A coaching business is one of the best ways to create an income for yourself on your own terms doing something that you truly love and that can actually make a difference in the lives of others.
However, like all businesses, in order to make a success of your coaching business, you’re definitely going to need to set the foundation and approach it as building a real business and not just a way to make a few extra dollars online.
Whilst it can be quite overwhelming and daunting when just starting out because you’re likely looking around at a sea of other female entrepreneurs and coaches who seem to have everything all figured out perfectly, it’s important to remember that most people don’t show the struggle of the behind the scenes of getting their business up and running, and it’s also important to remember that your potential clients are seeking a real solution to their problem so they’re not interested in all the glitz and glamor, and this is what you need to be focused on so that you can truly help people in the way that matters.
So, in this post, we’re going to share with you some of the things you should have in place at a foundational level to make sure that you can grow your coaching business.
Choose your niche:
Just like any other business, one of the first things you should do when it comes to setting up your coaching business for success is to choose your niche. Having a niche is crucial to being able to stand out properly in your industry and it’s something that makes it so much easier to get clients and position yourself as the expert.
Whilst many will shy away from choosing a niche because they fear it will limit their opportunities, the opposite is actually true and if you’re seen as a specialist and expert in your industry, then you’re not only going to be able to land clients faster and easier, but you can charge more for your services overall.
If you think about it this way: if you need to go to the doctor, let’s say for an issue with your heart, would you rather see a cardiologist or a general practitioner? This certainly doesn’t mean that the general practitioner isn’t good at their job, but there’s a big difference in the understanding both doctors have when it comes to your specific condition and the treatment you’ll need. The same thing applies in business.
Choose your business model:
Coaching, just like other businesses has different models that can be used to deliver the products and services on offer, so making sure that you get this decision made before even starting your coaching business is really going to help you a lot. The thing about choosing a business model is that just because you choose one now, doesn’t mean you’re going to be stuck with that one forever if you decide it’s not the right fit for you. You can always change it later or even add in a combination of business models to create something that really works for you. For example, you may decide that as a business coach instead of working with clients on a one-to-one basis, you could create things like courses, workshops and even group programs so that you’re not restricted in how many clients you can work with and you can also offer things at different price points to those who may not have the funds available to work with you privately.
Work on your mindset:
Mindset is something that’s absolutely crucial for business success – even more so than strategy is, but the problem with mindset is that so many people either misunderstand or highly underestimate it. They believe that mindset is some kind of self indulgent and wishy washy new age concept, when in fact mindset is just the set of beliefs you have and the actions you take in accordance with those beliefs.
For example, someone with a bad money mindset may believe that they have to work 80 hours a week to have a good income, that money is in short supply or that people won’t pay for the products and services they offer.
Someone with a good money mindset would believe the opposite to be true, and the reason that having a good mindset is so important is because the actions you take will always be directly related to your beliefs, and therefore the outcomes you get will be directly related to your mindset.
The good news is, mindset is something that you’re taught, so you can unlearn the bad stuff you’ve been told over the years to be true and cultivate a new and positive mindset instead that will actually improve your life and your business.
Set up your systems:
Your systems are basically the processes that keep your business running smoothly, but they’re not always going to be things you enjoy doing yourself, so if you’re in the position to consider hiring someone for these, then it’s a good idea to get started with this as soon as possible. For example, things like admin, tracking finances, even booking in sales calls may not be things you enjoy doing in your business or are particularly good at, but they’re still important parts of the business, so they need done, and once you have systems set up for these things, it just means there’s less chaos and frustration overall in your business and that important things are still getting done even if you’re not able to directly do them.
Embrace sales and marketing:
Women and sales are a funny combination, and it’s one of the areas that most female entrepreneurs struggle with until they work on their mindset around it. Men have less of an issue with sales, so it’s really interesting to see just how differently men and women approach this. For women, it’s almost as if we’re feeling like we have to apologize for asking for money in return for a service or product, whereas for men, it’s just what it is, and in this instance, the men are the ones we should be listening to.
The thing about sales is, if you’re not making them, then your business can’t stay afloat, and the more you’re able to make money, the more you’re able to invest in resources that can make, not only your business better, but the experience and results that your clients get, too.
You can completely approach sales in the way that feels good to you, but don’t ever feel like you have to apologize for making sales, because that’s what being in business is all about, and if you’re not able to do that, then you’re not going to be in business for very long.
The best way to build your confidence when it comes to selling is simply through practice. You can practice sales pitches on clients and you’ll soon see what feels good and what doesn’t, and learning from others also helps by doing things like taking some courses or even just having a look online for examples of effective sales pitches and you’ll soon find what works for you. However, if you’re struggling with getting over this block on your own or simply don’t enjoy it, you can always look at hiring a digital agency to manage the sales and marketing side of things for you.
Marketing is another area that women seem to struggle with a lot because they feel like telling people about what they do is somehow tricking people or doing something that’s unethical, when in fact if you’re not selling or martketing, you’re actually doing your potential customers a great dis-service by, not only denying them a solution that could really help them, but giving them no other option but to purchase sub-par products and services from people who perhaps do only care about money.
Ask for feedback:
One of the best ways to grow is by understanding what’s working and what’s not working – not just for yourself, but also your clients. By asking for feedback from your clients, you’re able to gather useful information that can really help you understand their needs better and then improve the experience they have, which means they’ll keep coming back and they’ll also recommend you to others.
