Online coaching is a fulfilling career for anyone who loves helping people. And also, the coaching industry is flourishing because of entrepreneurs that are eager to use their passion and skills to encourage others to succeed. But there are a lot of coaches who are totally caught up when it comes to starting and running their own coaching business. Most of them have unrealistic expectations and disregard important resources on things their business doesn’t need.
Having to start a coaching business is not as easy as you think it could be. Plus, with all the dedicated coaches out there who are well prepared and ready to impart their knowledge and wisdom, the competition can be tough. In this blog, we gather the basic steps you should take to start a coaching business.
1. Choose a profitable coaching niche
Individuals go to coaches to look for advice in helping them solve their problems with specific solutions. So, it is crucial that you choose a specialized area, or a particular problem to solve when starting a coaching business. Having a niche will likewise help you evaluate your target audience and allow you to build authority with that audience.
These are the common and profitable online coaching niches:
• Wellness coaching
• Relationship coaching
• Financial coaching
• Career coaching
• Business coaching
In order to choose a niche, discover and analyze where your strengths and fortes lie. What area are you passionate about? Do you have any past experiences or backgrounds that will help you as a coach? 2. Get training and certification
Although certification is not a prerequisite for becoming a coach, there are definitely advantages to becoming a certified coach.
For beginners, participating in a professional training will allow you to refresh your knowledge and skills. This will also put you in the position as an expert in the field. Yes, you still have to prove to your potential clients about your services, but certification will help you validate that you know what you are doing. Certifications are valued by entrepreneurs especially those who are just starting out and don’t have many client testimonials yet. People are also more likely to endorse coaches with a certification than coaches who do not. But if you decide not to get certified, you can show your credibility to potential clients in various ways, including your background and education, work experience in a similar field, and testimonials and recommendations from clients and colleagues.
3. Set up a business structure
You can choose a business structure for your coaching business:
• Sole proprietorship
• Limited liability company (LLC)
If you go with a sole proprietorship, you are the sole owner of the business. This means if your business runs into any type of trouble, you are the one and only responsible for looking for a solution to it. With an LLC, on the other hand, the business itself is accountable for debts and liabilities; the owner is not personally liable.
Choosing between sole proprietorship and LLC depends on your business goals. Consider speaking to a tax consultant to choose the option that would be best for you. 4. Determine the pricing of your coaching services
You can charge for your coaching services in three ways:
• Per session
• Per month
• Per package
To begin with, it is likely if you start out by charging clients per package. Through this, you will have an idea of how much income you will have for the month to be able to help you monitor your business’s cash flow.
You also need to assess the right price for your services. Price depends on your specific niche, target market, your credentials and experience, and income goals. Conduct a detailed market study to find out the prices offered by your competitors to give you an idea of the pricing that your audience is willing to pay for similar services.
5. Build an online presence
You can begin by building a website which you can promote and sell your online coaching services. Your website should give a clear idea of who you are and what type of coaching services you offer. It should also have a contact form or online scheduler that allows people to book a time with you conveniently. Promote and reach out to potential clients through social media. While there are various social media platforms, consider your unique target market when choosing a platform. For example, if you are focusing on executive clients, you will do better with an account on LinkedIn; if your target audience is into health and wellness, potential clients will probably be more active on Instagram. Whatever platform you choose, make sure that you post content regularly and consistently on your account to keep users engaged.
Need more revenue? Offer financing for your coaching, consulting, or courses. At Sals Capital we offer a variety of funding options everything from Startup funding, Working Capital, Consumer Financing, and more. So what are you waiting for? Better Call Sal!