The 6-Step Plan for Developing a Successful Coaching Business

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If you are thinking about starting a coaching business, it is an intelligent choice. Many people have felt the need to help others, especially during a pandemic filled with isolation and uncertainty – and the numbers show the potential of this industry.

The Coach Foundation shared that the estimated market value of the US coaching industry increased from $707 million in 2011 to $1.34 billion in 2022. That’s an astronomical increase over eleven years. There is no doubt that the market is increasing rapidly.

But the real question is, how do you scale your business to stand out from the competition? Scalability comes with patience, careful planning, measurement and adjustment. I’ve laid out six steps you can use to effectively scale your coaching business:

Related: 4 Steps to Grow Your Coaching Business to $1 Million a Year

1. Choose a coaching model and style

Choosing a coaching model will help you focus on which coaching style, pricing and target group you are targeting. Models include:

  • Private coaching: Private coaching, also known as one-on-one coaching, usually involves one client attending weekly or bi-weekly sessions with a coach.

  • Group training: This is where you coach people in groups. It is more scalable than private coaching, as more revenue is generated for the one-hour session.

  • Business coaching: This is where you are brought into a business and your job is to help coach employees for details, like executive coaching.

  • Online coaching: This is one of the most popular ways to coach today. Simply register for an online course platform and coach people via live stream.

  • Personal workshops: This is where coaches speak at conferences or organize coaching workshops.

  • Hybrid coaching model: A popular choice. Coaches use two different types of coaching models together. It is quite common for trainers to use online coaching and workshops as their hybrid coaching model.

  • Selling products: Trainers create products and sell them online. This can be anything from an on-demand coaching course to a whitepaper, book or guide.

2. Find your niche and make this your focal point

Harvard Business Review shared an interesting note on coaching. It is the bridge between consultation and therapy. Coaching is about focusing on the future, improving performance, achieving goals and helping people discover their path and purpose.

Because coaching has so much to do with personal and/or business goals, it’s important to share what coaching niche you want to fall under. There are some questions you should ask yourself when trying to establish your niche:

  • What is your passion?

  • Have you gone through an experience that you think others will relate to?

  • What are you good at?

  • What problem are you trying to solve?

  • What do your friends and family think you are good at?

  • What do you love to do?

  • What do you think people will pay for?

Related: How to Create an Endless Stream of Clients for Your Coaching Business

3. Find your target group

Your niche will determine who your target audience is. Identifying your target audience is an important step because it will show you the type of messaging you should use to speak to this group of people.

People like personalization. They want to be spoken to as individuals and interact with coaches with relatable experiences and stories. Your target audience should be identified according to criteria such as demographics, experiences, hobbies, interests, goals, etc.

4. Create the offer and the sales funnel

You want your audience to visit your website and understand who you are, what you offer and how much it costs. You can achieve a neat and streamlined sales funnel by using landing pages on your website. Each landing page should share information about a specific service so that the audience is not distracted. Users should be able to register there and then.

Related: 4 Steps to Building a Successful Coaching Business

5. Advertisements

This is where scalability can start to get expensive. But you need to drive traffic to the dedicated sales funnel landing pages. You can do this by using one of the following proven advertising methods:

  • Facebook and Instagram ads: Use this affordable way to start growing your social media audience as well as driving traffic to your website. It’s a great way to get your brand and name out to the masses.

  • Google adwords: This is a suitable pay-per-click advertising method if you are targeting specific keywords. For example “interview coaching” or “spiritual life coaching course” etc.

  • Email marketing: Once you’ve built a customer database, it’s a good idea to send out regular emails about your business. Try using email as a tool to upsell, promote your blog and share more about yourself.

6. Automate as much as possible

The final step is to invest in a high-quality online coaching platform that allows you to automate many of your tasks. Some of this automation occurs using:

  • An automated email sequence to new customers

  • Calendars to book your classes, which are built into your online coaching platform

  • Online coaching software that is already integrated with Zoom

  • Integrated e-commerce functions in the coaching platform, so that all your product and shipping information is in one place

  • Automated reports on a weekly or monthly basis

Coaching is an industry that has so much potential and the best part is that anyone can do it. If you want to scale up quickly and efficiently, follow the steps above and remember to invest a lot of time in planning.

Like many other projects we have in life, if you plan and stay ahead of the game, you will attract the right kind of clients and stay relevant. So watch your resources, invest in automation and take the time to be as niche as possible. People love personalization and interaction with trainers who make an effort to stand out – it’s time to push the boundaries.

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