Online coaching is rewarding in more ways than one. Sure, there are some people who do it primarily to be a boost to others and help them on their journey. But, it's also very rewarding financially...
The online coaching industry was valued at just under $20 in 2021, and so far it's a figure that seems to be ever-growing.
It's an industry with low costs, high profits, and an excellent return on investment if done right. Once your business is fully established, you can expect to be able to charge anywhere between $100 and $1000 per hour for your services.
Of course, getting started and getting off to a good start will require a more thorough study than merely reading this article.
But what this article can do is lay out the main steps you need to take, what pitfalls to avoid, and show you how few steps are actually necessary.
And without further ado, let's get straight to it!
Step 1: Fine Tune Your Coaching Skills
OK, I'm just going to come out with it. I'm going to level with you here - not everyone is cut out to be a coach.
Coaching requires a lot of soft skills, it's not necessarily something everyone can do. It's not just about building a good rapport with your clients...
You have to actively listen to what they have to say, and respond in the most appropriate and effective way.
Guidance and helping to steer them in the right direction is just one part of it, you also have to tap into what gets them motivated and also what inspires confidence in them.
Make sure you've got what it takes before you take the leap.
Step 2: Plan Ahead With A Draft Business Plan
Start with a little research. Look into the different ways that you can conduct your online business, what the costs are, and how you intend to cover those costs.
What many entrepreneurs find when they start a new venture is that if they go online and find instructions on how to write a business plan, it really gets them thinking about how to ensure that the venture is profitable.
It's also a very important step if you intend to secure a business loan, since most lenders will require viewing your business plan and checking through it, before they decide whether to hand over any money.
Step 3: Style And Promote Your Brand
You need a polished look. Your potential clients need to be impressed by you and what your business has to offer, and feel that they can trust you, and that any money spent on your coaching will be good value for money.
This means that you have to think about your image as a coaching business. You need to think about branding, and what kind of message you want to send.
You will need a brand name, and a logo, and a good tagline that really sums up perfectly what your online coaching is all about and what it can do for your clients.
You will also need to make a digital marketing strategy. And you will need to implement your market strategy based on who your target market is.
Choose appropriate social media platforms, and inundate them with the exciting news of the launching of your online coaching business.
Step 4: Select Your Online Coaching Platform
The good news is that there are some great online coaching platforms out there at your disposal. Just about everything is automated, so you don't have to worry too much about web hosting and online checkouts.
Here's a list of some good ones worth checking out:
Look into different ones and see what they have to offer and how well they would suit you, your business, and your budget.
Be sure to read user reviews before you commit, and take advantage of any free trials on offer.
Step 5: Choose Your Coaching Framework And Decide How Much To Charge
You will need to plan how to offer your coaching. You could do webinars where you coach a group of clients, or you could offer exclusive one-to-one personal coaching sessions.
You might also consider offering a program of coaching sessions, such as a 6-week program or 12-week program. Or you could offer taster sessions, followed by a discounted 6-week program.
Establishing the right amount to charge is crucial. Begin by finding what the average costs are in your particular coaching niche, and go from there.
You've got to find the perfect balance between what your clients can afford and a value that's high enough to suggest excellent value.
Step 6: Get Your First Customers
A few well-placed ads should help to bring a trickle of clients to your business. But you have to ensure that your clients know what you can bring to the table, if they're going to part with their money.
Tell them how beneficial the coaching can be for them, and what they might be able to achieve through your online coaching program.
You may even wish to throw in a discount for the first few customers.
Step 7: Carry Out Surveys For Continuous Improvement
Once your online coaching business is up and running, running a business does not stop there...
You need to be able to assess how well the business is doing, not just in terms of the money coming in, but also in terms of the benefits and results of your clients.
An easy way to do this is to have your clients fill out an anonymous questionnaire or survey, so that you can get feedback on your performance as a coach and as a business owner.
You will then need to learn from this feedback, and incorporate the lessons learned from this to assist the coaching and the business going forward.
I trust that by this point of the article, you have a clear idea of what steps you need to carry out, and, moreover, be in a position to decide whether starting an online coaching business could be a viable next step in your career.
It's not an entirely passive means of income, but if you have the skills, the time and the commitment, you can make it a lucrative business, and potentially achieve financial freedom.
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