRACTICE. Save time and effort on packaging and pricing your coaching services based on client value with my course: PRICE YOUR COACHING SERVICES. Following our step-by-step practical suggestions to get more clients now. Learn More.
As you become more recognized by your ideal clients and grow in your ability to market yourself, you can scale up your business.
Question: What’s your best business-building tip for coaches? You can leave a comment by clicking here.