How to Grow a Successful Coaching Business in 2023 (& whether you should hire an Online Business Coach to help you!)
How to Grow a Successful Coaching Business in 2023 (& whether you should hire an Online Business Coach to help you!)
Running an Online Business can often seem like a rollercoaster ride full of surprises — some exhilarating and others more challenging.
The ebbs and flows of starting your Online Coaching Business are inevitable: sometimes the sales are booming, other times your sales strategy needs to be re-examined; one day the income is rolling in, the next day you’re living on the edge of your seat and feel like your coaching business is about to combust.
But here’s the thing: every single business venture brings a plethora of ups & downs, and it’s all about how we navigate them that dictates our growth.
The coaching industry is no different, but the rewards that your role as a coach can present you with are absolutely immeasurable. Starting my Marketing Coaching Business was truly the best decision of my life.
PLUS, Did you know that coaching is one of the fastest-growing professions in the world?
In 2023, the coaching industry is expected to be worth more than $2.3 billion!
If you're looking to start a successful coaching business, now is the time to do it. But what are the keys to success in this industry? Keep reading to find out!
Why should you consider starting a Coaching Business in 2023?
Are you passionate about helping others reach their potential? Do you have a wealth of knowledge and experience that you want to share with the world?
If so, then starting your own coaching business could be the perfect next step for you.
Here are just a few of the reasons why you should start your own coaching business this year:
You can be your own boss - One of the great things about being a coach is that you can be your own boss. You can set your own hours, work from home, and make your own schedule. This gives you the freedom to work around your other commitments and create a lifestyle that works for you.
You can make a difference in people's lives - As a coach, you have the opportunity to really make a difference in people's lives. You can help them overcome challenges, achieve their goals, and reach their full potential. This is an incredibly rewarding experience that can bring immense satisfaction.
You can earn a great income - Coaches are in high demand, and if you build up a successful practice, you can earn a very healthy income. This means that you can live the lifestyle you want and enjoy financial security.
Who Should Start a Coaching Business?
Depending on your industry, you don't always need to have a degree or professional experience to start a business.
All you need is something to offer - an expertise, sought-after processes, a unique skill set, or a variety of life experience. If you have something to share, you can start your own coaching business.
And the best part is, you can do it from anywhere in the world. All you need is an internet connection and a willingness to help others.
In addition, it’s important that you have a growth mindset (aka the willingness to always be learning and adapting based on new information and the current state of the world), as well as a strong inner-drive to show up for your clients in your peak state (110% in any client interaction is the standard that I set for my own business!)
As mentioned earlier, the coaching industry is a multi billion dollar industry so it’s your time to get your piece of the pie!
And the best part?
The ‘knowledge economy’ (where people are selling their coaching, their intellectual property and their consulting services) is here to stay. In fact, clients love the fact that they can choose their teacher, rather than being bound by their city limits.
For example:
Instead of taking a Marketing Course at the local college with the professor who has been there for 50 years, you can seek out a Marketing Teacher who specializes in E-Commerce Startups and hire them or take their course, even if they live on a different continent!
We are moving to a peer-to-peer economy and the knowledge economy is our new reality (it’s a billion dollar industry. If you can solve someone's problem, you have yourself a business.
At the tap of a keyboard, you can create content where there’s never been content, and income beyond your wildest possibility!
What are you waiting for?
How to start a coaching business in 2023 (my TOP tip that I don’t normally share publicly!)
Before you turn the lights on and open the door of your business, there are a few things you need to know about starting a coaching business.
First, you'll need to identify your niche and build a strong foundation of knowledge in that area.
Within that niche, you should be able to clearly describe the ONE problem that you’re solving for ONE type of person. You can grab my Dream Client Identifier, here.
2. Next, you'll need to create a system for delivering your services.
Is it live coaching, a group or 1:1 format, are there workbooks and video modules, and what milestones will your clients achieve each 30 days? Remarkable delivery means that you barely need to market your services, because your clients will end up doing it for you.
