You Can Make It as a Coach – here’s why and how.
Coaching is on the rise. As awareness has grown regarding positive and life-changing results of coaching, more people want to be coached and become a coach.
According to the 2020 ICF global coaching study, there were approximately 71,000 coach practitioners in 2019 globally – an increase of 33% on the 2015 estimate.
The field has grown from its beginnings in the 1980’s. Back then, coaching was specific to “life coaching” with the goal of personal development. Today, there are coaches for any niche and for any topic for which people want to improve.
Long story short, the coaching field is not quite glutted…but it’s heading there. Standing out is critical to your success as a coach.
Here’s why and how you can make it as a coach.
What is Coaching?
It’s often helpful to explain coaching by what it is not. It is similar to these other related roles but it is definitely in a category of its own.
Coaching is not:
- A done-for-you service
- A partnership
- Support and challenge
- Guidance and accountability
- Productive and specific conversation
- A done-with-you service
Coaches lead the shift from the client’s current state to the ultimate desired state (in other words, the “transformation”). They do this by guiding the client to broaden their perspective…and holding them accountable for their goals and strategies.
Feedback is a huge part of coaching, and the client must feel comfortable that the feedback is for their benefit and trustworthy. The best results arrive when the client and the coach have a comfortable rapport.
Coaches offer the tools, guidance, and accountability the client needs to overcome obstacles and reach their goals.
Coaches provide support and challenge, guidance and accountability as they walk alongside the client. The outcomes are up to the client.
“Coaching is…guiding people from where they are toward the greater competence and fulfillment they desire.” – Gary R. Collins, Ph.D.
Benefits of Coaching
Coaching is beneficial for businesses, clients, and even coaches themselves. Coaching locks in new material learned and creates behavior change.
The following statistics are convincing.
- The Institute of Coaching cites that over 70% of individuals who receive coaching benefit from improved work performance, relationships, more effective communication skills. Coaching also is very effective at reducing procrastination and facilitating goal attainment.
- The Institute of Coaching also states over 68% of individuals who hired coaches were able to make back their investment.
- Businesses reap the benefits as well. 51% of companies with a strong coaching culture report higher revenue than their ind
- A study of executive coaching in a Fortune 500 firm, Metrix Global, reported a 529% return on investment and significant intangible benefits gained (source).
- Another study on leadership coaching showed a 788% ROI (source).
- Coaching combined with learning is powerful. This study showed training increased productivity by 22%. When coaching was added to training, productivity increased to 88% (source).
Let these numbers enthuse you personally. Coaching is powerful and effective. These statistics will help you sell your coaching services. Put them in your proposals and talk about these numbers frequently.
Your Narrowed Niche is Your Open Door
In order to be a successful coach, you must differentiate your business from all of the other coaches out there!
One part of creating your unique position in the marketplace is by serving a niche customer group.
As I see it, there are two types of coaching: business-related and personal development.
Business-related coaching helps business professionals clarify their vision of their business and align it with their personal goals. Business coaches help their clients take their business from where it is now…to where they want it to be.
Types of business coaching:
- Leadership coaching
- Executive coaching
- Small business/entrepreneur coaching
- Sales coaching
Personal improvement coaching focuses more on the personal development aspect of coaching. These coaches help their clients increase their overall happiness by developing self-awareness skills that improve all areas of their life…including their confidence, communication, relationships, finance, etc.
Types of personal improvement coaching:
- Behavior change coaching
- Health and wellness coaching
- Parenting coaching
- Relationship coaching
One more way of niching is by a unique framework you teach.This is typically difficult to achieve, because a framework needs expertise to establish and testing to prove reliable results. Two examples are StoryBrand and Morning Miracle.
Donald Miller created a unique space within marketing by teaching a unique approach of story-based marketing. The framework is unique, the audience is broad (small business).
Likewise, Hal Elrod created a simple and effective morning routine. He’s the positive morning routine expert, talking to humans everywhere.
There are tons of different routes you can take as a professional coach. Figure out what makes your business unique…then use it to stand out from every other coach in the crowded market. Own your corner of the marketplace.
“Coaching is unlocking a person’s potential to maximize their own performance. It is helping them to learn rather than teaching them.” -Sir John Whitmore, Coaching Pioneer and Co-founder of Performance Counsulants
Establish your Coaching Method
It’s not uncommon to freeze when the topic of coaching method comes up. But why? A method is simply a process for attaining an end goal.
As a coach, your method is one of your key differentiators from other coaches. When you know it, you will be able to promote your services and position your business.
To establish your method, take a step back and think about the common problem your clients tend to deal with. What is the aspiration most of them seek? Your method is the steps between the problem and the aspiration.
In other words, how do you lead clients through that transformation process… how do you get them from point A to point B?
Your method is powerful for guiding clients and creating their wins. Your method is also helpful for your business.
Your unique coaching method will help you:
- Streamline your business with templates
- Communicate clearly about what you do
- Sell your services (the transformation) easier
- Develop a successful marketing strategy
A commitment to establishing your method is important. When more people have similar results being guided by you, then you have social proof. Closing sales becomes easier.
Your method is another key to making your business unique.
Build the Coaching Business of Your Dreams
If you think coaching is your calling, it probably is! By combining your unique background with a passion to help others, you can impact many people and make a very nice living.
I firmly believe you deserve to earn a great living doing what you love.
That said, a healthy business doesn’t just happen. It takes strategy.
First, get clear on what separates you from your competition. From there, a brand message should be established. From clarity comes a marketing strategy that will make sense for your business.
To fully understand marketing, get marketing coaching! Visit the Six Figure Revenue Map for a free roadmap to grow your coaching business. And learn more about the low-cost Six Figure Revenue Group Coaching program.
You deserve to earn a great living doing what you love, Coach!