It’s hard to work out how to run a coaching business, have lots of clients and make a good income. Some coaches do this, but many more struggle. In this article, we look at some of the tried and tested ways to start building your coaching business.
Building your coaching business steadily
One of the things that I notice in the marketing information coming to me these days is the speed to success approach. I often read things like “how quick to get to a 6 figure coaching income” “30 days to your coaching success” and similar.
I think this is rare, unrealistic and unhelpful. Over the years, the only coaching clients who sign on for coaching quite quickly are people who have either had coaching with me previously, or are coaches themselves. Everyone else tends to take some months, wants to have a few conversations before committing. And that’s right. There needs to be an unhurried approach, and for the client to commit only when they are ready.
So a business can be built and a steady stream of clients developed, but not in a super-rapid time. I tend to think that a 12 month minimum, after qualifying, is probably what is needed to establish your first batch of clients.
Don’t rely solely on coaching.
I know over 1000 coaches, about half of whom work for themselves. Out of those, I only know one coach who makes 100% of their living from coaching. The vast majority of coaches have a blended approach to their income. And this is a wise thing to do.
Some coaches have a second source of income that is closely linked to their coaching. Perhaps training or facilitation. Perhaps HR consultancy, or supervising/mentoring coaches.
And some coaches have a second source of income that may have nothing to do with coaching. They may do some supply teaching, be landlords, have an Etsy shop, teach pilates (I know coaches who do all of these). The rule of thumb for me is that the second source of income shouldn’t involve selling. Selling coaching is hard enough, so we don’t want to have to sell a second product or service. Better to have inbound work, such as supply teaching or training.
Having a second source of income can take away the stresses and worries of having to earn all your income from coaching. It may mean we are less “hungry” for the coaching work, but that’s a price worth paying.
To find out more about building a coaching business that lasts, you can read this blog post I wrote – A sustainable coaching business: How to do it?
Have a master list to work through
It’s tempting to think that setting up a coaching business is just about sales, or marketing, or referrals. The truth is that there are about 15 different areas to focus on. These go from the big picture (vision, values, naming your organisation), to the nuts and bolts (packages and pricing, finding clients), to the practical and supportive elements (marketing, social media, tech, admin).
We always encourage coaches to self assess against our set up your coaching business checklist (if you would like a copy, drop me a note at charlie@loveyourcoaching.com and I’ll send one to you). That way, it’s possible to identify the things you are good at, the areas you need to work on, and to use this as the basis for a plan.
It may sound simple, but it is a long way away from what is advised by many of the marketing so-called gurus. Often their approach is “just this one thing will crack it for you”. I think more strategic and focussed is the way.
Mindset and beliefs do matter, but they aren’t everything
There is no doubt that many coaches don’t believe themselves to be “natural” salespeople, and prefer to avoid the hard end of the business growth. This is understandable. Most of us came into this work to help people, not to feel like a cold caller or marketeer. Lots of coaches have said to me something like “do we need to do any selling?”. So it’s an understandable fear.
But there are two beliefs that need challenging a bit.
One is that selling has to be hard work and pushy. It doesn’t have to be like that. It can absolutely be a form of helping people, relationship building and nurturing the other person. This is easier to do when we aren’t stressed about our income (which is why the advice about having a second source of income is so important.) I definitely notice these days that conversations with potential coaching or coach training clients feel like any other conversation I may have. I’m not pushy, and the other person isn’t resistant.
The other is that we may not be a “natural” at sales or business growth. If we have learnt anything from training to be coaches, it is that quite complicated and complex skills can be learnt. And if coaching skills can be learnt, surely business growth skills can be learnt too.
Take on free support, but be prepared to invest too.
There is plenty of free support available for coaches to grow their businesses. Our own: The Sustainable Coach is a one-stop shop of all the resources needed to set up and establish your business. Providing there aren’t lots of conditions to it, it’s definitely worth using the services that are available and free.
And investment. There are two areas that are worth investing in:
- Own skills and beliefs. If you pick up that you have a gap in either your skills or your beliefs as a business owner, then doing some training in these areas is useful. Even having some coaching to work through things can give you clarity of thought and approach
- At first you may want to do everything yourself. But gradually there is a realisation that it is better to have someone else do some of the stuff that you aren’t a specialist in. Doing the books, producing flyers, setting up your technology, amongst other things
Final words
All the areas that I have written about are covered in detail in our The Sustainable Coach programme, so feel free to read more about it and subscribe to it. Mostly, know that it is within your capacity to set up a coaching business that will provide you with some of your income each month, and will help you to continue coaching.
Happy coaching and business development.
Charlie