3. Finally, you'll need to market your business and learn how to sell your services.
While this may seem like a lot of work, it's actually relatively straightforward if you break it down into steps. By taking the time to Plan and prepare before you launch your business, you'll be well on your way to success.
Oh, and you’ll want to stick to doing all of this for at least one year before you pivot and change your business model. Otherwise, you aren’t giving your business a chance to build momentum and gain recognition.
Who should start an Online Coaching Business?
Running a coaching or consulting business is NOT for everyone.
It takes a thick skin, a lot of confidence, and the ability to handle rejection.
You have to be able to market yourself and sell your services. You need to be comfortable with networking and building relationships. And you must be willing to invest time and money in your business, because staying stagnant is a recipe for failure in the coaching space.
If you're not prepared to do all of that, then a coaching or consulting business is not for you. There are other businesses that may be a better fit. But if you're willing to put in the work, there's no reason why you can't be successful as a coach or consultant.
Here are a few more tips for becoming a Fully Booked coach:
Your top priority is to be dedicated to the service of others
You are required to show up at 110% energy, even when they’re having a bad day. Your clients pay you for the best possible version of you.
You must take client delivery seriously. An unhappy client is the worst marketing for your business.
You are not afraid to wear all the hats. Even though you just want to ‘do your thing’ you also need to show up for Admin Work, Strategic Planning, Marketing and Sales and Content Creation.
You are confident that you’ll do what it takes to get clients results, even if it takes a little extra support.
You will continue to attend conferences, events and trainings to ensure your knowledge is up to date
We also recorded a Podcast Episode for you!
Click below, to tune in…
What types of Coaching Businesses can you start?
There are numerous opportunities to thrive as a Coach, Consultant or Service Provider and the sky's the limit if you can solve someone’s problem. However, there are some specific categories that tend to do exceptionally well:
First, if you can improve someone’s health, wealth, happiness or relationships - you have yourself a business. These 4 categories are relatively broad, but vastly important to someone’s enjoyment of life. If you can pick a niche and improve one of these areas, there is likely a market waiting to hear from you.
For example:
If you can help someone lose weight on a plant-based diet, you have a business
If you can teach someone to budget and get out of debt, you have a business
If you can teach someone to manage their anxiety and get back to who they used to be, you have a business
If you can teach someone to attract their dream partner, you have a business
There is also something called The Life Force 8 as outlined by Drew Eric Whitman in one of his books. If your services can satisfy one of the eight basic human needs that are hardwired in everyone, you have a business.
The Life Force 8 include:
Survival, enjoyment of life, life extension
Enjoyment of food and beverages
Freedom from fear, pain, and danger
Sexual companionship
Comfortable living conditions
To be superior, winning, keeping up with the Joneses
Care and protection of loved ones
Social approval
In other words, these are the eight things that people really want…more than anything else. If your offer satisfies at least one of them, you have a business.
Finally, if you can solve a problem that you have identified exists in the world, you have a business. What problem are you solving?
For example:
People don’t have software to manage their schedules as Busy CEO’s? Create a solution.
Mom’s don’t have enough spare time anymore to fit in workout classes? Create a solution.
A major company has no processes or workflows for how things are done, and their workforce is aging? Create a solution.
You get the point!
What do Coaches typically earn on a monthly and yearly basis? What is a typical coach's income?
I'm sure you've seen the ads.
"Earn $100,000 working from home!" or "Make an extra $5,000 a month with this one easy trick!"
It can be tempting to believe these earning claims, especially if you're looking for ways to increase your income, but is this reality?
Before you decide to go Full Time with your coaching business, it's important to know what you're getting into.
So, how much does the typical Coach or Consultant make? And is it really worth the investment of time, energy and resources to get your business off the ground? Keep reading to find out!
To give you a quick answer, a coach or consultant can earn anywhere between $0.00 and $1,000,000.00 per year. I am reading a book called Million Dollar Consulting right now (I would highly recommend it) and have a roadmap of how I can get my Marketing Coaching Business to a million dollar a year.
