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Are You Ready For A Coaching Business?

16.07.2017

Coaching education and skill enhancement are the first, and development of a coaching business the second, but equally important, component of a successful coaching career. Now that you know what coaching is, you have heard that you can start your own coaching business and everything you have read up to now sounds amazing and too good to be true. High income, quick returns on your investment, relatively small (real) competition – but don’t rush into it! First you should ask yourself: is coaching really for me, and am I ready to start a coaching business?

There are a couple of things you should consider before you enter into the whole process:

Learn the difference between coaching and counselling/lecturing/psychotherapy

Unless you are sure what coaching really is, inform yourself by asking people from the business world, read blogs on the internet regarding coaching and the differences between coaching and other similar areas. A good coach won’t give advice, they will encourage their client to find their answers on their own and help the client find a solution for the situation they are in – on their own.A coach won’t talk about their own experience or the problems they have managed to overcome - they actively listen to their client when they talk about their experience, and guide them through the coaching session to find solutions on their own.

It is necessary to love coaching

It is very important that you love what you do. If you decide that coaching is what you are going to do for life, think about it once more – do you really want to see only yourself at the top, or do you also see all the great people you have led to results? If you have ever felt the enthusiasm when a person you have been working with achieves their results thanks to you, then you are on the right path towards becoming an excellent coach.

Keep your current job!

It often happens that people, once they make the decision to start their own business, burn all their bridges and start building new ones. Why keep your job? First of all, your current position can be your ticket to your future business. Second of all, you have numerous contacts that you have been accumulating for years, why lose them now? Third of all, money is not going to start coming in in large amounts right away; it takes time for you to develop a stable and profitable coaching business.

Your expertise matters

We are still talking about your current job: it is what you are good at. How is that going to help you with coaching? With your experience to date, knowledge and expertise, you will be able to determine the coaching area that suits you best. Let’s say you are currently an HR manager. You can provide coaching to people who participate in the selection process (functional coaching) or those who want to find a suitable career (career coaching). Of course, it doesn’t have to be about business expertise only, your coaching can also be based on your life experience.

Who are the people you will be working with?

It is necessary for you to realize who the people you will be working with are. First of all, you should choose people who know what coaching is, who consider coaching to be something that could help them, who have enough assets to pay for your services and are in your niche. That’s a lot of criteria to be fulfilled, isn’t it?

Nobody said it was easy

Finding your inner motivation, the area that can make you persist for many years, attracting and keeping clients...all of this is an exhausting job that requires full commitment and a lot of time. People take years to develop their coaching businesses. Do not count on finding your clients immediately and having a stable income (we won’t even get into the issue of profit).

We are only going to quote one coach and her experience: ‘’This is by far the hardest thing I have ever done. You have to be ready to add up a lot of love, energy, money, sweat and tears into your business before it grows. Every beginning is difficult, but coaching is even more difficult. Give your business two years at least, and you better be learning every day about business during that process.’’

Be prepared to learn every day

Training, certification, books, additional conferences, networking with other coaches, etc.; continuous learning is something that will become your job description: we are talking about learning about coaching. What we also have to mention is learning about business, marketing, sales, finances and legal regulations. All of the above is the reason why it will take a lot of time for you to develop a solid business.

Quitting is not an option!

Once the first steps are taken, there is the chance that you won’t see any results despite your dedication to developing your business. Is that a reason for you to quit? Do not get into the coaching business if you are going to quit at the first obstacle. Having competition is hard, and you have to find your unique value in order to have a successful business. Not many people are aware of how much coaching can help them in their development. It is important for you to be persistent in this job. Success doesn’t come overnight.

Find out more about coaching in our blog section. We recommend the following blogs: 

Characteristics of a Coach – Do You Recognize Yourself?

Ten Virtues of Successful Entrepreneurs