What it Actually Takes to Start a Coaching Business
Hiring a coach is one of the best ways to plan for your personal and professional growth effectively, but not all coaches are created equal. A good coach can improve a business investment 10-50 times the initial cost of the coaching itself, but do you think you can produce those kinds of results? It takes a specific personality, a business mindset, and a lot of commitment to start a coaching business.
Let’s look at the most crucial qualifiers your clients will hire you for, and why they’re important in maintaining your own business as well as improving others.
You Need to Have the Right Personality
To create a 7 figure coaching business, you need to first establish that you’re passionate about coaching in the first place. Excellent listening skills, a positive attitude, and the ability to be quick on your feet are other important and valued personality traits your clients will look for. They need someone on their team that is just as interested in their business as the CEO is.
It helps to be non-judgemental because you’ll run into many people who have different opinions about the world. However, you also need to challenge clients on their views if you feel they’re stopping them from creating an effective business strategy. Above all, stay attentive, communicate with clarity, and be honest – coaching relationships depend entirely on trust.
You Need to Communicate Clearly
Many opportunities are missed in business because needs and wants weren’t communicated effectively or in enough detail. Even in writing, a misplaced common or period can make the difference between “Let’s eat Grandma!” and “Let’s eat, Grandma!”
A coach needs to follow every session with a detailed recap of what was discussed as well, so both you and your client understand what needs to be done before the next meeting. Detailed notes can help hold your client accountable, as you both won’t be confused or unmotivated to tackle projects.
You Need to Stand Your Ground
While one of your goals as a coach is to provide support to your client, you also need to give your clients a reality check whenever you feel their decision could damage their relationships or business. Yes, your client is paying you, but they aren’t just paying you to tell them what they want to hear. If they were, then coaching isn’t going to help them much.
Standing up to your clients will be awkward at first, because you may treat your clients as your boss. In reality – you’re the boss. At the same time, you also have to be willing to fall on your own sword if your client thinks the advice may not serve them, and they end up being right. Remember: you’re the expert, but you’re also a human who makes mistakes.
You Need to Have Experience
If you’re deciding to get into the coaching business, but don’t have experience coaching – that’s not necessarily a deficit. A freelance coach should have already created a business your client is looking to build; otherwise, your coaching may lack confidence. You have to know what it’s like to create a business before telling others how to build one themselves – it’s that simple.
For example, a freelance writer who has at least 5 years experience, has created an empire, and has the writing skills needed to teach a client how to write copy successfully is incredibly valuable to a budding writer. But that might not always be enough for some clients – they may want someone who has ghostwriting experience or were older when they started a business.
Regardless, you need to start a coaching business that targets a specific clientele so you can help them appropriately and effectively.