7 Steps to Building a Successful Online Coaching Business in 2019
How to create a thriving online coaching business?
One word: Strategy.
Step One: Stop LYING to yourself
Stop trying to do things perfectly. Stop searching online for the best way to start your business. Nobody has a magic pill, and if you’re looking for one, you’ll probably end up getting scammed.
The first step is to commit to growing your coaching business. Start by setting income, lifestyle, and contribution goals.
- What is your target monthly turnover? Write it down as an income goal.
- How many hours do you want to work? Write it down as a lifestyle goal
- What legacy do you want to leave behind? Write it down as a contribution goal.
Make sure your goals are visible wherever you spend more than 2 hours at a time.
Step two: know who you want to help, in depth
Business success, whether in retail, avionics, or coaching, is about serving customers in a way the market currently doesn’t or doesn’t do effectively.
How much did Apple have to sell you the iPhone? And the iPod?
To be successful as a coach, you must know the pains, desires, and troubles of those you wish to serve in order to later offer them an irresistible solution.
Consider reading social media conversations, research customer reviews on Amazon, Udemy, and any platform your audience is active on. Talk to people, observe them, and question their every move and choice. Don’t stop researching until you know your audience better than they know themselves.
Third step: Create a differentiated offer
To be successful, especially in the early stages, you need to stand out as a coach.
This is especially important in crowded markets like coaching which are growing at about 7% per year.
How do you stand out? By delivering an outcome that matters to the people you serve.
Your task is to develop a pleasing offer that consistently solves one of their top 5 problems.
Be creative, but remember who you serve:
- Individual sessions alone put an undue burden on your shoulders.
- Online programs may not be suitable for executives who wish to move away from technology.
- Long presentations or webinars may not be suitable for those who are grieving.
Fourth step: set the price of your offer
There is nothing expensive or cheap in this world. There is only the price-quality ratio.
If your offer solves pressing problems for your customers, charge high prices, which is more than $2,000 per customer. This will keep bargain hunters and uncommitted people from working with you, which will preserve your value as a coach.
Step Five: Get Clients Now
You don’t need elaborate website designs, marketing funnels, or TV endorsements to attract customers. You need resourcefulness.
Tap into your existing network immediately and don’t complicate things by describing your method or the coaching process you follow.
Katja Kempe, founder of Vivekathe world’s largest marketplace for coaches and speakers advises:
“Your clients don’t care about the process, when people buy coaching services they want to know what results you will get for them. Focus on the outcome, not how you’ll get them there.
Speak to people’s emotions and show that you understand and care. At the end of your communication, invite people to make a call with you. Once you’re on the phone, make sure they’re okay and sign them up as a customer.
Step Six: Scaling Operations
Start by freeing up your time. How can you better leverage your time to spend less time in front of customers while producing the same or better results for customers? By doing so, you begin to evolve your coaching from a profitable hobby to a scalable business.
With time ahead of you, consider creating an online community for your customers. Post regularly and invite members to share the group with other members of your target audience. Interview customers and inspire the group to take action and resolve once and for all the issues you can help them with.
Grow your community by driving traffic from joint ventures, content marketing, advertising or countless other options are available to you, the one that best suits your coaching niche.
Step Seven: Get Help
There will be a point where complexity takes hold of your coaching business.
You will have to make sacrifices and balance work life with the endless struggles of running a business.
To continue to thrive as a coach, you will need to learn to let go and trust mentors to guide you. This is because no matter how qualified you are, you are limited as a human being. Mentors have mentors, and so should you.
At this point, your role shifts from execution to leadership, a rewarding shift that comes with its own set of issues.