As someone who has built and helped businesses succeed across multiple industries, I can attest that coaching is a field that’s gaining momentum by the day. With so many people seeking support to peak their potential and reach their goals, a career in coaching can be fulfilling and lucrative.
But beware, just like any other industry, there are traditional pitfalls that you must navigate. These include undercharging, lack of clarity on your niche and not having a solid business plan. It’s easy to fall into the trap of trying to be everything to everyone, but as the old adage goes, “if you try to be everything to everyone, you’ll end up being nothing to no one.”
Avoid the Pitfalls
To avoid these pitfalls, you need to have:
- A clear vision of who your target audience is
- What are their pain points
- How can you help them?
- You need to have a pricing strategy that is based on the value you provide, not just on what your competitors are charging.
- And most importantly, you need to have a solid business plan that takes into account all the aspects of running a coaching business, from marketing to finance to client management.
Join the digital nomads
But fear not. For those wanting to become coaching entrepreneurs, there are modern trends that are making the business of coaching even more attractive and you could become a digital coaching nomad.
With the rise of technology, you can coach from anywhere in the world, and with the right systems in place, you can automate your business processes and focus on what you do best – coaching!
The Freedoms…
As a coaching entrepreneur, you have the freedom to design your own business model, set your own rates and choose your own clients. This level of control over your career allows for a sense of empowerment and self-determination that is hard to find in traditional employment.
Additionally, the personal and professional growth that comes with being a coaching entrepreneur is immeasurable. As you help your clients reach their goals, you also have the opportunity to work on your own personal and professional development.
Building a coaching business requires creativity, innovation and problem-solving skills, all of which can help you grow as a person and as a business owner.
Coaching Entrepreneur Archetypes
First, let’s set some expectations and see what are the archetypal traits of a coaching entrepreneur!
Before you begin to think about a career as a coaching entrepreneur ask yourself:
- Have you got natural drive?
- Are you ambitious?
- Do you have a desire for success that will help you take the right amount of level risk?
- Are you mentally tough enough?
Take some time to respond to these questions. Really reflect on whether they are true for you. And if so, let us carry on to a further set of questions that will really start to sharpen your discovery of entrepreneur archetypes.
Can you honestly say yes?
As you start to go through these questions, stop after each one and reflect. Firstly, respond to the question, but then ask yourself – “How do you know your response is true for you?”
Are you willing to set high goals for yourself and the business?
Will you work tirelessly and consistently push yourself out of your comfort zone?
Are you creative or willing to surround yourself with people who will help you continuously improve and stay up to date with the latest trends?
Are you willing to be a risk taker and try new things?
Have you a track record for adjusting your approaches to getting things done?
Are you truly mentally strong and emotionally tough enough to cope with challenges and setbacks as they emerge?
Will you commit to your business goals despite the external adversity that can emerge in everyday life?
Have you a strong work ethic and can you inspire others through your leadership ability and build a team that will help the business succeed?
Does having your own business align with your personal and professional values?
Are you willing to keep your coaching credentials up to date and be on a continuous learning within yourself?
In Conclusion
If you are considering a career in coaching entrepreneurship, know that the road may be challenging at times, but the rewards are well worth it.
With passion, hard work and a commitment to personal and professional growth, you can create a successful coaching business that allows you to live the life you’ve always dreamed of while making a positive impact on others.
Richella Boggan is Co-Founder and Global Business Development Director of Sandown Business School. For the past 30 years plus Richella has been working in commercial and management environments with Senior and Emerging Leaders within a variety of organisations. Book a call to find out more about coaching and/or supervision.