How to start the right coaching business for YOU
Starting the right coaching business for you, is not the easiest thing to do, especially when it’s your first business or the first time you’re working for yourself. There can be many pitfalls but if you get your foundations right – you’ll be ok.
Build the right coaching practice by exploring your experience and your passions
Your experience and passions will also make a big difference to the kind of coaching practice you build. Or at least I hope they do because a coaching business based on experience and passion is one that will see success more easily.
That is not to say that you cannot start off with a completely fresh business as a newly qualified coach, but the more of yourself you can put into your coaching business, the happier you’ll be and the more potential your coaching business will have.
Because basing it on your passions means that you will have boundless amounts of energy and dedication. And your passion will help you get ahead of any obstacle. It will help you persevere when you come across difficult clients, marketing struggles or tech challenges. It’s all doable when passion is in the driving seat.
Experience also plays an important part in it. It can be experience working in the same industry or with the same clients in a different capacity.
Experience will give you confidence and a deep-seated knowing that it can work.
You can also have experience as a client. If you have been through the transformation you want to help people achieve, that is a big asset. You can build a business on changing people’s lives just like a coach changed your life. This is a common story with coaches, and it’s also a very valuable one. You know through experience that it is possible to achieve transformation – so you just need to acquire the required skills and learn how to build a coaching business.
To Build a Coaching Business You Love Factor in Your Personality
One thing a lot of people tend to overlook is the importance your personality plays in building a business. I made a big mistake in my first business (the advertising agency) I created a monster that did not fit with my dreams and personality.
I thought this business is great because it can make me a lot of money – I got drawn in by friends and the excitement of creating something with them, but it later proved to be a bad decision. And I can trace it back to my personality. I was never a money-head, money was never a motivator for me and yes this is what drove us to take a chance on this business.
A lot of people who worked in the business or invested in it will say, “Hey it wasn’t that bad”, it was a great company that grew fast and had a good reputation.
But I’m someone who loves simplicity and freedom. And a brick-and-mortar agency requires a lot of hard work to build – 12 to 14 hours a day. And it also requires meeting with accountants, and auditors, shareholder meetings, profit reporting, systems, hiring, meeting corporate clients etc, etc.
From Work-life Balance to a Business You Can’t Get Enough Of
As the main manager in the business overseeing all these things on top of selling and managing all the projects of an online nature, it was very demanding and very complicated to balance.
Work-life balance went out of the window with my freedoms and that just killed any love I had left for the business.
It was also a great eye-opener. Because in spite of how many hours I was working I still found time to take my daughter to the playground and out with her friends, I still found time to cook delicious meals and I still found time to write content and work within the writing and online marketing teams as a team lead.
It became really easy for me to see what I really wanted, what came easy, and as I persisted in my commitment to the company and retained all these roles it started taking a toll on my health.
But today I’m grateful because it gave me very clear pointers on what I wanted my next business to look like.
Nowadays flexibility is the most important thing in my business – not just for me but also my clients (and employees/contractors). I also take a very human approach where what people need takes priority over time constraints and rules.
I also like to work on my own – being in a team all the time was not ideal for me. I need time away from others during the day to recharge, although I love working with people too. Working online gives me a great balance because I can schedule my focus (alone) time as I see fit.
So before you plan your business, keep in mind what your personality is like and what helps you thrive. What do you value?
For me being able to spend as much time as I like with my daughter is important. As long as my business provides that it’s the perfect business for me.
Do you thrive within a team? If yes, perhaps a live group program would suit you great.
Are you an introvert? Then perhaps you can stick to 1:1 sessions and pick marketing strategies that don’t need you to be dancing on Instagram or TikTok.
Don’t be afraid to imagine your dream business – it IS possible to build it. But before you build it you need to imagine it and create your vision.