The easiest startup anyone can set up these days is a coaching business. It takes very little time and money to set it up as you aren’t selling a product. You are chiefly exchanging your time for money. And you don’t have to do it physically either as you can offer coaching services online.
All you basically require is a website and an email address. Some people don’t even have a website as all they use is their social media pages.
When you want to set up a coaching business of your own and you notice how easy it is to start one and the number of people creating their own coaching business you might begin to wonder. And ask yourself questions like, ‘should I set up a coaching business?’ and ‘if it is so easy to start one I am sure there is going to be a lot of competition. Can I beat it?’
Therefore, to help clear these questions, and let you know if you should or shouldn’t start a coaching business in 2020, I have written this article for you.
What is a coaching business?
Coaching is basically when you partner with your clients and help them solve either personal or professional problems. You can find coaching in almost every niche ranging from fitness to productivity to marketing.
And there are so many ways to coach people. Some people do it through online courses, while others do it through one on one coaching and then there are others who do group coaching.
And then there are others who offer all three kinds of services. What you offer should mainly depend on your skill set, the time you have and the type of services your audience wants.
Is there still a demand for coaching?
There are currently 53,300 coaches out there. In 2016, the estimated market value for coaches was $1.02 billion in the U.S. alone and it is expected that it will reach $1.34 billion by 2022.
As long there are problems out there that people come across on a regular basis, there will always be a demand for coaches who will solve problems. Some people might look for free content online and get their solutions from blog posts. But people who are serious about making a change in their lives quickly will seek out coaches who will provide customized solutions along with accountability that will get them the results they seek.
How much can you earn as a coach?
The International Coaching Federation (ICF) estimates that coaches make $27,100 to $73,100 a year. And specialty coaches can make over $100,000 a year.
The amount you earn will depend on your experience, skill set, determination and industry of course.
So, how can I become a coach that people will want to hire?
Running a successful coaching business is a vast subject. Therefore, if you are looking for a complete guide I recommend that you read this guide on How to Start a Coaching Business. It has everything you need. But if you are looking for a quick guide, I have mainly two suggestions for you.
One of them is to start your coaching business in a niche you are passionate about. When you are passionate about the topic you will not only offer better services on the subject, but you will be enthusiastic about learning as much as you can. Hence, you will be more knowledgeable than your competitors. And potential clients will notice this passion and it will trigger them to hire you.
The other is to offer coaching packages that your customers want. When getting started with coaching, one of the biggest mistakes people make is that they offer coaching packages and services that they ‘feel’ that their audience wants. But they don’t realize is that what they ‘feel’ doesn’t matter to their potential clients. Your clients’ wants and needs will be different from yours.
So, instead of going with your gut feeling, you should research the market, competition and potential customers and provide the exact services that they want. And make sure the product (coaching plan) you offer is much better than your competitors. This will get you to stand out and attract more clients.
Conclusion
As you can see there will still be a demand for coaches in 2020 and in the near future. Therefore, if you are interested in setting up your coaching business, I recommend that you get started now and build a foothold.
