Success is inherent to creation. Trees grow, waters increase in density, cities get larger, and human beings evolve. People grow in the direction they set their minds on, or sometimes that life circumstances channel them towards.
It is no secret that this growth and evolution process, which carries a different meaning to each individual, comes with challenges and obstacles. Since life comes with no particular manual, some people have either made it their career or are simply gifted with the ability to see beyond eyesight and possess a clear and sound mind to draw effective and accurate blueprints to build bridges between where we are and where we wish to go. Sometimes we may not even know where we should head.
The coach is an experienced or gifted professional who provides moral and strategic support to the one he coaches, called the coachee, for the coachee to gain clarity or reach their desired life goals.
Based on the current youth and speed growth crisis, the world is in need of coaches more than ever. According to recent statistics by the International Coaching Federation, 1000 people per capita are in need of a coach. However, being able to unleash one’s gift or make use of effective tools to help and support others grow is one thing; being able to build a thriving business out of it is another.
Whether you are an aspiring coach or a start-up coach, here are 7 key steps based on real-life experiences, trials, and failures that will allow you to build your business from scratch and scale as you’ve never seen before.
Step 1: The Right Frame of Mind
This first step is the essence of all creations on the face of the earth. “Having the right frame of mind”. Building a successful coaching business requires you to lay the psychological foundations which consist of the following:
Establishing a business needs a lot of thought and work in the first place. Don’t just go for a business because you are in need of quick cash. In other words, “Don’t do it just because of Money”. Understand that 9 out of 10 businesses fail within their first year and only a fraction of what you put in, in terms of capital and labor at the beginning, may come back to you, most times not at all, therefore set yourself ready for the ride.
Understand that success takes time. Be disciplined to work on your business with an even tighter schedule than your job. This is your business in which you oversee everything (sales, marketing, accounting, etc.), not your job in which you oversee a particular task or department.
Ensure to consistently make informed decisions.
Step 2: The Right Niche
Choosing the right niche to serve as a coach consists of selecting what kind of coaching you would like to offer and whether people are willing to spend money in that niche to either solve their problems or give themselves pleasure. Here are some criteria to consider when choosing your niche:
The niche or market has a high potential for profitability.
It's catching a long-lasting trend or there are a lot of people interested and actively searching for information within the niche or market.
You are at least somewhat interested, or even passionate about the niche or market.
A niche with less competition.
With that said, it is always best to create your own niche category in which you can be king/Queen.
Step 3: The Right Offer
“No offer, No business”. Having a clear, concise, and attractive offer, also known as ‘The Irresistible offer”, is crucial. The irresistible offer has to:
Have a high return on investment.
Have a touchstone.
Have believability.
Step 4: The Right Marketing
Marketing helps a firm in creating value by better understanding the needs of its customers and providing them with innovative products and services. The world has turned into a global village connected by the internet, and therefore several doorways for marketing are always open. You must devise a marketing plan for your business. Establish your own website, advertise it on social media, know your audience, interact with them and show them what you have got.
Step 5: The Right Aim
Building your business is about choosing what to aim at and what to focus on one step at a time. It is about the ability to have a clear vision in which a laser focus and concentration have to be applied in order to hit the target which in this case makes sales and grows your business. Know how to manage your time effectively and measure your performance versus the time input and the output.
Step 6: The Right Implementations
What brings an idea to life is nothing more than the implementation of plans through which the validity of the idea is proven or not. In business, nothing gets validated except through consistent or repetitive actions which give feedback as to what works and what doesn’t. Take action fast and fail fast enough to avoid wasting unnecessary time and money.
Step 7: The Right Circle
The quality of people you surround yourself with within your business and within your personal determine where you are headed. Look out for people that are self-driven, innovative, highly motivated, and will not take no for an answer. Surround yourself with individuals who elevate your game and contribute positively to your business.
To wrap it up, once you have decided to establish a coaching business, success is yours when you truly decide and commit to your calling. Good things take time, and so do businesses. Just keep up the good work and results will come your way. Remember, You Too Can Be Great. See you on top.