This month we will shift from coaching skills to the business side of coaching. This pertains to coaching practitioners both external (Solopreneur) and internal (working within an organization) as well as those who blend the two.
As we’ve discussed in previous newsletters and webinars – there is a lot more to success in coaching than excellent coaching skills. This month we will pull back the curtain on The Business of Coaching and take a closer look at what it takes to build a successful coaching practice.
When starting your own coaching business or adding coaching to your leadership skills, you are likely to run up against both industry-wide and individual challenges. Regardless of the types of challenges, you’ll want to make sure you have a plan in place to address them. Let’s look at a few challenges you’re likely to encounter and then some tips for tackling them.
A key industry-wide challenge that many new as well as experienced coaches run into is ‘untrained individuals who call themselves coaches’. This was a key finding from the 2015 ICF survey. Nearly half of the respondents indicated this was the biggest obstacle for coaching over the next 12 months. Your strategy to address this challenge could include accredited courses, certifications and credentials as well as building a strong personal brand.
Individual challenges will vary from coach to coach but often include;
- Lack of confidence
- Vague or unrealistic goals
- Trying to do it all /doing too much at once
- Lack of systems and procedures
- Getting stuck, not able to start or move forward
- Lack of a peer to peer support network
- Lack of business/marketing expertise
Don’t let this list discourage you. These challenges can be tackled and there are tools to help. One effective tool that is often underutilized is a business/career plan. Before your eyes start to glaze over and I lose you, consider this. You don’t have to make this too complicated or time consuming. What is important is that in the process of developing your plan you think through all the potential challenges and opportunities. Creating your plan will help you gain a clear picture of your goals, expected outcomes and the requirements to get there. If you are coaching within an organization this will look differently but the process is the same. Ask yourself the hard questions and then develop your plan. For example;
- What is your vision for your business/coaching career?
- What are your objectives? Financial, lifestyle, other?
- Where do you want to see your business/coaching career in 3, 5, 10 years?
- What will it take to achieve your objectives? Financial resources, human resources, time, training etc.
The business plan should have a detailed marketing plan; another excellent tool. Again, you don’t need to make this complicated, but it should detail out at least 12 months of marketing activity. And remember, marketing still applies even if you are coaching within an organization; you still must market yourself. Here are a few questions you’ll want to answer in your marketing plan.
- What is your business/personal brand?
- What is your unique advantage?
- Who are you competing against?
- How will you differentiate yourself and services from your competition?
- Who are your ideal clients? (Tip: identify a niche and focus – don’t spread yourself too thin)
- What will it cost to acquire new clients and retain them? (Tip – be willing to test the waters. Launch at a pace and scale you can handle)
For more on building a successful coaching business/practice, attend our next webinar. The Business of Coaching: Strategies and Tips for Building a Successful Coaching Practice
Read more about the webinar and register here.
