As the corporate world is slowly dismantling itself through continual layoffs, downsizing, even insolvency, those who still have years of productivity in them are heading for self-employment in the field of coaching. You want to be a Coach, Do You? What was once a closely guarded group of industry experts and psychologists is not so private and specialized group.
You want to be a Coach; Do You is one of those questions/statements/challenges that I place before you. Here’s another: Why?
Hold on a moment, don’t start answering just yet. Consider what you are considering. Sure, there may be a reason you are shifting from employment to self-employment, but the WHY I am speaking of is Not because you’re out of a job and your family is used to eating three meals a day.
The WHY you are doing this must be emotion based. Is it because you desire to make an impact in people’s lives? Have you discovered a genius within you that you’re compelled to share? Are you attempting to drive significant change in some fashion, like relieving hunger, providing shelter for the homeless, or is it more elusive than that? Is it purely based on the need of an income? Is all you see are dollar signs? $$$$$$
My big WHY is to build a legacy for my grandchildren and the world at large. By working in the NonProfit world doing what I do, I am helping untold thousands, even millions of people through NonProfit interaction in fulfilling their individual missions.
Creating a business assisting those small organizations that cannot seem to stay out of their own way is sustainable, and it is something that can be passed generationally if handled correctly.
The Business Model and More
So, now that you’ve pondered your WHY, let’s talk about the other things that are critical for your success in this new endeavor called coaching.
- What sort of business structure do you plan on establishing? Do you plan to be a one-person show, or are there others involved? Should you create a Sub-Chapter S corporation, a Sole Proprietor business, a Limited Liability Company (yes, one person can be an LLC) or a C Corporation? I’m no lawyer, so consult one. I am only sharing speculative stuff here.
- You’ll have to decide exactly what business model you’ll follow in this coaching industry. Will you work one-on-one, group, master minds, workshops, video-training, what?
- Additionally, you’ll have to develop a business plan. Even if you’ll bootstrap this venture, you’ll still need to think through on paper your vision, mission, audience, methods of distribution, message, format, what is needed to accomplish your mission, yadda, yadda, yadda. Don’t take any of these considerations lightly. Each builds on the other, so take this seriously.
- USP- What makes you so unique compared to every other coach out in the world (and there are a great many in every imaginable business or life sector), and why they should work with you?
- MARKET - If you’re planning on working in a group setting, who are ideal client prospects? You’ll need to know as much as you possibly can about them, all the way to what they eat for breakfast. That’s a small exaggeration, but you get what I mean. Learn as much as possible what makes them tick.
- MESSAGE The next thing you’ll need to do is create your messaging that is carefully crafted to attract your ideal clientele. What is it you’re dying to tell them that they cannot live without? How are YOU able to help them live a better life?
- MEDIA - You’ll need to learn exactly where you can find these ideal prospective clients. Where do they congregate? Can they be found online in social media? Or, offline like in church groups, corporate HR, unemployment lines, Veteran’s Hospitals and Organizations?
See What You’ve Done?
If you’ve gotten this far in your pre-endeavor planning (most newbies just jump to the part where money comes in), you’ve identified numerous things. What business type, business model, and the thing that makes you different than any other coach on the face of the planet. You’ve also hit on the Golden Triangle (that’s the key part of how you’ll market yourself –Market, Message, Media). You can’t be successful unless you follow this formula.
Six Million small businesses are started every year in the USA, and 6 Million less about 36,000 fail. Why, it’s not lack of funding, although that is a big contributor. It’s that they didn’t follow this formula.
Typically, these new coaches jump right into social media, or some other type of media. That’s even prior to knowing which personality their ideal prospect is. That’s even before they know what they’ll share in their messaging. They waste big money getting terrible results, then go broke. There is the lack of available funds I mentioned earlier. Hope and prayers is NOT a good way to go about sustainability.
There’s obviously much more than these few tips, tasks, and tactics to establish and run an effective coaching program. There is licensing, price elasticity, frequency size of groups, and more. Check this blog in a little while and part two of this topic should be posted for your education and information pleasure.
If there are questions that come to mind, please feel free to reach out by filling out a contact form and we’ll get our expert to respond.