The professional coaching industry is growing rapidly, creating new opportunities as well as challenges for both new and experienced coaches.
Here are just a few impressive statistics to illustrate the growth and size of this industry.
- In 2012 the ICF estimated that there were 41,300 active coaches worldwide who generated nearly $2 billion in annual revenue. This number has increased to 53,300 professional coach practitioners worldwide.
- In 2014 IBISWorld, a research organization, reported that coaching is a $1 billion industry in the U.S. alone.
- In the last ten years, membership of the International Coach Federation has more than tripled.
Experts suggest there are several key factors that have led to the explosive growth of coaching. Each provides opportunities as well as some challenges to Making it as a Coach. Key factors contributing to the growth of coaching include;
- The need. The type of work being performed and the way that work gets done have changed. We have moved from routine, repetitive measurable work, to work that involves critical thinking, analysis and creativity. The old ways of managing and leading are not effective in today’s environment. What is more effective for this environment is competency in soft skills, i.e. coaching. Managers, leaders and their teams are seeking these skills.
- A change in corporate culture. Companies that once provided coaching only to C-suite executives now offer it to middle managers and throughout the organization.
- Results. Surveys as well as anecdotal information demonstrates coaching works. In an independent global survey released last year by the ICF, 85 percent of respondents who had been in a coaching relationship said they were somewhat or very satisfied.
- Relatively low barrier to entry. The industry is not regulated and there is no requirement that one attains a certain level of training or education prior to becoming a coach. Note: This is also one of the challenges faced by new and experienced coaches – how to establish credibility and set yourself apart.
So, with a growing industry that presents many opportunities as well as a few challenges, what does it take to Make it as a Coach? Hint: It is more than just good coaching skills. Yes, it is important to get quality training, to develop good coaching skills and gain confidence. But success as a coach goes much further.
In an organization, success is not just about good coaching skills but also doing the work yourself and being a coaching role model. As coaches, we need clear objectives and goals. We need a clear path on how we will achieve our goals and we need to understand what is holding us back. People are drawn to those who exhibit the attributes they are seeking so it is important that we get our house in order first.
As a solopreneur, Making it as a Coach is not only about excellence in coaching skills but setting up and managing a business. This includes business development, marketing, operations and finance. It is important to have a plan on how you will manage your business in addition to coaching your clients.
So, what are the keys to Making it as a Coach? We will explore this topic further during our next free webinar. During this webinar, you will learn what is required to Make it as a Coach and specific strategies for success. Topics that will be covered;
- Credentialing – is it needed and what are the requirements
- What attributes clients look for in a coach
- Strategies for Success including;
o Tips for Making it as a Coach within an organization
o Tips for Making it as a Coach as a solopreneur
o How to set yourself apart from the competition