7 Steps to Your Successful Coaching Business
Before we get to the coaching business let’s first explore what got you to the world of coaching? If, coaching is partnering with clients in thought provoking and creative conversations that have the propensity to maximize the client’s personal and professional potential, then which aspect of coaching inspired you to enter the world of coaching?
Yes, today coaching is considered as one of the trendiest professions in the world. It is one of the highly paying industries and also a highly growth-oriented business to pursue. Research suggests:
- Coaching is one of the fastest growing $3 billion+ global industry.
- 99% of the clients are satisfied or very satisfied with coaching services.
- 96% clients will repeat the process.
- 63% clients prefer to spend on experiences where they learn something new
So, the moot question that needs your answer is what was the core driving reason for you to jump into the world of coaching. Practically, clients are more interested to spend money on something that is meaningful, growth oriented and something that helps them to be a better version of themselves. As a coach, you get an opportunity to transform client’s life by helping them to create a growth mindset, becoming a healthier self, building positive relationships, working on their career, personal growth, becoming better team players, finding meaning to their life and tapping their true potential.
- Are you passionate to become a professional coach or you want to pursue this profession because it is trendy today?
- What pulls you towards this profession: Income, Satisfaction or both? If both what takes the priority over the other.
- How would you like to rate your listening skills on a scale of 1 to 10?
- If not coaching then what alternate options would you like to consider?
- What makes you think that you are ready for coaching?
1. ICF Accredited Life Coach Training Certification:
The first and the foremost step towards building your coaching business starts with completing your ICF Certification through ICF Accredited Courses. You can start your coaching practice after completing your Level-1 ACC Certification training of minimum sixty hours of approved coach specific training or at Level-2 PCC Certification with a minimum of hundred and twenty-five hours of approved coach specific training. The trainings imparted are based on ICF coaching competencies and the accredited trainings can be from an ICF credentialed training school only.
Once you have completed your required numbers of hours of training and are certified for your training completion, you are now all set to start your coaching practice and accumulate a minimum of verified hours of coaching practice, 100 hours at Level-1 and 500 hours at Level-2. You are also required to undergo a minimum of 10 hours of Mentor coaching and one actual recording with your client which is assessed by ICF assessors and based on that you are given dates for online examination, called as Coach Knowledge Assessment. Once all this is done, your application is reviewed and you are credentialed as a Level-1 (Associate Certified Coach) or Level-2 (Professional Certified Coach).
2. Choosing your Coaching Niche:
3. Define your target audience:
4. Work towards your coaching credentials:
While you continue with your coaching practice after completing your coach specific training offered by ICF approved life coach training schools. Now it’s time to work towards your credentials as well. Credentials along with your ICF Coaching Certification will help you to act as an authority and credibility in the professional coaching world. The best way to work on your coaching skills is to work with your clients. Since now you are well trained and competent of your coaching competencies, it’s time that you add your coaching hours towards your coaching practice and continue serving your clients. Your higher client’s satisfaction will come in the form of appreciative client testimonials. This will further enhance your coaching business.
5. Identify your coaching package:
When it comes to pricing your coaching package, be true to yourself. Neither keep it too high, nor too low. Your sweet spot is based on your opportunity cost, your clients paying capacity and of course your coaching competence. You can keep three months, six months or a nine months package, the one that works best for you. You can slowly increase the package prices as you progress with your experience and client’s testimony. Create an irresistible offer. Also structure the package based on the duration and the frequency of sessions. Remember, the clients not only want to go for best coaches but also for best positioned coaches, especially when it comes to business of coaching.
6. Setting up your life coaching business:
When it comes to coaching business, there are some preliminary aspects to consider to set up your coaching business. Let’s explore them as check list one by one.
Structure of Business: The first aspect is choosing the structure of your business as a sole proprietor, partnership, Limited liability or something else that works for you.
Name of Business: Next choose the name of your company. Choose the name that works best for you. That aligns best with the work that you do. You can choose your name, if that is what you would like to be working towards in long run.
Coaching Agreement: The coaching agreement helps you set boundaries and also create clarity between you and your client. It will help you to avoid all misunderstanding and conflicts, although that is rare in the kind of work that you do, that is professional coaching, yet coaching agreements always help us to play safe and help us to keep the focus on serving clients, instead of any petty issues.
7. Get your first coaching clients:
When you are done with all your basics as discussed above you are now ready and fully prepared to serve your clients. Let’s explore how we can work towards it.
Create your marketing plan: Here I’ll suggest you to work on one or two marketing activities to start with. But do give your best. Starting with 10 activities but not being prepared for any one of them fully, will not serve any real purpose. So, focus on quality instead of quantity.
Write-up: Create a half page description specifying client you would love to work with. Someone like an ideal client for you. Now check where does my ideal client hang out online and there you go… start with your marketing campaign in accordance.
Get interviewed on podcasts: This is one of the easiest and simplest way to introduce yourself to the world and your ideal clients to work with. Research suggests podcasts are one of the easiest ways to get your potential clients.
Create your website with you as a living brochure: Now that you have started getting into the real work, your clients are getting curious to know more about you. They want to know you and also reach you. Make all this available to your clients. You may be new to business of coaching but you are not new to life. So, trust yourself. Trust your client and trust the process of coaching.
Get word of mouth marketing: Nothing works best in coaching than the referrals you would be gaining from clients whom you have served. They will be your best advertisers. And once your words start spreading out, you’ll have clients coming to you rather than you chasing your clients.
Now you know how to start your coaching business. You start the work with one client and then rest becomes a history. Your commitment towards your client, passion for the work and competence in the profession of coaching will make you one of the most sought-after coaches in the world. As a matter of fact, ICF credentialed professional coaches are in great demand and enjoy a high credibility as a professional coach, across the globe. You get an opportunity to thrive your coaching business. However, remember, from growing your coaching business to scaling your coaching business, it’s a process. Go slow but remain steady.
Remember the quality of your coaching will always stand the test of time. So never compromise on the quality education and learning from the best. This is always the hallmark of a professional and successful coach. Nothing can substitute the quality of coaching. Keep taking small consistent steps every day. Keep the good work going. Let your coaching make big shifts in world. Here you have it!
Written by Honey Gudh, PCC
Would you like to work on your self-developmental skills and make difference to the world? I invite you to join our Life Coaching Training Program at ACC level and PCC level.
Today Life Coaching is the buzz word. We hear, read, watch, experience and dream about getting into a profession that is closest to our heart and gives us a joy that’s hard to describe in words. Truly, Life Coaching could be that profession for you. Coaching is one of the highest paying profession and one of the most fastest growing industry in the world. It is here to stay. But closely meant for those who enjoy doing this kind of work. So, make a choice that is wise and truly fulfilling.
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