Considering Coaching?
Want to turn your passion into a living?
Coaching is estimated to be a $2 billion overall industry in the U.S. that is quickly developing. Most coaches do not succeed or just make enough to survive, but if you can navigate the waters, you can be one of the few that makes $100K upwards to 7 figures.
Statistics show those that have the experience and hire a "Coaches Coach" do much better, much faster.
Here is what it takes to break that 100K ceiling:
1) Personal Experience - You need 6 to 10+ years in the area you are coaching. This in not a random number - it's part of LinkedIn's selection categories. You need credibility - credentials, a book, TV spots, podcast or video interviews, reviews and/or testimonials.
2) Business Experience - if you have had a successful business before, you are much more likely to succeed at coaching. Your other choice is to hire a coach or consultant. They can take you there much faster. Sometimes you can't always see what's best for yourself and sometimes you just don't know what you don't know.
3) Marketing Experience - There are those who try to do everything themselves by taking classes or just think they can put up a website or make some Facebook posts and make the big bucks. It just doesn't work that way. The odds are that if you're a man, you know that because more men are raised in a business environment. Unfortunately most don't know the difference between an investment and an expense.
4) Clearly defined program or curriculum - Here is where you need to be very specific about what you help people accomplish. People understand better if you have steps and use high level bullet points until you think it's time that they see the full outline. It's best to have two offers - it may be single or group coaching, or an eLearning or online course, or just videos.
5) Strategy - This is really part of marketing, but you need to niche down as far as you can and still have a viable market, you need to know your difference from your competitors (or others who coach in your area), your outcome (what you actually provide the client such as a certain lifestyle or a dollar amount), and many more questions that need to be answered before you start marketing. You need certain things set up, as well, such as your profiles, website and landing page with forms and scheduling. Professional graphics and video are critical to your success and there's a formula for that.
6) Goals - Once you've proven that you program works and what kind of demand there is for it, you'll do much better if you set both dollar and timeline goals - that way you can work backwards to see how to get there.
The insights on business coaching reveal that individuals who do use coaches do improve their chances of achievements in one way or another.
There are many different types of coaches - business, executive, leadership, mindset, financial, strategic, personal, accountability, health and wellness, etc. One mistake most coaches make is trying to do too many different things but the narrower the niche, the better. That doesn't mean you can't work in different related products and services after or even during the sales process, as long as you don't confuse your prospect.
Business coaching statistics
According to a survey conducted by the International Coach Federation (ICF), executives and entrepreneurs who use a business coach can increase their net income by an average of 46 percent. Some of the statistics on business coaching they gathered are:
- 70% accepted business coaching is “very valuable.”
- 50% admit their coach as much as their best friend, spouse or therapist
- 12% confide in their coach more than anyone else.
- 62.4% developed a more intelligent goal-setting
- 57.1% lowered their feelings of anxiety
- 52.4% built more self-confidence
- 43.3% saw improvement in personal satisfaction
So, as I see it, you can make money or not make money at it - your choice, but it's an ideal living since you are working with your passion, you can work from anywhere, set your own hours and work as much or as little as you like. I made 6 figures in corporate America and then struggled for years until I hired a coach who helped me see my way there again.
Come and visit - sign up for a chat. https://ThinkLargeConsulting.com. Share your passion with me at https://www.dhirubhai.net/in/dcassara/.