But this kind of leap doesn’t happen overnight.
Let me start by sharing that I earn 2-3x as much today as I did in my last corporate job working as a marketing manager in downtown Toronto for a major health food company.
It took me just under 4 years to match my corporate salary, 5 years to surpass it and 6 years to be earning double what I used to, in my corporate job.
I have always believed that consistency compounds, and that’s exactly what happened. There are very few coaches that experience overnight success, and it’s more likely that you’ll need to show up daily for your business (working on income generating projects) in order to make these types of leaps.
Source: https://www.inc.com/john-rampton/how-to-double-your-salary-job-in-under-12-months-guaranteed.html
What can I do to supplement my income while I get my coaching business off the ground?
There are a number of things you can do to supplement your income while you get your coaching business off the ground.
One option is to take on other freelance consulting work for people in your industry. This can be a great way to earn extra money while also gaining valuable experience and building your network.
Another option is to teach classes or workshops that are low cost, and low risk to you. This can be an effective way to share your knowledge and expertise with others while also generating some additional income, refining your thought-leadership, and building your community.
Get creative and explore what’s out there if you want to leave your Full Time Job, but still need to have a part time gig for steady income. That’s what I did!
Here’s a snapshot of how I would supplement my Coaching Business Income, at each major stage of your Business Growth:
If your earnings are = $0.00
If you’re not making any money in your coaching business, you should still be working full time and then moonlighting (building a secondary income, outside of your regular job) to build the foundation of your business. This is exactly how I started.
As mentioned earlier, I worked full time as a Marketing Manager for a major health company in Canada. This role was helpful as I launched my coaching business because I was able to learn innovative Marketing Strategies and test Digital Marketing Tactics using their dollars, not mine!
If your earnings are = $5,000 to $10,000 annually
If you’re consistently pulling in around $10,000 in annual income in your Coaching Business, you have some solid proof that you’re onto something here and that by next year, you should be earning up to $50,000
This is a great time to live below your means, and to begin thinking about how you will transition towards part time work instead of full time. You can also consider contract gigs or freelance jobs.
When I first launched my Online Course and Coaching, The Visionary Method, I was earning about $20,000 annually from group and private coaching, and at the same time I was teaching fitness classes, had 2 social media marketing consulting gigs, and I was earning affiliate commission from a product-based business that I was a rep for
If your earnings are = $10,000 - $50,000
As you near $50,000 in annual revenue, you should start to think about how you can (safely) go all in, on your business.
If you’re able to continue diversifying your income (keep a consulting client, investing, or you have an income property or other means of making money) that will help you to grow without stress or without a desperate energy.
You’ll need to start clearing your time and space to think about your processes and how you can build your content-bank and start gaining more recognition with potential clients
When your earnings are $50,000+ and start to meet your annual income goal
Drop the part time jobs and drop the freelance gigs because you’re on a rocketship that shows NO sign of slowing down!
It’s time to get serious about how you manage your time and energy each week, to ensure that you continue to build momentum and use your time wisely each week now that you’re fully self-employed!
Have you been thinking about starting a Coaching or Consulting Business?
If you've been thinking about starting a coaching or consulting business, now is the time to take action.
By starting your own business, you can be your own boss, set your own hours, and decide how much you want to earn. Plus, you'll have the satisfaction of knowing that you're helping people reach their goals.
If you're not sure where to start, there are plenty of resources available to help you get started, including books, online courses, and even business & marketing coaches like myself who can help you launch your business or grow it from Half-Booked to Fully Booked.
So what are you waiting for? Start your coaching or consulting business today!
If you want to explore how a Marketing Coach can help you to reach more clients, consider applying for a Discovery Call with Kelsey here >>
“There is no greater gift you can give or receive than to honor your calling.
It’s why you were born.
And how you become most truly alive”
- Oprah
p.s.
With the help of an experienced online business and marketing coach, you can unlock new growth opportunities and gain valuable insight into how to implement a simple Marketing Success System.