The Business of Coaching: Overcoming the Biggest Challenges
The past two months our focus was bringing coaching to organizations. This month we will shift to individuals and the business side of coaching. This pertains to coaching practitioners both external (Solopreneur) and internal (working within an organization) as well as those who have blended 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 the curtain back on The Business of Coaching taking a close look at the biggest challenges faced by coaching practitioners and strategies for overcoming these potential roadblocks. To get a well-rounded picture of coaching challenges and strategies we will take both a macro view and a ‘feet on the street’ view of challenges you may encounter and real-world strategies you can use to overcome. For the macro view, I have pulled a few stats from the 2016 ICF Global Coaching Study. For the ‘feet on the street’ view I will share insights from several coaches including a few from my own experience when I first started my coaching business. Be sure to register for our next webinar to get the ‘feet on the street’ view and hear how these coaches overcame their challenges.
Insights from the 2016 ICF Global Coaching Study
The study was commissioned in 2015 by the International Coach Federation (ICF) and undertaken by PricewaterhouseCoopers. There were 15,380 valid survey responses from 137 countries. Following are a few interesting stats from this study about the business of coaching.
The coaching industry has evolved into a coaching continuum that includes internal and external coach practitioners as well as managers/leaders who use coaching skills in the workplace. An individual may exist on multiple points along the continuum.
It is estimated that there are 53,300 professional coach practitioners worldwide. Western Europe accounts for the largest share (35%), followed closely by North America, with an estimated 33% share.
Average annual revenue of coach practitioners is $51,000. In North America, the average is $61,900.
The estimated global total revenue from coaching in 2015 was $2.356 billion USD, representing a 19% increase over the 2011 estimate.
When asked to identify the biggest obstacle for coaching over the next 12 months, the main concern expressed by coach practitioners was untrained individuals who call themselves coaches. The chart below presents the percent of respondents who named a particular obstacle.
Respondents were also asked about future opportunities. Increased Awareness of the Benefits of coaching was the top response. Additional responses, expressed as a percent of respondents who mentioned a particular opportunity, are presented below.
The top obstacles and opportunities can be used in developing your strategies for success. Set yourself apart by getting quality training and then make sure everyone knows about your education, training and credentials. Capitalize on the increased awareness that coaching works. Cite the literature and develop your own case studies that provide real world examples of how coaching is making a difference.
To learn more about The Business of Coaching register for our next free webinar.
Webinar - The Business of Coaching: Overcoming the Biggest Challenges
In this webinar, we will discuss the challenges faced when becoming a coaching practitioner – whether internal, external or a blend - and provide real world strategies to overcome these challenges. We will go behind the scenes and take a close look at operations and marketing – essential elements of a successful coaching practice. You’ll leave with practical tips to succeed in the coaching profession. Topics we will cover include;
The ICF global coaching conference, Converge 2017 will be held August 24 – 26 in Washington, D. C. We will be exhibiting at this year’s conference and I am really looking forward to this opportunity; to introduce COTBx to new people and connect with those who already know us. I so hope you will stop by to say hello, to let us know how you are doing and what else we can do to support you. It would be wonderful to know in advance if you will be attending. Please let us know by sending a quick note to email@example.com.
Coach Resource Corner
We provide many resources to support coaches at all levels. On our website, you can find blog articles, educational videos, webinar recordings and more under Coaching Resources. We are continually updating this section so check back often. Recently added (and available for download):
Making it as a Coach: Strategies for Success
Becoming a Coaching Educator
Determining the Impact of a Coaching Skills Development Program in the Healthcare Setting
Guide to Coach Certification
Personal Groundwork for Coaching Assessment
Did you know?
COTBx offers Immersive Coaching Skills Development Programs for Organizations
These programs, delivered specifically for your organization, are designed to accelerate learning and uptake. Programs are offered in on-site, virtual and blended formats.
We've created two special groups on LinkedIn to bring like-minded people together. These groups are designed to facilitate dialogue, discussion, insightful and provocative questions and information that supports, educates and contributes to coach-like conversations for everyone. Join our general coaching group or join our healthcare focused group. Be a part of the coaching conversation!