Start a Coaching Business
At some time in our lives we have all needed a coach. It may have been your athletics coach ahead of a big meet or a friend who stood by your side during a tough transition. Coaching has grown as a viable sector for Caribbean entrepreneurs with the increase of the personal development industry.
You may already be coaching but want to turn it into a full-time business. Here are six key things to consider as you begin.
Identify Your Niche
You want to be known as the guru or expert in a particular area. You could be a health coach, but that is very broad. Instead, identify the specific result that your clients achieve after working with you. Do you help women regain their figure after pregnancy or help people with chronic illnesses lose weight? If you are a business coach, consider if your specialty is finance, confidence, rebranding, growth, etc.
Being clear on the results you can help them with, will make it easier for you to articulate what you do and how you do it. This will also help your potential clients be clear on the results they want to achieve and whether you are the one to help them do so.
Teach Your Potential Clients
Your clients need to get to know you before they sign up to coach with you. Teach them through the content you create. Share what you do and why your techniques work. You need to build trust and they need to see that your work has reaped results for others. In this way your content, clearly articulated, becomes your discovery call. By the time they pick up the phone to connect with you, they are ready to do business.
Set a Financial Target
As you begin your coaching business you must know what you have to offer and how much you want to make. Often new coaches make the mistake that because they are new they can only work for free or at very low prices. Be clear on the income you want to generate annually from coaching. Work this figure back to a monthly, weekly, then daily one. Remember, you need days off. You can decide that actual coaching only happens three days a week. The other days are spent creating content and managing the business. On the days you are coaching, how many people can you reasonably serve without being completely exhausted?
Create and Package Your Offer
Now that you know how much you want to make annually, you need to design the right offer for your potential clients. While ideally, it would be great to only do one-on-one coaching, it can be time consuming and depending on your price point, you will need to serve too many people to make your target. (Of, course an easy fix is to charge one client what you want to make for your weekly rate for one session.)
Create offers for groups and one-on-one coaching. Use technology to make it easier to manage group sessions. Include email access and short live calls to give more personalized support to group members and other clients.
Leverage Your Knowledge
The content that you create to teach and what you offer within your private coaching can go further than the people who work with you. Turn the coaching content into a course, which others can take on-demand. Write a book or design a workbook to be sold. Share your expertise from the stage, even a virtual one.
Connect With Other Coaches
While some industries do not require you to be a certified coach, it can help to build your confidence and that of your clients that you have a qualification to offer the service. You should also network with other coaches to understand how you can collaborate and to find out and share techniques that you are seeing success with. Having support will go a long way in helping you build a solid coaching business.